Risk Management Cycle Essay

2366 words - 9 pages

Risk Management CyclePlans of risk assessment and management are essential to successful discharge and community care for the rapidly increasing population of children and their families. According to Aufseeser-Weiss (2000), "risk management is an objective strategy that seeks to eliminate or decrease the chances of financial loss and legal action. Risk management focuses on an actual mistake, an accident, or a potential similar occurrence". It needs to be considered at various levels and the theories applied to a number of areas embracing both clinical and environmental risk. The positive and negative characteristics of taking risks must be considered, but in general the approach for these children requires a creative attitude, in partnership with parents, aimed at enabling the achievement of ordinary childhoods. "Children are at a higher risk for medical error than other patients and also may be more vulnerable to harm when errors are made because of their immature physiology." (Hughes & Edgerton 2005)The business of health care is, by its very nature, is full of risks. Risk management is about providing an appropriate structure and opportunities for health workers and parents to make informed decisions, use correct result and make choices from a range of choices. The in-charge of every institute has overall responsibility for risk management, but managing risk is a responsibility for all members working within and across institutes. When we discuss the case of private and voluntary providers, we see that clinical responsibility remains with the referring doctor, while risk management concerning services and resources is the responsibility of the private/voluntary provider. In practice, many team members who work in multi-agency partnerships to deliver a package of services find it favorable to develop joint approaches to risk management. According to Colling (2009), all members of a team should understand the concept of HVA. "The term Hazard Vulnerability Analysis (HVA) is frequently referred to in the management of healthcare organizations. This term includes security vulnerabilities as a subsection of the broader, more inclusive hazards commonly considered a part of the risk management or emergency management responsibility." (Colling & York 2009)All heath care centers are obliged to follow local practice to evaluate, register and manage risks. A risk register is a method of sorting risks that are hard to control, or that have not been resolved at an organizational level. Depending on the situation, this method should lead to actions that bring about a change in practice. The process may make possible individualization of policies and procedures to suit the individual needs of children and their families. Good practice consists of close participation and connection with the organization's risk manager. "Risk managers may need to develop policies or guidelines to apply the law to specific situations." (Kavaler & Spiegel 2003)Such...

Find Another Essay On Risk Management Cycle

The Risk Analysis Decision Making Tool

1010 words - 4 pages , and facilitates the creation of methods to avoid or reduce these risks. The technique employs risk assessment, risk management, and risk communication into its process.According to Wharton (1992), risk assessment is the articulation of risk in terms of their likelihood and seriousness. Risk assessment involves three fundamental processes. The first is the identification of risks. This produces a list of risk items that can be evaluated. The second

Project Management Paper

1009 words - 4 pages planning a project is to completely define all aspects of the project so that the management team can develop a documented project plan so that all participants of the project will understand what purpose they will serve throughout the duration of the project. The planning phase also includes a risk analysis of the project and identification of the project stakeholders for project updating purposes. The third phase of the project life cycle is the

Software life cycle

966 words - 4 pages end such as system is delivered in one piece and only documents are available before that. As we can see, the waterfall model's biggest disadvantage is no flexible. We must follow the step if the model has been designed. It can't most appropriate for the maintenance.Spiral model (Boehm) each cycle produces something to be evaluated, but not necessarily a usable system. Moreover, The Spiral model has the risk of analysis which the waterfall model

Project Management

1165 words - 5 pages time it will take to complete certain project tasks and complete the project in its entirety, staff and other resources required, and the risks involved in investing in the project. The results of the feasibility study may determine whether or not management will approve the funding for the project and allow it to continue. The second phase of the project life-cycle is Planning. Planning involves creating a project plan, defining the resources

International Product Life Cycle

932 words - 4 pages the dynamics of comparative advantage and draw inspiration from the product life cycle to explain how trade patterns change over time. His product life cycle described an internationalization process where in a local manufacturer in an advanced country begins selling a new, technologically advanced product to consumers in its home market. Production capabilities build locally to stay in close contact with its client and to minimize the risk that

The Sydney Opera House

3355 words - 13 pages finalized (Pinto, 1998). So it was bit of a gamble and a huge experiment in the construction history and that too was being executed with no formal detailed plan. In addition to that, the midway changes and modifications were making an already poorly designed project an ever-increasing challenge to tackle and solve. Risk management cycle There are four main phases of risk management cycle: Risk Identification, Risk Elimination

Disaster management

603 words - 2 pages geographical location, climate and the type of the earth surface/degree of vulnerability. This influences the mental, socio-economic, political and cultural state of the affected areaDefinition of Disaster Management"Disaster management" can be defined as the range of activities designed to maintain controlover disaster and emergency situations and to provide a framework for helping at-risk personsto avoid or recover from the impact of the disaster

International Finance

862 words - 3 pages major fluctuations in exchange rates, stock market prices and in the credit rating of counter parties. Additionally, the business risk inbuilt in the primary business of an international corporation, which is dealt with by long term strategic planning and business cycle monitoring, the international corporation has to deal with financial risks. Some of them are listed below (Bostas, 2005).1. Interest rate risk - The risk of increased funding costs


997 words - 4 pages MN20275 Project Management - Reading Guide (Weeks 1-4, 7, 9)Key:Main textbooksMaylor - Harvey Maylor, Project Management, FT Prentice Hall, 4th ed 2010. (Plentiful copies on the library shelves.)Nicholas - John M. Nicholas and Hermann Steyn, Project Management for Business, Engineering, and Technology, Elsevier, 4th edition, 2012 (available as an e-book from the library website - also some paper copies on the library shelves).Journal titlesIJPM

National Preparedness

1026 words - 5 pages Presidential Policy Directive 8 revolves around national preparedness. It’s main goal is to strengthen “… the security and resilience of the United States through systematic preparation for the threats that pose the greatest risk to the security of the Nation, including acts of terrorism, cyber attacks, pandemics, and catastrophic natural disasters…” (Presidential Policy Directive / PPD-8: National Preparedness, 2011). It directs the government

Working Capital Management

1394 words - 6 pages Efficient working capital management is an integral component of the overall corporate strategy to create shareholder value. Working capital is the result of the time lag between the expenditure for the purchase of raw materials and the collection for the sale of the finished product. The continuing flow of cash from suppliers to inventory to accounts receivable and back into cash is usually referred to as the cash conversion cycle. The way in

Similar Essays

Risk & Uncertainty Essay

2291 words - 9 pages Introduction In order to tackle the issue surrounding the definition of the terms “Risk & Uncertainty” we should look at the general framework of project management which is a business and management of the changes that may occurred during the life cycle of the project because of the circumstances surrounding it including political perceptions, and the value management which are vital in taking decisions. Although, there have been a number of

Introduction Essay

632 words - 3 pages Introduction The term technology life cycle could be elucidated as the business cycle of a product because it focuses on how the technology affects the product and the different stages of the technology. It includes the research and development process, stages of growth, maturity and the decline stages of the technology. Furthermore, it describes commercial profits of a technology, time taken to recover costs based on risks. It is also crucial

Flayton Electronics Case Study

1157 words - 5 pages Introduction The risk management plan is for Flayton Electronics following their breach in security of their customer’s information. The document provides an explanation and description of the risk management process undertaken throughout the life cycle of this project. The project manger will be responsible for reviewing and maintaining the Project Risk Management Plan. The manager will ensure that all the risk process factors are

Risk Management Essay

1088 words - 5 pages Risk management has become an integral part of an organization. Expectation from the risk managers are increasing in order to meet up with the increasing competition and changes in the market. Currently the risk management techniques are having broader spectrum which covers operational, strategic and the entire enterprise besides being focused only into the financial risks. ERM (Enterprise Risk Management) is the need of hour and market is