Risk Management Assessment

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Risk Assessment and Impact Assessment deal with uncertainty. Both adopt a multidisciplinary approach. They are applied in predictive assessment processes that seek to control and improve policy and plan implementation.Environmental Impact Assessment is a ‘generic term for a process that seeks to blend administration planning, analysis, and public involvement in an assessment prior to taking decision’2. This is an approach, which seeks to improve development by prior assessment.Impact Assessment as multiple uses. EIA is more than a technocratic tool and can be used as a policy instrument, a planning tool, and a means for public involvement. It goes beyond its predictive values to improve decision-making and environmental management in the politico-social environment.Improves financial planning through the identification of future and potential capital, operating, and maintenance costs associated with the activities related to the environment thus strengthening the bottom line of the corporate.Risk Assessment: can be described by following the definition of Munn (1979) as a process of identifying the likely consequences for the bio-geo-physical environment and for man’s health and welfare of implementing particular activities and for carrying this information, at a stage when it can materially affect their decision, to those responsible for sanctioning those proposals.4Risk Assessment can be defined as ‘the process of assigning magnitudes and probabilities to the adverse effects of human activities (including technical innovation) or natural catastrophes (Horlick-Jones et al., 1995. Taylor, 1993). This process involves identifying hazards…. and using measurement, testing using mathematical or statistical methods to quantify the relationship between the initial event and the effects…(Suter, 1993:3).5We have worked on finding answers first by analyzing the facts given on the Environmental Assessments Statements of the two projects selected by us.