Risk analysis in Engineering

Our previous article was on risk analysis and its definitions, in this article we will be discussing about Risk Analysis In Engineering

Risk Analysis In Engineering

Risk analysis is the science of risks and their probability and evaluation. In science and engineering, Probabilistic risk assessment is one analysis strategy usually employed in risk analysis

Risk analysis and the risk workshop

Risk analysis ought to be performed as part of the risk management process in every project . The data will be based on risk discussion workshops to point out potential issues and risks before it occur before these were to pose cost and/ or schedule negative impacts The risk workshops have to be attended by a large group perfectly between 6 to 10 individuals from the various departmental functions (e.g. project manager, site superintendent, construction manager, and representatives from procurement, operations, [project] controls, etc.) in order to cover every risk element from different perspectives.
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Importance of Risk Analysis and Risk Management

The importance of risk analysis would be the creation or review of the risk register to identify and quantify risk elements to the project and their potential impact. Given that risk management is a continuous and iterative process, the risk workshop members would regroup on at regular intervals and project milestones to review the risk register mitigation plans, make changes to it as appropriate and following those changes re- run the risk model. In conclusion, consistently monitoring of risks, it will be successfully mitigated resulting in a cost and schedule savings with a positive impact on the project.
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