Risk and Hazard AssessmentAbstractRisk and Hazard management refers to the practice used in the identification of possible risks and activities that can harm an organization, people, church, governments, as well as the society to establish several mitigation practices that can assist in the reduction or elimination of the impacts caused but the risk to the persons involved (Douglas 234). The purpose of this paper includes discussing different risk and hazard assessment methodologies as well as management approaches. It will also explore various hazard management methods citing examples for each.
Some of these methodologies include; the SWOT analysis, HazOp, PHA, FMEA, fault tree, event diagrams. Lastly, the paper will enumerate the merits and demerits of every hazard analyses as well as discuss the funds allocation methodologies utilized in risk and hazard management. Before carrying out any step in hazard and risk management, it is important to consider the formation of a tick list blueprint. Tick list LayoutWhen managing any risk, it is very important to create a list of practices that will happen during an outbreak of a disaster. This will provide a short requirements list that can be utilized during the outbreak of any catastrophe.
Below is a tick list example that organizations can apply during hazard managementFigure 1: Tick list diagram NoActionsTick1Is the required method utilized in the risk management defineds2Are the people responsible for the maintenance and keeping of hazard management logs available 3Is the project team familiar with the practices utilized in risk submission that might delay all activities involved in project completion 4Do all team members possess the hazard management log5Do all project stakeholders have the hazard management logs6Is the relevant information sufficient for easier comprehension of the hazard, the possibility, as well as the risk impacts7Are all pertinent risk activators defined and are they will recorded8Are the risks identified as priorities The various hazard assessment methodologies as well as management practices in organizations will be discussed below; SWOT AnalysisFor proper hazard management, appropriate scrutinizing and audit citation is very important in an organization to measure its strengths, weaknesses, threats, and opportunities (Taylor and Francis 256).
When an organization is internally examines, it provides the management with the opportunities required in preparation of any eventuality that can materialize.
StrengthsThe strengths of any organization include its distinctive capabilities that cannot be located in other organizations as well as potential rivals. Examples of strengths includeCompetent experts that can tackle different risks such as fire outbreaks or landslides. Our company possesses this distinctive ability. Region accessibility such that the organization is located in a spacious setting where consumers from every direction can access Effective risk management equipments and powerful toolsSuitable management configuration that is less technical to permit faster and simpler reaction to disasters. It is important for organizations to make their strengths ideal to maximize their incomeWeaknessesWeaknesses include all shortcomings that affect an organization thus making it incomplete in an industry.
Examples of weaknesses include; Outdated requirements Few catastrophe response teams that fail to cover an areaAn organization should analyze its shortcomings and set safety measures such as frequent machine servicing, repairs to reduce production failures. ThreatsThreats include all prospective dangers that can affect an organization thus leading to business closure. They includeFirm competition from overseas’ rivals Unrefined materials depletionPrice wars that makes our organization to lower its prices thus recording lower profitsIn any case that the business identifies some prospective threats, the administration must move fast in an effort to prevent their happening.
To curb new entrant threats, the management should utilize the price wars strategies, which involves lowering the prices thus making the rivals for suffer losses.