Risk Analysis Techniques And Risk Treatment Risk Management Issues Associated With Engineering Asset Management For Water Supply Network Development

Importance of Risk Management Processes

Question:

Risk Analysis Techniques and Risk Treatment Risk Management Issues Associated with Engineering Asset Management for Water Supply Network Development.

This report depicts the importance of developing proper risk management processes and accurate risk treatment programs to mitigate the issues those are occurring during the development of the water supply network implementation. Risk management is referred to as a simple identification, assessment and prioritization of risks considering the economical and coordination application for the development of opportunities. Risk might rise for different reasons such as financial market, legal actions, accidents, regulatory liabilities and even natural disaster (Vesper et al. 2016). The definition of risk is strictly compartmentalized depending upon the business continuity, project management, security, engineering and process followed by the industries.

Though, risk management is a basic concept but risk analysis and treatment defines the details of risk. After analyzing the details of the risks management factors it has been defined, that for business continuity is dependent upon risk management. In order to reduce the total cost and operational details of the engineering asset it is necessary to recognize the risks that might interrupt the water pipeline network development (Boyko et al. 2017). The water industries of United Arab is facing huge challenges therefore for resolving the issues of risk management processes are required to be development considering the standard ISO 3100. The key issues that the water supply industry of Dubai (United Arab) is facing as a sequential task is identified. In addition to this, the significance features of risk management with proper treatment and processes are elaborated in this report. 

Different key issues to be addressed in designing and operating the risk management process

In variety physiographic and climatic environmental setup it is found that due to the interaction of ground and surface water involvement of different physical, chemical and biological reactions are available. In the recent years of analysis it is defined that, the interest about the ground water and surface water is increasing rapidly. However considering the health condition of the human and other living creatures, the contamination of the water, lakes, streams are needed to be avoided as much as possible (Dias 2017). The atmospheric fiction, sulfate, nitrate deposition and certain climatic changes are also the reasons for the challenges for the water distribution in Dubai. However, during evaluating the risks associated to the engineering asset management that is “Water pipeline design”, many key issues are identified. The issues associated to the project are as follows:

Risk with location selection: In order to develop the water pipelines networks it is necessary for the developers to identify proper channel. If the nominated location is found to be wrong then, water quality could be affected and even the flow of water delivery to both residential and rural area can be interrupted (Shepherd 2016). Thus location selection is referred to as one of the most important things which might raise major issues of the project manager fails to highlight the proper location for the pipeline development. In addition to this, the respective location based security approaches should also be adopted to avoid site risks.

Issues with Engineering Asset Management

Financial risks: In order to implement the project successfully it is necessary for the project manager to make the feasibility study at the very project initiation phase. It would help the project manager to avoid economical risks (Aven, Vinnem and Wiencke 2007). All the resources should be highlighted and cost should be estimated according to that, if the finance manager fails to make the study accurately then they would face major financial risks while implementing the project.

Lack of training: Development of water pipeline network is a complex project thus for successful project implementation the associates must possess professional knowledge. In order to make the professionals more engaged to their work accurate training and development programs are need to be arranged. With the help of the training programs they will get to know more about the project details.

Lack of presence for protective equipments: In order to avoid sudden challenges, the project associates must hold proper protective equipments so that on urgent phases the situations could be handled (Blanchard and  Fabryky 2006). If the project manager fails to consider these kinds of protective equipments then that would be another major key risk for the water pipeline network development project. Protective equipments in terms of materials will help the to avoid serious water chemical contamination.

Time management risk: While developing any project the three constraints that any project manager should consider at the initial phase are the time, scope and budget. In order to eliminate issues like over budget it is necessary for the project executive to complete the project within allotted time phase. If the time gets exceed then the budget will also exceed according. It will affect the entire project (Melchers 2001). Therefore, based on the project details the time should be considered at the project planning phase. As this particular project is based on development of water pipeline network-engineering asset management, thus for the maintenance of the pipelines is another components that must be highlighted to avoid time managerial risks.

Significant features for risk management processes

While analyzing the details of engineering asset oriented risks, it has been defined that, in order to keep the assets safe from external assaults and for minimizing the risks associated to water pipeline network development, risk management process is required to be developed before starting the development process itself (Blanchard and  Fabryky 2006). With the help of the risk management approach the rate of uncertainty and interruption will be reduced.

Risk management process helps to treat for each risk considering the subset of plans those have been implemented. The risk awareness also get enhanced with the help of proper risk management approach. The issues that might rise regarding time and cost will also reduce as risk management develops proper managerial strategies and contingent strategies as well. The project manager would be able to meet the project need easily with regulatory compliances and by building multiple business aspects properly (Kerzner 2013). Exact decision making process by assuming and determining the roles and responsibilities of the project members also helps to reduce the rate of project risks. While developing the water pipeline supply network in both the rural and residential location as well risk management approach stands very much helpful. The different phases of risk management process are risk identification, risk analysis, risk prioritization and risk management strategies development. The key features for operational risk management are as follows:

• Risk management process helps to enhance the value for the project team members by incorporating attention in both return and risks as well.
• It can increase the rate of care for the accurate capitalization, liquidity and operational profitability.
• In order to better decisions risk management approach stands very much helpful.
• It takes care regarding the system security, project developers, capital sponsors, employees, other investors and stakeholders as well.
• Proper risk management approach helps to make defense line by implementing error free processes and by defining the project responsibilities
• The operational process could be eventually tracked with the help of risk management process and even the prompt risk notification and instigation of events become easier with the help of risk management process
• The issues with cost, time and process scope can be minimized through developing accurate risk management approach

Challenges for Water Supply Industry in Dubai

Many risks are associated to water pipeline network development like the poor delivery channel, quality of water etc. Before mitigating the risks the risks are needed to be identified accurately. In order to run the project success the main factor that is to consider is the physical factors such as the diameter of the pipeline, quality of the pipeline, protection taken for the pipelines and the materials used to build the pipelines. The architects are responsible to build the pipelines properly to avoid unwanted chemical contamination and operational issues (Mayer and De Smet 2017.). Many unknown facts could be identified and resolved with the help of the risk management technique. Different available approaches related to the risk identification become possible and easier by following certain processes. With respect to risk identification, analysis and evaluation the risks could be treated very easily. Many different techniques are there such as fault tree analysis, event tree analysis, hazard and operability studies, transmission path analysis etc those could be adopted to manage the raised risks

Risk factors for failure	Types	Impact of the risks	Probability
Environmental factors	Ø  Type of the soil Ø  Risk with the water level Ø  Everyday traffic	Environmental factors are the most important factors those are needed to be analyzed accurately by the project development group. It will help both the project manager and the team members to identify the risks and their associate management approaches. Environmental factors are those factors that cannot be managed easily but could be reduced. Such as optional water supply channel can reduce the issues of pipeline traffic. In addition to this, before developing the water pipeline the water level should be checked and respective soil type must be analyzed to minimize this issue.	High
Physical factors	Ø  Diameter of the pipeline Ø  Material used for the pipeline Ø  Age of the pipe Ø  Protection  for the pipeline	The pipeline through which the water is expected to be supplied is required to be manufactured with experienced architect. The diameter of the pipe will help to manage the water flow and with changing time the pipe must be changes or repaired. In addition to this, it is known that, chemical reaction can harm the pipes thus proper protecting materials are needed to be used in the outside of the pipelines.	High
Operational factors	Ø  Rate of breakage Ø  Hydraulic factors Ø  Quality of water Ø  leakage	In order to accomplish the water pipeline network developing project successful, it is necessary for the developers to consider the hydraulic factors and water quality as well. Proper protection mechanism would help the water and water delivery approach much significant and accurate as well. Even if pipeline leakage occurs then for that also the time to time maintenance is needed to be considered.	Medium
Post failure factors	Ø  Maintenance cost Ø  Surrounding damage Ø  Production loss Ø  Disruption for traffic	Not only during or before the pipeline network development but also even after the development of the pipeline network failure might occur. In order to maintain the post failure risk factors the project manager and the network developers should consider an amount of additional cost for managing the surrounding damage, traffic disruption and production loss as well. It helps the project manager to gain effective and efficient success after the evaluation of the project in the real application filed.	Low

Risk management processes and procedures

Based upon the needs and requirements of the individual companies and projects the risk management which is a multistage process varies respectively. However, implementation of proper risk management helps to provide exact resultant to the consumers. Four basic steps for risk management include the following:

Avoidance: This is referred to as one of the earliest ways to mitigate risks either for any project or for any entire company (Melchers 2001). Different unwanted activities could be completely stopped after the usage of the risk avoidance technique in the project implementation. It should keep in mind that, though for every business the risk avoidance is not a realistic technique to be applied.

Risk reduction: In order to avoid different essential risks, this is another approach for the companies or project developers. It cannot eliminate the risks completely but it could minimize the risks while implementing or evaluating any project in the real field of application. Based on the project potentials the risk reduction strategies are required to be considered by the project managers. If it is found that for applying the risk reduction approach the weighted project budget is exceeding then, the project manager must think twice, before implementing it in the real field.

Risk transfer: This is one of the smartest approaches for eliminating risk from any engineering project. In this approach the risks are transferred to another party. Comprehensive business insurance could be bought to avoid these kinds of risks (Vesper et al. 2016). The project manager makes sure that with the help of the risk transfer approach, the developers would be able to manage the eventually occurring negative and positive impacts.

Risk acceptance: This of the least using approach for risk management. With the help of this risk management approach the negative risk impacts are unexpectedly started acting. It has been found that, companies and projects face highest rate of risks, if the risks are accepted because, in this case the project managers does not care about the potential risks and running business losses as well. It is important for any business risk management to undertake and business objective and en even handed approach. In other hand definitely the project manager should never understand the vulnerabilities (Dias 2017). Project liability insurance is referred to as an important for risk management.

Key Issues Associated to Water Pipeline Development Project

However, these are the four basic of risk management approaches but after studying the details of this particular project it is defined that, for the engineering asset based risk management approaches there are some professional management approaches are available and these are as follows:

Fault tree analysis: In order to maintain the system reliability, maintenance, safety of any network development project the most widely used risk management technique is the fault tree analysis approach. This particular approach was first initialized in Bell laboratories. It is a combined approach which helps to detect the issues associated to hardware, software and even human error also. At a system level analysis it also helps to eliminate the issues of undesired events (Boyko et al. 2017). This is a deductive analysis which starts from the general conclusion. This is basically done by developing a logical diagram considering the specific reasons for which the issues are occurring. This particular risk management approach is also known as top down approach because the risk is managed starting from the final conclusion and finally reaches the top most component. Before the occurrence of the failure this approach helps to define the risks. Thus, if this particular risk management technique is applied then all the associated issues are expected to be minimized (Shepherd 2016).  With the help of these calculations the system based qualitative reliability and maintainability failure can be repaired. However, for the development of water pipeline network development project this logical gate tree diagram representation is not at all helpful.

Event tree analysis: Event Tree Analysis (ETA) is referred to as one of the most widely used analytical techniques which is generally used for evaluating different processes those are expected to lead the project towards major level of risk. This particular risk analytical approach was developed mainly for the request of the nuclear industries (Melchers 2001). This risk management approach is almost similar to the fault tree analysis but a small part of difference is there, that is in case of FTA the faults are observed but in case of eta the event those might lead a project towards failure are also analyzed accurately. ETA is used in general practices to describe series of numbers of practices associated to the security system. In order to reduce the consequences of the business project this particular approach is not helpful at all. While analyzing the project details it is defined that for the development of water pipeline network, this approach is not accurate. Rather it can be said that for evaluating the risks of the water pipeline project this approach is not profitable.  

Failure modes effects: Failure modes effects analysis is referred to as one of the most efficient potential failure modes analysis approach. This critical analysis helps to define the issue and its respective mitigation approach. Basically this is a step by step process that is used for defining the possible failures in the project design, manufacturing and process assembly. Even the issues associated to the products and services this risk management technique is very much helpful (Curkovic, Scannell and Wagner 2013). Failure modes are those identified failures which have been failed to meet their requirements. Failure in project modes might lead an entire project towards major level of failure. This failure could even affect the consumers and the project owners as well. In order to gain competitive advantages and even measurable success this kind of risk management approaches are very much helpful.

Benefits of Proper Risk Management Approach

Through the help of effect analysis the consequences of those risks can be analyzed and highlighted and even its negative effects could also be checked. In order to prevent these failures this particular risk management technique is used. Even the ongoing management operations and the processes could even be analyzed and checked for minimizing the risks. At the development and designing of conceptual phase for implementing continuous improvement this risk management approach stands very much helpful (Mayer and De Smet 2017). FMEA approach is generally used in the industries like aerospace and automation etc. Thus this particular risk management approach is not that helpful for the water pipeline network or channel development project.  However, the situation on which this approach could be used is as follows:

• After the deployment of quality function of any project in terms of process, products quality and services then that phase this particular risk management technique could be used eventually.
• It could be used if certain existing process, product and services are defined to be reused by the project developers.
• This risk management technique could also be used before the development of a control plan either for a new or for a modified process
• For any existing process, services and products if improvement plans are developed then at those phases for avoiding the risks this technique could be used by the project developers
• If during the analysis of a process, project and or even service, failures are identified then for analyzing those failures the FMEA risk management technique is very much helpful (Curkovic, Scannell and Wagner 2013)

Thus it can be said that for managing the risks of water pipeline network implementation this particular approach is very helpful.

Hazards and operability: The operability issues and the hazards issues could be identified and mitigated with the help of this risk management technique. From the already designed intent the reasons for which the plant or the project might deviate are also analyzed and resolved with the help of this technique. The success and failure of any project is dependent on different factors and the factors are as follows:

• For the basic of any study different data are used by the management. The completeness and the accuracy for drawing the project are the factors to be considered before using this particular risk management technique.
• The skills and experiences of the project team members are the other factors those are needed to be considered by the management before the implementation of this particular risks management technique (Shad and Lai 2015).
• The identified risks are referred to as the very serious one and thus, the capability of the project team members are very much helpful to be considered before the implementation of such risk management approach of an engineering risk management technique.
• In order to minimize the identified hazards the ability of the project team is very much important if it is defined that the project team members are unable to make the required changes then this kind of risk management approach will not stand effective at all.

The leading terms those are used for the risk management approaches study notes, intention, deviation, consequences etc. After analyzing the details of this particular project this is defined that this risk management technique could be used by the project manager for mitigating the project risks (Scannell, Curkovic and Wagner 2013). However, certain accurate steps should be sequentially arranged so that the risks can be resolved from the water pipeline development project and the necessary steps are as follows:

• The project details, purposes, objective and scope of the project is needed to be identified by the project manager
• Based on the previous knowledge and skills of the associates the team members are required to nominated by the project executives
• The study details of the conceptual design of the pipeline should be studied by both the project manager and other project team members. In addition to this, for each activity the accurate relevant parameters are also needed to be highlighted by the project manager and team members.
• Proper reviews generated for the project details must be carry out by the project manager
• The project executives must record the project details in a timely manner to ensure that the issues are getting resolved

Transmission path analysis:  Any project is consists of different phases such as project planning, initiation, execution, monitoring and implementation. These are the respective phases those are necessary for the project managers to follow to implement the water pipeline network project successfully. Transmission path analysis is referred to as a test based rather simulation based process that allows the project manager to trace or follow the source to identify the provided location of the receiver (Podger et al. 2014). However this risk management approach is used for the electronic projects thus for this particular project this risk management approach is not at all beneficial.   

Examination of software methodology: The risk management techniques differ for different projects. If the project is software based then software development methodologies must be analyzed accurately for implementing the software project successfully. Agile software project development methodology is the most widely used process. However, whether the software project is successful or not is defined by the help of proper risk management technique. Through examining the software methodology the issues of software project can be easily minimized.

Risk treatment

Risk treatment is not a cost effective approach rather it helps to implement all the effective risk assessment approaches for minimizing the risks. Based on the outline of the project, the project manager should choose and prioritize the risk treatment approaches. Through considering the risk mitigating factors not each time single but also combined treatments are also found to be effective. The factors those generally affects the project implementation are the social, financial, environmental, political factors. Instead of direct overall treatment each and individual segments are needed to be treated firstly. In order to ensure the details of critical dependencies the project managers must understand the risk treatment approach. One of the most widely used risk treatment approach is the cost benefit analysis (Bharathy and McShane 2014). With the help of cost benefit analysis, the unwanted situations and the project uncertainty are expected could be avoided. Different risk treatment options are there, that helps to increase the project flexibility and project reliability as well.

Considering the requirements of the project stakeholders the effective as well as sustainable project risks treatments are needed to be adopted by the project managers. The analytical gaps must be identified by the project managers and the stakeholders to avoid the issues of budget overload and time extension as well (van der, Linde and Frankel 2015). The primary concern for any risk is that after getting minimized whether it can be occurring or not. If there is a further chance of occurrence the cost benefit analysis considering all the necessary components stands the most beneficial thing for the project. A project will be treated as a successful one only if it meets the stakeholder’s requirements and high revenue structure. The cost effectiveness of a project can only be analyzed then when the ROI is calculated as to be high (Dias 2017). It means that if it is found that the investment done for a project is lower than the profit coming from the project then only the project would be rated as a beneficial one.

Project risks could be treated accurately by using four different techniques such as risk containment, risk transfer, risk elimination and risk reduction. All of these approaches are very much difficult but proper application would help the project owners to lead towards the business and project needs.

Project risk management is referred to as a process of risk identification, analysis, and then respective response to the risks. This is basically a cyclic process which is very much important to be identified to mitigate the risks those have been identified by the project manager and the project team members. The project is focused to development of water system inventory expansion by identifying both the data assets and the risks that might hamper the general process flow of the project (Vesper et al. 2016). The water pipeline network project has three significant phases and each of the phases such as pipeline network development, pumps and water distribution facility consideration. With the help of proper risk treatment approaches the issues of this project could be completely minimized.

The main issues are expected to be generated while developing plan for distributing the water through the water supply chain. The purpose and functionalities of the water supply pipeline channels is dependent upon the higher level of inventory. The issues or risks might rise while developing the systematic approach of concept for inventory development. Risks, consequences for individual events are the basic terms that are associated to any project. The people who gets affected either negatively or positively by the risks are the project stakeholders, interested parties (Dallas and Director 2013). In order to avoid this kind of issues the common or basic components those are helpful include paper communication plan development and risk treatment plan development. Before the occurrences of the risks the project executives are needed to highlight proper treatment plan those will have the ability to resolve those risks.

Risk management and organizational culture

It has been found that risk management organizational culture is complimentary components for risk management. The key components of any risk management project helps to identify define and access the culture of the business organization (Boyko et al. 2017). The different project risks those generally affects the stakeholders include the following:

• Safety of the consumers, employees, community
• Environmental risks
• Business risks
• Financial risks
• Physical risks
• Technical and commercial risk
• Government risks

In order to measure the organizational culture these risks are needed to be analyzed and managed accurately.

Identification of standard of risk management

This part of the paper analyzes the outline of the value for developing an explicit commitment for the implementation of risk management in terms of a core value for the water pipeline network project. Regardless of size and importance of risk any project manager is responsible to eliminate that risk to implement a successful project for their stakeholders (Mayer and De Smet 2017). Development of proper risk management plan which is aligned with the ISO 31000:2009 is completed through considering the preliminary objective to achieve the project objective successfully. This is done to ensure that the risk management approaches are available for all the analysis levels. Starting from the project owners hierarchically the lowest level stakeholders re also needed to be aware of the project details and its respective risk management approaches.  In the way of organizational success many time different factors come those interrupts the flow of the organizational values (Hopkin 2017). The standard called ISO 31000:2009 provides the project team members an alignment in term of proven, robust, stable as well as manageable risk mitigating approaches. The different standards of risk are as follows:

Focus of the strategies	Details	Standards	Basic challenge
Entrepreneurial objective	In order to improve the organizational risks this kind of risk management approaches are adopted by the management heads	ISO  31000:2009 BS 3100:2008 COSO:2004 FERMA: 2002	The challenges for all of these risks are similar by nature. This approach blend the business strategies by different  similar elements those are defined in the risk maturity models
Project compliance and control objective	It helps to ensure the project team members about the transfer and primary risk mitigating approach	OCEG: “Red Book” 2.0:2009 COSO: 2004
Regulatory management	It helps to mitigate risks through serving accurate evidence at the managerial level.	SOLVENCY BASEL

Risk prioritization is important because it helps to eliminate the negligible risk and only point out those risks those are needed to be mitigated from the project outline (Boyko et al. 2017). After analyzing all these risk an accurate risk analysis matrix should be developed and on the basis of the risks a risk management framework must be implemented by the management head to resolve all the highlighted issues.

Conclusion

From the overall discussion it has been found that in Dubai (United Arab), the water supply industry is facing huge challenges while developing network for supplying water to throughout Dubai. After analyzing the details of engineering asset management it is defined that risk might expand for financial, market loss and business continuity as well. Therefore, a level of residual risk should be considered as a standard for the development of the risk management or risk treatment policies. Based upon the imperative studies, it is determined that, inadequate water supply is a major issue in allover Dubai. The highly developing requirements of the residents are interrupting everyday because of the financial and technical constraints. The characterization and qualifying of the total level of water loss in Dubai is referred to as a critical task. The water supply network development industry is statistically calculating the total amount of loss with the help of secondary data analysis. In addition to the risk identification and risk assessment different risk mitigating techniques are also elaborated in this report under the context of engineering asset assessment. In order to develop such risk mitigation strategies for the w3ater supply network development both qualitative and quantitative data are collected under the guidance of local expert team.

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