Introduction
Risk management is the type of approach that helps managers in different organizations to identify, assess, and prioritize risks. Afterward, they adopt coordinated and economical ways of minimizing, monitoring and controlling the chances of unfortunate events happening. It has been shown that risks can be in many forms, such as credit risks, accidents, disasters, and financial uncertainties, among others. This report focuses on defining and discussing several aspects in relation to risk.
Body
Risk refers to the probability of losing a valuable thing. In this context, the value can be attached to social status, emotions, finances, and health outcomes. It can also be defined as the probability of being exposed to uncertainty. It is generally accepted that risks result in negative impacts on individuals and firms (USLegal.com, 2014).
Acceptable risk is the extent to which persons, companies, religious bodies, states, and households can tolerate human and property losses (USLegal.com, 2014). For example, the risks that are associated with flooding are acceptable every five hundred years, but not they cannot be accepted every ten years due to the fact that they are typified by many undesirable outcomes. Thus, the chances of acceptable risks to happen are relatively few.
In relation to nuclear power plants, deterministic safety analysis is conducted to predict the rates of responding to events that could result in negative impacts (IAEA, 2009). The analysis is typified by a collection of rules and acceptance criteria that are manipulated using various computational tools. The deterministic analytical approach is conducted on a platform of predetermined operational modes that take into consideration postulated accidents (IAEA, 2009). The results of the analysis are spatial and time-dependent, reflecting aspects such as neutron flux.
The concept of defense-in-depth encompasses a hierarchical utilization of various levels of procedures and facilities that are aimed at maintaining the efficiency of physical barriers (IAEA, 1996). The barriers are important in preventing health risks associated with radioactive materials. The concept ensures that personnel is provided with graded protection against transients and accidents, such as equipment failures.
Probabilistic risk assessment (PRA) is a well-structured method that is used in the logical analysis to help firms to identify and assess risks that are associated with complex technological platforms (Foote, 2002). The strategy leads to cost-effectiveness, improved safety, and performance outcomes.
The following are the two main techniques of assessing risks:
- Hazard identification.
- Risk estimation.
Hazard identification is used to determine whether exposure to stressors in the environment can result in increased chances of risks. The following steps are adopted in the technique (Foote, 2002; NASA, 2011):
- Determining hazards.
- Assessing dose-response impacts.
- Characterizing risks.
- Assessing exposure levels.
On the other hand, a risk estimation is an approach that is utilized to determine various factors that typify a risk, such as duration, monetary value, and magnitude. In this context, descriptions are based on probabilities of adverse effects (NASA, 2011).
Core damage frequency (CDF) is a concept that is applied in PRA to indicate the probability of an event that would result in damage in relation to the core of a nuclear reactor. Such damages are extremely difficult to control. Large early release frequency (LERF) is a risk measure that is used to assess criteria in nuclear plants. The concept implies that the probabilities of accidents occurring in large areas within a plant Foote, 2002).
In many areas that are exemplified by relatively high risks, both the deterministic and the probabilistic approaches are applied (NASA, 2011). Both the strategies are useful because they help to postulate occurrences that are based on cause-effect chains and those that are based on probabilities. Thus, the adoption of the two approaches increases the chances of making the right assessments with regard to risks and how they can be prevented from taking place.
Conclusion
In conclusion, this report has shown that nuclear power plants should adopt various approaches to prevent the negative impacts of risks. Strategies that are used should be tested and applied on platforms of systematic procedures that could lead to the best outcomes.
References
Foote, A. J. (2002). Is probabilistic risk assessment the answer? Web.
IAEA. (1996). Defence in depth in nuclear safety. Web.
IAEA. (2009). Deterministic safety analysis for nuclear power plants. Web.
NASA. (2011). The probabilistic risk assessment procedures guide for NASA. Web.
USLegal.com. (2014). Acceptable risk law and legal definition. Web.