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Delivering Advanced Engineering Solutions |
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AESC's approach to risk management includes probabilistic risk assessment (PRA) at its core. When combined the two activities are called probabilistic risk assessment and management (PRAM). PRA is the scientific phase of PRAM, which is also more technical and objective than the management aspect. Management phase includes value judgment, intuition, and is more subjective.
Risk assessment and risk management are separate but related activities, usually performed in tandem to avoid serious mishaps.
Usually a risk study (assessment) is undertaken as the basis for a risk management program.
The main purpose of such undertaking is risk aversion, which requires risk reduction goals, achievement of goals, and reassessment.
Primary definition of risk can be summarized as outcomes and likelihoods.
For assessment purposes, they are posed as "What could go wrong?", and "What is the likelihood?".
For management purposes, they are posed as "What mitigation measures are in place?", and "What are the consequences?".
Modern systems, and business practices, require predictive analytical assessment that allow management to make decisions that ensure success while mitigating risk. AESC's predictive analytical modeling techniques, have been formulated to address today’s complex business environment by providing foresight to key decision makers.
Risk and uncertainty are integral part of systems design, and business goals, ranging from safety risks, resource allocation, mission failure risks, to financial risk. AESC's analytical approach to risk management allows decision makers to quantify risk, and uncertainty in order to achieve success. Our techniques provide a wide range of possible risk outcomes, including quantification of likelihood, and consequence of each outcome, in order to help balance risk and reward. Overall results include best value decisions, and accountability for risk and uncertainty.
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