The paper "Risk Assessment, Failure Modes and Effects Analysis " is an outstanding example of a finance and accounting assignment. Risk and Hazard management refer to the practice used in the identification of possible risks and activities that can harm an organization, people, church, governments, as well as 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 fund's 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 Layout When 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 management Figure 1: Tick list diagram No Actions Tick 1 Is the required method utilized in the risk management defined s 2 Are the people responsible for the maintenance and keeping of hazard management logs available? 3 Is the project team familiar with the practices utilized in risk submission that might delay all activities involved in project completion? 4 Do all team members possess the hazard management log 5 Do all project stakeholders have the hazard management logs 6 Is the relevant information sufficient for easier comprehension of the hazard, the possibility, as well as the risk impacts 7 Are all pertinent risk activators defined and are they will record 8 Are the risks identified as priorities?
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