The Risk of Fatality equation takes into account the probability of fatality, the number of times an incident happens in a year and the exposure to hazardous material when computing for risk.
Risk is defined as ‘likelihood x consequences’ and, when measured quantitatively, may be used to support quantitative risk assessments (QRA) where the Individual Risk of Fatality (IR) as a result of an undesired explosion is compared to ‘tolerable risk’ of other activities or industrial processes.