Lifecycle Engineering Math Problem example
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Lifecycle Engineering Name Class: Lecturer: Institution: Address: Date: Q1. Risk assessment plan outline In coming up with a risk management plan, there are several steps involved. The first step is identifying the risk factors involved. In this stage, the event, probability, impact, contingency, reduction and exposure is established.


In the initial steps, the project's risk management team has to identify the risks as well as their probabilities and consequences. The risks and threats are then analyzed and a risk profile created depending on the consequence and likelihood of occurrence. Impact Probabilities Level Descriptor Level Descriptor 1 Insignificant A Almost certain 2 Minor B Likely 3 Moderate C Possible 4 Major D Unlikely 5 Catastrophic E Rare Fig.1: Evaluation of threats and vulnerabilities based on likelihood and consequences Probabilities Consequences Insignificant 1 Minor 2 Moderate 3 Major 4 Catastrophic 5 A-almost certain High High Extreme Extreme Extreme B-likely Moderate High High Extreme Extreme C-possible Low Moderate High Extreme Extreme D-unlikely Low Low Moderate High Extreme E-rare Low Low Moderate High High Fig. 2: Combining likelihood and consequence estimates to evaluate risk based on profiling. The threats and risks that are involved in this project may be subdivide into three main categories based on the entity the most impact is felt (Westland, 2006, p. 292). The divisions may be environmental, personnel and the public. The contractor may have to execute his task with the railway being in use. ...
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