Analyze severity and risk rating after risk control tactics

Assignment Help Risk Management
Reference no: EM131953816

Assignment

READ THE ASSIGNMENT BELOW AND ANSWER QESTIONS.

THE FOLLOWING BOOK IS REQUIRED TO BE ONE OF THE REFERENCES USED:

Popov, G., Lyon, B. K., & Hollcroft, B. (2016). Risk assessment: A practical guide to assessing operational risks. Hoboken, NJ: Wiley.

Project Risk Assessment for Metal Lathe

You have been asked to conduct a risk assessment for a metal lathe operation. The Job Hazard Analysis has already been completed, and hazards for the operation have been identified. The task steps and hazards have been entered on the risk assessment form.

(SEE ATTACHED FILE "METAL LATHE OPERATION JSA")

To complete the project, you will need to address the following criteria:

1. For each hazard listed, estimate its severity and likelihood using the risk matrix on page 283 of the course textbook. This initial estimation assumes no risk control tactics are applied. Use the matrix to assign a risk rating based on the estimated severity and likelihood. Enter these numbers in the appropriate initial risk columns on the form.

2. Implement one or more risk-reduction tactics for each hazard using the hierarchy of controls method. Describe these tactics in the appropriate column on the form.

3. Analyze the severity, likelihood, and risk rating after risk control tactics are applied, again using the risk matrix on page 283 of the textbook. Enter the numbers in the residual risk columns.

4. In the comments section of the form, summarize the changes in risks that resulted after control tactics were applied and whether the risks have been reduced to an acceptable or tolerable level. Are there any additional actions that you recommend be taken? The discussion section must be at least 200 words.

Attachment:- Metal-Lathe-Operations-JSA.rar

Reference no: EM131953816

Questions Cloud

Price elasticity of demand is an important concept : Price elasticity of demand is an important concept. With appropriate examples, explain how this concept is related to total revenue.
What are some key obstacles to affordable housing : To complete this forum, answer ONE of the following questions: What are some key obstacles to affordable housing today, as illustrated by an original story?
Value bond outstanding with coupon rate : Yan Yan Corp. has a $3,000 par value bond outstanding with a coupon rate of 5 percent paid semiannually and 14 years to maturity.
What is an open access resource : Why do open access resources often exhibit what is known as the problem of the "tragedy of the commons"? What properties of efficient property rights
Analyze severity and risk rating after risk control tactics : Analyze the severity, likelihood, and risk rating after risk control tactics are applied, again using the risk matrix on page 283 of the textbook.
Solve by using the NPER function : How long will it be before the company recovers its investment at an interest rate of 16% per year? Solve by using the NPER function.
What is equation for firm marginal revenue : The demand for a monopoly is P = 60 - 0.3QD. Where P = Price and QD = Quantity Demand.
Communicating the change process : Today's workforce is diverse in terms of age and other aspects that influence performance and success
What is the current price of the bond : Even though most corporate bonds in the United States make coupon payments semiannually, what is the current price of the bond?

Reviews

Write a Review

Risk Management Questions & Answers

  What steps would you expect c to take to verify

What steps would you expect C to take to verify that B has the necessary cash and why? For this question, I would like you to be sensitive to scenario and what evidence C could reasonably be expected to gather under the circumstances.

  What are the break-even prices

What is the maximum profit and under what price range does this happen? What is the maximum loss and under price range does this happen?

  Determine the major impacts of risk that the team needs

Suggest the issues that could have developed had the team not had a risk plan. Determine the major impacts of risk that the team needs to understand for the project to be successful.

  Risk management and compliance

RISK MANAGEMENT AND COMPLIANCE

  Explore the kinds of risks that are most intimidating

Explore the kinds of risks that are most intimidating for each. Analyze how the risks and the approaches to anticipate these risks differ for each company.

  Find a cutoff point for the risk tolerance

In the risky venture example, suppose there is no riskless alternative; the only two possible decisions are the less risky venture and the more risky venture.

  Determining the competitive position

What do you think netflix's is going to have to do to maintain its competitive position, especially as its industry changes?

  Develop an e-business risk management plan for organization

Develop an e-business risk management plan for an organization in this industry and explain the key aspects of e-business risk management

  Why is counterparty risk greater for trading

What is counterparty risk?- Why is counterparty risk greater for trading in derivatives than for trading in stocks and bonds?

  How you will monitor the risks that you have projected

For this assignment, you will determine how you will monitor the risks that you have projected, as well as the unknown risks that occur during the course of the project.

  The risk management process in context to a manufacturing

Write a Term paper on the topic "the risk management process in context to a manufacturing firm".The term paper should include the introduction, body and conclusion.

  Explain the erp systems mitigate risk

Using scholarly material, explain how Enterprise Resource Planning (ERP) Systems mitigate risk and assist in organizational decision making.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd