Dynamic Role of Risk Management Model In Complex Engineering System

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Risk management model involved in complex engineering system includes five stages. The five stages of risk management model are; identification of risk, qualitative analysis of risk, risk assessment in quantitative type, risk reaction planning and risk controlling and monitoring. The risk assessment is done with the help of fault tree analysis approach, failure modes and effect analysis approach and other. The engineering tasks are dependent on technology and their applications. The risk management model helps in reducing the risk in engineering system after analyzing the risk process. The risk management model helps in reducing the chance of risk in future. It also helps in increasing the productivity and profitability of engineering system. On the other hand, the risk analysis is done with the help of qualitative approach. With the help of qualitative risk analysis the researcher will analyze the quality of risk management model. On the other hand, quantitative risk assessment helps in analyzing the performance level of engineering system. With the help of risk management model the identification of risk and analysis of risk at each stage is done properly. Apart from this, the monitoring and controlling of risk in engineering system is done after analysis and identification. The monitoring and controlling process helps in protecting the system from risk in future.

References

Park, J., Seager, T. P., Rao, P. S. C., Convertino, M., and Linkov, I. (2013). Integrating risk and resilience approaches to catastrophe management in engineering systems. Risk Analysis, 33(3), 356-367.

Kerzner, H. R. (2013). Project management: a systems approach to planning, scheduling, and controlling. John Wiley and Sons.

McNeil, A. J., Frey, R., and Embrechts, P. (2015). Quantitative Risk Management: Concepts, Techniques and Tools: Concepts, Techniques and Tools. Princeton university press.