Risk Management - Essay Example

Comments (0) Cite this document
Summary
Table of Contents Introduction ……………….………………………………………. 2 Step One – Risk Identification ……….……………………………. 3 Step Two – Risk Measurement …………………….…………………
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97% of users find it useful
Risk Management
Read TextPreview

Extract of sample "Risk Management"

Download file to see previous pages ...... 6 Step Seven – Policies …………………………………………………7 Conclusion ……………………..…………………………….……..... 7 References …………………………………………………………… 9 The Fukushima Disaster: Lessons in Risk Management I. Introduction The Fukushima disaster is probably one of the most terrifying nuclear disasters in recent memory. Before March 2011, it was almost unimaginable for Japan to be on the threshold of a potential nuclear disaster. The nuclear disaster was, in fact, the result of another—equally horrific—disaster, the infamous tsunami that killed ‘tens of thousands of people’ (McCoy 2011). The U.S. Nuclear Regulatory Commission (2011) found that around 25,000 people were dead or missing as a result of the tsunami disaster, which began on 11 March, 2011, 14:46, Japan standard time. Figure 1. Nuclear Plants in Japan, including Fukushima Source: U.S. NRC 2011, p. 7 Ronald McCoy is one of the first researchers to document the Fukushima disaster. According to McCoy (2011), Japan experienced several disasters in March 2011, beginning with the ‘record-breaking’ earthquake that occurred, measuring 8.9 on the Richter scale (p. 41). The earthquake and aftershocks that took place northeast of Honshu Island triggered a ten-metre tsunami that killed more than ten thousand people. ...
According to McCoy, when the earthquake occurred, the six nuclear plants at Fukushima, which were owned by Tokyo Elect Power, were shut down automatically. The earthquakes ‘knocked-oun the power grids, forcing operators to fall back on diesel generators’ (McCoy 2011, p. 4X). However, the plants still needed access to power to ensure that the coolants, which are essential for cooling the ‘hot reactor cores of the radioactive uranium and plutonium power rods’, remained flowing. However, ‘the tsunamis swept in, knocked out the generators and cut off power’ (McCoy 2011, p. 41). As a result, four out of the six plants immediately overheated. Finally, an ‘explosion damaged fuel rods and the integrity of the primary containment structure’ and, as a result, radiation was released (p. 41). This essay analyses the risks involved using the 7-steps risk management cycle, which is described in the diagram below. II. Risk Identification (Step 1) Ionising radiations from nuclear power plants ‘can damage DNA, causing cancer and inherited mutations’ (McCoy 2011, p. 41). The risk of mutation and cancer is proportional to exposure to radiation (p. 42). In addition, ‘radiation [can] kill and injure thousands’ and ‘contaminate and render uninhabitable large tracts of land’ (p. 42). Unfortunately, the Fukushima nuclear accident happened because the plant had been designed on the basis of incorrect assumptions about the risks of the region (McCoy 2011, p. 42), in particular, that earthquakes greater than 7.9 on the Richter scale, and tsunamis higher than 6.7 metres were improbable. According to Takashi Shoji (2011, Slide 10), ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk Management Essay Example | Topics and Well Written Essays - 2500 words - 1”, n.d.)
Retrieved from https://studentshare.org/management/1393558-risk-management
(Risk Management Essay Example | Topics and Well Written Essays - 2500 Words - 1)
https://studentshare.org/management/1393558-risk-management.
“Risk Management Essay Example | Topics and Well Written Essays - 2500 Words - 1”, n.d. https://studentshare.org/management/1393558-risk-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Risk Management

Risk management

...?Risk Management Question There is more to the determination of which of the two projects would fetch shareholders much wealth than the amounts of money being invested into the various projects and the expected Net Cash Flow. This hidden factor is the risk associated with each of the projects and this is where the principles of cash assets pricing model plays a lot of important role. The company is advised to invest in the acquisition of the new business in the Latvian logistics because that will increase the overall real assets of shareholders. Again, the company will be in a position to bargain on the premium they would put on the acquisition through the principles of CAPM to ensure that they “demand additional expected return... of...
6 Pages(1500 words)Essay

Risk management

...Risk Management Number Department Introduction It is a fact that the mechanical process of drilling through the seabed as a way of exploring and extracting oil lying in rock formations beneath the seabed comes with risks. The risk that accosts offshore operations are pervasive enough to touch on the very personnel doing the offshore drilling and the larger surrounding population which may be negatively affected by the consequences of offshore drilling. That risks are inextricably concomitant with offshore drilling is a matter that is underscored by the fact that offshore drilling readily presents environmental drawbacks because of the nature of materials...
11 Pages(2750 words)Essay

Risk management

...? This paper discusses risk management with respect to construction and project management. For this purpose Burj Khalifa is chosen on the basis of which risk management, risk information, data collection, risk identification, risk analysis, output analysis and discussion, recommendation for its improvement and future plans and steps will be talked about in detail. INTRODUCTION To understand the different aspects of risk management it is very important to first understand what exactly this whole practice is all about. Risk is basically the effect of...
11 Pages(2750 words)Assignment

Risk Management

...? Infrastructure project Risks Risk management Infrastructure project Risks Construction projects are undertaken within sophisticated and dynamic environments and as a result they are often faced with elevated levels of uncertainty. Such uncertainty levels are often compounded further by the constraint demands. Infrastructural construction industry has underwent significant changes over the last few years with much focus being directed towards limitation of risks and challenges encountered during the process. Risk assessment utilizes various tool combinations which helps in identification of those risks considered...
10 Pages(2500 words)Essay

Risk Management

...? Risk Management Supervisor: May 14, Risk Management Introduction Threats to desired stability are common phenomena and their prevention and management of their effects is an essential aspect of risk management. Risk management is important to the financial sector because of the sector’s sensitive scope that identifies vulnerability to threats. While the course has offered diversified elements of risk management, I considered some lessons and themes more significant. This paper identifies the important themes and makes recommendations to the U.S....
5 Pages(1250 words)Essay

Risk management

...as vital area of interest for the top management of firm. Several elements contribute to the success or failure of the company. CSR is one such variable that contributes to the well-being, reputation, and financial performance of the company. This paper seeks to investigate the impact of CSR practices on firm’s performance. A critical analysis of prior literature conducted in the same field will be provided in order to evaluate the causal relationship between the two variables. Impact of Corporate Social Responsibility (CSR) on Financial Performance Ways in which companies implement practices of corporate social responsibility differs from one another. These differences are based on factors such as respective industry...
8 Pages(2000 words)Research Paper

Risk Management

...EasyJet Table of Contents Introduction 3 Easy Jet: An Overview 3 Major Risks of EasyJet 4 Intensity and Impact of these risks: Risk Matrix 11 Strategies: To reduce the possible risk 14 Corporate Governance 17 Conclusion 18 Reference 19 Bibliography 23 Introduction This report aims to offer an insight into the inherent risks of an organisation. The intensity of these risks is very much significant to develop a strategy for the same. The strategies have been discussed in the later part. Shareholders are very much bothered about this risk, as they are worried about their investments. It is the responsibility of the managers to mitigate the risk as much as possible and create shareholders’ value. Carrying out operational and financial... ...
15 Pages(3750 words)Essay

Risk management

...Risk Management Table of Contents Risk Management Table of Contents 2 Risk Assessment 4 Health & Safety Legislation 6 Fire and Rescue Services Act,2004 7 Emphasis on ‘Prevention’ 8 Integrated Risk Management 10 Examples 11 Introduction Risk can be described as combination of threats, vulnerabilities and their impacts. If it is possible to reduce any of the above factors, the risk can be minimized. Threat can be arise due to natural, technological and man-made reason and can harm the assets. And the threat is also exploited by vulnerabilities due to a weak security system. All of these...
10 Pages(2500 words)Essay

Risk Management

...Risk assessment of the Question 1. Three information assets of an organization to evaluate for risk management Data for question 1: Switch L47 connects a network to the internet. It has two vulnerabilities: (1) susceptibility to hardware failure, with a likelihood of 0.2, and (2) susceptibility to an SNMP buffer overflow attack, with a likelihood of 0.1. This switch has an impact rating of 90 and has no current controls in place. There is a 75 percent certainty of the assumptions and data. Server WebSrv6 hosts a company Web site and performs e-commerce transactions. It has Web server software that is vulnerable to attack via invalid Unicode values. The likelihood of such an attack is estimated at 0.1. The server has been assigned... . It is...
5 Pages(1250 words)Case Study

Risk management

...Risk Management Research paper consists of the introduction, main body and conclusion. Introductory passage involves in the subject of the assignment, and provides the information about risk management, factors that determine attitude and probability of risk and the definition of risk and hazard together with the difference between these terms. Cyclists (push bike riders) are under investigation of risk management in this paper. A clear explanation of risk perception and points that influence people’s attitude is presented. The point is that some people consider cycling as a dangerous affair with a high possibility of risk, while others regard cycling as a safe kind of sport. Information about risk communication, and how it helps... in the...
5 Pages(1250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Risk Management for FREE!

Contact Us