AdvancedTopic 97 of 102Manufacturing, Robotics & Systems
Risk assessment
Identify, evaluate and mitigate hazards and uncertainty.
In depth
Risk assessment identifies hazards, estimates likelihood and consequence, ranks risks (matrix, RPN), and selects controls to reduce risk to acceptable levels (ALARP). Methods: HAZOP, FMEA, FTA, ETA, bow-tie, Monte Carlo. Risk register tracks owners and actions; residual risk is communicated.
Key points
- Likelihood×severity
- Risk appetite
- Monitoring and review
ExampleA 5×5 risk matrix rates a pressure vessel burst as high severity, low likelihood.
What is Risk assessment?
Identify, evaluate and mitigate hazards and uncertainty.
Why is it important to understand risk assessment?
Risk assessment identifies what might go wrong and how to reduce its likelihood or impact, which protects projects and people.
What is a risk register?
A living list of identified risks with their likelihood, impact, owner and response, which is reviewed regularly during the project.
What are the four typical risk responses?
Avoid, reduce, transfer or accept, depending on the size of the risk and what is practical.
How is Risk assessment used in practice?
Typical applications include listing technical and schedule risks for a new product development, assessing the risk of a supplier failing to deliver a critical part and planning mitigation for a risk of a late regulatory approval.
What should I learn before Risk assessment?
Study "Project management" first (topic 96 of 102 in Manufacturing, Robotics & Systems). It covers the groundwork this topic builds on.
What are the key points of Risk assessment?
Likelihood×severity. Risk appetite. Monitoring and review.
Can you give an example of Risk assessment?
A 5×5 risk matrix rates a pressure vessel burst as high severity, low likelihood.
What comes after Risk assessment?
The next topic is "Intellectual property and patents", which builds directly on this one.
How difficult is Risk assessment?
It is classed as Advanced in Manufacturing, Robotics & Systems (topic 97 of 102). It is an advanced topic. It assumes you are comfortable with the intermediate topics in Manufacturing, Robotics & Systems.