risk occuringcriticalityrisk impactrisk mitigation plan1radiation effectshighhighhigh risk H u m a n i t i e s
Satish Kumar Nagaraj
Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks. Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk. A risk mitigation plan is designed to eliminate or minimize the impact of the risk events occurrences that have a negative impact on the project. Identifying risk is both a creative and a disciplined process. (Watts, A. 2014)
Risk Management processes:
The risk management process is a framework for the actions that need to be taken. There are five basic steps that are taken to manage risk; these steps are referred to as the risk management process. It begins with identifying risks, goes on to analyze risks, then the risk is prioritized, a solution is implemented, and finally, the risk is monitored. The five steps are
Identify the Risk: The first step is to identify the risks that the business is exposed to in its operating environment. There are many different types of risks – legal risks, environmental risks, market risks, regulatory risks and much more.
Analyze the Risk: Once a risk has been identified it needs to be analyzed. The scope of the risk must be determined. To determine the severity and seriousness of the risk it is necessary to see how many business functions the risk affects.
Evaluate or Rank the Risk: Risks need to be ranked and prioritized. Most risk management solutions have different categories of risks, depending on the severity of the risk. A risk that may cause some inconvenience is rated lowly; risks that can result in catastrophic loss are rated the highest.
Treat the Risk: Every risk needs to be eliminated or contained as much as possible. This is done by connecting with the experts of the field to which the risk belongs
Monitor the Risk: Not all risks can be eliminated, some risks are always present. Market risks and environmental risks are just two examples of risks that always need to be monitored. (Srinivas, K,2019).
Risk register for Humans in Mars:
Mars missions be a natural step in space exploration, as Earth-like environmental conditions and the length of the interplanetary flight are the most crucial for planetary exploration compared to other celestial bodies of the Solar System. On the other hand, these missions require detailed planning and worldwide collaboration, because of the need of extremely high financial resources, technical capabilities to mitigate the high risks. (Bettiol, Laura & de la Torre,2018)
|Risk Number||Risks Description||Probability of the risk occuring||Criticality||Risk Impact||Risk Mitigation plan|
|1||Radiation effects||High||High||High risk of cancer||Space suits to reduce the radiation|
|2||Effect of Micro gravity||High||High||Impact on human health||Eating antioxidant-rich and high nutritious foods and having required daily exercise to keep muscles and bones from deteriorating|
|3||Reduction in Life support systems||High||High||Severe risk to life||Enough planning on water supply, oxygen tank and food|
|4||Effect on psychology||High||Medium||Depression and Home sickness||Homesickness prevention should include sufficient, effective and suitable workload, coupled with frequent opportunities for private communication with families and self-controlled individual schedules|
Qualitative risk analysis tends to be more subjective. It focuses on identifying risks to measure both the likelihood of a specific risk event occurring during the project life cycle and the impact it will have on the overall schedule should it hit. Quantitative risk analysis uses verifiable data to analyze the effects of risk in terms of cost overruns, scope creep, resource consumption, and schedule delays.
Qualitative risk analysis is generally performed on all business risk. Qualitative risk assessment is quick to implement due to the lack of statistical/numerical dependence and measurements and can be performed easily. On the other hand, quantitative risk analysis is objective and has more detail and it takes more time and is more complex. Quantitative data are difficult to collect and can be prohibitively expensive. (Volkan Evrin,2021)