Applications in Risk Management

The objective of this monograph is to provide an overview on the nature and characterization of uncertainty in exposure assessments, including guidance on the identification of sources of uncertainty, its expression and application, not only in risk assessment, but also in risk management decisions, delineation of critical data gaps and communication to decisionmakers and the public. 

Application of this approach to the targets set by the IFCS has resulted in a range of harmonized products for application in risk assessment and risk management that have been implemented in national and other risk assessment systems. These include ... 

Clements, P. L. 1987. Concepts in Risk Management. Sverdrup Technology, Inc. Dhillon, B. S., and Singh, C. 1981. Engineering Reliability New Techniques and Applications. New York John Wiley Sons. 

Application of these principles throughout the risk management process wUl help ease the tensions and result in high performance in risk management for companies and government organizations (much of the above material is based on Covello et 1988). 

ISO 14971 is an ISO standard for the application of risk management to MDs. The latest significant revision was published in 2007 with a minor update published in 2009. In 2013, technical report ISO/TR 24971 was published to provide expert guidance on the application of this standard. 

ISO (2007) ISO 14971 - Medical devices - Application of risk management to medical devices RTCA (1992) DO-178B Software considerations in airborne systems and equipment certification... 

Application of Risk Management Methods in Mechatronic Systems... 

As far as the application of risk management methods is concerned, machines must be divided into individual structures in order to exactly define mechatronic aspects with clearly defined functions within the overall function of a complex device. This way, the individual types of risks can be defined and, consequently, effective approaches to risk reduction can be selected as part of user manuals, or as a part of the process of creating the operating conditions within the logistic systan. 

FMEA/FMECA is an effective approach for risk assessment, risk management, and risk communication concerns. This analysis provides information that can be used in risk management decisions for system safety. FMEA has been used successfully within many different industries and has recently been applied in maritime regulations to address safety concerns with relatively new designs. While FMEA/FMECA is a useful tool for risk management, it also has qualities that limit its application as a complete system safety approach. This technique provides risk analysis for comparison of single component failures only. 

Organizations fully engaged in the Operational Excellence journey tend to be extremely well run operations and have established management systems with effective processes, programs, procedures, and internal standards to address issues that pose such risks as presented above. Through the application of risk management principles and sound operational discipline practices, they are often able to avoid many such pitfalls. 

Risk analysis is the process of gathering data and synthesizing information to develop an understanding of the risk of a particular enterprise. Risk analysis usually involves several of the five risk management activities shown in Figure 1. CPI companies have many possible applications... 

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