Consistent consequence severity estimation

Most risk analysis methods rely on a qualitative judgment of consequence severity, regardless of the analysis rigor applied to the estimation of hazardous event frequency. As the risk analysis is dependent on the estimated frequency and consequence severity of the hazardous event, the error associated with the consequence severity estimate directly impacts the estimated risk and ultimately the risk reduction requirements. Overstatement of the consequence severity creates excessive risk reduction requirements. Understatement results in inadequate risk reduction.