The meaning of the word hazard can be confusing. Often dictionaries do not give specific definitions or combine it with the term "risk". For example, one dictionary defines hazard as "a danger or risk" which helps explain why many people use the terms interchangeably. In 1969, a study of industrial accidents was undertaken by Frank E. Bird, Jr., who was then the Director of Engineering Services for the Insurance Company of North America.He was interested in the accident ratio of 1 major injury to 29 minor injuries to 300 no-injury accidents first discussed in the 1931 book, Industrial Accident Prevention by. H. W. Heinrich. Contextual translation of "extrema ratio" into English. Human translations with examples: 0001, extrema, ii ratios, odds ratio, in: extreme, extreme (5), hazard ratio. Translation for 'hazard ratio' in the free English-Spanish dictionary and many other Spanish translations. Contextual translation of "hazard ratio" into English. Human translations with examples: rate, ratio, hazard, hazard ratio, hazard ratio 042, os (hazard ratio). Google's free service instantly translates words, phrases, and web pages between English and over 100 other languages. Hazard definition, an unavoidable danger or risk, even though often foreseeable: The job was full of hazards. See more. Hazard; Meaning: Risk refers to a situation which is exposed to harm, danger or loss. Hazard is defined as something that can cause harm, loss or danger. Moral Hazard: Moral hazard deals with the human characteristics which have the potential to affect the outcome. Hazard function: • Opposite to survival function • Hazard function is the derivative of the survival function over time h(t)=dS(t)/dt • instantaneous risk of event at time t (conditional failure rate) • It is the probability that a person will die in the next interval of time, given that he survived until the beginning of the interval. In survival analysis, the hazard ratio (HR) is the ratio of the hazard rates corresponding to the conditions described by two sets of explanatory variables. For example, in a drug study, the treated population may die at twice the rate per unit time as the control population. The hazard ratio would be 2, indicating higher hazard of death from the treatment.
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