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The Role of Risk Assessment in Engineering Practice
The Role of Risk Assessment in Engineering Practice
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Abstract-This paper examines the central role of risk quantitative, semi-quantitative and qualitative attributes
assessment as a vital routine in Engineering Practice. Risk of risks. This progressive study portrayed the wholeness
assessment is the determination of the measure and value of and objectivity of risk assessment in the implementation
risk related to an existing situation and a known threat. of engineering policies, programmes and projects. [4]
Engineering Practice involves the application of the
principles of physical and social sciences to the design,
It is good to note that risk assessment is not limited to
development and implementation of projects, programmes the theory and practice of engineering. It has a foothold in
and policies, which have important implications in the medical, hospital, food, chemical and bio-medical
cultural and ethical traditions of various host communities. industries. However, it is often carried out in a more
These projects, programmes and policies can be faced with complex way in the disciplines of Risk Engineering,
the constraints of scope, cost, time and quality. There is, Safety Engineering and Reliability Engineering where
therefore, the need for a thorough iterative conduct of risk threats to life, environment and machine functioning are
assessment at the design, planning, monitoring and ascertained and dealt with. One major task risk
execution stages of engineering projects, programmes and assessment performs in engineering practice is the
policies.
measurement and assignment of values to the two
All through history and in recent times, many lives have variables that revolve round engineering risks –
been lost, properties destroyed and insolvencies have been probability of occurrence and potential consequence or
created in numerous engineering organisations owing to impact. [6]
failed projects, programmes and policies that led to This paper examines the concept of risk in engineering
avoidable disasters. If only risk assessment had been and its definition in the first two sections. An overview of
routinely utilised in the design, development and risk assessment process, tools and techniques and the
implementation of these projects, programmes and policies, organisational perspectives for the conduct of risk
likely loss or injury to people and properties would have assessment are depicted in the subsequent sections. On
been identified, analysed, qualified, quantified and mitigated
if not totally eliminated.
the whole, the benefits, opportunities and challenges
associated with an effective and efficient conduct of risk
Keywords: Engineering, Risk, Risk Assessment assessment in engineering practice are highlighted and
discussed.
I. INTRODUCTION II. THE CONCEPT OF RISK IN ENGINEERING
Owing to complexity in structure and nature, In engineering practice, risk is the tendency that a
engineering practice has been described to be fickle, chosen line of action and or the choice of inaction will
unpredictable, volatile and fraught with risks [1]. Many lead to a deviation from a desired outcome or result. In
professional bodies such as International Organisation for other words, risk in engineering practice arises as a result
Standardisation (ISO), Committee of Sponsoring of uncertainties in the environment, security, cost, quality
Organisations of the Treadway Commission (COSO) and and timeframe of engineering policies, programmes and
Project Management Institute (PMI) have identified risk projects. Therefore it can be said that an essential element
assessment to be a specialised process embedded in the of risk in engineering practice is uncertainty – the fact
framework of good management practice [2], [3], [4]. that engineers can’t tell exactly the failures that may
Risk assessment is not only considered as a managerial likely occur, when, where and how the failures will occur
procedure, but it is also viewed as a crucial independent [7]. Evidently, these uncertainties prove the probabilistic
discipline in engineering. While this proves to be true, the nature of engineering risks. The concept of risk in
Royal Academy of Engineering generated a clearer engineering practice further combines the chance for
synopsis of risk assessment being a process and a failures with the consequences caused by the failures.
discipline in the second in a series of reports on managing Therefore, the assessment of risk in engineering practice
engineering risks produced by working groups of involves both probabilities and consequences. This
professionals [5]. relationship can be represented mathematically in
Of course, recent times have experienced increased equation (1) below.
attention and focus on risk assessment. It has become R = ƒ (Pm, Cm) (1)
increasingly clear that the need for a holistic framework Where R is the risk linked with event ‘m’, Pm is the
to effectively identify, assess, and efficiently manage risk probability of event ‘m’ occurring and Cm is the
is a crux in the practice of engineering. Though risk consequence of event ‘m’ occurring. The above
assessment has always been associated with mathematical mathematical representation depicts that risk is a direct
models and analytical tools, a qualitative approach was function of the probability of an event occurring and the
underscored by PMI. PMI studied and showcased the consequence associated with the occurrence of such event
[7].
Review
Policy Perspective -
Risks
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