1. What is Risk Score?

The Risk Score is a weighted sum of various risk factors that helps quantify overall risk in a standardized way. It's commonly used in medical, financial, and engineering fields to assess potential hazards or probabilities.

2. How Does the Calculator Work?

The calculator uses the Risk Score equation:

Where:

• \( Weight_i \) — Importance/weight of each factor
• \( Factor_i \) — Value of each risk factor

Explanation: The equation calculates a weighted sum where each risk factor is multiplied by its corresponding weight, and all products are summed together.

3. Importance of Risk Score Calculation

Details: Risk scores help standardize risk assessment, prioritize interventions, and make data-driven decisions across various fields including healthcare, finance, and safety management.

4. Using the Calculator

Tips: Enter each factor value and its corresponding weight. The calculator will compute the weighted sum. All values must be non-negative numbers.

5. Frequently Asked Questions (FAQ)

Q1: How many factors can be included?
A: While this calculator shows two factors, the equation can be extended to any number of factors in practice.

Q2: How are weights determined?
A: Weights are typically determined through statistical analysis or expert consensus based on each factor's relative importance.

Q3: What is a good risk score?
A: Interpretation depends on context. Lower scores generally indicate lower risk, but thresholds vary by application.

Q4: Can factors be negative?
A: In this basic calculator, factors and weights must be non-negative. More complex models might allow negative values.

Q5: How often should risk scores be recalculated?
A: Frequency depends on how quickly risk factors change - from real-time monitoring to annual assessments.