Essay On Risk And Risk

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An accident or hazard are inevitable and frequently occurring events that turns up immediately and unexpectedly leading to some negative consequences. If we look into an academic definition of a hazard, it can be defined as any external agent which can possess a threat to human life, animals, sea life and our surrounding environment through physical, chemical, environmental or mechanical mode of contamination (Kungwani 2014). Often when two particular terms are put under consideration that is risk and hazard, there is miss-interpretation of definitions for both the terms as people consider risk and hazard the same thing. Risk is differentiated from hazard in a sense that it defines the probability of occurrence of unexpected
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Risk analysis can be well defined in two categories that is assessment of risks and management of risks (Tularam & Attili 2012). Risk assessment comprises of various sub processes like risk identification, risk evaluation and calculating the probability of occurrence of unexpected event and its severity rate. Second category deals with the management of risk in terms of what necessary actions to be taken in order to deal with the identified risks associated with a particular risk event. Risk analysis process is considered to be successor of a hazard or an accident that and plays a significant role in confronting numerous risks associated with unexpected or sudden events that leads to negative outcomes. Importance of Risk analysis lies in the fact that it acts as a framework in order to track down the almost all significant risks associated with an event along with their probabilities of occurrence and how severe can be the consequences resulting from that particular event. In addition to this, it enhances our efficiency to deal with identified risks through prioritization process which allows us to deal firstly with most significant and highly rated risks and minor risks to be put under investigation so…show more content…
2006). The root causes responsible for the incident were wrong calculations made for the level of oil in the tanker and at what rate transfer of the oil was performed. Furthermore, a recent incident of multiple tank fire was reported in Puerto Rico where in year 2009, it was the midnight of 23 October when a sudden explosion was noticed over the sky of Cape Bruny port situated in Puerto Rico due to the overflow of a gasoline tank that flows down to waste water treatment area and vapor cloud got ignited due to some electrical influence of any source leading to bombastic explosion which cause multiple tank fires and 17 tankers were effected due to this explosion and fire was controlled after time of 60 respective hours due to inefficiency and inexperience of local fire fighters to deal with multiple tank fires. (Taylor
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