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In the case of Engineering Project Risk Management ,\"The major skills required

ID: 1711378 • Letter: I

Question

In the case of Engineering Project Risk Management,"The major skills required when assessing engineering and technological risk are a thorough knowledge of both quantitative and qualitative risk analysis techniques, the ability to apply these skills to a real engineering or technological application, and the ability to communicate well with other people.”

Consider this statement, and discuss, in about 500 words, whether you agree or disagree with it, or whether you take an alternative position about the statement.

Explanation / Answer

The development and management of the societal infrastructure is a central task for the continued success of society.A decision may be understood as a committed allocation of resources. The decision maker is an authority or person who has authority over the resources being allocated and responsibility for the consequences of the decision to third parties.

The intention of the decision maker is to meet some objective, the value of which is at least in balance with the resources allocated by the decision. The decision maker faces the problem of choosing between a set of decision alternatives which may lead to different consequences in terms of losses and benefits.
Knowledge about the considered decision context is a main success factor for optimal decision making. In real world decision making lack of knowledge characterizes the normal situation and it is thus necessary to be able to represent and deal with this uncertainty in a consistent manner.
The risk assessment should include a description of all relevant assumptions made in connection with the system identification, as well as the modeling of consequences and
frequencies.
Depending on the situation at hand, decision makers may feel uneasy with the direct application of expected utility as a basis for decision ranking due to principally two reasons
either the decision maker is uncertain about the assessment of the consequence or about the assessment of the probabilities originating from the analysis of the performance of the system and its constituents

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