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TeachMeFinance.com - explain Probabilistic risk assessment (PRA) Probabilistic risk assessment (PRA) The term 'Probabilistic risk assessment (PRA)' as it applies to the area of nuclear science can be defined as ' A systematic method for assessing three questions that the NRC uses to define 'risk.' These questions consider (1) what can go wrong, (2) how likely it is, and (3) what its consequences might be. These questions allow the NRC to understand likely outcomes, sensitivities, areas of importance, system interactions, and areas of uncertainty, which the staff can use to identify risk-significant scenarios. The NRC uses PRA to determine a numeric estimate of risk to provide insights into the strengths and weaknesses of the design and operation of a nuclear power plant. For additional detail, see Risk Assessment in Regulation and Probabilistic Risk Assessment. '. Previous 5 Terms: Private voluntary organization (PVO) Privately owned electric utility PRN pro Probabilistic risk analysis Next 5 Terms: Probability probability probability Probability Forecast Probability of failure About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.