RISK MANAGEMENT

Risk Management

Risk Management

Section 1: Risk 1: Safety Risk

Risk Item Description:

Risk ID:

Author:

Risk Statement Condition: if Inventory is disorganized

Risk Statement Consequence(s): Disorganized inventory can cause safety hazards and it might result in an occasional service delays.

Probability: High

Impact: V.High

Earliest the risk could have an effect: Service Delays

Latest the risk could have an effect: Safety Hazards

Mitigation Plan: [to prevent/reduce the chance that the situation will occur]

Routine maintenance and tidy shop floor can help in mitigating risk. Rapid improvement, and organized inventory can help in mitigating this risk

Contingency Plan: [to deal with situation when it occurs]

Establishment of material ordering system and creation of process that strictly deals with the inventory management, and availability of repair material can help in dealing with this risk.

Risk History:

Date

Event

Author

Current Date

Risk is defined as the possibilities of technology, activities, or natural events that have consequences that affect a person's values. Risk analysis is used to prioritize, to detect those who are acceptable, those that should be reduced. This step leads to proposals for solutions to deal with unacceptable risks. This can take various forms, since the implementation of technical solutions to reduce the risk, preventive actions to minimize the effects of the crisis, avoidance actions. Therefore, the process of risk management in the current study is considered as risk / Opportunity management, analysis, called the ROM. It is clear that the effective use of risk management processes and frameworks is encouraged by a suitable choice of terms and conditions. Therefore, all questions of risk management process are discussed in detail in this section. Having already identified the risks, assessment is to analyze the possibility and consequences of each risk factor to establish the level of risk. The risks need to be analyzed to decide which risk factors potentially have a greater effect and; therefore, would need to be administered or treated.

The risk identified here is the disorganization of inventory. It may develop inventory management lag and the safety hazards. Therefore, the first step will be to analyze the severity of the risks and the ways to avoid it.

Section 2: Risk 2: Physical Risk

Risk Item Description:

Risk ID:

Author:

Risk Statement Condition: if technology is not yet proven

Risk Statement Consequence(s): Physical risks can take place such as Exposure to noise is a major occupational hazard for the workers, particularly those involved in the repair job. Acute or chronic Musculoskeletal issues are the most common causes of occupational diseases reported in this population.

Probability: Medium

Impact: High

Earliest the risk could have an effect: Effect on workers

Latest the risk could have an effect: overall production of company

Mitigation Plan: [to prevent/reduce the chance that the situation will occur]

Proper planning and improvement plan in production plan can help in mitigating this risk; moreover, proper research and development for building up strong cultural can help in reducing this risk.

Contingency Plan: [to deal with situation when it occurs]

Proper implementation of safety guidelines, and providing training to employees for using tools.

Risk History:

Date

Event

Author

Current Date

Based on the identification of actions to reduce risk, it should actually achieve ...