2. RISK QUANTIFICATION AND RISK CONTRIBUTION ANALYSIS
FOR SHIP SURVIVABILITY Serkan KAZAN, 2004
Serkan KAZAN, 2004
Keywords
: Risk Management, Navy, Operational Risk Management, Risk Analysis, Acquisition
Projects, Ship Safety, Operational Readiness Status.
Risk is defined as the combination of the expected frequency and consequence of losses that could occur as a result of an activity.
Risk cannot be completely eliminated; however, it can be managed. In controlling losses, it is important to (1) understand the associated risks, (2) understand the means used to control the risks, (3) understand the level of acceptable risk, (4) identify and manage safeguards to reduce unacceptable risk.
Risk management is particularly critical to the success of a mission when high performance levels are required. Navy operations-especially combat operations-are complex and inherently dangerous.
Militaries integrate the risk management concept into all processes and activities and into every individual's behavior. Risk management process proved impressive downward trend in accidental losses which contributes more cost than losses in war-time.
In this thesis, possible risk management application areas are discussed with implementation practices of world navies. Risk areas for frigates are examined and assessed with risk management methodology.