Risk Perception and Analysis Assignment

Added on - 29 Apr 2020

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Risk Perceptions and Analysis1RISK PERCEPTION AND ANALYSISStudent’s NameProfessor’s NameUniversityCityDate
Risk Perceptions and Analysis2Risk Perception and AnalysisQuestion 1 Part AIt is an environmental risk as the hazardous chemical can harm people, property and theenvironment and domestic chemicals. The mining process could have penetrated into the pocketsof hydrocarbon gas in the air hence causing an explosion (McIvor and Johnston 2016).Hydrocarbon as a '' hazardous chemical'' ought to be placed in caution as it’s a risk factor atworkplaces. According toSingh, Nair, Kamal, Bihari, Gupta, Mudiam, Satyanarayana, Raj, Haq,Shukla and Khan (2017)the precautionary activities include proper storage, guidelines onhandling and management in preventing workers and environment from suffering the setbacks ofan incidence.Question 2The event presents a global risk. Pandemics and interruptions bring hazards to air traffic and roadtraffic. In this case, the power line interrupted the movement of the aeroplane across to theairfield. Power lines that were lying on the road, consequently, closed the way for some timepending clearance. The burning wreckage of the plane blocked the carriageway hence being aglobal risk.Question 3The event also presents a utility risk that is caused by failures or interruptions to the delivery ofthe sick woman who was being transferred from a cruise ship to another vessel for emergencymedical treatment just before she fell into the sea (Li 2014).Question 4
Risk Perceptions and Analysis3This is a property and equipment risk whereby, a bridge has collapsed due to the cablebreakdown that got suspended. Such damage from natural disaster and vandalism, proprietorswill be covered from the risk of property and equipment (Kerner and Lawrence 2014).Question 5The case is not different from the one in (4) above as the collapse of the cliff is a form of naturaldisaster hence referred to as a property risk.Question 6Also, a property risk would be used in the incident occurred for the collapse of the Rana Plaza, inBangladesh. The factory will have to cover itself against the property or equipment risk for theloss that occurs.Question 7This is a pandemic risk. It has involved an employee who has carelessly poisoned "food" thatwould be consumed by customers (Fan, Jamison and Summers 2016). The poisoned fish were tobe eaten by the factory's customers. This means that were it for the factory to ensure itself; itwould have taken a cover for pandemic risk.Question 8This case would be looked upon as work health safety risks for the owners of the old mine. In mypoint of view, I feel that the miners should have sought a cover for property, equipment risk andalso work health safety risk (Waters and Dick, 2015). In one hand, the fire is ignited by a nearbygrass and forest fire lit by arsonists. The work health safety risk should cover any uncertaintycaused at the place of work or the working environment (Andreassi, Piccaluga, Guagliumi, DelGreco, Gaita, and Picano 2016). However, on the other hand, a loss has occurred in that theirproperty has been destroyed. Had the workers insured their farms and equipment from property
Risk Perceptions and Analysis4and equipment risk, the insurance company would have covered the loss or destruction of theirwater pipes.Question 9This is also an occurrence that would have led to the proprietor seeking a work health safety riskcover. It is an accident caused by a tiger in her working station.Question 10Evidently, this is a technological risk. Any loss caused by computer network failures andproblems associated with using outdated equipment in a location, the company should seek coverfor the technical risk (Haimes 2015). In this case, BHP Billiton and Viale company should coverfor the loss of the lives in that surrounding environment.Part B: Applying the Time Sequence ModelQuestion 1The captain of the vessel ought to be charged alongside the other steering members for the havoccaused at the marine park. The first mate and the second will be held responsible as the lack ofplacing coordinates was caused by either their incomplete coding or forgetting to followinstructions placed prior to the occurrence (Devalkar, Anupindi and Sinha 2017). Both thecaptain, the second and first mate will follow one investigation conducted by the marineofficials.Question 2b) Having charged the captain together with his first mate, their licenses to operate may be takenfrom them. As a result, they would have paid a massive amount of cash for the offence henceexperiencing a loss. However, if both the captain and the first mate had taken a risk cover of
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