Final answer:
Agencies identify hazards by performing risk assessments through data collection on disease incidences or safety issues. They might use tools like the NFPA hazard diamond and prioritize issues like moral hazard and workplace safety based on regulatory requirements or standard practices.
Step-by-step explanation:
An agency can identify hazards and assess the probability of those hazards occurring by conducting a comprehensive analysis, often referred to as a risk assessment. This involves collecting data about incidences of diseases or safety issues that are of public health or safety importance.
Health agencies obtain this data through surveillance systems, reporting by healthcare providers, and investigations of outbreaks or environmental hazards. For instance, agencies like OSHA prioritize their inspections to reduce workplace injuries by inspecting sites with imminent danger or high injury rates. Moreover, using tools such as the NFPA hazard diamond can help quickly identify the major hazards of a chemical substance, contributing to the assessment.
Insurance companies tackle the concept of moral hazard by employing various strategies to minimize risks. These include regular inspections of safety and security systems to combat fraud and reduce insurance claims related to issues that could have been prevented. In scenarios where cultural heritage is affected by projects, agencies work with SHPOs and THPOs to mitigate adverse effects. All these efforts collectively help in identifying hazards and evaluating their likelihood, enabling agencies to implement appropriate preventive measures.