Hazard Prevention: prevention refers to the prevention of risks in an emergency. The first and most effective stage of hazard prevention is the elimination of hazards. If this takes too long, is too costly, or is otherwise impractical, the second stage is . Risk reduction: Risk reduction or "optimization" involves reducing the severity of the loss or the likelihood of the loss from occurring. For example, are designed to put out a to reduce the risk of loss by fire. This method may cause a greater loss by water damage and therefore may not be suitable. fire suppression systems may mitigate that risk, but the cost may be prohibitive as a . Acknowledging that risks can be positive or negative, optimizing risks means finding a balance between negative risk and the benefit of the operation or activity; and between risk reduction and effort applied. By an offshore drilling contractor effectively applying HSE Management in its organization, it can optimize risk to achieve levels of residual risk that are tolerable. Modern software development methodologies reduce risk by developing and delivering software incrementally. Early methodologies suffered from the fact that they only delivered software in the final phase of development; any problems encountered in earlier phases meant costly rework and often jeopardized the whole project. By developing in iterations, software projects can limit effort wasted to a single iteration.
Hazard Prevention: prevention refers to the prevention of risks in an emergency. The first and most effective stage of hazard prevention is the elimination of hazards. If this takes too long, is too costly, or is otherwise impractical, the second stage is . Risk reduction: Risk reduction or "optimization" involves reducing the severity of the loss or the likelihood of the loss from occurring. For example, are designed to put out a to reduce the risk of loss by fire. This method may cause a greater loss by water damage and therefore may not be suitable. fire suppression systems may mitigate that risk, but the cost may be prohibitive as a . Acknowledging that risks can be positive or negative, optimizing risks means finding a balance between negative risk and the benefit of the operation or activity; and between risk reduction and effort applied. By an offshore drilling contractor effectively applying HSE Management in its organization, it can optimize risk to achieve levels of residual risk that are tolerable. Modern software development methodologies reduce risk by developing and delivering software incrementally. Early methodologies suffered from the fact that they only delivered software in the final phase of development; any problems encountered in earlier phases meant costly rework and often jeopardized the whole project. By developing in iterations, software projects can limit effort wasted to a single iteration.
a-study-on-risk-management.docx