Solution
Amar answered on
Apr 16 2020
Running Header: Modelling Risk 1
Modelling Risk 2
Modelling Risk
Executive Summary
The risks one faces as society is continue to become increasingly much more intricate on account of the interconnected range concerning causal set of factors, chiefly resulting from the human action as well as inventions. The overall Interdependencies amongst the various elements like the built environments, communication, transport, as well as lifeline utilities could lead to cascading form of failures which shall amplify overall consequences pertaining to single human induced / natural risk event or else range of circumstances that are inte
elated. The objective of this report is to undertake a theoretical evaluation with respect to “'Knowledge can be divided into uncertainty and perfect knowledge. Where does risk fit into this spectrum?'” and then present risk assessment with respect to specific risk management case.
Contents
Executive Summary 2
Introduction 4
Part A – Theory 4
Part B – Work Place Problem: Safety and Healthcare of End-of-life (Dementia) & Care-worker in Aged Care Environment 8
Conclusion 13
References 14
Introduction
The risks one faces as society is continue to become increasingly much more intricate on account of the interconnected range concerning causal set of factors, chiefly resulting from the human action as well as inventions. The overall Interdependencies amongst the various elements like the built environments, communication, transport, as well as lifeline utilities could lead to cascading form of failures which shall amplify overall consequences pertaining to single human induced / natural risk event or else range of circumstances that are inte
elated. These risks usually possess no clear set of boundaries. The overall nature as well as levels of the risks shall be harder in defining as well as varied perspectives of stakeholder with none of them shall be wrong or else right to the verifiable extent making suitable decisions or else much more challenging.
The objective of this report is to undertake a theoretical evaluation with respect to “'Knowledge can be divided into uncertainty and perfect knowledge. Where does risk fit into this spectrum?'” and then undertake risk assessment with respect to specific risk management case.
Part A – Theory
One is faced with varied and numerous decisions on a day to day basis such that one is generally required to undertake them by not having any definite set of knowledge with respect to the ensuing consequences (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014). The overall levels of knowledge which one possesses with respect to decisions one needs to undertake have significant levels of influences over the end choices. If one analyses the overall spectrum concerning knowledge, we shall note that there seems to be two end of extremes, that is, the perfect knowledge on one end and the uncertainty in the other end (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014). The same beckons a question in terms of where does the risk shall lie within the
oad spectrum starting from perfect knowledge until uncertainty. For the purposes of addressing the said question, this section shall undertake the evaluation as well as the discussion of the meanings concerning the terms like uncertainty, risk, as well as knowledge. After developing clear and comprehensive levels of understanding with respect to these terms, the identified question in terms of risk shall be addressed at the detailed level (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014).
The overall spectrum concerning knowledge shall be classified amongst two of the extremes concerning perfect knowledge as well as uncertainty (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014). For the purposes of understanding risk as well as the ways the same shall be different in terms of uncertainty, one shall be required in understanding the overall meanings concerning the said terms (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014). The terms concerning risk as well as uncertainty shall be employed in an interchangeable manner across day to day conversations as well as the same makes the same challenging for understanding the respective differences (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014). In the historical context, various economists had undertaken the mistake for making these same mistakes of employing these terms in a loose manner. Various examples for the same and economists of repute failed to make any form of sharper distinctions amongst two terms, that is, risk as well as uncertainty (Aven & Cox, 2016; Bjerga & Aven, 2016; Aven & Zio, 2014).
If refe
ing to the literal meaning, one shall note that risk can be stated to be possibility concerning injury or else loss wherein the uncertainty shall be stated to be something which can be stated in being indeterminable or else not known without any of the doubt (Skinner et al., 2014; Coaffee & Lee, 2016; Robert & Therond, 2014). Thus, with respect to day to day usage, one shall note that risk shall refer to the positive form of probability concerning the negative event in happening and uncertainty shall not actually really imply the value judgment (Skinner et al., 2014; Coaffee & Lee, 2016; Robert & Therond, 2014). Though it has to be noted that both of the terms shall be similar by their very nature as well as concern to the situations wherein we shall not be able to foresee completely the future (Skinner et al., 2014; Coaffee & Lee, 2016; Robert & Therond, 2014).
If one shall undertake the analysis of the risk with respect to economics as well as technology, one shall note that the same is to be expressed in being quantifiable form of value concerning the events which shall be accompanied by way of negative form of consequence (Skinner et al., 2014; Coaffee & Lee, 2016; Robert & Therond, 2014). The same shall be measured in being both probabilities concerning the occu
ing of event as well as overall gravity concerning the consequences. In taking suitable example in this context, it has to be note that relevant set of probability pertaining to bearing failing across the five year period shall be 0.001 per cent. The overall consequences concerning the failing pertaining to bearing shall result in engine for stopping to function. The two shall combine to the single value for indicating risk (Skinner et al., 2014; Coaffee & Lee, 2016; Robert & Therond, 2014).
In the similar manner, within the management context, overall risks that are affiliated with respect to decision shall be overall possibilities that said outcomes shall be suitably varied from the expectations (Skinner et al., 2014; Coaffee & Lee, 2016; Robert & Therond, 2014). In the similar manner, if one is planning to undertake something, overall risk shall be that varied set of events which could take place and the same shall result with the said project in falling behind the schedule or else going over expected levels of costs...