Introduction
A risk is one of the most prevalent ideas present in every activity. It is crucial to remember that risk cannot be eliminated from daily living, business, or society at large. Based on this idea, the ALARP principle—making risk as low as reasonably predictable—needs to be used.Calculating Acceptable Level of Risk
In some cases, the acceptable level of risk can be calculated using the ALARP. It is first employed to lower risk to the barest minimum. This is accomplished by taking into account all the specifics surrounding the dangerous endeavors and the assessment of alternatives. The ALARP is also an efficient way of reducing the risk associated with an investment by carrying out an in-depth analysis for the cost associated with such ventures and comparing such cost with the likely benefits that could be obtained. Then it goes a step further to analyze and determine the level of loss that is considered as an appropriate for the proposed venture. The ALARP is used as an effective means of determining the acceptable level of risk by providing a basis for comparison between the possible benefits, and inherently loses that are associated with a proposed venture or idea, (Melchers, 2001).Challenges of ALARP
In conclusion, irrespective of the benefit associated with the adoption and use of ALARP, it is important to note that there it has been plagued by a significant pitfall. The adoption and utilization of ALARP are said to be challenging because it relies upon the use of sound judgment in a bid to determine an acceptable level of risk. It is crucial to emphasize that this is a significant draw back because good judgment alone is ineffective in specific areas of risk management which requires complicated calculation and complex analysis.References
Melchers, R. E. (2001). On the ALARP approach to risk management. Reliability Engineering &
System Safety, 71(2), 201-208.
