Acceptable risk—an overview

This paper offers an overview of the concept of acceptable risk. Variations in the definition of risk are addressed as well as criteria for measuring and evaluating risk. Risk acceptance depends on many factors, some of which are highlighted. The myth of zero risk is addressed with relevant examples such as dioxin and the U.S. space program. Practical applications of acceptable risk concepts are discussed, featuring the RISK MATRIX from system safety MIL‐STD‐882. Some sample guidelines and benchmarks are offered.