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Risk Management - Research Paper Example

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The role of risk management in operations management Name Institutional affiliation Tutor Date The role of risk management in operations management Every business faces a certain amount of risk in its daily operations and has to deal with the outcomes of such risk, whether positive or negative…
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Risk Management
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Risk Management

Download file to see previous pages... It is vital to define the term “risk” before embarking on a discussion about managing risk. Generally, risk can be termed as the uncertainty over possible future deviations from the objectives of a given organization. Such deviation may be caused by certain events or circumstances whose consequences may be positive or negative (Hopkin, 2012 pp.14). Simply put, risk is anything that can potentially cause negative or positive effects on the implementation of established business objectives (Longenecker et.al, 2006 pp.463). Since corporate objectives are diverse in nature, there are many types of risks that a business may be forced to tackle. Types of risks There are different types of risks facing an organization, depending on the operations of the specific organization. Nonetheless, the following are a number of general risks that each and every business has to deal with in its normal operations: Hazard risks Hazard risks are the types of risks that only result in negative outcomes for the business. According to Hopkin (2012, pp.15) these are the types of risks that an organization faces during daily operations. ...
Such risks are deliberate and the business invests in such risks in order to gain in future. Although opportunity risks are intended to bring about positive results, there is no guarantee that such results will always be positive. Most opportunity risks involve the financial aspects of the business and may entail; invest in equity shares, opening up new branches, producing new products, and moving to new locations (Sadgrove, 2005 pp.211). Control risks There are those types of risks that can be generalized as neither negative nor positive, in terms of the outcomes they give. Such risks give the business a certain level of uncertainty about the future and are mostly associated with the profit a certain project may bring to the business. Hopkin (2012, pp.17) states that an organization is forced to deal with the tentative effects of projected results versus the actual results. For example, an organization may start a project and somewhere in the middle, the project collapses or data and records appertaining to such a project may get lost. Such events bring about negative outcomes, as opposed to what was expected of the project. Risk management Risk management involves identifying and analyzing the possible outcomes of future events to ensure that their impact will be favorable on the business. Accordingly, the impacts of negative events are minimized, while the potential positive events are maximized. In order to ensure the control over risk, any business needs to have clear goals for risk management. Goals of risk management Risk management aims at minimizing operational uncertainties and losses (Steinberg, 2011 pp.75). Risk management aims to protect the business from liability by focusing on ...Download file to see next pagesRead More
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