Risk Assessment And Risk Assessments

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Risk Assessment
IEE 454
Bowen Wan

As Broughton said, we should try our best to avoid risks first by based care like improving quality of products instead of relying on latest risk assessment tool, although risks are not avoidable all the time.

Table of contents: What is Risk Assessment Value of Risk Assessment Qualitative Risk Assessment Quantitative risk assessment
Criticism of quantitative risk assessment Typical Risk Assessment Tool: Brainstorming What should we expect from risk management
Risk assessment misuse

Body of the paper:

What is Risk Assessment:
Risk assessment is intended to reduce the risk to an
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We also interview system users and operators and consult checklists. Review historical data, studies from other similar systems is also a very useful method. Totally, risk assessment can be divided into quantitative risk assessment and qualitative risk assessment.

Value of risk assessment:
Although risk assessment methods have existed for many years, due to several factors, human interests in it has increased in recent years. Firstly, the pressure is constantly increasing due to the design cycle, which reduces the tolerance for the late changes. Secondly, production efficiency and cost efficiency directly affect significant opportunities. Thirdly, performing risk assessment to decrease the cost and improve productivity provides a competitive advantage. Next, risk assessment has already caused great international influence. Many international organization clearly claims that they require a risk assessment.Besides, capturing knowledge, product liability, lack of standards, schedule control and customer requirements are another kinds of values of risk assessment. “For administrators and decision makers, accounting for the uncertainty could be extremely important to have an evaluation of the degree of confidence of the results to be used for the implementation of mitigation actions.” (Wang 722)

Qualitative risk assessment:
Qualitative risk assessment is a project management tool
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