Critical Review of a Risk Assessment Method and its Applications

Silvianita; John, Kurian V.; Khamidi, Mohd. Faris
June 2011
International Proceedings of Economics Development & Research;2011, Vol. 11, p83
Academic Journal
Risk is a complex issue with methods that are suitable for the decisions being made. Risk assessments tools are used for preparing a scientific basis to decrease the risk. There are several risk assessments tools and recently it is studied that the focus has been improved to the application of the integrated risk assessments tools. The tools currently used in risk assessments are HAZOP, FMEA, FTA and ETA. This paper studied the literature of the applications in various industries. Related paper publishing in the international journals are collected and analyzed so that the two questions can be answered: (I) what method of risk assessment was currently used? (ii) do the currently used tools can be formulated into integrated risk assessment tools? This paper not only explain evidence that the integrated risk assessment tools better than stand alone risk assessment tool, but also supports the researchers and decision makers in concerning the integrated risk assessment effectively.


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