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Catastrophe Management in Engineering Systems

Question:

Discuss about the Catastrophe Management in Engineering Systems.

Answer:

Introduction:

The identification of the risk that might be faced by the organization while undertaking the change is based on the utilization of Dose-Response Analysis. It helps in identifying the relationship between the different dosage and the type of response based on the probability of the events occurring as per the objectives of the business (Park et al.  2013).  The analysis will be enabling he organization to undertake a clear review of the different risks and the manner in which the risks can be assorted. The analysis will be helping the organization in enumerating and governing the functioning of a project (Cardona  2013). Risk analysis can be in the form of analysing the internal and external environment that will be helping the organization in recording all the required data to determine the dose of the mitigation strategies. Analysis of the risks of the organization will be helping the same to take steps to bring forth improvements in the current situation.

The risk analysis method will be helping the organization to identify the different factors relating to the risk. The different financial investments that the organization is aiming to undertake are subjected to the identification of the risk factors. Therefore, the Dose-Response Analysis will be helping the organization to maintain an evaluation of the risks and thereby undertake steps to formulate mitigation strategies. The strategies that will be implemented by the organization will be measured in terms of dosage and the responses to the strategies will be thereby recorded for the evaluation of the progression made by the business.

References

Cardona, O.D., 2013. The need for rethinking the concepts of vulnerability and risk from a holistic perspective: a necessary review and criticism for effective risk management. In Mapping vulnerability (pp. 56-70). Routledge.

Park, J., Seager, T.P., Rao, P.S.C., Convertino, M. and Linkov, I., 2013. Integrating risk and resilience approaches to catastrophe management in engineering systems. Risk Analysis, 33(3), pp.356-367.

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