Customer Service Chat
Get quote & make Payment
Risk Analysis & Modelling , Risk Management
Fire Risk model 1
The new All-Scotland Fire Authority wishes to maximise the effectiveness of the service it provides to the Public, given the reduced budget it will have for fire-fighting and fire-prevention over the next five – 10 years, at least. Accordingly, you have been commissioned to a Qualitative Risk Analysis of Fire Prevention measures for an un-named town in Scotland
(i) A Quantitative Risk Analysis of Response Times to fires.
You must use the individualised values associated with your name in the data file, Fire_Risk_Appraisal.xlsx available on GCU-Learn and use it to write a report to the Senior Management of the new Authority.
2. Quantitative Model: Fire Prevention [70 marks]
The Authority has a per capita budget to purchase fire prevention measures in an effort to reduce the number of deaths and serious injuries caused by fires. The budget cannot be exceeded, but need not all be spent. The Authority has already conducted a Risk Assessment of the town, and has computed Risk Scores for each person, taking into account their Age, Gender, personal habits, etc. 2 These scores have been mapped into a Risk Category as follows: Risk Scoring Regime
150 Dangerously High
1 We are indebted to Senior Fire Officers from Central and Strathclyde Brigades, who have provided both guidance and inspiration for this Assignment.
2 This is the Fire Risk model we looked at earlier in the Trimester. You may want to look at it again to remind yourself how it worked.
3 Note that #3 and #4 are mutually exclusive of each other.
The Authority has five basic fire prevention measures it can provide to a household, each with differing effectiveness and costs:
1. Fire Prevention leaflet: this contains ‘tips’ for reducing fire risk in the home
2. Home Safety Visit: a 30 minute visit to a house to assess the risks and to offer advice on how to improve safety in the house
3. Installation of a Smoke Detector/Alarm 3
4. Installation of Smoke and Carbon Monoxide Detector/Alarms
5. Installation of a Portable Water Sprinkler system
The effectiveness of each measure is dependent, to some extent, on the individual’s attributes, as indicated in the following table: Category FP Leaflet HSV Smoke Detector Smoke/CD Detector PWS
Low Effective Effective Effective Highly Effective Ineffective
Low-Medium Effective Effective Effective Highly Effective Ineffective
Medium Highly Effective Effective Effective Highly Effective Ineffective
Medium-High Highly Effective Highly Effective Highly Effective Highly Effective Ineffective
High Ineffective Ineffective Highly Effective Highly Effective Effective
Dangerously High Ineffective Ineffective Ineffective Ineffective Highly Effective
The task is to construct a model, using only the data (individuals, costs and budget) assigned to you in the file Fire_Risk_Appraisal.xlsx that will determine what measures should be offered (if any) to the individuals in the town, with a view to maximize the total risk scores, while spending within the budget.
Your report on this analysis should explain the general scenario, your approach to solving this particular problem and what you are recommending to management and assessing the extent to which safety in the town will be improved.
Posted Date: 3/25/2013 3:25:54 PM | Location : Nigeria
Ask an Expert
Risk Analysis & Modelling , Assignment Help, Ask Question on Risk Analysis & Modelling , Get Answer, Expert's Help, Risk Analysis & Modelling Discussions
Write discussion on Risk Analysis & Modelling
Your posts are moderated
Write your message here..
Option Pricing, #question.Price a European call and put option using expli...
#question.Price a European call and put option using explicit, implicit and cranck nicholson methods in Matlab or R.
Self- reflective practitioner and component, In practice, you will often be...
In practice, you will often be asked to report on a given situation, problem, project or even your own performance. It is neither realistic nor honest nor appropriate for you to c
Determine certainty equivalent, Ben owns a home in "tornado alley" in Oklah...
Ben owns a home in "tornado alley" in Oklahoma that is worth $100,000. In any given year, he knows that there is a 1% chance his home will be hit by a tornado. If it is, his home
Risk Management project, Imagine you are the Chief Risk Officer of a newly-...
Imagine you are the Chief Risk Officer of a newly-formed bank, with a focus on corporate lending in Slovakia. The bank is largely funded by local deposits. The CEO (and so does t
Show capital market line, Q. Capital market line? When their exists com...
Q. Capital market line? When their exists complete agreement between all investor with regards to a security Expected return, variance and covariance as well as on the rate of
Asset registration update, what are the risk management in an asset registe...
what are the risk management in an asset register that is not updated on a timely basis
What are the main causes of risks in a project, Quesiton: (a) Describe ...
Quesiton: (a) Describe why people management is important for the success of a project (b) Show which people and groups of people are important for the success of a project
Fixed income risk management, Fixed Income Risk Management You are a...
Fixed Income Risk Management You are asked in this assignment to insure the value of a bond portfolio during the (in hindsight) turbulent 8-month (or 245-day) period from 1
Define the meaning of return, Define the meaning of Return Return is th...
Define the meaning of Return Return is the amount or rate of produce, profits, proceeds which accrues to an economic agent from an undertaking or investment. It's a reward for
#title, DQ #1: How has fair value accounting challenged leveraged instrumen...
DQ #1: How has fair value accounting challenged leveraged instruments? DQ #2: What are the fair value standards that need to be followed in the U.S. under GAAP and international
Accounting Assignment Help
Economics Assignment Help
Finance Assignment Help
Statistics Assignment Help
Physics Assignment Help
Chemistry Assignment Help
Math Assignment Help
Biology Assignment Help
English Assignment Help
Management Assignment Help
Engineering Assignment Help
Programming Assignment Help
Computer Science Assignment Help
IT Courses and Help
Why Us ?
~24x7 hrs Support
~Quality of Work
~Time on Delivery
~Privacy of Work
Human Resource Management
Literature Review Writing Help
Follow Us |
T & C
Copyright by ExpertsMind IT Educational Pvt. Ltd.