Risk Management

THE FOLLOWING BOOK MUST BE USED AS REFERENCE:

Popov, G., Lyon, B. K., & Hollcroft, B. (2016). Risk assessment: A practical guide to assessing operational risks. Hoboken, NJ: Wiley

USING THE ABOVE BOOK ANSWER THE 5 QUESTIONS BELOW:

1) Describe how communication should occur in the risk assessment process and why it is important to the workplace.
Your response must be at least 75 words in length.

2) Your organization wants to expand its two-dimensional risk assessment model (that currently uses severity and likelihood) to a four-dimensional model. What two additional risk factors would you recommend be added? Explain your choices.
Your response must be at least 75 words in length.

3) Explain the importance of focusing risk management efforts on hazards with a high potential for harm, even if these hazards are few in number?
Your response must be at least 75 words in length.

4) Compare and contrast quantitative, semi-quantitative, and qualitative risk models. Include a discussion of the advantages and disadvantages of each.
Your response must be at least 200 words in length.

5) It has come to your attention that maintenance workers have not been following the Lockout/Tagout procedures to control the unexpected release of electricity when working on equipment. Discussion with the workers and their supervisors has revealed that they do not follow the procedures because there have not been any incidents in the past several years. They claim that following the procedures slows down the maintenance process.

Applying the principles of the psychometric paradigm, discuss what actions you could take to change the maintenance workers’ risk perceptions from low to high.
Your response must be at least 300 words in length.