Essay on Probabilistic Risk Assessment paper examples - Essay Prowess

Essay on Probabilistic Risk Assessment paper examples

Essay on Probabilistic Risk Assessment paper examples

Introduction

Proper
management of projects, company ventures, and even business activities is
characterized by a well-developed risk mitigation plan. That means that risk
management is a complementary and elementary component of any venture that is
expected to prevail successfully amidst the unexpected occurrences that are
likely to emerge. Different businesses, projects or ventures conduct varied
activities. Similarly, the risks associated with these activities differ too.
The difference may be regarding how the risks occur, the magnitude of the risks
and the extent of damage or consequences of the risks. Thus, a risk mitigation
plan differs from project to project. One amongst the riskiest and sensitive
ventures that ought not to operate without a well-developed risk mitigation
plan is that of the nuclear power plant. Usually, any operations associated
with highly reactive elements such as the uranium are likely to cause immense
damage to those involved in the production activities, the society, and the
environment. That cannot be compared to the projects that deal with less risky
operations such as the production of clothing amongst other similar items. The
research, therefore, attempts to exemplify the chain of issues associated with
risk management associated with a nuclear power plant.

Notably,
it is indisputable that the most severe health conditions that have been
witnessed in the history of war are associated with the use of nuclear weapons.
That is a vivid indication that nuclear power plants deal with very sensitive
elements that require stringent risk mitigation approaches to ensure that there
are no loose ends as far as monitoring and managing the risks are concerned (Wreathall
& Nemeth, 2004). The paper will incorporate a precise overview of the
concept of risk to foster understanding of the avenues in which it occurs.

Definition
of Risk and Acceptable Risk

Risk

The
term “risk” bears an array of meanings. These different definitions are
determined by the context in which the term is used. From a general perception,
risk refers to the potential of encountering loss, damage, liability or any
other form of negative experience, usually caused by an external, as well as,
vulnerable internal occurrences. For instance, in the context of a nuclear
plant, incidences of unexpected leakages of the sensitive and hazardous uranium
elements, as well as, the waste material is a risk to the environment, the
personnel operating the plants and even the society. The concept of risk
emerges in this context since there is damage or loss that occurs and could be
caused by internal mismanagement or external interruptions like in the case of
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