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Doing a Risk Assessment on your business is great, but where should you stop?

Doing a Risk Assessment on your business is great, but where should you stop? On March 4th 2015 a chemical fire fueled by trichloroisocyanuric acid from a container forced hundreds in Vancouver’s downtown core to stay indoors and triggered partial evacuation in the city. On April 8th 2015 Vancouver woke up with at least least 2,700 liters of “bunker fuel” spill in its bay. On April 16th a fire broke at Squamish Terminals deep-water port in B.C. Those three events…

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Five keys to healthy planning, project management that every manager needs, but only successful ones know.

Five keys to healthy planning, project management that every manager needs, but only successful ones know. Projects, particularly larger ones, are inherently risky due to long planning horizons and complex interfaces. Inevitable changes in management and workforce personnel during the project’s cycle increase uncertainties. They also generate unwanted additional risk exposures. Five keys to healthy planning, project management that every manager needs, but only successful ones know. May be you are among those who: Are concerned by poor risk identification and…

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How system definition and interdependencies allow transparent, and scalable Risk Assessments.

System definition and interdependencies allow transparent, and scalable Risk Assessments Any civil or military system, consists of nodes (Fig. 1) which receive, process or transform, and produce resources. The nodes are generally interdependent, as we shall see later in detail. By defining the system the context of the risk assessment is defined in compliance with ISO 310000. The system’s architecture must be carefully studied by people who intimately know the system . Risk assessment experts can only offer support in…

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More questions raised by Probability Impact graphs common practice

More questions raised by Probability Impact graphs common practice is all about the lack of logical robustness of the 4×4 or 5×5 risk matrix approaches. We oftentimes see PIGs risk matrix (probability impact graphs) based “ERM binning exercises” being presented where the scale of the graph (generally the consequence axis) is adapted when going from operational to corporate level. This practice certainly does not help a rational approach to strategic, tactical, operational levels and raises several questions. More questions raised by…

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How to select among alternatives. A better and safer method than NPV

How to select among alternatives. A better and safer method than NPV? For mining rehabilitation or mining transportation system, the “strongest alternative” is the one that has the largest Economic Safety Margin (ESM), evaluated as the difference between the Project Net Gain (PNG)= Project Returns (PR) – Costs (C) and Total Risk (TR), i.e. the value obtained through the Comparative Decision Analysis (CDA) methodology. Where: ESM=PNG-TR=PR-C-TR=PR- (C+TR). The ESM is the difference between the capacity (the “strength” of a project…

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