Pilz Automation Safety has researched and developed a new algorithm for calculating the estimated risk factor of, specifically, machinery safety.
The algorithm is for calculating the Pilz Hazard Rataing (PHR) is DPH * PO * PA * FE
In plain English, this translates to the Degree of Possible Harm multiplied by the Probability of Occurrence multiplied by the Possibility of Avoidance multiplied, finally, by Frequency (or Duration) of Exposure. For more information, check out the link to the press release below.
Source: Market Watch