Essence of risk characterization
Risk characterization is one of the most critical steps in risk assessment and analytical process. The nature and impact of risks should be characterized to enhance disaster preparedness in the event that the risk poses adverse outcomes (Meng et al. 2222). The petro-chemical industry has various risks that require proper characterization. In this regard, characterization of risks helps in interpreting information by allowing proper discussion of uncertainties involved.
Failure to characterize risks may result into problems. The petro-chemical industry experiences fires and explosions due to failure characterize risks and develop methods to avert the risks (Mannan et al. 13). ...