What is one way to categorize hazards?

Categorizing hazards by probability and severity is an effective method because it allows for a comprehensive assessment of potential risks within any environment. Probability refers to the likelihood that a hazard will lead to an incident, while severity indicates the potential consequences should that incident occur. This dual approach helps prioritize risks more effectively, guiding safety measures and resource allocation based on the most critical exposures.

When hazards are categorized based solely on financial impact or historical accident rates, important aspects of the hazard's nature, such as how likely they are to happen and how severe the effects could be, may be overlooked. Additionally, using the number of personnel involved does not provide a complete picture of risk, as hazards can still pose significant threats even with a small number of individuals present. Therefore, evaluating hazards through the lens of probability and severity is essential for implementing effective safety protocols and mitigating risks.