StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Risk Management - Essay Example

Comments (0) Cite this document
Summary
Table of Contents Introduction ……………….………………………………………. 2 Step One – Risk Identification ……….……………………………. 3 Step Two – Risk Measurement …………………….…………………
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.7% of users find it useful
Risk Management
Read TextPreview

Extract of sample "Risk Management"

Download file to see previous pages ...... 6 Step Seven – Policies …………………………………………………7 Conclusion ……………………..…………………………….……..... 7 References …………………………………………………………… 9 The Fukushima Disaster: Lessons in Risk Management I. Introduction The Fukushima disaster is probably one of the most terrifying nuclear disasters in recent memory. Before March 2011, it was almost unimaginable for Japan to be on the threshold of a potential nuclear disaster. The nuclear disaster was, in fact, the result of another—equally horrific—disaster, the infamous tsunami that killed ‘tens of thousands of people’ (McCoy 2011). The U.S. Nuclear Regulatory Commission (2011) found that around 25,000 people were dead or missing as a result of the tsunami disaster, which began on 11 March, 2011, 14:46, Japan standard time. Figure 1. Nuclear Plants in Japan, including Fukushima Source: U.S. NRC 2011, p. 7 Ronald McCoy is one of the first researchers to document the Fukushima disaster. According to McCoy (2011), Japan experienced several disasters in March 2011, beginning with the ‘record-breaking’ earthquake that occurred, measuring 8.9 on the Richter scale (p. 41). The earthquake and aftershocks that took place northeast of Honshu Island triggered a ten-metre tsunami that killed more than ten thousand people. ...
According to McCoy, when the earthquake occurred, the six nuclear plants at Fukushima, which were owned by Tokyo Elect Power, were shut down automatically. The earthquakes ‘knocked-oun the power grids, forcing operators to fall back on diesel generators’ (McCoy 2011, p. 4X). However, the plants still needed access to power to ensure that the coolants, which are essential for cooling the ‘hot reactor cores of the radioactive uranium and plutonium power rods’, remained flowing. However, ‘the tsunamis swept in, knocked out the generators and cut off power’ (McCoy 2011, p. 41). As a result, four out of the six plants immediately overheated. Finally, an ‘explosion damaged fuel rods and the integrity of the primary containment structure’ and, as a result, radiation was released (p. 41). This essay analyses the risks involved using the 7-steps risk management cycle, which is described in the diagram below. II. Risk Identification (Step 1) Ionising radiations from nuclear power plants ‘can damage DNA, causing cancer and inherited mutations’ (McCoy 2011, p. 41). The risk of mutation and cancer is proportional to exposure to radiation (p. 42). In addition, ‘radiation [can] kill and injure thousands’ and ‘contaminate and render uninhabitable large tracts of land’ (p. 42). Unfortunately, the Fukushima nuclear accident happened because the plant had been designed on the basis of incorrect assumptions about the risks of the region (McCoy 2011, p. 42), in particular, that earthquakes greater than 7.9 on the Richter scale, and tsunamis higher than 6.7 metres were improbable. According to Takashi Shoji (2011, Slide 10), ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk Management Essay Example | Topics and Well Written Essays - 2500 words - 1”, n.d.)
Retrieved from https://studentshare.org/management/1393558-risk-management
(Risk Management Essay Example | Topics and Well Written Essays - 2500 Words - 1)
https://studentshare.org/management/1393558-risk-management.
“Risk Management Essay Example | Topics and Well Written Essays - 2500 Words - 1”, n.d. https://studentshare.org/management/1393558-risk-management.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Risk Management

Accounting & Financial Management

AWB’s operations can be categorized into areas ranging from ‘pool management services’ to ‘harvest financing’, and ‘International commodity management’. Only a company with such a big range of activities and financial outlays can become the benchmark for an equally big company like ‘Woolworth Limited’.

The performance of an entity can be better analyzed through its profitability analyses. The profitability ratios like Gross Profit ratio, Net Profit Margins, Return on assets (ROA), and Return on Equity (ROE). The calculations of such ratios are shown in the attached annexure. The Gross Profit ratio measures the percentage of each pound or dollar of sales remaining aft...
10 Pages(2500 words)Assignment

Financial Management Analysis of Rio Tinto Plc

Taking into consideration that Harmony is the sixth-largest in the world in the gold mining industry, the choice of Harmony God Mining Co. as a benchmark company is the most suitable and justifiable. Moreover, Harmony has also some investment stake in Rio Tinto, and this situation makes the company more suitable for the choice. At places, the benchmark company’s performances have been better than Rio Tinto, and thus Harmony has a competitive edge as well over Rio Tinto.

Profitability ratios like Operating Margin Ratio, Net Margin Ratio, Return on Assets (ROA), and Return on Equity (ROE) are the performance analyzer of any company. Profit Margin ratios show the relationship between profit and sales. Since profit ca...
8 Pages(2000 words)Case Study

The Evolution of Human Resource Management

The employee was sent to HR for a final briefing where he mentioned that he had been requesting a change in the shift for the last few weeks he has to attend to his ailing father. His superior continuously ignored the request. The employee was skill and aptitude tested and reassigned to a different project.
This is a small incident where an HR professional can play a vital role. An organization is also constantly looking for such solutions from its Human Resource Department. It is this expertise and skill, which a budding professional from any institute should be equipped.
Such valuable certification programs initiated by the Human Resource Department surely help build a successful organization. The Human resource depart...
6 Pages(1500 words)Term Paper

Project Management: Best Practices and Stakeholders Perspective

Employees of functional divisions are assigned or detailed to a specific project and then re-assigned back to the organization when the project is completed.
Project management is defined by the Project Management Institute (PMI) as the application of knowledge, skills, tools, and techniques to project activities to meet project requirements; and its methodology as the planning, monitoring, and control of all aspects of the project and motivation of all those involved in it to achieve the project objectives on time and to the specified cost, quality, and performance.” Being a temporary, one-time endeavor, it differs from the organization's operations and processes which are its current and permanent work to create a pro...
6 Pages(1500 words)Literature review

Global Challenges for Business Management and Leadership

This section aims at understanding the challenges faced by the United Nations due to political conflicts. In the summer of 2007, an issue in the Politically Speaking, the DPA had highlighted the increased focus on the conflict meditation. This report had also highlighted the interview with the Under-Secretary-General for political affairs. In the interview, he defended the UN against all the criticism and he also highlighted the need for finding political solutions for issues around the world. The interview also highlighted the importance of results to show the effective working of the UN. This interview also highlighted and urged critics to look at the positive along with the negatives of the UN. “The UN has knowledgeable a...
7 Pages(1750 words)Research Proposal

Asher B. Durand and the American Landscape

...ASHER B DURAND Asher Brown Durand (August 21, 1796-September 17, 1886) was an American painter of Hudson River School. He was born at Jefferson Village which is now known as Maplewood, New Jersey. He was the eighth child of the eleven children of his father who was a watchmaker and a silversmith. Durand died at the age of 90 years, an exceptional expanse of time in an era when the life expectancy was limited to 45 to 50 years in America. Durand was an accomplished etcher before he turned his attention to painting. He was the acknowledged dean of the American landscape school from his election as president of The National Academy of Design in 1845, until his death. During these forty years, he set the tone for American landscape... B DURAND...
7 Pages(1750 words)Essay

Customer Relationship Management

 Consumers started looking for variety and lower prices. Through the use of technology, such customer tradeoff against variety and prices is not necessary. The US life insurance industry is large, mature and dominated by a number of large companies and this industry has been one of the early adopters of computer technology (Subramanian & Chatterjee, 2007). The advent of the CRM systems changed the landscape of the insurance industry.

The health insurance organizations use CRM to prepare health proposals and process applications in a much faster and accurate way. The organizations are better able to understand the needs and habits of the customer and provide more efficient service. Companies are able to integrat...
9 Pages(2250 words)Case Study

Active Directory - Security, User, and Resource Management

Administrators make use of group policies to launch principles for desktop predilections and software. For many corporate information technology groups, concurrence with group policies to identify what software should be presented to each category of user, even without human intervention installing it on demand from a corporate server (Silberschatz, Galvin, & Gagine 2002. P. 838). The capability of the AD was introduced in the year 1999, its initial release was with the MS Windows 2000 Server Ed., additionally personalized to spread out functionality, security parameters and build up administration in MS Win Server 2003. The most recent better facilities and efficient edition of the AD are introduced in the Windows Server 2008...
6 Pages(1500 words)Report

The Management, Leadership and Teamwork Competencies Required by a Small Business Owner

On the other hand organizational leadership is defined as the ability based on the specific skill of an individual to lead his/her subordinates in a manner that pre-planned organizational goals could be achieved within the defined time-frame.

According to Burns (1978) and Bass (1985), transformational leadership has a set of category constructs such as values, morals, farsightedness, long term goals, principles, acute awareness about the dividing line between causes and symptoms, mission statements, strategic perspectives, and human resources. Similarly, they identify a set of category constructs in the transactional leadership also. For instance concentration on the task at hand, short term goals and tactics, confusion co...
6 Pages(1500 words)Coursework

Management: Social Responsibility and Ethics

When we speak about business management, most people talk about the core business functions like strategies, products, training & development, management of various departments of the business like marketing, production, planning, etc. Social responsibilities and business ethics are the least communicated topics in the business community because of the least preference given to the non-productive sectors by organizations. Most of the greedy organizations spent millions on the research and development for improving their competitive power in the business world, but they often keep a blind eye towards their responsibility towards ensuring proper ethical standards in their business activities. Organizations that underestimate the...
6 Pages(1500 words)Coursework

Information Security Management

Security is a group of activities that include the policies, measures, and actions which are utilized to stop unlawful access or alteration, theft, and physical damage to information or computer. Security can be supported by an assortment of techniques and tools to safeguard computer hardware, software communications networks, and data (Laudon & Laudon, 1999, p. 502). In the modern age of information technology, there are many threats happened for organizational information. We need a security model that has the ability to manage and secure our information reserves. Technical administrative safety /security measures like security plans, actions and techniques are the main practices for the organizational information security m...
10 Pages(2500 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Risk Management for FREE!

Contact Us