An Introduction to Risk

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A short introduction to the concepts of risk and how risk is determined factoring probability and consequence.

Three video's are used during the presentation to stimulate discussion about risk, probability and consequence. The videos in order are:

1. A husband and wife running running across a railway track and nearly getting hit by a very fast training.

2. A training running through the middle of a series of market stalls. (The market is built over the train track).

3. Maintenance of very high voltage electrical feeders.

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An Introduction to Risk

  1. 1. Imagine you’re driving down this road. You’re alone. How fast are you driving
  2. 2. RiskRisk
  3. 3. Risk What is risk?
  4. 4. Risk is a measure of the probability of an undesired event occurring multiplied by the severity of the consequences. Probability x Consequence = Risk Risk
  5. 5. •Continuous - Many times per day •Frequent - Approximately once daily •Occasional - Once a week to once a month •Unusual - Once a month to once a year •Rare - Has been known to occur •Very rare - Not known to have occurred RISK PROBABILITY (P)
  6. 6. RISK CONSEQUENCES (C) Catastrophe Multiple loss of life $20,000,000 damage 5 days track closure Disaster Loss of life $5,000,000 damage, 1 days track closure Very serious Multiple permanent injury $2,000,000 damage 8 hour track closure Serious Permanent or serious injury $500,000 4 hour track closure Important Lost time injury $20,000 2 hour track closure Noticeable No lost time injury No damage No track closure
  7. 7. Risk Imagine you’re driving down this road. You’re alone. How fast are you drivingImagine you’re driving down this road. And your baby daughter is in the back seat Now how fast are you driving
  8. 8. Videos
  9. 9. The Worlds Fastest Indian
  10. 10. Marketing a Train in Bangkok
  11. 11. High Level Maintenance
  12. 12. Discussion

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