((((( CHAPTER TWO )))).

B7A Engineering

1: conceptualize risk assessment and risk analysis of technical systems.

Ans: A set of systematic methods to: Identify hazards, qualify risks, and determine components.

2: what is risk analysis?

Ans: risk analysis is team work ideally risk analysis should be done by bringing together experts with
different backgrounds, chemicals, human error and process equipment.

3: define risk.

Ans: Risk is an expectation of loss, a potential problem that may or may not occur in the future.

4: what is called design risk?

Ans: design risk is a possibility of suffering from loss in design development process.

5: why the design risk exits?

Ans: design risk exists because the future is uncertain and there are many known and unknown things
that cannot be incorporated in the project plan.

6: what are the types of design risk? And describe each one.

Ans: A design risk can be two types (1) internal risk that are within the control of design manager and (2)
external risk that are beyond the control of design manager.

7: what are the two characteristics of risk?

Ans: (1) uncertainty (2) loss.

8: describe the nature of the risk.

Ans: risk is curious and complex concept.

9: types of risks?

Ans:

(1) individually perceived risk.

(2) collectively perceived risk and.

(3) calculated risk.

10: what is individually perceived risk?

Ans: is the risk that one thinks is the case. The essential point here is to ask whose perception it is and
why the risk is being perceived.

11: what is a calculated risk?

Ans: is the risk level obtained by the use of a quantitative risk assessment procedure.
12: why risk assessment is carried out?

Ans: risk assessment is carried out to:

 Identify the risk.

 Reduce the impact of the risk
 Reduce the probability or likelihood of risk
 Risk monitoring.

13: tell the strategies of risk.

Ans: they are.

 reactive risk strategies

 proactive risk strategies.

14: what are steps of risk management?

a) identify the possible risks.

b) Analyze each risk to estimate the probability that it will occur and the impact it will do if it does occur

c) Rank the risks by probability and the impact.

d) Develop a contingency plan to manage those risks having high probability and high impact.

15: what is risk identification?

Ans: is a systematic attempt to specify threats to project plan.

16: what are risk projection/estimation steps?

a) establish a scale that reflects the perceived likelihood of the risk.

b) Delineate the consequence of the risk

c) Estimate the impact of the risk on the project and product.

d) Note the overall accuracy of the risk projection so that there will be no understanding.

17: what is the overall risk exposure formula?

Ans: it is RE=PC