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MGMT6019 – Engineering Risk Management

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Laureate International University

   

Engineering Risk Management (MGMT6019)

   

Added on  2020-04-29

MGMT6019 – Engineering Risk Management

   

Laureate International University

   

Engineering Risk Management (MGMT6019)

   Added on 2020-04-29

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Running head: ENGINEERING RISK MANAGEMENTENGINEERING RISK MANAGEMENT: Disaster Plan Analysis Report of Tianjin ChinaExplosionName of the StudentName of the University
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1ENGINEERING RISK MANAGEMENTExecutive SummaryIn recent days, one of the most vital managerial tools is the Risk Management. Many of theorganization depend on the standardization that has adopted Risk Management as their keyprocess for doing the work. Managing new projects or the ongoing operations the ICT Units tendto apply Risk Management technique in almost every work. In this report, it is mainly discussedabout the preparation of Risk analysis on the case study of Tianjin China explosion of 13 August2015. Generating an approach that is evidence based and is taken from a theoretical basedframework of the study.
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2ENGINEERING RISK MANAGEMENTTable of ContentsIntroduction..........................................................................................................................3Identification and Analysis of the Risks..............................................................................3Plan for Measuring and Monitoring Performance...............................................................4Process Followed for Strategic Issues Analysis..................................................................9Research Principles and Methodology................................................................................9Conclusion.........................................................................................................................11Personal Autonomy and Accountability............................................................................11References..........................................................................................................................12
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3ENGINEERING RISK MANAGEMENTIntroductionEngineering risk management is generally used as the planning tool that identifies thepossible alternatives of a project management or an operation taken to avoid the minimum risk.Identifying and analyzing of the project risk is required for the effective management system.Project risk management does not only focus on the identification and aggregation of the risksand hence may not be used more often other than only in the point of risk assessment (Shulin,2016). The report is based on the case study of Tianjin China explosion that occurred in the midAugust 2015. There were two major, explosion took place in the port of Tianjin, making thecause of death of several people and injuring several hundred as well. Risk analysis of this casestudy by identifying the risks associated along with focusing on the business that includes themitigation proposal a cost benefit analysis. Identification and Analysis of the RisksOn the day of 13th August 2015, Wednesday in China two huge explosion took place in awarehouse that contained toxic chemicals and gases. Enormous explosion in the Chinese portcity at the warehouse that contained hazardous and flammable chemicals. The performance datais the main target for effectively manages the risk that has been associated with the explosion inTianjin China. Listing the possible risks factors because of which the explosion occurred:financial, legal, environmental, HR (Economy, 2011). From the Financial perspective, the explosion destroyed some significant amount ofstored goods stored around the port, huge shipping containers and thousands of cars were tossed,
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