Risk reduction techniques in management decision

Project risk — Is an uncertain event or condition that, if it occurs, has a positive or a negative effect on a project objective. A risk has a cause and, if it occurs, a consequence. Risk identification is an iterative process.

Risk reduction techniques in management decision

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A risk management decision should be derived directly from the Risk Characterisation based on the question: While there are a wide range of risk management options available, based on Source-Pathway-Receptor methodology, potential contamination risks to human health and the environment can generally be resolved in one of three possible ways: Source reduction - isolation, removal or treatment of source contaminants to reduce or eliminate contamination.

Path manipulation - use of mechanisms such as barriers to prevent contaminants moving off site. Receptor removal - preventing receptors coming into contact with contaminants.

Risk reduction techniques in management decision

Of these methods, risk management goals generally fall into three broad categories: Public protection measures, Physical and chemical clean up techniques. Of the latter two, the options generally include one or a combination of: Selection of appropriate risk management options should be made only after determining all the necessary information including: Contamination type Chemical and physical properties of the contaminant Site specific geology and hydrogeology Extent depth, width, length, speed of contamination Clean-up targets - how clean will it be, what are the likely future land uses Effectiveness of clean-up technology - all contaminants simultaneously or different methods for different contaminants, characteristics of mechanism used Suitable disposal of residuals from remediation process Likely costs to achieve clean-up targets Public protection measures: Reduce site access - particularly for physical hazard and air emissions.

Minimise exposure pathways - preventing movement of contaminants or use of a contaminated area Containment Technologies: These methods principally involve mechanisms of containment without the excavation of material to prevent migration of contamination and eliminate exposure pathways.

Effective containment can be a comparatively cheap option but ongoing site management and information issues must be addressed.

Risk reduction techniques in management decision

Surface capping - clean cover technology, must address: Horizontal subsurface barriers - jet grouting, chemical grouting, claquage grouting Vertical barriers - slurry trench cutoff walls, grout curtains, sheet piling, high density polyethylene HDPEother impermeable or semi-permeable liner material.

Clean-up Technologies - Soil:A risk management decision should be derived directly from the Risk Characterisation based on the question: Source reduction - isolation, removal or treatment of source contaminants to reduce or eliminate contamination.

, the risk characterisation conclusions, and the risk management decisions . Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level.

Risk Mitigation

This guide provides a foundation for the. Risk management as a process uses a five step management decision-making model. Five Basic Steps of Risk Management [1]: The five basic steps of risk management are outlined below and also in Figure 1.

Decision trees, unlike many techniques, give management a clear and meaningful picture of the alternative courses of actions.

5 Risk Mitigation | The Owner's Role in Project Risk Management | The National Academies Press

The other main techniques are inferior due to having a lower overall benefit to a firm, taking into account the advantages and disadvantages. Loss reduction is a technique that not only accepts risk, but accepts the fact that loss might occur as a result of the risk.

This technique will seek to minimize the loss in the event of some type of threat. Risk Measurement Techniques FIN/ Corporate Risk Management Business risk measurement is a process in which a company will try to determine what risks the .

What are Risk Reduction Techniques? - Definition from Safeopedia