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This paper discusses potential applications of fuzzy set theory to risk analysis in the area of industrial safety engineering. Vagueness and imprecision in mathematical quantification of risk are equated with fuzziness rather than randomness. The concept of risk evaluation, using linguistic representation of the likelihood of the occurrence of a hazardous event, exposure, and possible consequences of that event, is proposed. The approximate reasoning technique based on fuzzy logic is used to derive fuzzy values of risk.