In engineering risk analysis, tolerable risks are

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BlackTom AI · Accepted Answer

Let’s begin by unpacking what tolerable risk means in engineering risk analysis. It involves recognizing which risks are acceptable to society under certain conditions and trade-offs, rather than trying to eliminate every risk.
Option 1: 'Risks that society is confident are being properly managed by the owner.' This statement reflects a trust-based criterion: society tolerates risks if it believes the responsible party (the owner) is actively and competently managing them. This aligns with the idea that governance and assurances about risk management can render some risk levels tolerable.
Option 2: 'Risks that society is willing to live with so as to secure certain benefits.' This captures the benefit-cost aspect of tolerable risk: society may accept a level of risk because the anticipated benefits justify it, assuming safeguards and oversight. It emphasizes the trade-offs inherent in risk acceptance.
Option 3: 'Both of the above.' Combining the two perspectives integrates the governance/management confidence with the benefit-driven acceptance, which is a common composite view in risk tolerance frameworks. It recognises that tolerable risk can stem from both effective management and justified societal trade-offs.
Option 4: 'None of the above.' If one were to reject both management confidence and benefit-based acceptance as criteria, this would contradict the standard understanding that tolerable risk commonly arises from either or both governance implementation and justified benefits.
In summary, options 1 and 2 each reflect a legitimate component of tolerable risk, and option 3 acknowledges that both facets can contribute. Option 4 is inconsistent with typical risk-tolerability concepts. The reasoning here shows how the composite view (option 3) integrates the common criteria used to deem risks tolerable in practice.

CVEN30008_2025_SM1 Module 4.2 Quiz

In engineering risk analysis, tolerable risks are

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