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Risk Management Applications Used to Sustain Quality in Projects: A Practical Guide (Quality Management and Risk Series)
by Abdul Razzak RumaneThis practical guide covers the steps necessary to sustain quality in a project from start to finish. The book shows how to identify risks at different processes, phases, and stages and offers directions on how to mitigate and reduce risks using analysis, evaluation, and monitoring. Risk Management Applications Used to Sustain Quality in Projects: A Practical Guide focuses on applying risk management principles to manage quality in all project management processes, stages, and phases. The book discusses the potential risks that may occur at the different phases of the project life cycle, their effects on projects, and how to prevent them. It explores all the process elements and activities of risk management and provides steps on how to make the project more qualitative, competitive, and economical. Risk management processes are discussed at each project management processes and project lifecycle phase/stage to help the reader understand how various risks can occur and how to mitigate and reduce them. The main audience for this book is project management professionals, quality managers, systems engineers, construction managers, and risk management professionals as well as industrial engineers, academics, and students.
Risk Management for Design and Construction
by Ovidiu Cretu Robert B. Stewart Terry BerendsThe essential risk assessment guide for civil engineering, design, and construction Risk management allows construction professionals to identify the risks inherent in all projects, and to provide the tools for evaluating the probabilities and impacts to minimize the risk potential. This book introduces risk as a central pillar of project management and shows how a project manager can be prepared for dealing with uncertainty. Written by experts in the field, Risk Management for Design and Construction uses clear, straightforward terminology to demystify the concepts of project uncertainty and risk. Highlights include: Integrated cost and schedule risk analysis An introduction to a ready-to-use system of analyzing a project's risks and tools to proactively manage risks A methodology that was developed and used by the Washington State Department of Transportation Case studies and examples on the proper application of principles Information about combining value analysis with risk analysis "This book is a must for professionals who are seeking to move towards a proactive risk-centric management style. It is a valuable resource for students who are discovering the intricacies of uncertainties and risks within value estimation. For professionals, the book advocates for identifying and analyzing 'only' risks whose impact are of consequence to a project's performance. " -JOHN MILTON, PhD, PE Director of Enterprise Risk Management, Washington State Department of Transportation
Risk Management for Engineering Projects
by Nolberto MunierCovers the entire process of risk management by providing methodologies for determining the sources of engineering project risk, and once threats have been identified, managing them through: identification and assessment (probability, relative importance, variables, risk breakdown structure, etc. ); implementation of measures for their prevention, reduction or mitigation; evaluation of impacts and quantification of risks and establishment of control measures. It also considers sensitivity analysis to determine the influence of uncertain parameters values on different project results, such as completion time, total costs, etc. Case studies and examples across a wide spectrum of engineering projects discuss such diverse factors as: safety; environmental impacts; societal reactions; time and cost overruns; quality control; legal issues; financial considerations; and political risk, making this suitable for undergraduates and graduates in grasping the fundamentals of risk management.
Risk Management for Geotechnical Engineering: Hazard, Risks and Consequences
by Duncan C. WyllieRisk Management for Geotechnical Engineering: Hazard, Risks and Consequences covers the application of risk management for soil and rock engineering projects, and the preparation of reliable designs that account for uncertainty.The book discusses qualitative risk assessments based on experience and judgement, as well as quantitative risk analysis using probabilistic methods and decision analysis to optimize designs. Many examples are included of how risk management can be applied to geotechnical engineering, with case studies presented for debris flows, rock falls, tunnel stability, and dam foundations. Also discussed are issues of liability insurance and contract law related to geotechnical engineering.This comprehensive book is ideal for practicing geotechnical engineers, addressing the challenges of making decisions in circumstances where uncertainties exist in site conditions, material properties and analysis methods.
Risk Management for Water Professionals: Technical, Psychological and Sociological Underpinnings (Routledge Focus on Environment and Sustainability)
by Anna KosovacThis book presents a comprehensive view of the different theories of risk management in water, drawing on recent studies that serve to inform the way that practitioners consider their own risk practice.While it is commonplace to see risk described in technical and engineering terms when discussing water, this book argues that this is a flawed practice that results in poor decision-making, particularly where water intersects with social elements and the community. Challenging these traditionally held notions of risk, this book introduces the psychological and sociological underpinnings to water risk decisions. Using these, it argues for a broader view of risk-based thinking and proposes a number of evidence-based actions for policymakers to directly implement. Drawing on primary research conducted with water professionals across a variety of roles, this book highlights how the effect of psychological inputs, such as dread and reputation, can create barriers to implementing novel water solutions or projects. Through understanding the biases covered in this book, water practitioners can work to support processes that seek to encourage new and innovative methods in water management.This book will be of great interest to professionals working in water management, including those in government roles, planning departments and consultancies. It is also a great reference for students of both water resource management and risk studies more generally.
Risk Management Framework for Fourth Industrial Revolution Technologies
by Omoseni Oyindamola Adepoju Nnamdi Ikechi Nwulu Love Opeyemi DavidThis book focuses on major challenges posed by the Fourth Industrial Revolution (4IR), particularly the associated risks. By recognizing and addressing these risks, it bridges the gap between technological advancements and effective risk management. It further facilitates a swift adoption of technology and equips readers with the knowledge to be cautious during its implementation. Divided into three parts, it covers an overview of 4IR and explores the risks and risk management techniques and comprehensive risk management framework specifically tailored for the 4IR.Features:• Establishes a risk management framework for Industry 4.0 technologies.• Provides a ‘one stop shop’ of different technologies emerging in the Fourth Industrial Revolution.• Follows a consistent structure for each key Industry 4.0 technology in separate chapters.• Details required risk management skills for the technologies of the Fourth Industrial Revolution.• Covers risk monitoring, control, and mitigation measures.This book is aimed at graduate students, technology enthusiasts, and researchers in computer sciences, technology management, business management, and industrial engineering.
Risk Management in Architectural Design
by Claudio MartaniThis book analyzes the risk management process in relation to building design and operation and on this basis proposes a method and a set of tools that will improve the planning and evaluation of design solutions in order to control risks in the operation and management phase. Particular attention is paid to the relationship between design choices and the long-term performance of buildings in meeting requirements expressing user and client needs. A risk dashboard is presented as a risk measurement framework that identifies and addresses areas of uncertainty surrounding the satisfaction of particularly relevant requirements over time. This risk dashboard will assist both designers and clients. It will support designers by enabling them to improve the maintainability of project performance and will aid clients both in devising a brief that emphasizes the most relevant aspects of maintainability and in evaluating project proposals according to long-term risks. The results of assessment of the proposed method and tools in tests run on a number of buildings of worship are also reported.
Risk Management in Civil Infrastructure (Civil Infrastructure Health and Sustainability)
by Mohammed M. Ettouney Sreenivas AlampalliThis book presents several original theories for risk, including Theory of Risk Monitoring, and Theory of Risk Acceptance, in addition to several analytical models for computing relative and absolute risk. The book discusses risk limit, states of risk, and the emerging concept of risk monitoring. The interrelationships between risk and resilience are also highlighted in an objective manner. The book includes several practical case studies showing how risk management and its components can be used to enhance performance of infrastructures at reasonable costs.
Risk Management in Engineering and Construction: Tools and Techniques (Spon Research)
by Stephen Ogunlana Prasanta Kumar DeyToday’s businesses are driven by customer ‘pull’ and technological ‘push’. To remain competitive in this dynamic business world, engineering and construction organizations are constantly innovating with new technology tools and techniques to improve process performance in their projects. Their management challenge is to save time, reduce cost and increase quality and operational efficiency. Risk management has recently evolved as an effective method of managing both projects and operations. Risk is inherent in any project, as managers need to plan projects with minimal knowledge and information, but its management helps managers to become proactive rather than reactive. Hence, it not only increases the chance of project achievement, but also helps ensure better performance throughout its operations phase. Various qualitative and quantitative tools are researched extensively by academics and routinely deployed by practitioners for managing risk. These have tremendous potential for wider applications. Yet the current literature on both the theory and practice of risk management is widely scattered. Most of the books emphasize risk management theory but lack practical demonstrations and give little guidance on the application of those theories. This book showcases a number of effective applications of risk management tools and techniques across product and service life in a way useful for practitioners, graduate students and researchers. It also provides an in-depth understanding of the principles of risk management in engineering and construction.
Risk Management in Finance and Logistics (Translational Systems Sciences #14)
by Chunhui Xu Takayuki ShiinaThis is the first book to introduce the major quantitative tools in risk management taking financial investments and logistics planning as the background: optimization and stochastic programming. Contained here are the fundamentals of portfolio selection theory from the point of view of risk control, and methods for risk control with new and popular risk measures such as VaR (Value-at-Risk) and CVaR (Conditional VaR). The book also introduces a new theory for risk management in more general investment situations such as flexible investment decisions, providing an accessible and comprehensive introduction to the interrelations between these fields of research. Basic concepts of stochastic programming are introduced, and their applications to risk management in inventory distribution and network design are covered as well. Illustrated by carefully chosen examples and supported by extensive data analyses, this book is highly recommended to readers who seek an in-depth and up-to-date integrated overview of the ever-expanding theoretical and quantitative fields of risk management in financial investment and logistics planning.
Risk Management in Project Organisations
by Peter Edwards Paul BowenThis book enhances the reader's understanding of the nature and presence of risk by raising the organisation's awareness of the risks it faces, and formalising the systems needed to deal with and learn from those risks.While based on the experience of the construction industry, the book also acts as a broader project management text, meeting the needs of project managers and students in many disciplines and professions from architecture and construction through engineering and commerce to IT, finance and banking. Essential for anyone studying or involved in organisational decision-making for projects, this book will help readers to develop confidence in dealing with risk in a systmatic manner.
Risk Management in Projects
by Martin Loosemore David Higgon John Raftery Charles ReillyProject managers in construction and civil engineering need to base their decisions on realistic information about risk and public perceptions of risk. This second edition of the original practical and straightforward text retains the easy-to-read format, but has been expanded to encompass the entire risk management process and to give a fuller presentation of how risk is generally perceived. Two new chapters cover risk identification and risk response, and the chapters on risk analysis have been completely reorganized. There is also greater emphasis on the theory behind the principles, and an expanded bibliography is given to guide an exploration of the subject in greater detail. The book demystifies risk management by presenting the subject in simple and practical terms, free of technical jargon, and case studies are used extensively to enliven the text and to illustrate the concepts discussed.
Risk Management Methods in the Aviation Enterprise (Springer Aerospace Technology)
by Valery Dmitryevich Sharov Vadim Vadimovich Vorobyov Dmitry Alexandrovich ZatuchnyThis book provides a comprehensive content for professionals engaged in the development of flight safety regulatory framework, as well as in the design and operation of ground-based or on-board flight support radio electronic systems. It presents mathematical tools and methods of probabilistic theory, mathematical statistics and graph theory, along with some provisions of decision-making theory and multi-criteria analysis. This book helps as a good guide for those involved in aviation risk assessment and air traffic management.
Risk Management of Non-Renewable Energy Systems
by Ajit Kumar Verma Srividya Ajit Hari Prasad MuruvaThis book describes the basic concepts of risk and reliability with detailed descriptions of the different levels of probabilistic safety assessment of nuclear power plants (both internal and external). The book also maximizes readers insights into time dependent risk analysis through several case studies, whilst risk management with respect to non renewable energy sources is also explained. With several advanced reactors utilizing the concept of passive systems, the reliability estimation of these systems are explained in detail with the book providing a reliability estimation of components through mechanistic model approach. This book is useful for advanced undergraduate and post graduate students in nuclear engineering, aerospace engineering, industrial engineering, reliability and safety engineering, systems engineering and applied probability and statistics. This book is also suitable for one-semester graduate courses on risk management of non renewable energy systems in all conventional engineering branches like civil, mechanical, chemical, electrical and electronics as well as computer science. It will also be a valuable reference for practicing engineers, managers and researchers involved in reliability and safety activities of complex engineering systems.
Risk Management Practices in Construction: A Global View
by Ayodeji E. Oke Pelumi E. Adetoro Seyi S. Stephen Clinton O. Aigbavboa Lukman O. Oyewobi Douglas O. AghimienThis volume describes risk management practices in the construction industry in selected countries, with an emphasis on developing countries and how these countries can learn from the practices in more developed ones. Risk management in the construction industry can be difficult to understand due to the various complex procedures that are involved and to the unique concerns and contexts associated with each project. The industry has been a key contributor to the economic and social development of many countries of the world and is increasingly incorporating sustainability into its practices. However it is plagued by various risks that can affect the quality, cost, time and overall sustainability of projects. Therefore, there is need to effectively manage risk in order to ensure timely completion of construction projects in good quality and within budget, which in turn results in more efficient and often more sustainable practices. The book is divided into four parts. The first section features a primer on risk management practices as they pertain to the construction industry. The second part dives in to describe risk management in selected developing countries, including Malaysia, Qatar, Saudi-Arabia, South Africa, Sri-Lanka and Tanzania, as well as the city of Hong Kong. The third section describes the construction risk management practices of a selection of more developed countries with known risk management institutes and established practices of risk management. These countries include Australia, Canada, Sweden and United States of America. The fourth part offers a general overview of the definition, concepts and process of risk management based on reviewed literature. It also discusses the benefits of effective risk management to clients and to project teams, especially from the perspective of ensuring sustainability. This last section also summarizes the risk management practices in both developing and developed countries for the purpose of improving the practices in the former by learning from the latter.
Risk Management Technologies
by E. D. SolozhentsevThis book presents intellectual, innovative, information technologies (I3-technologies) based on logical and probabilistic (LP) risk models. The technologies presented here consider such models for structurally complex systems and processes with logical links and with random events in economics and technology. The volume describes the following components of risk management technologies: LP-calculus; classes of LP-models of risk and efficiency; procedures for different classes; special software for different classes; examples of applications; methods for the estimation of probabilities of events based on expert information. Also described are a variety of training courses in these topics. The classes of risk models treated here are: LP-modeling, LP-classification, LP-efficiency, and LP-forecasting. Particular attention is paid to LP-models of risk of failure to resolve difficult economic and technical problems. Amongst the discussed procedures of I3-technologies are the construction of LP-models, LP-identification of risk models; LP-risk analysis, LP-management and LP-forecasting of risk. The book further considers LP-models of risk of invalidity of systems and processes in accordance with the requirements of ISO 9001-2008, LP-models of bank operational risks in accordance with the requirements of Basel-2, complex risk LP-models for preventing ammunition depot explosions, enterprise electric power supply systems, debugging tests of technical systems, etc. The book also considers LP-models of credit risks, securities portfolios, operational risks in banking, conteraction of bribes and corruption, etc. A number of applications is given to show the effectiveness of risk management technologies. In addition, topics of lectures and practical computer exercises intended for a two-semester course "Risk management technologies" are suggested.
Risk Modeling, Analysis and Control of Multi-energy Systems
by Yonghua Song Yi Ding Minglei Bao Sheng Wang Changzheng ShaoThis book focuses on the risk modeling, analysis and control of multi-energy systems considering cross-sectorial failure propagation. Both models and methods have been addressed with engineering practice. This is accomplished by doing a thorough investigation into the modeling of system physics and reliabilities in both long- and short-term phases. Different models and methods to evaluate the risk of multi-energy systems considering various disturbances, e.g., component failures, load uncertainties and extreme weather, are studied in detail. Furthermore, several risk control strategies for multi-energy systems, such as long-term capacity planning and integrated demand response, are analyzed in this book, which is especially suited for readers interested in system risk management. The book can benefit researchers, engineers, and graduate students in the fields of electrical and electronic engineering, energy engineering, complex network and control engineering, etc.
Risk Modeling for Determining Value and Decision Making
by Glenn KollerRisk or uncertainty assessments are used as aids to decision making in nearly every aspect of business, education, and government. As a follow-up to the author's bestselling Risk Assessment and Decision Making in Business and Industry: A Practical Guide, Risk Modeling for Determining Value and Decision Making presents comprehensive examples of risk
Risk Navigation Strategies for Major Capital Projects
by Asbjørn Rolstadås Richard E. Westney George Farage Jergeas Per Willy HetlandInvestors and managers of major projects know how often they result in cost overruns and schedule delays. Risk Navigation Strategies for Major Capital Projects builds on conventional best practice to provide a risk-based view of current practices for planning and executing large international projects. As economies of scale continue to drive projects to ever-higher levels of scope and complexity, new thinking about strategy and risk is required. Since major projects are highly exposed to external risks, the traditional view of predictability as something that can be mandated and ensured by rigorous application of conventional best practice has become a myth. Fresh thinking is required to manage projects today, and this book provides a framework for taking project management best practice to the next level. Risk Navigation Strategies for Major Capital Projects is intended for executives investing in major projects, project leaders and managers, as well as those with a teaching or research interest in project and risk management.
The Risk of Water Conflicts in Aotearoa-New Zealand: Emergence and Intensification
by Adan E. SuazoThis book focuses on water disputes in New Zealand: a country where such conflicts are assumed to be non-existing. Rarely are water disputes examined in areas where water resources abound, and where the political framework that governs their access and use is strong. Environmental security literature has devoted a significant amount of attention to the nexus between resource abundance and conflict. Important research has assessed this relationship by focusing on non-renewable resource wealth as a causal determinant of conflict, but little is known about the conditions that influence the emergence and intensification of conflict in water abundant environments. By most accounts, New Zealand is one of the most water-rich countries in the world. Even though violent conflict over water does not normally materialize in New Zealand, conflicts and incompatible claims motivated by water bottling, the growth of some types of agriculture, tourism, and water treatment strategies, continue to surface. Little, however, is known about how and why these conflicts emerge and intensify in a country such as New Zealand. To address this lacuna, this project asks the following research question: How and why does the commercialization of freshwater influence the emergence and intensification of hydropolitical conflict in New Zealand? This study presents two central arguments. First, that the introduction of a commercial enterprise motivates the emergence of hydropolitical conflict intentionality if the enterprise is incompatible with the interests of local communities. And second, hydropolitical conflict risk intensifies in accordance with the level of trust that communities pose upon the approval and appeals process that supports a commercial operation. To test these arguments, this study examines the effects of water bottling and water chlorination on the towns of Ashburton (Canterbury) and Glenorchy (Otago), by employing a tripartite analysis comprised, first, of a conflict intentionality and engagement assessment, second, of a comparative case study analysis, and third, of a conflict intentionality classification. The data suggests that hydropolitical conflict risk is low when communities trust the approval and appeals process behind any given commercial operation. Water-based conflict risk however is likely to escalate when local communities lose trust in the above processes and the institutions that administer them.
Risk, Opportunity, Uncertainty and Other Random Models (Working Guides to Estimating & Forecasting #5)
by Alan R. JonesRisk, Opportunity, Uncertainty and Other Random Models (Volume V in the Working Guides to Estimating and Forecasting series) goes part way to debunking the myth that research and development cost are somewhat random, as under certain conditions they can be observed to follow a pattern of behaviour referred to as a Norden-Rayleigh Curve, which unfortunately has to be truncated to stop the myth from becoming a reality! However, there is a practical alternative in relation to a particular form of PERT-Beta Curve. However, the major emphasis of this volume is the use of Monte Carlo Simulation as a general technique for narrowing down potential outcomes of multiple interacting variables or cost drivers. Perhaps the most common of these in the evaluation of Risk, Opportunity and Uncertainty. The trouble is that many Monte Carlo Simulation tools are ‘black boxes’ and too few estimators and forecasters really appreciate what is happening inside the ‘black box’. This volume aims to resolve that and offers tips into things that might need to be considered to remove some of the uninformed random input that often creates a misinformed misconception of ‘it must be right!’ Monte Carlo Simulation can be used to model variable determine Critical Paths in a schedule, and is key to modelling Waiting Times and cues with random arisings. Supported by a wealth of figures and tables, this is a valuable resource for estimators, engineers, accountants, project risk specialists as well as students of cost engineering.
Risk Pricing Strategies for Public-Private Partnership Projects (Innovation in the Built Environment)
by Abdelhalim BoussabaineThe complexity of public-private partnership project procurement requires an effective process for pricing, managing and appropriate allocation of risks. The level at which risk is priced and the magnitude of risks transferred to the private sector will have a significant impact on the cost of the PPP deals as well as on the value for money analysis and on the section of the optimum investment options. The construction industry tends to concentrate on the effectiveness of risk management strategies and to some extent ignores the price of risk and its impact on whole life cost of building assets. There is a pressing need for a universal framework for the determination of fair value of risks throughout the PPP procurement processes. Risk Pricing Strategies for Public-Private Partnership Projects addresses the issues of risk pricing and demonstrates the use of a coherent strategy to arrive at a fair risk price. The focus of the book is on providing risk pricing strategies to maximise return on risk retention and allocation in the procurement of PPP projects. With its up-to-date coverage of the latest developments in risk pricing and comprehensive treatment of the methodologies involved in designing and building risk pricing strategies, the book offers a simple model for pricing risks. The book follows a thematic structure: PPP processes map; Risk, uncertainty and bias; Risk pricing management strategies; Risk pricing measurement and modelling; Risk pricing at each of the project life cycle stages – and deals with all the important risk pricing issues, using relevant real-world situations through case study examples. It explains how the theory and strategies of risk pricing can be successfully applied to real PPP projects and reflects the broad understanding required by today’s project risk analysts, in their new and important role in PPP contract management.
Risk Propagation Assessment for Network Security: Application to Airport Communication Network Design
by Mohamed Slim Ben Mahmoud Nicolas Larrieu Alain PirovanoThe focus of this book is risk assessment methodologies for network architecture design. The main goal is to present and illustrate an innovative risk propagation-based quantitative assessment tool. This original approach aims to help network designers and security administrators to design and build more robust and secure network topologies. As an implementation case study, the authors consider an aeronautical network based on AeroMACS (Aeronautical Mobile Airport Communications System) technology. AeroMACS has been identified as the wireless access network for airport surface communications that will soon be deployed in European and American airports mainly for communications between aircraft and airlines. It is based on the IEEE 802.16-2009 standard, also known as WiMAX.The book begins with an introduction to the information system security risk management process, before moving on to present the different risk management methodologies that can be currently used (quantitative and qualitative). In the third part of the book, the authors’ original quantitative network risk assessment model based on risk propagation is introduced. Finally, a network case study of the future airport AeroMACS system is presented. This example illustrates how the authors’ quantitative risk assessment proposal can provide help to network security designers for the decision-making process and how the security of the entire network may thus be improved. Contents Part 1. Network Security Risk Assessment1. Introduction to Information System Security Risk Management Process.2. System Security Risk Management Background.3. A Quantitative Network Risk Management Methodology Based on Risk Propagation.Part 2. Application to Airport Communication Network Design4. The AeroMACS Communication System in the SESAR Project.5. Aeronautical Network Case Study.
Risk-Reduction Methods for Occupational Safety and Health: For Occupational Safety And Health
by Roger C. JensenProvides a thorough overview of systematic methods for reducing risks encountered in diverse work places Filled with more theory, numerous case examples, and references to new material than the original text, this latest edition of a highly acclaimed book on occupational safety and health includes substantial updates and expanded material on management systems, risk assessment methods, and OSH-relevant concepts, principles, and models. Risk-Reduction Methods for Occupational Safety and Health is organized into five parts: background; analysis methods; programmatic methods for managing risk; risk reduction for energy sources; and risk reduction for other than energy sources. It comprehensively covers both system safety methods and OSH management methods applicable to occupational health and safety. Suitable for worldwide applications, the author’s approach avoids reliance on the thousands of rules, codes, and standards by focusing on understanding hazards and reducing risks using strategies and tactics. Includes more content on methods for reducing risks, citations of recent research, and deeper coverage of OSH-relevant concepts, theories, and models Merges methods and principles traditionally associated with occupational hygiene, ergonomics, and safety Provides substantial updates on management systems and theories of occupational incidents, and includes new case studies in many chapters to help demonstrate the "real world" need for identifying and implementing risk-reduction strategies Addresses occupational risks that go beyond current regulations and standards, taking an international approach by stressing risk-reduction strategies Supports adoption of the book for university courses by providing chapter-specific learning exercises and support materials for professors Risk-Reduction Methods for Occupational Safety and Health is ideal for safety professionals, system safety engineers, safety engineers, industrial hygienists, ergonomists, and anyone with OSH responsibilities. It is also an excellent resource for students preparing for a career in OSH.
Risk-Reduction Methods for Occupational Safety and Health
by Roger C. JensenThis book covers system safety methods related to occupational health and safety. It argues for anticipating hazards, risk reduction strategies for hazards processes, and making sure workers' tasks correspond to human capabilities. To this end, the text provides pro-active methods for identifying hazards, assessing risk, analyzing hazards, using tools from system safety, conducting post-incident investigations, considering human errors, applying risk reduction strategies, and managing process safety. While emphasizing methods suitable for all countries, it includes references to U. S. military and Department of Energy documents, as well as a discussion of fault-tree construction.