Which factor is NOT typically considered a part of risk assessment?

Cost analysis is typically not considered a part of risk assessment. Risk assessment primarily focuses on understanding and evaluating the potential hazards that could harm individuals or the environment. This involves several key components, including hazard identification, exposure assessment, and risk characterization.

Hazard identification is the initial step where potential hazards are detected and recognized. Exposure assessment follows, assessing the extent to which individuals or populations might be exposed to these hazards. Finally, risk characterization combines the information from the previous steps to provide an overall picture of the risk – describing the nature and magnitude of the risk associated with the hazards identified.

While cost analysis can be an important aspect of the broader risk management process, helping organizations make informed decisions about safety measures and resource allocation, it does not directly pertain to the assessment of risk itself. Thus, it stands apart as a separate consideration from the fundamental components of risk assessment.