Risk Management in Engineering: Mahindra TUV 500 Launch Report

This report delves into the critical field of risk analysis within engineering and technological applications, emphasizing its importance in making informed decisions and achieving objectives. It explores the process of hazard identification, analysis, and evaluation, highlighting the significance of both qualitative and quantitative risk assessment methods. The report discusses various techniques, including checklists, observations, and numerical measures, and emphasizes the need for effective communication among stakeholders. It further examines the application of risk analysis in a real-world scenario, focusing on the launch of the Mahindra TUV 500, discussing organizational profiles, business cases, and risk management strategies. The report provides insights into the practical application of risk analysis skills, the communication of risk status, and the importance of continuous learning and adaptation in the field of engineering.

ENGINEERING

Answer 1
Deployment of the modern technologies need more objectively informed decisions and to
attain this, risk assessment is vital. This application helps in describing the overall hazards and
ways to resolve them (Modarres, Kaminskiy and Krivtsov, 2016). This categorisation is
performed before the introduction of new products. The process of defining and examining
potential dangers in order to achieve objectives is known as risk analysis. Moreover, risk analysis
is undoubtedly a significant component of engineering and technological systems, safety
management and thus, management of challenges. However, it may be recognised that the
assessment of engineering and technological risks requires a complete knowledge of qualitative
and quantitative techniques of risk analysis. Further, it is necessary to have the calibre of
applying these methods correctly to the real applications. In addition to this, the assessment of
risks needs ability to communicate well with the different people associated with the engineering
and technology. This knowledge is crucial in increasing correlation of organisation with their
customers, business partners and outsourced operations. Risk analysis renders a platform for the
evaluation of issues and decisions about their control.
I believe that the knowledge of qualitative and quantitative approaches in the risk
analysis is a major skill that is required while assessing the engineering and technological issues.
The use of these tools will provide the accurate data along with some predictions. Thus, working
on the predictions the challenges can be assessed. Further, I think the most crucial skill is the
ability to apply these methods in the real applications. If in case the implementation will not be
proper then it will affect the overall analysation. Consequent to this, the effectiveness of the
product will be altered. In addition to this, it is necessary to communicate with all the people
linked with the system such as customers, business partners, every department of the
organisation, engineering and technological team. This interaction will assist in gathering all the
risks that may have happen according to them so that the manufacturing can be done in a
trenchant manner.
The overall process of risk analysis can be segregated into three categories which are as
follows: Hazard Identification: This is the first stage of the process. In this phase, the hazards
associated with the engineering and technological application are identified with the help

of relevant techniques. The sources of the risks are accessed so that further planning can
be done. In addition to this, different circumstances are imagined and then the breaches of
safety are identified in this stage. Some common tactics for accomplishing this activity
involves observation, judgement, use of checklist, etc. Hazard Analysis: This is the stage where the identified hazards are analysed by drawing
the likelihood and consequence so that the risk linked with them can be estimated. This is
the most crucial phase of risk assessment as it calculates the information used for the
evaluation. All the basics of further processing are generated through this phase
(Ericson, 2015). .
 Risk Assessment or Evaluation: This is the final phase of the process in which the
identified and analysed hazards are evaluated. The outcomes obtained from the above
two steps of the method are classified to calculate the tolerability of risk.
As per the views of Carroll and et. al., (2017), qualitative and quantitative are the two
fundamental methods for examining risks in a system. The quantitative approach assists in the
calculation of challenges with the application of numerical measures. These methods provide
Illustration 1: Risk Assessment process
Source: Watts, & Hall Jr, 2016

more accurate image of risks. In this process, the value of the system is expressed numerically
and the threat of frequency is determined by occurrenceof the incidents. Some common
examples of this approach are annual expected loss reports of the entities, use of Courtney's and
Fisher's Model, etc. Besides this, the qualitative technique of risk analysation is not based on
numerical data rather is provides outcomes in the form of suggestions, descriptions, etc. With the
help of this tool, the risks associated with the value, susceptibility of threat and finding of
qualitative scale can be achieve. In addition to this, the description covers the predictions of the
main faults that may enter the system. Further, these methods put the risk according to the
priority. This prioritisation is also known as risk matrix that is plotted between two variable
which are probability and severity of the issue.
Illustration 2:Risk Matrix
Source: Ericson, 2015

Depending upon the occurrence and seriousness of the issues, they are categorised in the
different groups. Further, a risk rating table is present that explains the severity of various risks
depending on the basis of its probability of occurrence. Hence, the place of risk in these groups
will help in development of preventive measures accordingly. It ensures the determination of
areas of greater risks in a short time. Thus, with the help of these two approaches a detailed
analysation of risks can be done in both theoretical and practical manner.
In contrary to this Watts Jr and Hall Jr (2016) , explained that the qualitative and
quantitative approach for analysing risks is not an appropriate method. It is ascertained that the
use of quantitative process depends upon scope and accuracy of measurement scale. Further, the
outcomes may not be precise and are sometimes even misleading. Besides this, the use of this
method for risk assessment is expensive and demands advanced tools. In context to the use of
qualitative approach, it is described that this tool does not provide determination of the
possibilities. Also, the outcomes gained from this method have general characters and
approximates.
According to Salkeld, (2016 ), it is necessary to possess the ability of applying relevant
skills to a real engineering and technological application. This knowledge will help in
appropriate mitigation of the risk. In case if a person lacks in the identification of risk then it is
so obvious that effective preventive measure will not be prepared. In order to obtain right
identification and analysation on the hazards, the transportation should render training programs
to the staff. The implementation of skills to a real engineering and technological application is
the basis of final product that will reach to the customers. Hence, it is necessary to ensure that
the associated person is having a calibre to apply the risk identification and analysation.
Illustration 3: Risk rating
Source: Ericson, 2015

However, Gongyu and et. al., (2016) expressed that this set of skills is developed with the
experience in the working sector. This knowledge cannot be generated in a limited period of time
and there is no dead-end of learning these skills. Further, the understanding of application of
these skills can be achieved from the past situations. Thus, it is trenchant if a record of various
risks and tactics used to resolve those issues is maintained.
In addition to this, Dindar, Kaewunruen and An, (2016) explained that it is also necessary
to communicate risk status throughout the project so that immediate actions can be taken to
resolve the issues'. The communication is required to be maintained with all the stakeholders
who are linked with project. For instance: the interactions with the business partners will help in
identifying risks associated with productivity and profitability of the project. Besides this,
communication with the managers will assist in identification of the challenges linked with the
employees and their performances which are barrier in project. In addition to this, questionnaires
and feedbacks can be taken from the customers. These methods will provide information about
risks from a large group which is useful in increasing the probability of success of the work
undertaken. In contrary to this, Modarres, Kaminskiy, & Krivtsov (2016),stated that the more
use of communication tool with all the stakeholders will increase the time consumption and thus,
cost-effectiveness of the technical product will altered. Further, the gathering of perspectives of
all the stakeholders is complex task and difficult to achieve. It will moreover diverts the
concentration of undertaker from the original tasks that are to be performed.
CONCLUSION
From the present report, it may be concluded that the risk analysis is the most crucial skill
that is required when assessing the engineering and technological applications. The various steps
of risk assessment are explained which assist in effective development of technical systems. The
Significance of the qualitative and quantitative approaches in analysing hazards are studied. This
tool will help in designing of a full-proof plan covering all the issues related to the specific
project and methods to resolve them. Further, the importance of application of these skills is
explained in the present study. Also, the significance of maintaining a high level of
communication while performing risk assessment of the service is described. This is done to
explore the perspectives on risk of different stakeholders so that the measures can be applied
correctly.

REFERENCES
Books and Journals
Carroll, D. & et. al., (2017). A Quantitative Risk-Benefit Analysis of Prophylactic Surgery Prior
to Extended-Duration Spaceflight.
Dindar, S., Kaewunruen, S., & An, M. (2016). Identification of appropriate risk analysis
techniques for railway turnout systems. Journal of Risk Research, 1-22.
Ericson, C. A. (2015). Hazard analysis techniques for system safety. John Wiley & Sons.
Gongyu, H., Rong, L., Cong, J., & Xin, L. (2016). Risk Analysis and Evaluation of Long Slope
Mining Construction by TBM Techniques. Chinese Journal of Underground Space and
Engineering. 3. 038.
Modarres, M., Kaminskiy, M. P., & Krivtsov, V. (2016). Reliability engineering and risk
analysis: a practical guide. CRC press.
Modarres, M., Kaminskiy, M. P., & Krivtsov, V. (2016). Reliability engineering and risk
analysis: a practical guide. CRC press.
Salkeld, D. (2016). Project Risk Analysis: Techniques for Forecasting Funding Requirements,
Costs and Timescales. CRC Press.
Watts Jr, J. M., & Hall Jr, J. R. (2016). Introduction to fire risk analysis. In SFPE Handbook of
Fire Protection Engineering (pp. 2817-2826). Springer New York.

Risk management proposal
for launch of the
Mahindra TUV 500 by
increased in engine,
suspension and design.

TABLE OF CONTENTS
ORGANISATIONAL PROFILE.....................................................................................................1
BUSINESS CASE...........................................................................................................................3
INCORPORATION OF RISK MANAGEMENT ARCHITECTURE ..........................................3
ANALYSIS OF RISK.....................................................................................................................4
EVALUATION OF RISK...............................................................................................................5
MANAGEMENT OF RISK ...........................................................................................................8
LIST OF RISK MANAGEMENT DOCUMENTS ......................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

ORGANISATIONAL PROFILE
Company Name: Mahindra & Mahindra Ltd.
Introduction: It is an Indian public multinational auto and truck manufacturing firm which was
founded in the year 1945 in Ludhiana. In India it is the largest vehicle manufacturing company
having more than 2 lakh employees and revenue of $17.8 Billion. It is ranked as the 17th in the
Fortune list of India. As per the Forbes report, the company ranked under top 100 reputable
companies. There are many business ventures under the company but they mainly focus on the
Automotive business. The company is heading forward through the sustainable development and
socially responsible groups making their presence in each sectors (Mahindra.com: Rise 2017,
2017).
History: It is the India's leading SUV manufacturer and has achieved its growth from
acquisitions. There are various areas where company diversified such as after-market,
automotive components, clean energy, financial services, hospitality, IT, logistics, retail, real
estate, and many more. The firm was started in the year 1945, and has expended to more than
100 countries. They want to use the technology is every field so that sustainable development
can be made in the company (Mahindra.com: Rise 2017, 2017).
Business Sectors: The organization has different well organized sectors that lies under the
Mahindra & Mahindra Ltd. They have 18 key industries that are spanning around the world.
These are aerospace, after-market, agribusiness, automotive, components, construction-
equipment, consulting-services, defence, energy, farm-equipment, finance & insurance,
industrial-equipment, information-technology, leisure & hospitality, logistics, real-estate, retails
and two wheelers. The Aerospace, automotive, defence, IT and two wheelers are technological
based companies that focus on the innovation and new techniques. Moreover , the manufacturing
and sales depends is top sources of revenue collection for the company. Components,consulting-
services, finance & insurance, leisure & hospitality, logistics, real-estate, retails are the service
industry that offers various services to the people. In the finance and insurance sector they have
more than 5 million customers availing the services. The SUV, tractor and Jeeps made by the
company are the world famous. Other remaining equipment companies are for the development
of the new things (Mahindra.com: Rise 2017, 2017).

Products & services: The company is expended in more than 100 countries. As per the company
details the IT, finance and insurance, automotive are the key areas where the company is making
progress. In the automotive spectrum there are aircraft, commercial vehicles, power boats, SUVs,
MPVs to sedans, two-wheelers, three-wheelers and tractors. It is expended in different countries such
as Asia, Africa, Europe, America and offers different products as per the business sectors. The
defence vehicle are directly provided to the Indian government.
Core Values: The entire group is governed by the core values that lies within them. The are the
merger of what they were, what they are and what they wanted to achieve. Their values lies in
the two areas where they need to make the action, these are the personal and corporate. Under
this following the core values of the company; Customer first: The progress and prosperous
achieved by the company are provided by the customers. The firm will respond to all the
modification, needs and expectation of them. All these things will be accomplished in speedy,
courteous and effective manner. Dignity of the individual: The company will value the
individual dignity and will follow the righteous path. The transparency will be maintained in the
firm through the fairness, trust and actions. Good Corporate Citizenship: The organization will
achieve the long-term success by serving the community and in proper align ways. At every
point the sustainability, corporate social responsibility and ethical values will never be broken.
Professionalism: Equal opportunities are provided to the people in the entity. Their freedom and
opportunities will be maintained through the innovation and other methods but the performance
is required by the company. Quality focus: For the customer money the company is providing
the quality in the work, product, service and interactions (Mahindra.com: Rise 2017, 2017)..
Awards & Recognition: The company has achieved many awards in the different fields it is
operating. As per the Forbes list it is recognized as the top 2000 most powerful companies.
Boldness of Business's Awards, in 2013 for the category of the emerging market, Auto Build
India Golden Steering Wheel for Technology, Scooter of the Year by NDTV. Further, they are
awarded for the sustainability groups and other technological construction. Along with this, they
have been awarded as the best transport excellence award by the Indian Road Transport. In the
Engineering & Automotive categories it has achieved Best Companies to Work award. It is also
recognized as Best Company for CSR by the Economic Times in India (Mahindra.com: Rise
2017, 2017)..
2

Future Aspiration: The company has focused on the 5 areas where they are making
development. These are clean, convenience, connected, clever and cost-effective products and
solutions. In the automotive industries they are trying to develop the electric vehicle. They are
also focusing on the automatic vehicles so that driving can be easy. They are launching their new
products Mahindra TUV 500 which is the advance version of Mahindra TUV 300
(Mahindra.com: Rise 2017, 2017)..
BUSINESS CASE
Title: The launch of Mahindra TUV 500 with high bouncy, bigger engine, power, peak torque
and reduced heating effect.
Brief Summary: The definition of the risk management based on the AS/NZS ISO 31000:2009
is ‘co-ordinated acts to make straightforward and functional control of an entity in consideration
with the risk’. The proposal was made so that the issues, opportunities and risks associated with
the Mahindra TUV 300 can be identified, modified and can be implemented in the Mahindra
TUV 500. The product was successful in the Indian market but there was truck like sound, AMT
warning light flashing continuously and there was issues with the suspension in the SUV which
was making problem when being on the bad roads and speed breakers. AMT warning light
flashing and voice from the engine was experienced by the customers. Due to this, they were
very much affected.
Project Team: The action will be taken by the service engineers as due to their faults the issues
got to such height. A team of 15 members will be looking for the new design, suspension and
AMT warning light flashing, 4 members from the sales team of the TUV 300, 5 from the
product development team and head of the department, that is the senior managers. Other than
this, there will be business development team, finance team and service engineers. 2 test drivers
will be there that will be accessing the TUV 500 on different roads and breakers.
INCORPORATION OF RISK MANAGEMENT ARCHITECTURE:
Identification of risks: (ENG 8103 Management of Technological Risk: Study module 2, 2016)
1. Safety risk: The suspension can cause human injury, and the AMT warning light flashing
can provide the negative warning which can cause the accidents.
2. Legal risk: There is lack in the industrial standards, they lack in the machinery design
and have not abided the government rules for manufacturing the SUV.
3