Strategic Risk Management in Engineering

Abstract

Risk management theme is broad. The study of risks, although it has been treated more recently, with modern techniques and specific methodologies, as well as analyzes aided by mathematic modeling and predictability resources, became possible with the advent of computing. The concept of risk can be better understood through the ABNT-ISO (2018) standard, which tells us that risk is the effect of uncertainty on the organization's objectives. Engineering risk management must strive for excellence in project management and quality maintenance, in addition to ensuring an environment conducive to the development and improvement of production methods.

Risk categorization in Portuguese organizations in times of the COVID-19 pandemic – an exploratory statistical analysis

“…To measure the perception of the companies regarding risks, 36 items that evaluate different risks were utilized (see Tables 3–7), built taking into consideration the works of Bentes et al (2020), Eggers (2020), Hanggraeni et al (2019), Porter (1997) and Tavares et al (2016). The importance given to each of these 36 items was evaluated using a 5-point Likert scale (1 – Not important, up to 5 – Very important ).…”

“…The main objective of risk assessment is to help to comprehend the factors which lead to the occurrence of a specific risk, by giving information about its impact, to avoid it or reduce its effects (Bentes et al , 2020). After identifying the corporate risks, the managers may deal with uncertainties, risks, and opportunities more effectively, by managing those risks (Eyerkaufer et al , 2019).…”

“…Still, about operational risks, Bentes et al (2020) understand that the responsible people for the engineering risk management must try to strive for excellence in project management and maintenance quality, besides assuring an environment that is fertile for the development and improvement of production methods. The authors understand that prevention is better than cure in the field of risk management, and this is a relevant aspect because it is related to the reduction of human and financial losses in engineering in general.…”