What is the formula for Quantitative Risk Assessment?

The formula for Quantitative Risk Assessment focuses on the relationship between the likelihood of an event occurring and its potential impact if it does happen. The correct formula states that risk is calculated by multiplying the probability of an event by the consequences of that event.

This means that in order to assess risk quantitatively, you need to evaluate how likely a certain risk (like a tree failing) is and what the potential consequences (like property damage or personal injury) would be if that risk were to materialize. By using this formula, arborists can prioritize their management efforts and allocate resources effectively based on the level of risk determined by both the likelihood and the severity of potential outcomes.

Other formulas presented do not accurately reflect the principles of Quantitative Risk Assessment as they either mix different factors or incorrectly represent the relationship between likelihood and impact. For example, merely adding factors or using division does not provide a proper measure of risk; it obscures the urgent relationship that risk management strategies aim to quantify and address.