StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Risks Probability Matrix - Case Study Example

Cite this document
Summary
This case study "Risks Probability Matrix" identifies the risks present in the community of Eugene, finding ways to reduce the probability of those risks and to make Eugene safer, crafting strategies to sell risk management services tied to those risks and the mandate to take care of addressing and mitigating/answering to the identified risks…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
Risks Probability Matrix
Read Text Preview

Extract of sample "Risks Probability Matrix"

Advanced Fire Administration Table of Contents Introduction 3 II. ment of Purpose 4 III. Discussion 4 A. Risks Probability Matrix for Eugene,Oregon 4 B. Choosing Risks from Each Box in the Matrix, Two ideas for Risk Probability Reduction/Contributing to Community Safety Culture Positively 5 C. Strategy to Sell the Economic Value of Risk Management Services Tied to Identified Risk in the Risk Probability Matrix 8 D. One Governmental and One non-Governmental Agency Responsible for the Identification of, Assessment of, and Response to Identified Risks in the Community Risk Probability Matrix for Eugene, Oregon 9 IV. Conclusion 9 Works Cited 10 1. Introduction This paper undertakes a risk assessment for the community of Eugene, Oregon, taking off from the identification of risks within the framework of a Risk Probability Matrix for the community, and crafting strategies for reducing the probability of the risks occurring, as well as crafting an effective strategy for pushing the worth of risk management services for one of the identified risks in the matrix. The paper also undertakes an identification of government as well as non-government entities with identification, assessment and response responsibilities relating to the identified risks at the local, county/regional, state and federal government levels (Gale Guide to Cities of the United States; City of Eugene, Oregon; Essentix; Eugene Area Chamber of Commerce; Answers Corporation). Eugene is a city, the second largest in the state of Oregon, and is considered a key city in the Pacific Northwest. It is the center of the county government of Lane County. It is also the location of the University of Oregon. It prides itself in being the place of origin of the Nike Corporation, with the place being heavily focused on the outdoors, as well as the arts and sports The roots of the place go back to the founding of the settlement that was to become Eugene in 1846, even as the place itself was officially named Eugene Oregon on its incorporation in 1862. This was on the back of the establishment of Lane County in 1851, via an act by the Legislature of the Territory. The city/community had a population of 157,010 in 2011, out of a total of 353,155 in Lane County. It is predominantly white at 88 percent, with three quarters of the population between the ages of 18 and 79 (Gale Guide to Cities of the United States; City of Eugene, Oregon; Essentix; Eugene Area Chamber of Commerce; Answers Corporation). II. Statement of Purpose The purpose of this exercise is to be able to identify the risks present in the community of Eugene, finding ways to reduce the probability of those risks and to make Eugene safer, crafting strategies to sell risk management services tied to those risks, and mapping out the government and non-government agencies and entities that have the responsibility and the mandate to take care of addressing and mitigating/answering to the identified risks (Gale Guide to Cities of the United States; City of Eugene, Oregon; Essentix; Eugene Area Chamber of Commerce; Answers Corporation). III. Discussion A. Risks Probability Matrix for Eugene, Oregon Low Consequence High Consequence High Probability 1. There is a superfund identified in Eugene, an area that has been positively pinpointed as a contamination site for hazardous waste. This is Northwest Solvents and Supply in Chambers St. This has been marked for cleanup. The consequence is low because the area is localized and small (HomeFacts.com) 1. Among identified environmental hazards, there is the high probability of brownfields creating problems by releasing contaminants into the general environment. In Eugene there are two such brownfield sites, in the Oakridge Industrial Park and the McVay Highway Biofueling Station Site. The large areas involved make the potential consequences high (Homefacts.com) Low Probability 1. Localized house fires occurring at different times of the year, even during the height of winter and affecting individual households (Schwieger Insurance) There is the highest probability of a 5 magnitude earthquake hitting Eugene, and at higher magnitudes the probabilities diminish to zero at magnitude 7.2 and higher. These probabilities are low, but the consequences can be very high (HomeFacts.com (b)) It is to be noted that tying the risks identified in the risk probability matrix to fire administration, we can see that the environmental hazards present together with the actual occurrence of localized fires and earthquakes as representative of natural disasters all play into crucial factors in managing fires and mitigating the effects of fires. These identified risks amplify the potential harm as well as the extent of the interventions required to be able to successfully deal with them, with the least damage to lives and property (HomeFacts.com; HomeFacts.com (b); Schwieger Insurance; B. Choosing Risks from Each Box in the Matrix, Two ideas for Risk Probability Reduction/Contributing to Community Safety Culture Positively !. High Probability-Low Consequence At the top of the matrix, the chosen risk is this: “1. There is a superfund identified in Eugene, an area that has been positively pinpointed as a contamination site for hazardous waste. This is Northwest Solvents and Supply in Chambers St. This has been marked for cleanup. The consequence is low because the area is localized and small ”. There are two ideas to reduce the risk probability, and one of them is to actually undertake the cleaning up of the place. The other is to disseminate information about the site being a superfund site, so as to guide property developers as well as the general community about the dangers that the superfund site pose to themselves and to the general environment, if improperly handled and treated (HomeFacts.com) 2. High Probability- High Consequence The chosen risk is this: “1. Among identified environmental hazards, there is the high probability of brownfields creating problems by releasing contaminants into the general environment. In Eugene there are two such brownfield sites, in the Oakridge Industrial Park and the McVay Highway Biofueling Station Site. The large areas involved make the potential consequences”. Given the large areas involved and the potential for widespread danger to the environment and to people, this is of high consequence, and the identification means that the threat is real, and the probability is high. There are two interventions to improve safety here. One is to make sure that an oversight group is present while the private developers undertake the work of assessing risks and putting mitigation measures in place to avoid an environmental catastrophe. The second is to again make sure that the proper parties, including the general public and the government, are made aware of the presence of these tagged environmental hazards in Eugene (HomeFacts.com). 3. Low Probability- Low Consequence The chosen risk is this: “1. Localized house fires occurring at different times of the year, even during the height of winter and affecting individual households”. These are routine fires that can be prevented with care and with the proper implementation of the existing protocols to mitigate the risks of fires. This is the basic need and problem that fire administration handles. The consequence is low in terms of damage to community property and in terms of the harm to people, because of the localized, household by household nature of the problem. The risk is low, given that Eugene historically has been able to manage fires and to mitigate the damages that they cause. The two ideas to improve safety and to reduce the probability risk here are one, to further shore up the information campaign that private entities undertake to make people aware of the threat of fires year-round and how to avoid them; and two, to make sure that people have easy and perpetual access to help in case of fires (Schwieger Insurance). 3. Low Probability- High Consequence The chosen risk is this: “There is the highest probability of a 5 magnitude earthquake hitting Eugene, and at higher magnitudes the probabilities diminish to zero at magnitude 7.2 and higher. These probabilities are low, but the consequences can be very high”. There are two ideas to mitigate the risks and to improve safety. One is to hold earthquake drills and similar community exercises aimed at improving awareness of the risks of earthquakes and to prepare the community for one. Two is to make sure that various infrastructure elements, such as public roads, bridges and buildings, all follow strict building codes to make sure that they are safe and secure in th event of earthquakes (HomeFacts.com (b)) C. Strategy to Sell the Economic Value of Risk Management Services Tied to Identified Risk in the Risk Probability Matrix There is value in an awareness campaign with regard to the various risks that the community faces, as have been identified in the probability matrix in this paper. The probability matrix can form the gist of such an information campaign, as a preliminary to a discussion on the value of risk management services addressing the various risks in the matrix point for point. This is the best strategy to do this, given that a general information campaign will not be able to convince a population which may want very detailed, very specific interventions. Among the different risks identified, for instance, the value of risk management services to deal with the problem posed by brownfields, as discussed earlier, can be sold not only to the public but to the very entities that are in charge of the contested and tagged facilities. One is an industrial park, that surely speaks the language of risk management and is able to understand the potential returns that such services can bring to the park, due partly to the enhancement in the parks value and likability due to the mitigation and elimination of the environmental hazards there (HomeFacts.com). D. One Governmental and One non-Governmental Agency Responsible for the Identification of, Assessment of, and Response to Identified Risks in the Community Risk Probability Matrix for Eugene, Oregon Local: Eugene City government and concerned government agencies, including the Eugene Fire Department; Schwieger Insurance (HomeFacts.com; Schwieger Insurance). County: Lane County government and concerned county agencies; Schwieger Insurance HomeFacts.com; Schwieger Insurance) State: Oregon State governors office; Oregon Mutual Insurance (HomeFacts.com; Oregon Mutual Insurance). Federal: FEMA, American Red Cross (FEMA, American Red Cross). IV. Conclusion There are substantial risks identified in this exercise, as reflected in the probability matrix, and the matrix itself can be the centerpiece of a strategy to sell risk management services targeted to address the most pressing risks, with the largest potential consequence and the highest probability of occurrence (Gale Guide to Cities of the United States; City of Eugene, Oregon; Essentix; Eugene Area Chamber of Commerce; Answers Corporation). Works Cited American Red Cross. “Home Page”. redcross.org. 2013. Web. 27 January 2013. Answers Corporation. “Eugene, Oregon”. Answers.com. 2012. Web. 27 January 2013. City of Eugene, Oregon. “Government”. Eugene-Or.gov. 2012. Web. 27 January 2013. Eugene Area Chamber of Commerce. “Facts and Figures”. Eugene Area Chamber of Commerce. 2012. Web. 27 January 2013. Essentix. “Welcome to Eugene, Oregon”. el.com To Eugene. 2012. Web. 27 January 2013. FEMA. “Home Page”. FEMA.gov. 2013. Web. 27 January 2013. Gale Guide to Cities of the United States. “Eugene, Oregon”. Gale Guide/Answers.com. 2012. Web. 27 January 2013. HomeFacts.com. “Eugene Environmental Hazards”. HomeFacts. 2013. Web. 27 January 2013. HomeFacts.com (b). “Eugene Earthquake Information”. HomeFacts. 2013. Web. 27 January 2013. Oregon Mutual Insurance. “Home Page”. Oregon Mutual Insurance Company. 2011. Web. 27 January 2013. Schwieger Insurance. “Fire Safety During the Holidays”. Schwieger Insurance Agency- Eugene, Oregon. 3 December 2012. Web. 27 January 2013. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Risks Probability Matrix Case Study Example | Topics and Well Written Essays - 1500 words - 3, n.d.)
Risks Probability Matrix Case Study Example | Topics and Well Written Essays - 1500 words - 3. https://studentshare.org/politics/1793082-advanced-fire-administration
(Risks Probability Matrix Case Study Example | Topics and Well Written Essays - 1500 Words - 3)
Risks Probability Matrix Case Study Example | Topics and Well Written Essays - 1500 Words - 3. https://studentshare.org/politics/1793082-advanced-fire-administration.
“Risks Probability Matrix Case Study Example | Topics and Well Written Essays - 1500 Words - 3”. https://studentshare.org/politics/1793082-advanced-fire-administration.
  • Cited: 0 times

CHECK THESE SAMPLES OF Risks Probability Matrix

Identification of Risk within Dream Catcher

Dream Catcher uses the risk assessment matrix in order to estimate the degree of severity as well as the probability of the involved hazards.... The main role of risk management is to enhance effective coordination and… cation of relevant resources economically for purposes of minimizing, monitoring, or controlling likelihood or probability as well as the impact of the hazard, also known as the unfortunate events.... Understanding the likelihood of risk happening within Dream Catcher involves the analysis of risk in terms of probability, frequency, and severity of the risks....
4 Pages (1000 words) Essay

Risk Assessment of a New Office Building

Through this, Mile High Bikes will raise RISK ANALYSIS Question Risk assessment matrix for construction of new office building Risk factor Risk ranking guidelines LowMediumHighTechnology -Extensive previous building application-little or no testing required--Some previous building or site application-Some proof of testing needed-Little or no previous building or site application-extensive proof of principle testing needed-complexity of the engineering processSafety Workers health and safety integrated with job planning....
1 Pages (250 words) Assignment

Hazardous Noise Case Study

The presence of three abrasive grinders, one milling machine, three drill pressures, two band saws and two metal lathes which are Hazardous noise case study Risk Assessment matrix Occurrence probability Catastrophic Severity of consequence- critical Severity of consequence-marginalNegligible FrequentHigh (Operation is not permissible)High (Operation is not permissible)Serious (High priority: immediate actions taken)Medium (Take immediate action)ProbableHigh (Operation is not permissible)High (Operation is not permissible)Serious (High priority: immediate actions taken)Medium(Take immediate action)OccasionalHigh (Operation is not permissible)Serious (High priority: immediate actions taken)Medium (Take immediate action)Low acceptable: take immediate action)RemoteSerious (High priority: immediate actions taken)Medium (Take immediate action)Medium (Take immediate action)Low acceptable: take immediate action)Improbable Medium(Take immediate action)Medium(Take immediate action)Medium (Take immediate action)Low (Risk acceptable: take immediate action)Based on the case study, it is evident that noise is a hazard in the local machine shop....
2 Pages (500 words) Essay

W5 D647 Risk Assessment Matrix

From the matrix, it could be deduced that the potential risks that were identified included the system failure, the corrections and revisions needed, the negative image that the failure has impacted on the organization's network, and the need for more resources for training… The seriousness, likelihood of occurrence, probability, and impact have been accurately identified (Chittoor, 2013). them to focus on high risk areas and to prepare strategies to address these risks Risk Assessment matrix For the Briargrove Project al Affiliation Risk Assessment matrix for the Briargrove Project The RiskAssessment MatrixPotential RisksSeriousnessLikelihoodProbabilityImpactSystem FailureMediumHigh 61-80%SignificantCorrections and revisions needed MediumLow41-60%NegligibleNegative Image on Organization's NetworkMediumHigh61-80%SignificantMore resources needed for training and orientation for comprehensive rolloutMediumMedium41-60%Moderate From the matrix, it could be deduced that the potential risks that were identified included the system failure, the corrections and revisions needed, the negative image that the failure has impacted on the organization's network, and the need for more resources for training and orientation for comprehensive rollout of the project on the learning library....
1 Pages (250 words) Essay

Procurement - AMD Laptops and Accessories

Marking them is against a ranking scale of High, middle and small for mutuality to probability.... isk 1: small probability and little impactRisk 2: middle probability and small impactRisk 3: High probability and low impactRisk 4: small probability and middle impactRisk 5: middle probability and middle impactRisk 6: High probability and middle impactRisk 7: small probability and high impactRisks with a small probability and small impact do not cause much of a hazard to the project....
2 Pages (500 words) Essay

Operations and Project Management

Furthermore, a suitable Risk matrix and Work Breakdown Structure will be provided in order to underpin the success of the project and thereby create a better experience for the customers with respect to the proposed relocation of the factory.... It is therefore very essential for every organization to implement an effective operations management that would help in controlling its… Operations management is therefore the process of organizing, planning, controlling and leading the production or services starting from the manufacturing of products throughout the activities of Similar to any other departments in an organization, the operations management department of the organization plays the most important role in determining the overall organizational success (Slack & et....
10 Pages (2500 words) Essay

The User Requirements, Designing, Developing, and Implementation of the System by Smart Designs

… Product software adoption;15Phased adaption strategy:15Pilot strategy:15Parallel implementation:15Project overview A project is a sequence of activities that are organized and executed within a given time and budget where defined goals are achieved.... Product software adoption;15Phased adaption strategy:15Pilot strategy:15Parallel implementation:15Project overview A project is a sequence of activities that are organized and executed within a given time and budget where defined goals are achieved....
8 Pages (2000 words) Assignment
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.
Contact Us