Risk Based means done or calculated according to how much risk is involved that is a methodology of the prioritised activities based on a previous analysis of experience.
Reference Definition by Aiche.org: The adjective, Risk-Based, is used to portray one or more risk attributes of a process, activity, or facility. In this context, considering any one of the three risk questions can be viewed as a risk-based activity. For example, when considering the hazards of a substance or a process in deciding how much rigor to build into an operating procedure, the term risk-based design is used rather than hazard-based design, even though understanding the hazard attributes was the primary determinant in the design of the procedure. So, for simplicity, rather than use the independent terms hazard-based, consequence-based, or frequency-based, the single term risk-based is used to mean any one or a combination of these terms.
Related Definitions in the Project: The Risk Management
