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Risk assessment plan - Math Problem Example

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Author : fdeckow

Summary

The research will start with the risk assessment plan outline. In risk analysis, the probabilistic impact sources from decision-making. From the profiling, assigning the risks and threats mathematical equalities is important for calculating the risks…

Extract of sample
Risk assessment plan

The paper tells that 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. The event simply means an act or incidence that might happen, probability defines the likelihood of an event occurring, impact is the consequence of an event happening. Mitigation happens to be how much the probability of an event may be reduced. Reduction is represented mathematically as the product of mitigation and contingency, whereas exposure is the result of reduction subtracted from risk. 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. 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. The divisions may be environmental, personnel and the public. The contractor may have to execute his task with the railway being in use. Rubble and materials used overhead are a threat to the public, while the running railway is a risk to the experts on the project. Using the profiling, collapse of the bridge during construction may be catastrophic, yet rare thus falling in the high-risk category of the assessment profile. ...
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