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I deal with human health risks, I find your question very interesting. If you have the distribution function (by agent), your median is what you refer as LC50 lethal concentration at which -- on the average -- 50% of those in the sample die). Why use a safety factor of 100 when you can use +3 sigma, +4 sigma ...? This is the easy part. The hard part is whether the responses are actually unimodal, not skewed, and so on. I would prefer to use the full distribution, show its empirical (data driven form) fit a curve to that distribution and judge what to do. The uncertainty in the right tail of the distribution is what matters. In other words, I would also be concerned with extreme outcomes (namely your 100 factor), which depends on the empirical distribution of the agent. Of course, if you are using a well-studied agent than LC50 and the 100 factor may well be justified in the literature. Eckel's point is very appropriate.
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The Top 10 Health Technology Hazards for 2020 are:
1) Misuse of Surgical Staplers) 2)Adoption of Point-of-Care Ultrasound Is Outpacing Safeguards.
3) Infection Risks from Sterile Processing Errors in Medical and Dental Offices 4) Hemodialysis Risks with Central Venous Catheters—Will the Home Dialysis Push Increase the Dangers?
5) Unproven Surgical Robotic Procedures May Put Patients at Risk
7) Cybersecurity Risks in the Connected Home Health Care Environment.
6) Alarm, Alert and Notification Overload
8) Missing Implant Data Can Delay or Add Danger to MRI Scans.
9) Medication Errors from Dose Timing Discrepancies in EHRs.
10) Loose Nuts and Bolts Can Lead to Catastrophic Device Failures and Severe Injury.