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Running head: RISK ASSESSMENT
Risk matrix entails a software application which helps one identify, prioritize and manage
significant risks in one’s schedule. Various tools have been constructed to support risk
management (Farrell, Rangott & Krull, 2013). The tools majorly help the users make informed
decisions where final decision should be made independently by organizations as an individual
with the aid of these tools. For a complete risk assessment tool, various resources like human
labor, information technology, and equipment are put into consideration. At the same time,
working involving chemical apparatus in the project increases the risks of potential damage or
harm to the individual, equipment, as well as the technology (Thakur & Edwards, (2015). In this
case, the risk will be defined as probability multiplied by the severity. This means that the risk
must be first defined, the hazard identified and assessed before here is an analysis of further
options for the risk minimization.
BASF Risk Assessment
Therefore; R = P * S. In this case, the risk will be measured on the basis of severity and
frequency. This means that risk could be classified according to the occurrence in ascending
order from high to low. Therefore, risks could eith...