Probabilistic risk and hazard assessments are applied to a wide range of engineering systems, mainly for regulatory reasons needed for development consent, system certification and occupational health and safety issues. The purpose of this volume is to raise awareness of the limitations, uncertainties and other issues inherent in probabilistic risk analysis procedures. It describes: the importance of probabilistic risk assessment in decision making, that is risk management; types of risk and probabilistic risk analysis procedures; data needed for the conduct of probabilistic risk analysis; and acceptable/tolerable risks and other risk acceptance criteria. The book provides a multi-disciplinary and integrated explanation of risk assessment procedures with the aim of enabling the non-specialist reader to gain insights into the development of risk analysis procedures. Practising engineers and graduate engineering students across a range of disciplines should find this book of interest.