Risk management, value

This simple piece of arithmetic highlights the key strategies for risk management and its minimization in developing new technologies - to minimize the number of Ns and maximize their respective C-values. 

However, much of the content will be of great value to a wider readership whose interests are directly or indirectly concerned with any aspect of risk management. 

As an alternative to these calculations, the registrant may choose to make a generic release estimate. Here, conservative default values are used for identifying waste amounts and fractions entering into the three main waste streams. Furthermore, generic exposure scenarios can be selected containing default release factors and assumptions on implemented risk management in the processes. [19]. 

The risk asses sment may include an evaluation of what the risks mean in practice to those effected. This will depend heavily on how the risk is perceived. Risk perception involves peoples beliefs, attitudes, judgements and feelings, as well as the wider social or cultural values that people adopt towards hazards and their benefits. The way in which people perceive risk is vital in the process of assessing and managing risk. Risk perception will be a major determinant in whether a risk is deemed to be acceptable and whether the risk management measures imposed are seen to resolve the problem. 

While the implementation of risk management systems may vary from company to company, they are a fundamental activity in the chemical, petrochemical, and hydrocarbon processing industries. A company s approach to risk management reflects its beliefs and values. 

The aim of the guidance value is to provide quantitative information from risk assessment to the risk managers to enable them to make decisions. (See also reference dose.)... 

Arthur Anderson. Managing Risk, Building Value. Risk Management in the UK Life Sciences. London Arthur Anderson, 2001. 

Early risk evaluation often just looked at death as the main endpoint, asking if a particular action or exposure led to increases in death or reduced number of working years. Advances in the biological sciences have required that more complex risk analysis be undertaken to evaluate quality of life issues and not just death as an endpoint. The challenge for both risk assessment and risk management will be to take into consideration quality of life and individual values into the decisionmaking process. 

Determine whether there are more cost-effective alternatives to additional data generation and risk assessment refinements. What-if analyses can be used to examine the savings in risk management that might result from additional data generation. Techniques that may be suitable for this include Bayesian Monte Carlo and expected value of information (EVOI) analysis (Dakins et al. 1996). 

Establish a eomprehensive set of bioassays and biomarkers that will provide added value to the risk management proeess when eonsidering the disposal of dredged sediments. 

Risk assessment starts with risk identification, a systematic use of available information to identify hazards (i.e., events or other conditions that have the potential to cause harm). Information can be from a variety of sources including stakeholders, historical data, information from the literature, and mathematical or scientific analyses. Risk analysis is then conducted to estimate the degree of risk associated with the identified hazards. This is estimated based on the likelihood of occurrence and resultant severity of harm. In some risk management tools, the ability to detect the hazard may also be considered. If the hazard is readily detectable, this may be considered a factor in the overall risk assessment. Risk evaluation determines if the risk is acceptable based on specified criteria. In a quality system environment, criteria would include impact on the overall performance of the quality system and the quality attributes of the finished product. The value of the risk assessment depends on how robust the data used in the assessment process is judged to be. The risk assessment process should take into account assumptions and reasonable sources of uncertainty. Risk assessment activities should be documented. 

This ADI calculation process is based on the assumption that humans are at least as sensitive as the most sensitive laboratory animal exposed to the most sensitive test. This concept is not based on any scientific evidence but is used as a precaution against the uncertainties inherent in the process of risk assessment. The ADI corresponds to the quantity of residues consumers can take each day throughout their lives without incurring any appreciable risk to their health and, as such, expresses the intention to keep the risk to public health so low as to be insignificant. Under this perspective, the setting of this value is therefore strongly influenced by the concept of risk management. 

When a veterinary drug is used for both meat and dairy animals, the ADI breakdown between meat and milk is done by trial and error. This is a decision pertaining to risk management. The MRL values may be reduced to take into account the normal conditions under which a particular veterinary drug is used when these lower MRL values can always be controlled by a viable analytical method. 

Although economics may favor plan A, the final decision on which plan to pursue will likely be based on a management value judgment. This judgment must consider all capita] expenditure, oil-recovery level, and risk of... 

The chemical industry is just beginning to develop tools for measuring inherent safety. Some of these tools have been used for risk management and loss prevention for some time, but we are just beginning to recognize their value in understanding the inherent safety of processes. 

---