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

  A project report on mutual funds

This project report speaks of the core and future aspects of Mutual Funds and the present challenges to cope with.

  Evalaute the theoretical option price

Evalaute the theoretical option price

  Risk and return

Investing in the stock market and Risk-free investment and inflation

  Evaluate the gross profit

Evaluate the gross profit

  Discuss concepts of risk and management

Risk lies at all levels of business activity. There are many different kinds of risks within an management as well as ways to manage risks.

  Determine the average risk premium

Here are stock market & Treasury bill percentage (%) returns between 2006 and 2010: Determine the average risk premium

  Hypothetical healthcare organization ratios

Discuss and explain why one should apply caution when using financial ratios for analyzing a healthcare management's current financial position and future viability.

  Discuss role of risk assessment

The financial information has been dominated currently by stories of financial institutions that have mis-measured risk as part of subprime mortgage crisis.

  Calculate maturity risk premium

The real risk-free rate is 3 percent, & inflation is expected to be 3 percent for the next two years. A 2-year Treasury security yields 6.3 percent.

  Selcting best option for portfolio

Suppose you are planning investing in two stocks to form a portfolio. Assume you do not like risk. Which one of given stock combinations will you select for your portfolio?

  Result of systematic or unsystematic risk

It has been a little over one year since the collapse of Lehman Brothers which was the first major event in the downturn of our stock market & economy.

  Determine risk management

Determine risk management? Discuss the importance of risk management in an organization? How does risk management mitigation create value for an organization?

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