Hi is there a thing like combined value of risk impact? (Counting on personal opinions by three people) I did the combined value of likelihood by 3 people. Example: (4×1)+(3×2)/3=3.33) Now I'm looking for the equation for a combined value of impact and I cannot find it anywhere. I'm so confused. Do I have to do the same equation to the impact as well? Pls help 😭 I can't move on to severity of the risk because I need the combined value of the impacts.
Hi. Please watch the below video about risk matrix if still there is confusion then please elaborate your question and will get back to you ASAP. Thank You 😊 ruclips.net/video/w3o7So6W0jU/видео.html
FM = Finance Manager PO = Payroll Officer FA = Finance Assistant L=likelihood | i=impact CV = Combined Value Staff: FM PO FA CV Risk: L | i L| i L| i L | i Type1 4 | 3 3 | 3 3 | 3 3.33 | ? [ In the absence of objective data, solicit the opinions of people who have worked on similar project in the past. Estimate the likelihood of a risk by soliciting the opinions of 3 people. Suppose 1 person choose very likely (4), then 2 people choose likely (3).] So this is what I did with the likelihood as per the example of the student guide they gave me. (1x4)+(2x3)/3= 3.33 combined value for likelihood I just want to know how to get the combined value of the impacts listed. Should I do the same equation like the likelihood? 3.33 x ? = Risk Severity
@@HandriaTubal It means you are carrying out a generic Risk assessment and the method that you are using is so complicated, in many cases you will be required to carry out for a new project where you will have confusion. The staff might be came from different projects where the risk L & I will be different which depends on the OSH implementation. so, if you follow their opinion it will not help you. Anyhow, the impact can be evaluated by the activities. For example, you are tasked to carry out risk assessment for Scaffolding or working at height if its specific risk assessment you can find the liklihood and Impact very easy, but if generic then you need to know that falling person from height can cause serious injuries and Fatality so it is hight which is 4. Scaffolding collapse can cause multiple fatalities and chances of damaging property so there are chances of high impact which is 5 catastrophic. But if you are carrying out a silp trip hazards it means there are chances of normal injuries or first aid cases so, it will be low. Note: The risk assessment matrix OR L & I always depends on the potential risk that you have observed and the control measures that have taken or recommended in the risk assessment. I hope this is clear now.😊
This will depend on your measures. e.g. 3 is a serious injury and 4 is a Fatality and 5 can be catastrophic. So if the precautions that you have taken have the capability that can reduce the severity from multiple fatalities to a single Fatality then you need to reduce it from 5 to 4. And if you are sure that you have taken all the legal/ local and international requirements and there is no chance of Fatality but serious injuries then you need to put 3. So, it's all about the Action plan and its implementation.
There are different types of risk assessments but mainly you can focus on 2 types. Generic which should be conducted before any project starts, and specific during the project phase. Both of them can be Quantitative or qualitative
Risk assessment is the part of SSW, SSW is not one document or one procedure it is the combination of different documents. When you come to the Environment then it is called Aspect and impact assessment not risk assessment. If you are adding reputation then it will not be a Health and safety risk assessment this needs to be added in the Business continuity BCM which is 22301 risk assessment. If you want to add asset, Environment, Reputation, financial, operations, Health, and Safety then it is called ERM. Here we have just focused on the health and safety not Aspect and impact assessments or any other
This is perfect than ever. You put not the risk assessment as it is, but more of its scientific elaboration
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Thank you so much. You are the legend of Risk Assessment. You made it very clear to me. Thanks a lot
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I Apprecite well the this video ; that's help me look to prevent incidents , accidnts to occur.... thanks
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Hi is there a thing like combined value of risk impact?
(Counting on personal opinions by three people)
I did the combined value of likelihood by 3 people. Example: (4×1)+(3×2)/3=3.33)
Now I'm looking for the equation for a combined value of impact and I cannot find it anywhere. I'm so confused. Do I have to do the same equation to the impact as well? Pls help 😭
I can't move on to severity of the risk because I need the combined value of the impacts.
Hi.
Please watch the below video about risk matrix if still there is confusion then please elaborate your question and will get back to you ASAP. Thank You 😊
ruclips.net/video/w3o7So6W0jU/видео.html
FM = Finance Manager
PO = Payroll Officer
FA = Finance Assistant
L=likelihood | i=impact
CV = Combined Value
Staff: FM PO FA CV
Risk: L | i L| i L| i L | i
Type1 4 | 3 3 | 3 3 | 3 3.33 | ?
[ In the absence of objective data, solicit the opinions of people who have worked on similar project in the past. Estimate the likelihood of a risk by soliciting the opinions of 3 people. Suppose 1 person choose very likely (4), then 2 people choose likely (3).]
So this is what I did with the likelihood as per the example of the student guide they gave me.
(1x4)+(2x3)/3= 3.33 combined value for likelihood
I just want to know how to get the combined value of the impacts listed. Should I do the same equation like the likelihood?
3.33 x ? = Risk Severity
@@HandriaTubal It means you are carrying out a generic Risk assessment and the method that you are using is so complicated, in many cases you will be required to carry out for a new project where you will have confusion. The staff might be came from different projects where the risk L & I will be different which depends on the OSH implementation. so, if you follow their opinion it will not help you. Anyhow, the impact can be evaluated by the activities. For example, you are tasked to carry out risk assessment for Scaffolding or working at height if its specific risk assessment you can find the liklihood and Impact very easy, but if generic then you need to know that falling person from height can cause serious injuries and Fatality so it is hight which is 4. Scaffolding collapse can cause multiple fatalities and chances of damaging property so there are chances of high impact which is 5 catastrophic. But if you are carrying out a silp trip hazards it means there are chances of normal injuries or first aid cases so, it will be low.
Note: The risk assessment matrix OR L & I always depends on the potential risk that you have observed and the control measures that have taken or recommended in the risk assessment.
I hope this is clear now.😊
@@oshe_contents thank you
All clear
who is the inventor this formula
Risk (R) = Likelihood (L) × Severity (S) or risk matrix?
with reference.
message is clear thanks. Can you send me the template?
who is the inventor this formula
Risk (R) = Likelihood (L) × Severity (S) or risk matrix?
How to calculate after the measures taken
This will depend on your measures. e.g. 3 is a serious injury and 4 is a Fatality and 5 can be catastrophic. So if the precautions that you have taken have the capability that can reduce the severity from multiple fatalities to a single Fatality then you need to reduce it from 5 to 4. And if you are sure that you have taken all the legal/ local and international requirements and there is no chance of Fatality but serious injuries then you need to put 3. So, it's all about the Action plan and its implementation.
@@oshe_contents it means no need for new calculation just to look at the measures you taken and reduce it by one or two
What Are the Types of Risk Assessments and When to Use Them?
Please sir need your support.
There are different types of risk assessments but mainly you can focus on 2 types. Generic which should be conducted before any project starts, and specific during the project phase.
Both of them can be Quantitative or qualitative
😂 Is risk assessment only focus on people? What about Asset? Environment? Reputation? SSW?
I really want to understand this leacture
Risk assessment is the part of SSW, SSW is not one document or one procedure it is the combination of different documents.
When you come to the Environment then it is called Aspect and impact assessment not risk assessment.
If you are adding reputation then it will not be a Health and safety risk assessment this needs to be added in the Business continuity BCM which is 22301 risk assessment.
If you want to add asset, Environment, Reputation, financial, operations, Health, and Safety then it is called ERM.
Here we have just focused on the health and safety not Aspect and impact assessments or any other
If you have confusion in any part of the risk assessment just let us know and will help you.