Risk management is being carried out for a project involving

Risk management is being carried out for a project involving the installation of a transformer. The transformer is to be installed on a platform four meters (4m) above the ground. Risk events that have been identified are:

Risk Event
Likelihood
Potential Consequence
Late delivery of transformer
unlikely
Delay costing S.R. 33,000
Non-functioning transformer
rare
Delay costing S.R. 66,000
Mildly incorrect wiring
moderate
Delay costing S.R. 62,000
Major mistake in wiring
rare
Delay costing S.R. 6,000
Crane unavailable when required
moderate
Disablement of worker
Worker falling from platform
likely
Delay costing S.R. 6,000
Bad weather during installation
unlikely
Repainting costing S.R. 1500
Transformer is wrong color
unlikely
Delay costing S.R. 33,000


Consequences less than S.R. 3,000 are considered insignificant, between S.R.3,000 and S.R. 30,000 are considered minor, between S.R. 30,000 and S.R. 60,000 are considered moderate, and over S.R. 60,000 are considered major. A death is a catastrophe; and disablement is a major consequence. The company uses the following table to analyze its risks:



Potential Consequence
Likelihood of Consequences
Insignificant
1
Minor
2
Moderate
3
Major
4
Catastrophic
5
A (almost certain)
Significant
Significant
High
High
High
B (likely)
Moderate
Significant
Significant
High
High
C (moderate)
Low
Moderate
Significant
High
High
D (unlikely)
Low
Low
Moderate
Significant
High
E (rare)
Low
Low
Moderate
Significant
Significant


Based on the all the information provided, assess these risks, and determine their order of priority from highest to lowest.


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