Consider some of the risks faced by people in different careers. A firefighter,

Question

Consider some of the risks faced by people in different careers. A firefighter, for instance, faces a very different set of risks than someone who works in an office environment. What risks or uncertainties have you personally encountered in your career? How were these risks connected to the field or industry in which you work or worked? The nature of the product or service that an organization offers will also influence the categories of risk it may incur. What are some categories of risk that you think might affect many different types of organizations? What are some types of risks that are industry-specific? Your ability to categorize risks and to understand how particular organizations generate particular risks will be the basis of this week’s Discussion.

Some risks are quantitative (objective), while others are more qualitative (subjective) in nature. Although quantifiable risks are often preferred as they provide certain data to support their impact, frequently leaders must accept qualitative data as risk, by definition, describes uncertainty.

For this Discussion, consider the various risk categories (financial, operational, hazard, regulatory, technical/engineering, etc.) as well as any that are industry-specific.

Briefly describe an organization where you currently work or one with which you are familiar.

Describe the risk categories that you believe most affect that industry or business.

Do you believe that these types of risks are best suited for qualitative or quantitative risk analysis? Explain why, and provide support for your response. If quantitative risk analysis, include which of the quantitative tools you think would work best for that type of risk. If qualitative, explain why you can't use quantitative analysis.

Explanation / Answer

"Shell is a well known international energy company, they target to meet the worlds growing need for better energy solution which meet the sustainable goals i.e. economically, socially and environmentally responsible." They started as a family shop selling sea shells in 1833 and grew to become the Royal Dutch Shell group in 1907. In the early 20th century, shell became the world’s leading oil company and they created the shell chemicals to promote their refining business. By 2005 they grew further by collaborations and acquisition and formed the Royal Dutch PLC. They are looking to expand their position as a leading energy company by providing oil and gas and low carbon energy. They are committed to social and safety fundamentals in their business approach. In 2017 they have showcased their plans to reduce the carbon footprints of their energy products and focus on world energy changes aligning with the Paris climate agreement.

The main risks for the oil and exploration industry are as follow: “(% indicated the number of companies that cited the risk factor data from 100 oil and gas companies)”

These risks can be assessed with a combined quantitative and qualitative analysis. The qualitative risk assessment methods followed are as follows:

The quantitative risk analysis includes:

Quantitative analysis provides more insight when process and technology are more complicated. Qualitative assessment helps develop safety and risk management programs in the oil exploration sector.

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