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From a business , hazard involves something that could potentially be harmful to a person's life, health, property, or the environment. And there are several in classifying hard based on probability. The business risk is also evaluated and rated based on expected loss value , probability and vulnerability. Both crisis and disaster management are part of the Business continuity management which main objective is to sustain the continuity of business and revenue generation. This is just a brief explanation of the above mentioned terms.
Hazard - The way in which an object or a situation may causeharm.Risk - the combination of the likelihood of harm and theseverity of that harm.Emergency - An event, actual or imminent, which endangers or threatens to endanger life, property or the environment, and which requires a significant and coordinated response.Crisis is defined as a situation that falls outside normal business continuityand emergency response arrangements. It significantly threatens (potentially) the safetyor well-being of people, the environment, the Company’s reputation and/or its financialbottom line. Ultimately, it may put our licence to operate at risk.Disaster An event that exceeds the emergency response and recovery capabilities and resources of the agencies and officials responsible for its management in one or more critical area of response or recovery.
