The document discusses key parameters for quantifying hazards, including magnitude, intensity, speed of onset, duration, and aerial extent. It describes quantitative approaches that use mathematical models and historical data, qualitative approaches using expert rankings, probabilistic approaches estimating likelihoods based on past records, and deterministic approaches selecting a past event of a given severity to assess consequences. Hazard assessment is defined as estimating the probabilities of potentially damaging phenomena within a time period for defined areas.