Reference no: EM131332544

Life Cycle and Risk Management Assignment 4: A workplace-based report

This assessment task involves collaborative team arrangement efforts and designed to explore the key issues of risk management and how these issues are handled by established risk management standards. You will have the opportunity to look at the notes and the standards and compare your own views with your team mates in the group discussion space in preparing for this assignment. This discussion along with your various industrial experiences will give you a good basis to define the risk management issues associated with engineering asset management.

This assignment focuses on defining the key issues to be addressed for asset management asset in designing risk management process with consideration of the context. As a team, and focussing on the asset that you studied in assignment 2 and 3: you need to identify the key issues of risk management that are associated with engineering asset management, the application of the fundamental principles of risk management and the use of established risk management standards.

Key questions

Over the course of the assignment you should be developing an increasingly sophisticated response to related key questions that an asset manager/ engineer should be able to answer.

1. What are the risks or risk categories that engineering asset management have to deal with?

2. Is risk management part of engineering asset management?

3. What key issues of risk management are associated with engineering asset management?

Purpose:

• Explore the application of the fundamental principles of risk management.
• Explore the key issues of risk management and how these issues are handled by established risk management standards.

Assignment 4 Sequential Task Breakdown 

As a team, and focusing on the asset that you studied previously: 

(i) What are the key issues to be addressed for this asset in designing and operating the risk management process: refer to Clause 5 of ISO31000 with consideration of the context includes the incorporation of risk management within the asset management system. In other words what are the significant features of the 'context' for the risk management process as defined in ISO 31000. The risks to be managed are not restricted to, but must include, operating performance risk (system effectiveness: operating reliability and product or service quality) and also public and employee safety risk. Key issues may typically include, for example, the identification of credible risks or the evaluation of risks.

(ii) Map the existing risk management process associated with the asset against the activities outlined in the ISO 31000 standard.

(iii) Recommend changes to the current process. This should be done with reference to the significant issues identified in response to Question (i): and to the recommendations on how to accommodate such issues that are contained in the standard and in the literature.

Maximum 5000 words report composing the 3-parts.

Topics

In addition to the topic covered by assignment 1, following the completion of the work set out in this guide you should have a working knowledge of the following topics: 

10. Risk Management: Basic concepts

• Risk definition, risk standards, risk criteria, framework for risk management

11. Asset Management and Risk Management

• Context for asset management; risk management and life cycle activities; interrelationship between asset management and risk management; use of standards for risk management

12. Risk analysis techniques and risk treatment

• Risk management processes and procedures; risk treatment; risk management and organizational culture; use of standards for risk management.

Assignment which is of 5000 words but I want 4000+ words only.

Attachment:- Assignment.rar