Develop a research methodology to assess and reduce risks

Assignment Help Risk Management
Reference no: EM132664455

49006 Risk Management in Engineering - University of Technology Sydney

Assessment Task - Case Study Risk Assessment

Objectives: Assess, evaluate, prioritise, and treat risks in engineering projects and systems lifecycle

Topics:

• Domino effects: Domino effects are referred to a chain of accidents in which a primary accident starting in a unit spreads to adjacent units, causing secondary accidents the total consequence of which could be much more severe than the primary event.
• Natechs: Natechs are referred to technological accidents such as release of hazardous materials, fires or explosions in industrial plants which are triggered by natural disasters like earthquakes, floods, and hurricanes. Compared to normal technological accidents, which are a matter of random failures or human error, natechs usually give rise to more catastrophic consequences since the likelihood of simultaneous damage to hazardous units and domino effects is much higher.
• Land use planning: Land use planning (LUP) as an effective and crucial safety measure has widely been employed by safety experts and decision makers to mitigate off-site risks posed by major accidents. Accordingly, the concept of LUP in industrial plants has traditionally been considered from two perspectives: (i) land developments around existing industrial plants considering potential off-site risks posed by major accidents and (ii) development of existing industrial plants considering nearby land developments and the level of additional off-site risks the land developments would be exposed to.
• Human error: Humans play an important role during the design, installation, production, and maintenance phases of a product or system. Human error may be defined as the failure to perform a specified task (or the performance of a forbidden action) that could lead to disruption of scheduled operations or result in damage to property and equipment.
• Security: This area involves estimating access and harm caused due to war, terrorism, riot, crime (vandalism, theft, etc.), and misappropriation of information (national security information, intellectual property, etc.).
• Environmental damages: This field involves estimating losses due to noise, contamination, and pollution in the ecosystem (water, land, air, and atmosphere) and in space (space debris).

Introduction:
To have a thorough understanding of what constitutes engineering risk management and how theories, concepts, methods, etc. can be employed in industrial practice, this assignment provides the opportunity for students to put their knowledge into practice by implementing the quantitative risk analysis and risk-based decision making methods in a case study investigated in assessment 1. As it is vital for students to be able to communicate and present their results in their disciplines, the IEEE template which is used by many engineering journals and conferences is adopted for the sake of presentation.

Instructions:

1. By now, you have selected your topic and case studies.

2. Research your topic by reading and analysing at least 10 recent journal papers.

3. Study Canvas, Module 6 before starting to write your paper.

4. Decide a good title for your paper considering your topic and case study. Title should accurately reflect the paper main idea and its content.

5. Write a 200-words abstract including motivation for the study, objective(s), methods, and results and interpretation.

6. Write a good introduction including contextualization, topic importance, case study introduction, paper objective(s), problem-solving approach, and finally the paper structure.

7. Review the literature including problem background and related works, more recent references would be better. The main keyword definitions should be presented here. You may have some sub- sections to organize this section very well.

8. Develop a research methodology to assess and reduce risks. You need to incorporate at least two techniques in the research methodology from the literature. Do not limit yourselves to the subject materials. The methodology should be logical and robust to support the discussion.

9. Implement the research methodology in the case study step by step and present the results. Analyse the results and highlight major findings. Tables and figures should be represented in high quality with adequate explanation.

10. Discuss the results and do a sensitivity analysis to make sure the results are reliable. Propose some risk reduction strategies and show unacceptable risks are managed. Limitations of the work must be listed as well.

11. Write a conclusion of what have been done for what purpose, what are the findings, and propose some future research directions.

12. All content must be written without grammatical errors in IEEE template (available on Canvas) and must be fully referenced. Include references at the end of paper consistently aligned with IEEE style.

13. Therefore, the paper follows below structure:
• Title
• Abstract
• Introduction
• Theoretical background (literature review)
• Research methodology
• Implementation and results (case study)
• Discussion
• Conclusion and future works
• References

Attachment:- Case Study Risk Assessment.rar

Reference no: EM132664455

Questions Cloud

Which types of health care organizations : Identify which types of health care organizations must meet this measure, what the ramifications are for NOT achieving this measure,
How much of an omission from gross income : Presuming the absence of fraud, how much of an omission from gross income would trigger the six-year statute of limitations
The Process of Critical Thinking : Overfamiliarity with an idea can lead you to accept the information as true without questioning it. Have you ever spilled salt and then had to throw a pinch
What is the probability that he makes exactly 4 sales : If he calls on four potential clients, what is the probability that he makes exactly 3 sales? What is the probability that he makes exactly 4 sales?
Develop a research methodology to assess and reduce risks : Develop a research methodology to assess and reduce risks. You need to incorporate at least two techniques in the research methodology
Concept of patients rights and concerns of physicians : Analyze the concept of patients' rights and the concerns of physicians and nurses, as they apply to patients facing end-of-life decisions.
Who may represent Rod before the Appeals Division : Ann is Rod's next-door neighbor and owns and operates a pharmacy. Who may represent Rod before the Appeals Division
Specific experience with agile methodology : Write about the things you might be able to do to overcome those gaps. For example, if your gap is specific experience with Agile methodology,
Healthcare systems and global healthcare issues : What experience and interest do you have in healthcare systems and global healthcare issues?

Reviews

Write a Review

Risk Management Questions & Answers

  Determine the expected present value of the investment

Determine the expected present value of the investment at time 0, based on

  Explain possible risk mitigants you would seek from customer

Explain the possible risk mitigants you would seek from the customer and the kind of credit monitoring system you would implement to closely track developments.

  What are some priority risk factors in your project

What are some priority risk factors in your project? How do these priorities enable overall project accomplishment? Why is it important to prioritize risks in a project?

  Calculate economic profits for both assets

However, risk weighting is different - Credit Asset B requires 50% weighting while that of Credit Asset A is 100%. Calculate economic profits for both assets if the cost of capital is 10%.

  What are the break-even prices

What is the maximum profit and under what price range does this happen? What is the maximum loss and under price range does this happen?

  Explain importance of yield-to-maturity

Explain a bond feature and explain the importance of yield-to-maturity.

  Determine the scope for risk management

BSBRSK501 Manage Risk Assignment - HBA Learning Centres, Australia. Determine the scope for risk management

  Develop current stock value for firm

Develop a current stock value for a firm that is expected to have extraordinary growth of 25 percent for four years (from today),

  Research investopedia articles related to financial fraud

Research Investopedia articles related to financial or investment fraud (i.e. Bernie Madoff) and analyze the issues in relation the S&E Act of '34.

  Create a risk information sheet

Assignment: The Stevens Company is converting from the SQL Server database to the Oracle database.  Using the sample shown below, create a Risk Information Sheet for at least two risks that might be encountered during the conversion

  Find the standard deviation of returns

Find the standard deviation of returns, Calculated the range of expected return outcomes associated with the following probabilities of occurrence

  Why mitigating risk is essential to operational efficiency

Using scholarly material, explain how Enterprise Resource Planning (ERP) Systems mitigate risk and assist in organizational decision making.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd