Comments

  1. avatar says

    Love the lectures Mike. They’ve helped me so much with this rather boring paper. I’ll be glad to get this one out of the way.
    BTW. The Winnebago (Grazinski v Winnebago) and the restaurant story (Amber Carson) are both sadly fictitious. And before you blame anyone, it wasn’t me that started the stories!!
    Cheers

  2. Avatar of MikeLittle says

    Hi

    Sorry for not explaining absolutely everything within the lectures ( nor within the course notes! )

    ALARP, the acronym, stands for As Low As Reasonably Possible and is in effect the management of risk bearing in mind a cost / benefit consideration. Risk can be reduced to zero by avoidance, but that may deprive you of benefit. So, in accepting that risks will be present in any business environment / situation, companies can take steps to manage the risks. Clearly, by throwing money at a problem, risk can often be reduced to minimal levels. However the benefit of such reduction may well be out-weighed by the cost.

    So, reduce risk to levels which qualify as ALARP

    Does that help?

  3. avatar says

    its good but did not explain related and co related risk, ALARP which is an important topic,and dynamic assessment of risk by risk management,
    kindly update me regarding above topics such as ALARP ,related and corelated risk,and dynamic assessment of risk

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