Wiley Online Library defines the hazard ratio as the measurement used to determine the process of time to failure. The hazard ratio is a broad way of evaluating relative risk.
As the Wiley Online Library explains, hazard ratios are used in the context of survival analysis, which provides an efficient method to visualize how the risk of failure changes with the passage of time. Hazard functions are employed in a variety of industries and fields, including ecology, medicine, ecology, engineering and manufacturing, according to Wiley Online. Research studies in economics and finance have used the method as well, the site claims.