49006 Risk Management in Engineering Assignment

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Reference no: EM132637009

49006 Risk Management in Engineering - University of Technology Sydney

Assessment Task - Case Study Risk Management Plan

Objectives:

• Incorporate the values of culture and history of Indigenous communities in risk analysis studies and the development of risk management plans
• Identify stakeholders, boundaries and uncertainties in engineering projects and systems
• Assess, evaluate, prioritise, and treat risks in engineering projects and systems lifecycle
• Develop risk management plans for engineering projects and systems in accordance with appropriate risk management standards

Introduction:
A Risk Management Plan (RMP) is developed to ensure levels of risk and uncertainty are properly managed within organizations. It is usually developed for a period of time (often one year) for a specific activity, product, process and project, and part or whole of the organizations. It enables those involved with the project or system to manage possible risks by defining the manner in which they will be contained and the likely cost of mitigation strategies. The RMP is developed to:
• Provide a useful tool for managing and reducing the risks identified before and during the project;
• Document risk mitigation strategies being pursued in response to the identified risks and their grading in terms of likelihood and seriousness;
• Provide stockholders a documented framework from which risk status can be reported upon;
• Ensure the communication of risk management issues to key stakeholders;
• Identify the mitigation actions required for implementation of the plan.

Instructions:

1. Study AS/NZS ISO 31000:2009 carefully to understand the risk management framework.

2. Study the FMECA technique through ISO 31010:2018 or subject materials.

3. Select one of the case studies from assessment 1, put aside the failure/accident, and prepare an RMP in accordance with the standard.

4. Define the boundaries and objectives carefully; you may need to simplify and define the boundaries of your report (for example "looking only at WHS risks" only) in order to achieve the word limit.

5. Establish an appropriate risk management context, including stakeholders, rules, roles and responsibilities, likelihood and consequence criteria, etc.

6. Identify risk events with potential major negative impact on selected objectives.

7. Assess the inherent and contingent risks using FMECA and propose applicable risk treatment options.

8. Clearly state the risk tolerability criteria employed.

9. Consider aspects beyond the texts and lecture materials i.e. value-added discussion.

10. Reference correctly aligned with the IEEE style, see Canvas Module 6 for more information.

Attachment:- Case Study Risk Management Plan.rar

Reference no: EM132637009

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