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.

Risk identification is an underdeveloped art Discuss and include an overview of risk identification aids and techniques in yo - Essay Example

Comments (0) Cite this document
Summary
Risk identification Is Risk Identification an Underdeveloped Art? Modern business is fraught with several uncertainties associated with risks. In spite of the sophisticated forecasting techniques adopted by the progressive managements, there are several factors which are not in the control of the business, causing uncertainties in the business…
Download full paperFile format: .doc, available for editing
Polish This Essay91.9% of users find it useful
Risk identification is an underdeveloped art Discuss and include an overview of risk identification aids and techniques in yo
Read TextPreview

Extract of sample
"Risk identification is an underdeveloped art Discuss and include an overview of risk identification aids and techniques in yo"

Download file to see previous pages These entrepreneurs are called trendsetters in a market. In a dynamic environment, swift business decisions are required to be taken in response to the fast changing environment. This adaptability is essential for the survival of the business. Risks in a business cannot be avoided. Is the management risk averse? Risk is inevitable in a business process and it is involved in every activity of the business, though the degree of the risk is insignificant in many cases. Therefore, the approach should be: Is a particular risk tolerable, considering the willingness and ability of the management to take risk? The business decisions need to be consistent with the management’s policy with regard to risk. In all other cases, the management has to decide whether the risk is acceptable at all. Therefore, risk identification is a continuous process in an organization to evaluate the risk potential of the business decisions, its impact on the business in the worse scenario and the risk reward ratio. Risk Analysis If risk identification or analysis is considered as an art, the passion and ability for analysis on the part of the personnel is important, and the management’s recognition and support for this function should form the basis for its efficient and successful functioning and contribution to the business development. Risk analysis or risk identification in this sense is as a continuous process as a part of the management function with necessary authority at its disposal and suitable place in the management structure. Risk analysis calls for collecting information from external and internal sources. The analyst needs to possess the analytical ability and proficiency in using various analytical tools for the purpose of analysis. Collection of information from the internal sources through various periodical reports, surveys, job cards and other records is a regular process. Classification of this information for various analytical purposes for the current use or storage of the classified information for future use is important. The information has to be cross-verified for its correctness and reliability by using various auditing and other techniques. The information is analyzed for abnormalities or other indications and recorded either for future use or further action by the different departmental heads. Barron and Barron (2011) suggest keeping the management informed of project risks and potential impacts at all times. The understanding of the business by the analyst in this process is enhanced and it would be useful in evaluation of the strengths and weaknesses in the system. Strengths and Weaknesses of the Organization Analysis of the internal strengths and weaknesses of the organization is the first step in risk identification because opportunities and challenges in the environment have to be analyzed in relation to the strengths and weaknesses of the organization to evaluate the preferred course of action or to formulate adaptive strategies. Starr et al. (2003) state, ‘Enterprise resilience is the ability and capacity to withstand systemic discontinuities and adapt to new risk environments. A resilient organization effectively aligns its strategy, operations, management systems, governance structure, and decision-support capabilities so that it can uncover and adjust to continually changing risks, endure disruptions to its primary earnings drivers, and create advantages over less ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Risk identification is an underdeveloped art Discuss and include an Essay”, n.d.)
Risk identification is an underdeveloped art Discuss and include an Essay. Retrieved from https://studentshare.org/management/1462377-risk-identification-is-an-underdeveloped-art
(Risk Identification Is an Underdeveloped Art Discuss and Include an Essay)
Risk Identification Is an Underdeveloped Art Discuss and Include an Essay. https://studentshare.org/management/1462377-risk-identification-is-an-underdeveloped-art.
“Risk Identification Is an Underdeveloped Art Discuss and Include an Essay”, n.d. https://studentshare.org/management/1462377-risk-identification-is-an-underdeveloped-art.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Space tourism risk identification and analysis
Let me review the primary methods of Risk Identification used worldwide. My source is Loosemore, Raferty, Reilly and Higgon, Risk Management in Projects (2006), London, England: Taylor & Francis Publishing. Checklists: Generic checklists are like Risk Register matrixes: they can be adapted to suit the project and/or organization.
3 Pages(750 words)Essay
Risk Management Overview
Business risk is the probability that a business or organization will have less profit than expected and thus leading to limited ability to carry out its normal day to day operations (Devine, 2006). The standard operations every company or business carries out include; paying rent, wages, salary, petty cash, paying taxes.
3 Pages(750 words)Essay
Identification
The United States, unlike other countries such as Japan and Germany, has not employed this system of running the economy. Though the system has worked very well in the above mentioned countries, the United States continues to thrive well without its enforcement.
10 Pages(2500 words)Essay
Identification
In the political world, one does not hide his or her standpoint like it happens in lecture rooms. It is therefore inappropriate to state that democracy is absolutely perfect. As matter of fact, it has been argued that democracy can also be a bad form of government (Ingram 2).
10 Pages(2500 words)Essay
Identification
Still, it aimed to deter racism and discrimination that had affected so many people. The roots of this party dates back to the introduction of the pro-labor reforms, which were enacted by the Fair Labor Standards and the Wagner act. The Dixiecrats was the strongest movement in the southern states with the largest African American populations.
5 Pages(1250 words)Essay
Risk identification is an underdeveloped art Discuss and include an overview of risk identification aids and techniques in yo
Whenever a project is undertaken, an entity is open to number of potential risks. These risks may lead to such events that would prevent the project from processing as planned. However, they might not be evident at the time when decisions for the investment is taken and if they are not identified in advance company would have to bear costs and financial loss (HENRIK, 2007).
5 Pages(1250 words)Essay
Risk Identification
Interestingly, where risk is described, defined and explained, it falls very much within the realm of science. However, when we talk about talking it, it shows its effect in the form of an art. This is because of the fact that chalking out the premise for any school of thought is the easy part; the problem arises when on ground realities are to be dealt with in real-time.
4 Pages(1000 words)Essay
Risk Management Overview
Risk Management is thus a strategic measure that allows management identify the potential risks, assess, analyze and evaluate them and take
5 Pages(1250 words)Essay
Identification
riences in two positions which are at Al-Adwa’a Institute as a training and development supervisor from January 10, 2008 to March 30, 2010 and summer training at Saudi Arabia Airline in the summer of 2008. In Saudi Arabia Airline, I worked in the Aircraft Reliability Program
1 Pages(250 words)Essay
The Global Significance of the Middle East
For instance, the region is holds crucial natural resources that many countries across the globe depend on1. Similarly, the global religious influence of the Middle East is
1 Pages(250 words)Essay
Let us find you another Essay on topic Risk identification is an underdeveloped art Discuss and include an overview of risk identification aids and techniques in yo for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us