• Individuals are ready to assume voluntary risks than involuntary risks. • The difficulty here is generally in assessing personal risks which are involuntary. • The problem of quantification of risk raises innumerable problems. • For example, how to assign a rupee value to one’s life. There is no over the counter trade in lives. • Even for a sale, it has to be clear under what conditions the sale is to take place. • If one buys a kg of rice it matters whether it is just one additional purchase one makes Regularly or it is the first rice purchase after quite sometime. • Even when compensations are made to people exposed to involuntary risk, the basis on which it is made or even the intensity of risk could be different for different people. • As of now, the one suggestion could be to employ an open procedure, overseen b y trained arbiters, in each case, where risk to individuals is to be studied and remedied.
This approach systematically examines the failure modes of each component, without however, focusing on relationships among the elements of a complex system. Fault Tree Analysis (FTA) A system failure is proposed and then events are traced back to possible causes at the component level. The reverse of the fault-tree analysis is ‘event – tree analysis’. This method most effectively illustrates the disciplined approach required to capture as much as possible of everything that affects proper functioning and safety of a complex system.
