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Posted By Admin @ Mar 02, 2022

Tittle: Assignment on What is the risk assessment in the oil and gas industry?

Type: Assignment

Subject: Risk management

APA

Risk assessment is done for some reasons, such as for the health and safety measures that are placed at a certain point. There are millions of people who are being injured and harmed by the production industry as there is lack of risk assessment and they didn’t pay attention to the risk assessment. Every business organization dealing with the manufacturing are machinery work, there are most chances and need of the risk management department. Risk assessment is process which is used to explain the overall process in which you can:

• Identification of risk- which could recognize the potential, which could cause harm in the result if it is ignored in any case.

• Analysis of risk- refers to the term, which means that risk associated with the hazard could be reduced or how to treat with that risk.

• Elimination of risk- means to overcome the hazard to control the situation, which could be eliminated from the situation (A. L. Robinson, 2004).

A risk assessment is taking an overlook about the workplace and work to identify the risk or the situation which could be harmful to the people who are working in the job. It is a dynamic approach that allows the organization to implement the policies to manage the protection of the workers at the workplace. When the risk is identified, you enable enough to decide what is effective resource used in the situation. Risk assessment is used different terms in its concept which are used in whole process. Risk assessment is the whole process of risk identification, hazard identification, risk analysis, and risk control, which explained above to deal the situation of the risk (O. V. Şafakli, 2007).

1. Risk assessment in the oil and gas industry

The oil and gas industry is highly risky work for the workers to perform the task, which is connected with the work with machinery. As there is more risk in this industry, therefore, it required more attention to risk management department. Companies engage in the oil and gas industry are supposed to be more efficient towards the risk assessment as if there is damage to workers company has to pay the cost of loss, which will be extra cost of the organization. The oil and gas industry is engaged in working with heavy machinery, which could be difficult to maintain without examining the risk, which could harm the workers who are engaged in working with machines. To make sure that the work of the project is in process with due care it is necessary to implement the risk assessment as this industry required potential care for this department. Risk analysis is most likely based on the hazard analysis which shows the chances of loss in different operations, installation and constructing events (A. Srivastava & Gupta, 2010).

Risk assessment could be qualitative or quantitative, which could be categorized according to the different approaches in the decision making in the risk associated factors of the manufacturing industry. Risk assessment activities are used to learn about the activities which could be harmful to the person who is going to engage with it. In oil and gas industry, quantitative risk assessment is used to apply in the safety measures of the workers. It is processed in the organization to take review the condition of the factors which could be harmful to the business. It is helpful for the decision and policymakers to make the decisions according to the given condition. There are chances to be low risk and higher risk which could be decided after the assessment of nature of the risk. Sometimes, if the risk prediction goes fail there would be heavy loss which has to bear by the organization. There may be different techniques used in the risk assessment in different industries, but in oil and gas organization the most commonly used technique of risk assessment is probabilistic risk assessment (PRA) which is an advanced technique used to reduce the disadvantages of the risk in the industry (X. B.Zheng & Chen, 2005).