Column: The FAA’s approach to risk gambles with flight safety

Column: The FAA’s approach to risk gambles with flight safety

All definitions of risk have two components: probability and outcome. When considering something that requires knowledge of exposure, we are no longer talking about risk. Instead, we’re talking about expected value. To illustrate, “there is a one-in-a-million chance of a jet crashing” is a statement about risk, and it applies to every flight. “We expect one jet to crash every 10 years” is a statement about expected value. These terms are directl…