A risk management model to assess safety and reliability risks

Evaluating project proposals with respect to safety and reliability objectives is extremely complex. Several tangible as well as intangible factors need to be considered. Also, most often these factors are difficult to measure objectively because of their nature and the lack of factual data and information. In addition, they involve uncertainties and risk. The project managers need to enumerate systematically all potential risk factors affecting the safety and reliability objectives of the project, determine the consequences and the impact of their severity, assess the likelihood of the occurrence of these consequences, and select the best course of action to contain and control risks in order to meet the specified project objectives. Develops such a framework by integrating system hazard analysis with the core elements of the risk management process (RMP) to assess potential risks and to evaluate response actions to control and manage the identified risks to satisfy the predetermined safety and reliability objectives.