Risks Associated With The Space Industry Essay

mitigation strategy for each risk. Kaplan and Mikes (2010) noted in the case study that Lee explained

Whilst promoting independence and choice is key to good working practice maintaining a safe and secure environment is also important. Processes to allow risks to be taken include Planning, risk management; monitoring and recording of outcomes by not allowing risks to be taken consequently can lead to institutionalisation and an increase in dependence.

With these risks highlighted then reduction of risk, both positive and negative can be identified.

Risk management is a continual process that is used by every person throughout their day. It is an autonomous activity, that when an individual is presented with a situation their brain assesses the associated risk and quickly makes a determination as to whether that risk is acceptable; based on the potential benefit or the possibility of an adverse outcome. For just one person, this can be a difficult process and without preparation, the outcome is reliant on chance, as in a toss of a coin. This describes a basic reactionary process; the goal is to develop a proactive stance that eliminates, mitigates, or defers the effects of unknown and unexpected disruption events.

You will look at the protecting factor which is a factor that will reduce the risk and help stop the risk becoming a reality. It 's not about getting rid of the risk but helping people to understand the potential consequences and risks that come with day to day living and using the protecting factors to reduce them as much as possible.

Identify hazards, assess risks and risk control measures. Any kind of business you are, there is always the possibility of an accident or damage to someone's health. All work exposes people to hazards. Loads which have to be manually handled; dangerous machinery; toxic substances; electricity; working with display screen equipment or even psychological hazards such as stress. The reason there’s not even more accidents and diseases caused in the work place is because systems of prevention which are in place which have been built up over generations. Most accidents happen because they have not been prevented. Essentially you have to ensure absence of risk to safety and health of employees and others 'so far as is reasonably practicable'.

The concept of space exploration was first introduced to the American public in 1961 when President John F. Kennedy famously stood before congress and vowed that America would put a man on the moon “within the decade.” With hopes of defeating the Soviet Union in the “Space Race” and gaining a leg-up in the Cold War, NASA funding reached its all-time high in 1965-1966 when about four percent of the federal budget was devoted to exploring space. Since then however, funding dedicated to exploring space has nose-dived to about one-half of a percent of the federal budget (Tyson), with plans to cut that figure by an additional $260 million in 2017 (cite NASA funding cuts). Experts in the space-sciences field argue that increased funding in space exploration would re-ignite the American economy and return America to the scientific prominence it was once known for, while, on the other end of the spectrum, naysayers suggest that exploring space is an economic sink-hole that the United States can no longer afford to deposit to given its own earth-bound troubles.

At the end all the risk are finance related, because the liability’s cost money and this will have an effect in the company’s earnings, so what is important is not only to try to avoid such events but also to be prepare in case they happen and have a plan, is like the saying “Hope for the best but be prepare for the worst”.

Before Risk Assessment can be addressed we must first briefly discuss Risk Management (RM), the framework of which is where risk assessment resides for the United States Army. The Army uses RM to ensure mission accomplishment in current as well as future operations and applies to operations and non-operational activities (Department of the Army [ATP 5-19], 2014, p. 1-1). The Army process of RM utilizes five steps as part of its holistic approach to mitigate risks, but because this paper’s focus in on the Risk Assessment of the management solutions identified last week, it will only focus on the first two steps of RM, Identify the hazard and Assess the hazard.

Space exploration is as close to pure risk as any of us can conceive. A rocket blows upon launch or it doesn’t. A space craft reaches its destination planet or it doesn’t. The craft lands safely on the planet surface or it doesn’t. We can easily envision these risks, and this makes the process of managing them relatively transparent. Even better, the risk management jargon needed to understand the risk management process is minimal. Mostly, this case requires a thorough reading and some deep thinking. What better way to introduce good risk management than with such a transparent example.

Determining the level of risk should be broken down into 4 categories: low, medium, high or very high. A consequences scale should also be created. Different levels of risk bring on different level of consequences.

Upon the consideration of long-distance human spaceflight, the risk management plan in correspondence must prepare the crew members before and during the mission, for risks which may or may not occur, in the isolated confines of space. Specifically, the risks of meteoroid impacts, malnutrition, and contamination were observed and their effects on the psychological and physical health of the crew members was detailed. Only meteoroid impacts are singularly and in transit risk, while both malnutrition and contamination are constant risks due to the human factor. Out the three risks listed, the most harmful risk would be of malnutrition due to the extensive consequences which can compound other problems. The main risk management method would

Unfortunately, there is always risk when it comes to space flight. This makes it difficult to determine what constitutes an “Acceptable” risk. A space agency has many worries such as their reputation with the public and the world, the success of their missions, and most importantly the lives of their staff and astronauts. Engineers are usually technically gifted but lacking in organization. This spawns a need for non-technical managers to oversee the day to day operations of projects and companies. While the engineers worry about the functionality of the project (in this case, a space shuttle), the managers worry about the cost to the company and the infamous pick 2 triangle of good, cheap, fast. This causes a disconnect between the engineers and the management where pressure from anything whether it be the public or CEO, can cause concerns to be overlooked.

Risk management is a much broader process in aviation industry. It includes basically solutions to the various risk factors. They are as follows:

There is a variety of risks in the hotel industry that can be divided into four main categories: