Latest Approaches for Risk Management?
Risk Management is the consideration of the probable material effects of uncertain events; or in other words, “risk management” is the identification, measurement and prioritization of risks and opportunities. Risk assessment and control takes place after hazard identification. Risk assessment is carried out using both qualitative and quantitative techniques. Qualitative techniques require knowledge and experience; quantitative techniques require numerical data as well. Qualitative techniques are helpful in obtaining a better understanding of the safety issues at an early stage of the study, when numerical data are not available. The numerical values provided by quantitative techniques require careful interpretation. These techniques include: Preliminary risk screening Expert opinion Fault tree Failure mode and effect analysis Consequence analysis Quantitative risk assessment Acceptance of risk or reanalysis or elimination of the process if the risk is not acceptable Control Monitoring
