Risk Assessment Essay

710 words - 3 pages

Every management consultation has a series of processes in order to achieve the end goal. Russell Landing Marina (RLM) is using this process in order address their problem of increasing efficiency in the workplace by accurately accounting for customers because all are transient active duty military members. Previously identified solutions have already been discussed. These solutions have been determined to be the most practical to solve the problem. The next step in the process is to identify the risks associated with each solution in order to gain a better understanding of what will help the most realistically and fiscally. “Risk is an essential part of business because firms cannot operate without taking risks” (Fadun, 2013).
A risk assessment is the “process of identifying potential risks, quantifying their likelihood of occurrence, and assessing their likely impact on the project” (Wideman, 2002). This process is quite time intensive and there are many different varieties dependent on the situation. For example, the US Army uses Risk Management (RM) as a tool to analyze and develop controls for hazards posed to soldiers during training exercises. This tool can be used in the business world as well as for RLM. It is a five-step comprehensive process. The first step deals with identifying the hazard. In RLM’s case, the hazard posed is directly related to problem been discussed. Every variable that affects RLM in a way that contributes to the problem must be identified before moving forward.
The second step is assessing the hazards. This would involve retrieving as much information as possible for each of the hazards. RLM’s problem lies with how transient its customers are because of military deployments. Factors that contribute to this include what type of units are on Joint Base Lewis-McChord (JBLM) and the demand for the unit. In previous years, the need for aviation units and Stryker units has increased exponentially. This means units that are designated as Stryker or have aircraft of any capability have an increased chance of deployment. Many of units on JBLM are unfortunately Stryker and aviation units, which means that potential customers for RLM...

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