Understanding of Risk Perception and Decision-Making to Minimize Losses and Maximize Profits
Organised by: The Joint Branch of the RINA and the IMarEST (Singapore), The Society of Naval Architects and Marine Engineers Singapore, Centre for Offshore Research & Engineering (CORE), NUS
Speaker: Shamsul Huda (CEng, CMarEng, MIMarEST, GradIOSH)
Date : 24th January 2019, Thursday.
Time : 6:30 pm to 7:00 pm Registration & Refreshment
The talk begins at 7:00 p.m. and ends at 8.30p.m.
Venue: Seminar Room E3 #06-09,
National University of Singapore, Faculty of Engineering
3 Engineering Drive 2, Singapore 117578
To register your attendance, please click the web-link here.
The International Safety Management (ISM) code requires ship owners/managers to identify, assess and manage risks to people, property and environment for safe management and operation of ships. The shipping industry has come a long way since the introduction of the ISM Code in July 2002 but accidents continue to happen – an average of 900 fatalities per year (IHS Fairplay Statistics), and an upward trend for loss of ships and cargo (International Union of Marine Insurers). As such, it may be argued that proactive Risk Assessment introduced by legislation has not been wholly effective in minimising losses of human life and property from ship accidents. Research findings from two shipping companies have highlighted that employees could be influenced by a combination of the following contributing factors:
- Risk Perception and Risk Assessment are subjective and value-laden (Slovic, 2010); risk communication influences us in perceiving risk differently (Slovic, Fisshhoff & Lichtenstein, 1982).
- The rational model of making choices is psychologically unrealistic, and our decision-making under risk and uncertainty can be explained by prospect theory (Kahneman & Tversky, 1979; 1992).
- Human take shortcuts and systematically violate rational way of judging and deciding under uncertainty and risk due to heuristics and biases (Kahneman, Slovic & Tversky, 1982)
- Experiential mode of thinking relies heavily on feeling/affect rather than thinking (Esptein, 1994; Slovic, 2000).
This talk will discuss on how to (1) explore the factors that influence risk perception and decision-making of shipping company employees; (2) influence employees understanding of risk, risk perception and decision-making; and (3) improve the overall effectiveness of Risk Assessments.
About the Speaker
Shamsul joined Orient Ship Management Hong Kong as Engineer Cadet and worked onboard various types of ocean-going vessels as watchkeeping engineer. He later joined Norwegian Crew Management, Oslo and thereafter was promoted to Chief Engineer in 1999. He won William Theodore Barker Prize from the Institute of Marine Engineering, London in 1999 for obtaining highest marks in Class – One Certificate of Competency (Motor) Examination from the Maritime and Coastguard Agency, UK.
In 2005 he was part of Unix Line Pte. Ltd. Singapore as Technical Superintendent managing Chemical Tankers. As of May 2006, he remains with Lloyd’s Register Asia as Senior Marine Surveyor conducting hull, machinery and statutory surveys following types of ships – LPG, Oil, Chemical, Container, Bulk, General Cargo, Off-Shore Support, Special Purpose Ships; carrying out ship condition survey, Condition Assessment Program (CAP) for Hull, Machinery and Cargo Systems onboard Oil, Chemical and LNG Tankers, and Bulk Carriers; Lead ISM & ISPS Auditor; Lead MLC inspector; Lead trainer for Risk Management and Incident Investigation; Lead Risk, Safety and Human Factors Specialist.
Based on his MSc thesis, he has co-developed a new consultancy service by working with LR's Global Technology Centre, Singapore for studying risk perception and decision-making of employees from shipping companies and implementing improvements with a view to minimise losses and maximise profits. He has been working as one of the committee members of the Human Element Working Group (HEWG) from the Institute of Marine Engineering, Science and Technology, London since January 2018.
The car park is available at carpark 2A, walk around the building E3A, and head towards building E3 #06-09.
All members are welcome and admission is free but early registration is needed.
No filming or walk-in guest is allowed for this event.
Photos taken by official photographers may be used by the organizers in their published material.