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Learn Risk Analysis, Evaluation & Assessment - from A to Z

4.4 Filled star Filled star Filled star Filled star Empty star
Based on 7,173 ratings
see reviews
Marco CATANOSSI

"Good pace and solid information", Bobby

"Very nice course for beginner introduction to risk analysis. A good point to start", Angelos

Besides risk management, risk assessment is demanded in many field, like product development, process control, project management, business plans and so on. Even a process as simple as delivering a meal in a business activity, is subject by law to a particular risk assessment.

However, the theoretical basis is almost the same for every field, even though there are many risk assessment tools available for this objective.

Read more

"Good pace and solid information", Bobby

"Very nice course for beginner introduction to risk analysis. A good point to start", Angelos

Besides risk management, risk assessment is demanded in many field, like product development, process control, project management, business plans and so on. Even a process as simple as delivering a meal in a business activity, is subject by law to a particular risk assessment.

However, the theoretical basis is almost the same for every field, even though there are many risk assessment tools available for this objective.

In this course, we will cover both the common basis and the specific tools. More in details, with respect to the general aspects of risk assessment, we will see:

  • risk analysis,
  • risk estimation both qualitative, semi-quantitative and numerical
  • risk evaluation and control measures

Then we will see the most used techniques:

  • Preliminary Hazard Analysis (PHA)
  • Fault Tree Analysis (FTA)
  • Fault Mode and Effects Analysis (FMEA)
  • Hazard and Operability Study (HAZOP)
  • Hazard Analysis and Critical Control Point (HACCP)

Once learned the above concepts, we will see the complete risk assessment cycle, and which techniques to use during specific phases of a development process.

Both the general part and the particular techniques lessons are fitted with examples and downloadable excel worksheets.

At the end of the course, you will be able to master both the basic concepts and specific techniques, and you will be able to apply and adapt this knowledge to your field of interest.

.

Enroll now

What's inside

Learning objectives

  • Perform a risk analysis, evaluation and assessment
  • Use standard risk assessment tools like fmea, fta, pha, hazop and haccp
  • Understand the various techniques of risk analysis
  • Use the failure mode and effects analysis fmea technique
  • Use the fault tree analysis fta technique
  • Use the hazard analysis and critical control point haccp technique
  • Use the preliminary hazard analysis pha technique
  • Use the hazard and operability study hazop technique
  • Adapt and use the risk analysis techniques in a flexible way to virtually every field of work

Syllabus

Introduction
You will be able to perform a risk analysis, evaluation against acceptability criteria and risk assessment using qualitative, RPN, and numerical techniques.
Read more

In this lesson you will learn the concepts of hazard, risk, severity, risk analysis, risk evaluation and risk assessment.

In this lesson you will learn about hazard identification. Examples for financial hazards and physical products are provided. The excel file with hazard lists used in the examples is available for download.

In this lesson you will learn how we categorise probability and severity in order to estimate risk. In the next lessons, examples will use these categories.

At the end of this lesson you will be able to perform a qualitative risk evaluation using descriptors and risk matrix. We will use 3x3 and 3x5 risk matrix and 3 or 5 categories of descriptors. Examples are available and downloadable as an excel file, for a safety and financial risk evaluation.

In this lesson you will learn about the semi-quantitative approach, using a range of magnitude for quantifying probability, and you will see the previous example, using this time a 5-by-5 matrix. The excel file used in this lesson is available for download.

In this lesson, you will learn the meaning and how to perform a numerical risk estimation. The excel file used in the lesson is available for download.

In this lesson you will understand the meaning and the use of the Risk Priority Number, an enriched version of the numerical approach. The excel file used in this lesson is available for download.

In this lesson, you will learn what an acceptability criterion is, and how it is set up in a risk evaluation process. The Excel file used in the lesson is available for download.

In this lesson you will learn about the measures to lower the risk, such as inherent safe design, protective measures, and so on, what to consider when implementing them, and their practicability. Two examples are shown, of an electric lifter (electric hazard) and of entering a new market (financial hazard). The examples used are downloadable as Excel files.

In this lessons you will learn the additional concepts used in risk assessment when applied to machinery design, including what to take into account when estimating the probability of occurrence.

In this lessons you will learn the additional concepts used in risk assessment when applied to medical devices, an example of "sequence of events" leading to an "hazardous situation" will be shown, and the corresponding Excel file is available for download.

In this lessons you will learn the additional concepts used in risk assessment when applied to project management.

In this lesson you will learn what PHA is and how to use it. You can download a simple Excel worksheet to use in PHA analysis.

In this lesson you will learn what FTA is and how to use it. The Excel file used in the lesson, containing the example of application of the FTA, is available for download.

In this lesson you will learn what FMEA is and how to use it. You can download the Excel worksheet with the example shown, and also use it in FMEA analysis.

In this lesson you will learn what HAZOP is and how to use it. You can download an Excel worksheet used in the example.

In this lesson you will learn what HACCP is and how to use it. You can download the Excel worksheet used in the example.

In this lesson you will learn what the risk assessment cycle is and how to apply the risk assessment procedure. The cycle diagram is available for download.

In this lesson you will learn where, in the design process, every risk analysis technique shown in the previous section, finds its place. The diagrams shown in the lesson can be downloaded.

This lecture explains how to download the course certificate

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Covers risk assessment techniques applicable to various fields, including product development, process control, and project management, making it relevant for professionals seeking to enhance their skills
Provides a solid introduction to risk analysis, making it a good starting point for individuals with little to no prior experience in the field, as suggested by student reviews
Includes downloadable Excel worksheets with examples, offering hands-on practice and practical application of risk assessment techniques, which is beneficial for both students and professionals
Explores techniques like PHA, FTA, FMEA, HAZOP, and HACCP, which are commonly used in engineering and safety management, making it valuable for professionals in these fields
Requires learners to have Microsoft Excel to effectively use the downloadable worksheets and fully engage with the examples provided throughout the course
Examines risk assessment peculiarities in machinery, medical devices, and project management, which is particularly useful for professionals working in regulated industries

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Reviews summary

Comprehensive risk analysis techniques

Exploring the course content, it appears focused on providing a neutral overview of risk analysis, evaluation, and assessment from A to Z. The curriculum covers foundational concepts and delves into several standard risk assessment tools, including PHA, FTA, FMEA, HAZOP, and HACCP. The course structure suggests a step-by-step approach, moving from general principles to specific techniques. A notable feature highlighted in the syllabus is the inclusion of examples and downloadable Excel worksheets for practical application. It also addresses applying risk assessment across different fields such as machinery, medical devices, and project management. Without student reviews, it's difficult to assess learner experience or specific outcomes, but the course aims to equip learners with the ability to apply these techniques flexibly across various work areas.
Explains the full risk process.
"The course structure includes learning the complete risk assessment cycle."
"It seems I will learn when to use specific tools within the design process."
"Learning the overall procedure and cycle is important for practical implementation."
Discusses use in various professional fields.
"I noticed they cover application in different areas like medical devices and project management, which is relevant."
"The course aims to help adapt techniques to virtually every field of work."
"Understanding how risk assessment applies to machinery design is a key point for me."
Begins with basic risk analysis concepts.
"It's good that the course starts with defining hazard, risk, severity, and assessment."
"I appreciate that it covers qualitative, semi-quantitative, and numerical estimation methods."
"Understanding probability, severity, and risk matrices from the start is essential."
Includes examples and downloadable resources.
"The syllabus mentions downloadable Excel files, which could be very helpful for practice."
"It looks like examples are provided for applying the techniques discussed."
"Having practical examples and worksheets should make learning easier."
Learn key industry risk assessment tools.
"The course outlines covering tools like FMEA, FTA, and HAZOP seems very relevant for my work."
"It looks like they teach standard industry methods such as HACCP and PHA."
"I anticipate learning widely recognized techniques for risk assessment from this syllabus."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Learn Risk Analysis, Evaluation & Assessment - from A to Z with these activities:
Review Basic Statistics Concepts
Reinforce your understanding of fundamental statistical concepts like probability, distributions, and hypothesis testing, which are essential for quantitative risk assessment techniques covered in the course.
Browse courses on Statistical Analysis
Show steps
  • Review key statistical terms and definitions.
  • Work through practice problems on probability and distributions.
  • Familiarize yourself with hypothesis testing procedures.
Review 'The Failure of Risk Management: Why It's Broken and How to Fix It'
Gain a deeper understanding of the pitfalls in risk management and learn alternative approaches to improve risk assessment accuracy.
View The Failure of Risk Management on Amazon
Show steps
  • Read the book and take notes on key concepts.
  • Identify areas where the book's recommendations align with or diverge from the course material.
  • Reflect on how you can apply the book's insights to your own risk assessment practices.
Risk Assessment of a Personal Project
Apply the risk assessment techniques learned in the course to a real-world project, such as planning a trip or starting a small business, to solidify your understanding.
Show steps
  • Choose a personal project to analyze.
  • Identify potential hazards and risks associated with the project.
  • Estimate the likelihood and impact of each risk.
  • Develop mitigation strategies to reduce the risks.
  • Document your risk assessment process and findings.
Four other activities
Expand to see all activities and additional details
Show all seven activities
FMEA Practice Scenarios
Work through several FMEA (Failure Mode and Effects Analysis) practice scenarios to improve your proficiency in identifying potential failure modes and their effects.
Show steps
  • Find or create FMEA practice scenarios.
  • Identify potential failure modes for each scenario.
  • Assess the severity, occurrence, and detection of each failure mode.
  • Calculate the Risk Priority Number (RPN) for each failure mode.
  • Develop recommended actions to mitigate the risks.
Create a Risk Assessment Template
Develop a reusable template for conducting risk assessments using one of the techniques covered in the course, such as FMEA or HAZOP.
Show steps
  • Select a risk assessment technique (e.g., FMEA, HAZOP).
  • Research existing templates and best practices.
  • Design a user-friendly template with clear instructions.
  • Test the template with a sample scenario.
  • Refine the template based on feedback.
Review 'Risk Assessment: A Practical Guide to Assessing Operational Risks'
Enhance your understanding of operational risk assessment and learn practical techniques for identifying, analyzing, and mitigating risks in various contexts.
View Putting Knowledge to Work on Amazon
Show steps
  • Read the book and highlight key concepts and examples.
  • Compare the book's approach to risk assessment with the methods taught in the course.
  • Consider how you can apply the book's insights to your own risk assessment projects.
Risk Assessment Presentation
Prepare a presentation summarizing a risk assessment you conducted, highlighting the methodology, findings, and recommendations.
Show steps
  • Choose a risk assessment project to present.
  • Create a presentation outline and storyboard.
  • Develop visually appealing slides with clear and concise information.
  • Practice your presentation delivery.
  • Solicit feedback from peers and refine your presentation.

Career center

Learners who complete Learn Risk Analysis, Evaluation & Assessment - from A to Z will develop knowledge and skills that may be useful to these careers:
Safety Engineer
Safety engineers focus on minimizing hazards and ensuring safe working conditions. A key part of their job involves conducting risk assessments to identify potential dangers and develop plans to control them; this course provides hands-on training with tools like FMEA, FTA, PHA and HAZOP which are fundamental to the role. The course's focus on the risk assessment cycle helps safety engineers to understand when and how to use specific techniques during a development process. This makes the course highly applicable for safety engineer roles.
See salaries and explore the career path for Safety Engineer
Risk Analyst
A risk analyst identifies and analyzes potential risks to an organization. They assess the likelihood and impact of various risks, and propose mitigation strategies. This course helps build a foundation in risk analysis, utilizing both qualitative and quantitative techniques. It also covers tools such as Fault Tree Analysis, Failure Mode and Effects Analysis, and Hazard and Operability Study, which are often used by risk analysts. Furthermore, it shows the complete risk assessment cycle and how to select the appropriate tools during development.
See salaries and explore the career path for Risk Analyst
Project Manager
A project manager plans, executes, and closes projects, while also being responsible for managing risks that can impact project timelines and budgets. This course explores techniques for risk analysis, estimation, and evaluation, and shows how it applies to project management in particular. These are essential for any project manager, and the course helps you understand how to apply risk analysis tools in a project environment, potentially reducing costs and delays, and improving project outcomes. Furthermore, it covers the complete risk assessment cycle and which techniques to use for specific phases of a project management cycle.
See salaries and explore the career path for Project Manager
Quality Assurance Specialist
Quality assurance specialists ensure that processes and products meet established standards. This role often requires an understanding of potential risks and how to mitigate them, and therefore this course is very relevant. This course covers the complete risk assessment cycle, and provides training in risk assessment methods like Failure Mode and Effects Analysis. It also shows you how to adapt risk analysis techniques to different fields, including product development which is essential for a quality assurance specialist.
See salaries and explore the career path for Quality Assurance Specialist
Process Engineer
Process engineers design and optimize industrial processes. They need to understand the potential risks within a process and how to control them, and therefore, risk analysis constitutes an important skill set. This course provides a detailed overview of risk analysis, covering both the theoretical basis and practical tools. Process engineers can apply these techniques to evaluate and control process risks, using tools such as Hazard and Operability Study. The course's lessons on specific risk assessment techniques and their application to different fields of work also makes it particularly valuable.
See salaries and explore the career path for Process Engineer
Health and Safety Manager
Health and safety managers are responsible for creating and implementing health and safety policies and procedures. They must be able to identify workplace hazards and assess the risks they pose. This course teaches you to conduct a robust risk analysis, using tools like PHA, HAZOP, and HACCP. It also covers risk estimation, evaluation, and control measures, which are essential in the health and safety field. Furthermore this course shows how to adapt risk analysis techniques to different fields, a valuable skill for health and safety.
See salaries and explore the career path for Health and Safety Manager
Compliance Officer
Compliance officers ensure that organizations adhere to regulations and internal policies. Risk assessment is a crucial aspect of maintaining compliance, and this course provides a strong foundation in risk analysis, evaluation and assessment. Compliance officers can benefit from the training in identifying, evaluating, and controlling risks, and the use of tools like FTA and FMEA. It also helps to understand the risk assessment cycle and how to apply specific techniques, which is a valuable skill for compliance.
See salaries and explore the career path for Compliance Officer
Environmental Health Specialist
Environmental health specialists identify and assess environmental hazards that may pose a risk to public health. This includes analyzing risks related to air, water, and soil contamination, and this course is helpful for those wishing to understand risk. The course’s curriculum specifically addresses various risk assessment techniques, and provides practice with tools such as PHA and HACCP, which can be useful for assessing environmental risks. This allows environmental health specialists to make well-informed decisions regarding mitigation strategies.
See salaries and explore the career path for Environmental Health Specialist
Product Development Manager
A product development manager oversees the entire lifecycle of a product, from its conception to its launch. Understanding and managing risks throughout this process is critical to success. This course provides the fundamental skills needed to identify, analyze, and evaluate product risks, which are important for risk management. The course’s focus on specific risk assessment tools, like FMEA, and the complete risk assessment cycle will help a product development manager make informed choices.
See salaries and explore the career path for Product Development Manager
Business Analyst
A business analyst identifies gaps within an organization's processes, and recommends solutions. This naturally involves identifying and assessing the risks associated with those processes. This course introduces key concepts in risk analysis, which are essential for a business analyst, and guides you through risk analysis with tools like Fault Tree Analysis and Hazard and Operability study. The course also provides instruction on the risk assessment cycle which can enhance a business analyst's ability to predict and mitigate challenges.
See salaries and explore the career path for Business Analyst
Financial Analyst
Financial analysts examine financial data to identify trends and risks, and advise on investments. As such, understanding and managing financial risk is an important skill. This course can be useful by providing a set of tools for systematically analyzing risk, and the course includes examples of financial risk analysis in the curriculum. The course's lessons in risk evaluation and control measures are also of relevance to a financial analyst.
See salaries and explore the career path for Financial Analyst
Supply Chain Analyst
Supply chain analysts work to optimize a company's supply chain, and must be aware of potential risks that can disrupt the flow of goods. The concepts covered in this course are helpful for understanding and addressing supply chain risks, with lessons in risk analysis, risk estimation and control measures. Furthermore, you are taught how to use risk assessment techniques in different fields; for example, how to use FMEA to evaluate potential failure points in the supply chain.
See salaries and explore the career path for Supply Chain Analyst
Operations Manager
Operations managers oversee the day to day operations of their organization and must be aware of potential risks that can disrupt their operations. This course may be useful for an operations manager, because it covers risk analysis, estimation and control measures. The course also offers specific techniques such as FMEA, FTA and HAZOP which can be applied to operational risks in a variety of business areas. The course can help to minimize operational disruptions.
See salaries and explore the career path for Operations Manager
Management Consultant
Management consultants advise organizations on how to improve their performance, and are often involved in risk management projects, so this course may be useful. The course provides an overview of risk analysis, from qualitative risk evaluation to detailed numerical estimation. It also covers the use of risk assessment techniques such as HAZOP, and is accompanied by downloadable excel worksheets that may be of use in the course of a management consultant’s work. These skills may enhance the ability to provide effective risk management advice.
See salaries and explore the career path for Management Consultant
Research Scientist
Research Scientists engage in theoretical or experimental scientific research for various purposes, including product development and testing. Within such scientific endeavors, potential risks to test subjects or processes must be identified. This course may provide benefits through its training in risk analysis techniques, such as the Preliminary Hazard Analysis, and it teaches how to adapt risk analysis techniques in a flexible way. Therefore, such skills may be useful for research scientists when designing experiments and evaluating risk.
See salaries and explore the career path for Research Scientist

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Learn Risk Analysis, Evaluation & Assessment - from A to Z.
Cover image
Putting Knowledge to Work
Save
Offers a practical and comprehensive guide to risk assessment, covering various techniques and methodologies. It provides real-world examples and case studies to illustrate the application of risk assessment principles. This book is particularly useful as a reference tool for understanding different risk assessment approaches and their practical implementation. It adds more depth to the course.
Putting Knowledge to Work
Paperback
Check
Putting Knowledge to Work
Kindle Edition
Check
Cover image
The Failure of Risk Management
Save
Provides a critical analysis of common risk management practices and offers practical solutions for improvement. It challenges conventional wisdom and presents a more data-driven approach to risk assessment. Reading this book will help you understand the limitations of traditional methods and appreciate the value of quantitative techniques. It serves as valuable additional reading.
The Failure of Risk Management
Paperback
Check
The Failure of Risk Management
Kindle Edition
Check

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Rating
4.4 Filled star Filled star Filled star Filled star Empty star
Effort
1 total hour
Via
Udemy
Instructor
Marco CATANOSSI
Language
English
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Covers risk assessment techniques applicable to various fields, including product development, process control, and project management, making it relevant for professionals seeking to enhance their skills
Provides a solid introduction to risk analysis, making it a good starting point for individuals with little to no prior experience in the field, as suggested by student reviews
Includes downloadable Excel worksheets with examples, offering hands-on practice and practical application of risk assessment techniques, which is beneficial for both students and professionals
Explores techniques like PHA, FTA, FMEA, HAZOP, and HACCP, which are commonly used in engineering and safety management, making it valuable for professionals in these fields
Requires learners to have Microsoft Excel to effectively use the downloadable worksheets and fully engage with the examples provided throughout the course
Examines risk assessment peculiarities in machinery, medical devices, and project management, which is particularly useful for professionals working in regulated industries
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