Running Head: WORST CASE SCENARIO 1
WORST CASE SCENARIO 5
Quantitative vs. Qualitative Analysis Assignments
For this assignment, you will need to perform a qualitative analysis on the below scenario. Please write your response in a spreadsheet.
For this part of the assignment, you can use the work you performed for last week. Take those 7 risks and arrange them into a spreadsheet. Perform a probability assessment and write about the impact of the risk for each of the 7, based on the geographical location of last week’s assignment. Use the following format:
The company is exposed to the risk of fire outbreak in the building. The outbreak may be caused by a fault in electricity connection or bursting the gas pipe found in the building. Due to the structure and the material found in the company may cause the fire to spread every first in the entire company (Watts, 2014). It may lead to loss of fire and important files, data, and financial loss to the company. The company should ensure their data have an outside back up to retain the information. They should also put measure having an existing door, installing a fire extinguisher in the building to mitigate the risk. The company should always insurance its property against fire risk.
The company faces the uncertainty of the occurrence of a hurricane disrupting business operation of the company or causing the collapsing of the building. It may cause the loss of life of an employee and important information to the company. The company should always ensure the safety of its workers by having plan B of exiting the building and backup plan of the data. It should ensure compliance with building laws and develop a recovery plan to prepare for any uncertainty (Popescu & Sasahara, 2015). Insurance of the property to the company can help restore the damaged caused.
Climate change may cause unplanned rain leading to high flood in the country. This may lead to loss of data, damage to the building structure, or even life. Company structure should have the necessary measure to control the losing by having proper drainage (SCHANZE, 2016). It should a disaster management plan to tries and manage some of the situations and enacting disaster policy in developing a recovery plan. Insurance of the company against uncertainty events may help in restoring the business.
An earthquake occurs at uncertainty time, making it hard for the company to forecast its occurrence. In the moment of occurrence, it leaves many building damages or making the building weak for operation. It may cause commotion-leading loss of life. The company should ensure they comply with construction requirement and insurance against should case.
Chemical hazardous may lead to the company losing its vital data. An outbreak caused by a chemical reaction in the company may lead to being losing a life. The company should have strict rules for staff operating with any chemical material. They should also be provided with the necessary material and clothing when handling the chemical substance (Häring, 2015). Most of the chemical risks are more dangerous since they may lead to a fire breakout, making the situation worse than before. The company should ensure compliance with chemical regulation, and if it solely deals with chemical, it should provide insurance against chemical outbreak during operation.
Company is prone to theft risk that may cause exposer of significant information to the wrong hand and lose of data. A worse case is when the robbers are heavy armed that may lead to loss of life during the struggle to counter attack them. The company should possess employee skill with well-armed soldiers to provide safety to the workers. Measures such as a strong room, having parted passwords spread to several people, and installing a surveillance camera to help mitigate theft case. The company should have insurance against the case of the theft.
Terrorism attack poses a great danger to the employee and consumers since most of the attack leads to loss of life. Protecting the life of employee should always be the priorities in when developing the recovery plan and electing emergence exit door (Wardlaw, 2016). Security personnel should have devices to detect any terrorist entering the building and enacting surveillance camera to capture any data.
Häring, I. (2015). Risk Mitigation and Chance Enhancement Measures for Improving Resilience. Risk Analysis and Management: Engineering Resilience, 343-352. doi:10.1007/978-981-10-0015-7_18
Popescu, M. E., & Sasahara, K. (2015). Engineering Measures for Landslide Disaster Mitigation. Landslides – Disaster Risk Reduction, 609-631. doi:10.1007/978-3-540-69970-5_32
SCHANZE, J. (2016). FLOOD RISK MANAGEMENT – A BASIC FRAMEWORK. Flood Risk Management: Hazards, Vulnerability and Mitigation Measures, 1-20. doi:10.1007/978-1-4020-4598-1_1
Wardlaw, G. (2016). Counter-measures against terrorism: the intelligence function. Political Terrorism, 131-146. doi:10.1017/cbo9780511598821.014
Watts, J. (2014). Fire Risk Rating Schedules. Fire Hazard and Fire Risk Assessment, 24-24-11. doi:10.1520/stp23785s