In practical terms, a risk assessment is a thorough look at your workplace to identify those things, situations, processes, etc that may cause harm, particularly to people. After identification is made, you evaluate how likely and severe the risk is, and then decide what measures should be in place to effectively prevent or control the harm from happening. For definitions and more information about what hazards and risks are, please see the OSH Answers document Hazard and Risk. Why is risk assessment important?
By being fully aware of its function and implications is an important aspect of the project manager’s role and responsibility. The triple constraint is meant to be an asset to the project manager’s arsenal and should not be viewed as a hindrance. This assignment has shown about how and the importance of comprehensive evaluation on the Triple Constraint (Time, Cost, Scope) in a project under uncertainty situation. We introduce an index called as Project Reliability. By modeling the quality as a success/failure process, Project Reliability becomes an index of measurement to evaluate the probability of project completion within the time and cost target and passes the entire QC requirements.
There are ways to minimize fraud occurrences by implementing different procedures and controls: 1. Know your employers Fraud committers often show behavioral traits that can indicate the purpose to commit fraud. Observing and attending to employees can help you identify potential fraud risk. It is important for organization to be involved with their employees and take time to get to know them 2. Make Employees Aware and Set Up Reporting System Awareness affects all employees.
from the inception to the completion of the project. The project sponsors, project manager and the project team members together develops a risk register that helps them to identify, assess, quantify, prepare a response to, monitor, and control project risks. The extent to which project risk management is done depends to an extent on the total cost of the project. The project risk management helps the project team in several ways like it gives ability to the project team to focus time and effort on highest priority risks. It ensures that there is enhanced coordination and transparency with functional units, which facilitates early identification of critical risks.
As a result, counterfeit products may be inadvertently produced. It is very crucial that all of the possible risks must be identified, evaluated, and prioritized so that appropriate actions for alleviation adverse effects will be set. One of the systematic procedures for the analysis of a system is the Failure Modes and Effect Analysis (FMEA). The purpose of this system is to identify failure modes and effects on hardware, software, and/or process performance. FMEA is therefore used to determine the severity of potential failure modes and subsequently to provide the mitigating measures to reduce risk.
sec.17]. The risk assessment should identify potential hazards and accidents along with the potential causes and the consequences they could result in. A simple qualitative assessment of potential hazards and accidents can often reveal the necessary barrier functions and the associated performance requirements for barrier elements (PSA 2013). The QRA report gives enough emphasis on managing hazardous situations and succeeds in satisfied many of the provisions set by the regulations. According to the QRA report, Hazard Identification is a key element in the methodology the risk analysis was conducted.
During this step, the organization can look overall of the situation and differentiate the level of the risk before and after performing risk control and evaluate it to know what is the degree of risk. Then, can decide on what is the proper control measures should be use. First, the organization needs to perform an investigation or examination to detect the source of a particular incident. By that, the results acquired can be able to use to differentiate with the result of current risk assessment. After ‘identifying the hazards’ and ‘deciding who might be harmed and how’ then it is required to protect the people from harm.
The important specification needed during hazard analysis documentation will be; The links between risky situations, hazards and potential source and control dimension should be shown clearly. The information should be fully incorporated and logic in order for the operator to make decision on following steps that need to be taken for safety case development. The document should be accessible to renew the awareness of hazards, particulars of hazard, events, control depth and lessons learned from threatening disaster. Electronic system should be use in managing the documentation for the easy progress of the records. “What if?” analysis This analysis is conducted by two person and the group size will be more when the assessment complexity increases.
It is assumed that higher perception of severity and vulnerability is likely to enhance individual motivation to perform risk preventative behavior, while higher perception of rewards from current practices will inhibit risk preventative behaviors. In addition to threat appraisal, coping appraisal, which refers to the
Risk management decision makers have both legal and moral responsibility to provide information to people exposed to risks. Successful risk management relies on achieving a high level of creative input and involving all parties in achieving a successful outcome of the project or business process being addressed. According to Hampel, (2006) risk communication is not a task where bits of information are transported from the sender to the recipient of the communication but a process, where both sender and recipient interact in order to develop a common frame for an understanding of the problem. In both the planning and execution of the risk management process, it is essential to ensure that all those who need to be involved are given an adequate opportunity to do so and are kept informed of developments in arriving at an understanding of the risks and the measures taken to deal with them. One important part of risk communication is how to present the risk