The objective of this project is to examine risk management specific for lines that includes riskidentification, risk analysis in terms of consequences and their probabilities, and risk evaluation.Risk assessment attempts to answer the following fundamental questions:
– What can happen and why (by risk identification)
– What are the consequences (by risk analysis)
– What is the probability of their future occurrence
– Are there any factors that mitigate the consequence of the risk or that reduce theprobability of the risk.
This would include links to different derivations for condition and criticality to determine thelikelihood of failure and provides line of sight to industry practices.