Mission success is achieved by making good decisions based on a foundation of sound policies and procedures that address a project’s management and execution. Key drivers in achieving this are identifying priorities, obtaining resources, delivering the program and managing finances.

 For a more structured approach to decision making, organizations should look to the risk-based decision-making process. It allows organizations to optimize their programs, project prioritization and resource allocation practices.

The basic steps of the decision-making process are:

1. Define the decisions: Describe the decisions that must be made. Major categories include accepting or rejecting a proposed facility or operation, determining who and what to inspect, and determining how to best improve a facility or operation.
2. Determine who must be involved in decisions: Identify and solicit involvement from key stakeholders who should be involved in making a decision or will be affected by actions resulting from the decision-making process.
3. Identify options that are available to decision makers: This will help focus efforts on issues that are likely to influence the choice among credible alternatives. Stakeholders must identify these relevant decision factors.
4. Gather information about the factors that influence stakeholders: Perform specific analyses, such as risk assessments to measure against the decision factors.

Different types of risks are important factors in many types of decisions. Simply stated, a risk assessment is the process of understanding what bad things can happen, how likely they are to happen and how severe their effects may be.

The basic steps of a risk assessment process are:

Process Engineering is able to support your business effectively by:

• Reviewing Risk Management procedures and analyzing the needs of your organization to monitor and control its processes.
• Analyzing the Context of the organization and interested parties needs and expectations.
• Conducting Risk Assessment studies.
• Supporting the organization to enhance “Risk Based Approach Culture”.

For more information, please contact the technical department of Process Engineering.