Risk assessment is how an organization may identify the processes and occurrences that may delay or harm organizations’ set objectives and timelines. The organization is also tasked to foresee how every situation will occur and predict how bad it may happen (Aven, 2016). Lastly, the organization must determine how every case will be prevented and, if possible, how it will be fully controlled.
The following is a risk assessment plan for Power Plant International to import a GT 6 Bladed Rotor.
Power Plant international is to successfully import a GT 6 Bladed Rotor scheduled from 22nd April and be delivered and installed by 1st November. Despite the foreseeable challenges, Power Plant is to make sure that each risk is carefully analyzed and a possible solution is developed to ensure successful product delivery (Coffey et al., 2019). Since it is making a loss of 1 million dollars in a day, Power Plant international has to put each effort and necessary preparations to make a successful import.
First, Power Plant International took the initiative to identify all the foreseeable risks that might arise during the importation of the product (Dehdashti et al., 2020). One of the most notable challenges identified was delays that would occur at the Houston port while loading. The next challenge identified was storms that would arise during the shipment was done during the hurricane season. Offloading would also be one of the problems encountered at Point Lisa’s Port. The agent or supplier assigned the task may neglect a few rules, which might cause possible damage (Bocanegra and Francés, 2021). Due to inclement weather, a sea blast was anticipated, and in the port of Guaira, there was expected unrest from the industrial workers. Loading would be delayed due to workers’ injury and uncharacterized incoterms for the shipment (Fox et al., 2018). Rough seas would cause berthing delays, while the poor choice of shipper would cause ship damage and selection of incompetent crew.
After successfully identifying the foreseeable challenges, a risk register was necessary to keep track of them Lloyd-Jones, et al. (2019). The specific areas where challenges were anticipated to occur were marked, and tracking started. The next risk would be identifying the most adverse challenges that would cause big harm in case they would occur. The process was important in providing reference to those risks that would be given priority for monitoring. The risks are to be identified into three categories: high, low, and Moderate (Lundberg and Willis, 2016). Risk triggers were as well-identified and noted, which aided in controlling some of the potentially high risks.
Developing risk solutions is an integral part of the risk assessment plan despite the necessary precautions and strategies put in place, problems may still happen which might cause a lot of inconveniences (Orlando et al., 2016). Therefore, necessary solutions should be developed, and the best way to do that would be by brainstorming. Clear, precise, and concisely created solutions are essential to avert any risk should any challenge proceeds to occur. One solution was to ensure the Cargo is collected by 10th October and delivered to the Houston of the port by the 14th. The loading of the product on the ship would then happen on the 16th of the same month by afternoon. The product will arrive in the Venezuela port by 25th October and be delivered to Point Lisas on the 28th (Shahid and Thomas, 2018). The plan was to ensure early delivery to recover time that might have been lost during the unprecedented delays that might have occurred during the shipment.
An action plan was developed to assist in many cases a big problem would occur. It normally requires laying down a communication plan of the relevant authorities that need to be informed first in case of an occurrence. Assembling of a response team should be carefully done and specific guidelines on how to respond to different issues if they arise (US Preventive Services Task Force et al., 2019). Finally, monitoring the risk and delegating duties to the responsible team members is important so they can raise any issues as soon as they notice or come across any.
Reference List
Aven, T. (2016) “Risk assessment and risk management: Review of recent advances on their foundation,” European Journal of operational research, 253(1), pp. 1–13.
Bocanegra, R. A., and Francés, F. (2021) “Assessing the risk of vehicle instability due to flooding,” Journal of flood risk management.
Coffey, M. et al. (2019) “Recovery-focused mental health care planning and coordination in acute inpatient mental health settings: a cross-national comparative mixed-methods study,” BMC Psychiatry, 19(1), p. 115.
Dehdashti, A. et al. (2020) “Applying health, safety, and environmental risk assessment at academic settings,” BMC public health, 20(1), p. 1328.
Fox, M. A. et al. (2018) “Implications of applying cumulative risk assessment to the workplace,” Environment international, 115, pp. 230–238.
Lloyd-Jones, D. M. et al. (2019) “Use of risk assessment tools to guide decision-making in the primary prevention of atherosclerotic cardiovascular disease: A special report from the American heart association and American college of cardiology,” Circulation, 139(25), pp. e1162–e1177.
Lundberg, R. and Willis, H. H. (2016) “Deliberative risk ranking to inform homeland security strategic planning,” Journal of homeland security and emergency management, 13(1).
Orlando, L. A. et al. (2016) “Clinical utility of a Web-enabled risk-assessment and clinical decision support program,” Genetics in medicine: official Journal of the American College of Medical Genetics, 18(10), pp. 1020–1028.
Shahid, S. and Thomas, S. (2018) “Situation, background, assessment, recommendation (SBAR) communication tool for handoff in health care – A narrative review,” Safety in health, 4(1).
US Preventive Services Task Force et al. (2019) “Risk assessment, genetic counseling, and genetic testing for BRCA-related cancer: US Preventive Services Task Force recommendation statement: US preventive services task force recommendation statement,” JAMA: The Journal of the American Medical Association, 322(7), pp. 652–665