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The work and leisure environments
Published in Stephen Battersby, Clay's Handbook of Environmental Health, 2023
Jonathan Hayes, Stuart Wiggans
Risk management is a systematic approach to ensuring that risks affecting an organisation are identified and systematically addressed, using risk assessment and risk acceptability principles to determine the organisational attitude to the level of acceptable risk. Risks can be categorised into four risk categories: Financial risks (e.g., interest rates, ability to obtain credit);Strategic risks (e.g., demand for product, customer marketplace);Operational risks (e.g., regulatory, organisational culture, competition);Hazard risks (e.g., employees, public, property, environment). The risk management team would determine the risks, assess their impact using risk assessment and risk acceptability and then determine the priority the organisation gives to the risks on a value basis of likely impact on the organisation. A successful organisation would have in place a means whereby the board members own the risk register and take responsibility for managing risks within their spheres of influence [7].
Implementing Risk Responses and Monitoring Project Risks
Published in Davies A. Igberaese, Introduction to Project Management, 2023
Risk Management is a continuous exercise throughout the life of a project. Even as risk responses are being applied, new and changing risks continually arise. These require constant monitoring on the part of the project manager so that emerging risks can be identified, tracked, re-analyzed, and controlled. Risk monitoring also involves reviewing the execution of risk responses in order to evaluate their effectiveness. Risk monitoring reveals the extent to which risk management policies and procedures are being followed. The project assumptions are checked periodically to see if they still remain valid. Previously assessed risks are checked to see if they have changed from their previous states. Project risk reassessments should, as a matter of fact, be carried out as a regular exercise.
Risk Consideration in Audits
Published in D. H. Stamatis, Automotive Audits, 2021
Quality risk management supports a scientific and practical approach to decision-making. It provides documented, transparent, and reproducible methods to accomplish steps of the quality risk management process based on current knowledge about assessing the probability, severity, and, sometimes, detectability of the risk. Traditionally, risks to quality have been assessed and managed in a variety of informal ways (empirical and/or internal procedures) based on, for example, compilation of observations, trends, and other information. Such approaches continue to provide useful information that might support topics such as handling of complaints, quality defects, deviations, and allocation of resources. An organization can assess and manage risk using recognized risk management tools and/or internal procedures (e.g. standard operating procedures). The list of tools available for organizations as well as auditors is too long. However, some of the key tools and methodologies are listed here.
A risk allocation model among the elements of freeway projects in public-private partnership (PPP) method using integrated fuzzy multi-criteria decision-making techniques
Published in Australian Journal of Civil Engineering, 2023
Ebrahim Jokar, Babak Aminnejad, Alireza Lork
Risk management is a systematic process that involves identifying, analysing, and responding to project risks, in addition to maximising the probability and impacts of positive events and minimising the adverse effects and events (Ke, Wang, and Chan 2010). Infrastructure projects, especially those implemented with the PPP method, generally face risky conditions at all stages of the project, including the initial studies, designing, construction, and operation (Eybpoosh, Dikmen, and Birgonul 2011; Shrestha et al. 2017). This has led to many problems, such as rising costs and delays, waste of human resources, materials, and equipment. Considering the need to use the PPP method and its broad dimensions in the development of infrastructure projects, it is necessary to identify the risks in these projects accurately (Ke et al. 2010).
Conceptual model for breaking ripple effect and cycles within supply chain resilience
Published in Supply Chain Forum: An International Journal, 2022
Giulio Marcucci, Giovanni Mazzuto, Maurizio Bevilacqua, Filippo Emanuele Ciarapica, Luca Urciuoli
In the modern business world, Supply Chain Risk Management (SCRM) is an integral function of the SC. SCRM is utilised in the food industry (Abadi and Darestani 2021), cyber security (Gomes Filho, Rego & Claro, 2021), fashion business (Hernandez and Haddud 2018) and in the context of the ongoing COVID-19 pandemic (Dohale et al. 2021; Woong & Goh, 2021). A canonical view of the traditional risk management process foresees a continuous cycle of identification of hazards, assessment of risks, analysis of controls, choosing controls, implementing controls, and review. In this process, risk assessment phase is a critical step: it is based on assessing the probability and severity on the occurring of a certain event. Therefore, SC risk management techniques can be inadequate to characterise low-probability, high-consequence events and cannot deal with unforeseeable events. This degree of uncertainty influenced the use of the classic SCRM techniques, since they can lead to critical imprecision and bias in the decision-making process, caused by unmeasured, incomplete, and unattainable information. To this regard, SCR can fill these gaps and supplement existing risk management programmes, thus enabling companies along the SC to survive unforeseen disruptions and create competitive advantage (Pettit, Fiksel, and Croxton 2010).
A real options framework for adaptive urban design
Published in Journal of Urban Design, 2021
Tom Coppens, Maarten Van Acker, Thomas Machiels, Tine Compernolle
Adaptive design starts with the proper identification of the major uncertainties that could have an impact on the design. The identification of such uncertainties can follow the broad categories proposed in Section 2 of this paper but needs to be tailored to the specific context of the project. The identification may be the result of expert judgements, but it is enhanced by involving multiple perspectives from different stakeholders in an urban design process. Uncertainty is subject-dependent, meaning stakeholders have different interpretations of uncertainty (Zandvoort et al. 2018). Once uncertainties are listed they can be prioritized by ranking them according to their probability and impact. A frequently used tool in risk management and analysis is a probability-impact matrix. Assessments of probability and impact may be based upon expert judgements or be determined in a participatory manner or on the basis of historical data if applicable.