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TeachMeFinance.com - explain Probabilistic risk analysis Probabilistic risk analysis The term 'Probabilistic risk analysis' as it applies to the area of nuclear science can be defined as ' A systematic method for addressing the risk triplet as it relates to the performance of a complex system to understand likely outcomes, sensitivities, areas of importance, system interactions, and areas of uncertainty. The risk triplet is the set of three questions that the NRC uses to define 'risk': (1) What can go wrong? (2) How likely is it? and (3) What are the consequences? NRC identifies important scenarios from such an assessment. '. Previous 5 Terms: Private sector Private voluntary organization (PVO) Privately owned electric utility PRN pro Next 5 Terms: Probabilistic risk assessment (PRA) Probability probability probability Probability Forecast 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.