APPLICATION OF RISMANAGEMENT FOR DISCIPLINE ASSIGNMENT SAMPLE
Comparison of qualitative risk assessment and quantitative risk assessment
There are mainly two approaches taken by business personnel to analyze the risks. These are namely ‘Qualitative Risk Assessment’ and ‘Quantitative Risk Assessment’. The ‘Qualitative Risk Assessment’ mainly follows three principles. The first one is it ranks the risks in terms of their probability to occur & probable impact that they can cause. The next one it does is it identifies the probable areas where the risk can occur. The third one is it facilitates the project’s personnel to improve their understanding of the risks of the project. With the use of this method, managers can get a good idea about the probable areas of risk (Tenhundfeld et al. 2020). It also enables one to prioritize the risk mitigation plan according to the effect & likely occurrence of the risks. This is a tool with which it is possible to make a proper contingency budget for any future project. In addition to that identification of the factors affecting the project is a characteristic of this method. ‘Quantitative Risk Assessment’ is the process in which it is tried to quantify the risks associated with any project. The main exposures of the risk area can be easily understood by the people connected to the project. Moreover, there are certain important decisions that can be taken with the help of this method. The methods that it includes are ‘analysis of hazard’, ‘calculation of the impact’, ‘frequency of the occurrence’, and ‘number of fatalities’.
In the ‘Part A’ of the project, we have done a risk analysis on the probable risks associated with the driverless cars made by ‘Tesla’. At first, we see that there is a significant amount of chances to become in contact with the harmful ‘electromagnetic field radiations’ (Widen et al. 2021). It is mainly cause by the waves that are generated from the devices that it uses. These waves have the potential to damage human cells. Moreover, we found another vital concern that can be caused by the failure of the system. There are trust issues with the use of AI in driverless cars. Such failure of the system can introduce a high risk for the user. In addition to that, we found another important criterion that needs to be satisfied these days (Dixit et al. 2021). It is the safety of the personal data of the user. Because of using ‘artificial intelligence’, there is a question arises regarding the security of the data of the user. In this new-age car, the control is not in the hand of the user totally. We have found that this has created a trust issue among its users. At last, there is another major risk that we encountered while doing this research is the hacking of personal data. We can see that keeping data safe these days has become so difficult because of hacking. In this era providing your personal data like ‘real-time locations’ to an ‘artificial intelligence’ system that can be hacked is not a good idea.
References
Tenhundfeld, N.L., de Visser, E.J., Ries, A.J., Finomore, V.S. and Tossell, C.C., 2020. Trust and distrust of automated parking in a Tesla Model X. Human factors, 62(2), pp.194-210.
Widen, W.H. and Koopman, P., 2021. Autonomous Vehicle Regulation, Does Tesla’s Full Self-Driving Beta Release Comply with Law?. Does Tesla’s Full Self-Driving Beta Release Comply with Law.
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