AFAP is deemed acceptable when death or serious deterioration of health is unlikely. ALARP is not acceptable with regard to economic consideration. ALARP has more to do with acceptability of the risk. Also ISO 14971 allows risks to be reduced ALARP and the European Directives require all risks to be reduced AFAP without economic consideration.

Another term I found – BAR (Broadly Acceptable Region) which is shown in the image above.