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Essay / Research Paper Abstract
This 14 page paper is written in 3 parts. Te first an longest looks at the tolls that a company, or in this case a university, could use to assess risk, including HAZOP and HAZIM, Monte Carlo, cost benefit analysis and NPV. The second part of the paper looks at which models could be used by the university to determine the potential risks and rewards. The last part of the paper considers how the progress could be monitored. The bibliography cites 4 sources.
Page Count:
14 pages (~225 words per page)
File: TS14_TEassrisk.rtf
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Unformatted sample text from the term paper:
teach and the level of income that this produces. They are suffering form their new status, but have a good reputation for their business studies courses. This will take investment
and may create additional income by bringing in more students. Before going ahead with this there needs to be a risk assessment. There are several models that can used here.
Risks are seen in any area of life and business, these are the influences and factors that may impact on a project inhibiting or constraining success or creating failure.
These may be small influences with little impact or very major influences. In using a risk assessment there is not only the need to identify these different factors, but also
assess their likelihood of occurring and the impact they may have on plan. Risks may include everything from changes in the economy and less funding being available or the potential
of the project being copied by a competitor, to the changes in the weather or the chances of an earthquake. There are many models which are used to assess
risk, each have different advantages and disadvantages. We may use the HAZOP and HAZIM models. HAZOP and HAZIM are short for HAZard and OPerability study and HAZard and IMplementation study.
These can be used to identify and work around different factors, but may also indicate the clash between safety and environmental factors and how problems can occur in a project.
The system of HAZOP was first introduced in the 1970, when it was used by ICI engineers in the UK (TNO-MEP, 2003). The method used with HAZOP is to
study a project, usually the design of a facility, and the impact of deviations from the design, but can be used for any project. A team is put together with
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