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Mining Site Risk Management - Research Paper Example

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The author of this paper "Mining Site Risk Management" touches upon the concept of risk management in the mining field. Reportedly, a risk management system refers to the application of techniques or measures to identify the total potential financial loss or gain…
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Mining Site Risk Management
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Download file to see previous pages Before conducting an analysis of the risk management system, it is important to understand the types of risks involved herein. In this context, the risks can be categorized into three layers. The first is organization-specific risks, and these are the risk factors directly affecting or arising from the inside of the organization. They can be financial, construction, labor, material, equipment, management, or estimator-related. The second layer is what can be termed as acts of God. These are mainly naturally-occurring events, and which man cannot predict or even control. These include tsunami, flood, earthquake, volcano eruption, or landslide occurrences to mention but a few. The final layer is that of global risks. These are the global trends of events which affect the international level of organizations. They may include project designs, political factors, competition, and economic factors to mention but a few.
There exist several techniques or methods of analyzing risk management systems. The first one is the probabilistic analysis technique which bases its analysis on human judgment, assumptions, and prior experience. The second technique is the certainty theory which on its part bases its analysis of factual statements or the level of belief that one has towards given evidence. These are the major techniques of conducting the analyses, and the most appropriate for the mining context. They may differ in their execution of the analyses, but all in all, they give almost-similar findings and conclusions. ...Download file to see next pagesRead More
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