Risk Analysis & Modelling , Risk Management

Assignment Help:
Fire Risk model 1
1. Introduction
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
Breakpoint Category
0 Low
10 Low-Medium
40 Medium
80 Medium-High
120 High
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.

Related Discussions:- Risk Analysis & Modelling

Techniques of risk management, identify risks faced by a banking institutio...

identify risks faced by a banking institution and ways of preventing them

Financial services policy, On successful completion of FSAP, the EC conclud...

On successful completion of FSAP, the EC concluded that the EU FS industry still had strong untapped economic and employment growth potential. As a result, the White Paper on Finan

Four critical components of risk-management integrity, The purpose of this ...

The purpose of this memorandum is to outline in sufficient detail the terms of the audit engagement. In planning the audit engagement for Toy Local Corporation for the year ended O

Hedging, Suppose a farmer is expecting that her crop of grapefruit will be ...

Suppose a farmer is expecting that her crop of grapefruit will be ready for harvest and sale as 150,000 pounds of grapefruit juice in 3 months time. She would like to use futures

What is risk management, What is Risk management Risk  management  is  ...

What is Risk management Risk  management  is  to  recognise  the  risks  to  which  company  is  exposed  to,  consider  the trade-off between risks and expected returns, and c

Trade Finance and Risk, The risks in the transaction seem to be very broad ...

The risks in the transaction seem to be very broad and encompassing. Can Engineering Tech effectively protect its interests and assure payment?

Determine the current market risk premium, Case: You are a partner in a...

Case: You are a partner in a first time PE fund. Against all chances, you have been able to raise $300M from investors. The business plan based on which you got the funds from

GRACH, (i) Calculate the unweighted average daily variance for the time ser...

(i) Calculate the unweighted average daily variance for the time series. Explain any assumptions or simplifications you have made, and the working for each step.

Explain the risk management strategies, Explain the Risk management strateg...

Explain the Risk management strategies Retain the risk If risk is small and won't affect company's profits, company does very little and lives with i

Write Your Message!

Captcha
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