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Risk has been defined as the severity of the outcome of a hazard-related event times the probability that the event could occur. Several publications include the concepts of residual risk and acceptable or tolerable risk. Review the literature including technical report ANSI B11. TR3-2000 and write a report (that includes three references) on the concept of tolerable risk and risk reduction. In this report, provide definitions for hazard, probability, residual risk, risk, safety, severity, and tolerable risk.

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