Risk Management Plan Essay

1735 words - 7 pages

Risk is the possibility of negative event happening due to action or omission of any outside forces. By knowing the nature of event we can propose a plan to prevent negative consequences. Proposed plan is called risk management plan. The research of origin of a problem is root cause analysis. Risk management involves the creation of the necessary infrastructure and culture for healthcare business, and consists of several steps, connected by each other:
1. Identify causes and the main factors of risk;
2. Identification, analysis, and risk assessment;
3. Decision-making on the basis of the evaluation;
4. Reduce the risk to an acceptable level;
5. Monitoring the implementation of planned activities;
6. Analysis and evaluation of risk solutions.
One way to improve the efficiency and quality of care is the risk management system, identifying, assessing impacts, and developing counter tactics designed to limit accidental events causing physical and moral harm to the healthcare organization, its patients and staff.
There are large number of errors happen in health care at all levels, most of them end favorably, without injury to personnel and patients. Only a small portion of cases ends causing significant harm and even death. In this situation, a clear link between the errors of staff, healthcare organization, and patients injury cannot be detected.
Risk Management was formed to bring stability to healthcare organization to incidents, accidents, and losses. It reveals hidden hazards and work out countermeasures. System analysis of a risk management demonstrates its complexity. Causes of errors have human and system components. Human errors are inevitable.
“Our current economic climate is continuing to force healthcare organizations to evaluate operational efficiencies. Maximizing profits, or at least not operating at a loss, has long been at the forefront of business objectives. Very few organizations can survive in the long run without meeting their expenditures.” (Hall, 2010)
It is believed that every organization has a system to prevent errors, and it has to be modified frequently, due to current conditions and new obstacles, which routinely arise. Many defects do not occur only because of staff’s action, but they may correlate with several not linked to each other episodes. The goal of risk management plan is to collect data, analyze, and give recommendations to prevent future errors.
Risk Management Plan.
1. Potential risks: patients could have lost a limb, lost a lot of blood, suffered a stroke, had an allergic reaction to medications, or have died. Based on case study, two patients suffered harm. One patient had a surgery on a healthy ankle; the other patient had a surgery on her abdomen, which was not a problem.
2. Identifying the situation: both patients had medical emergency and came to ER for medical help. Because of series of cascading errors patients’ problems were not fixed, instead more medical problems were created. Surgical...

Find Another Essay On Risk Management Plan

What Happens when You do Not Manage Risk

1336 words - 5 pages generally do so because their leaders do two things well. (Kendrick, 2009). They realize much of the work is not new and they plan project work accordingly. Effective project risk management involves these concepts – looking backwards to avoid past mistakes and looking forward many problems can be eliminated. Project risk management involves the process of conducting risk management planning, identification, analysis, response planning, and

Risk Management Essay

2464 words - 10 pages project” (Edmund .H. Conrow, 2000). Project cost, performance, and schedule, these are the factors a project manager has to put into consideration when starting a project, risk management is needed in a project before it is commenced so that the project manager has to have a backup plan and avoid the project from becoming a failure. PROJECT FAILURE simply means being unable to meet with the project requirement or the satisfaction of the client

Risk Management

1092 words - 4 pages safety is always a priority; • Employees will be given the proper guidance, direction and consequences in order to gain and maintain a healthy risk management culture; • Communicate to all staff the importance of the organizations assets and resources, as well as its employees, is an important, shared responsibility. (Head and Herman, 2002, p. 97) As a manager within my organization I plan to look at things in a broader, strategic risk

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

The Risk Management Process

1973 words - 8 pages Risk Management Process Identify Risk Risk identification, focuses on identifying which risks will affect a project, by looking at the project plan, the work breakdown structure, the project charter and other project related documents (PMBOK, 2008). Broad risk categories are human resources, technology changes, quality and performance issues, customers, vendors, management, funding, political, legal, market forces and environmental issues

risk and quality managment assessment

916 words - 4 pages business improvement. Establishing new policies that allow the hospital to stay in regulatory compliance. Implementing the systematic system reduces risks and improves quality of care because the risk management plan defines Little Hugs Children's Hospitals goals, defines scope, component, and methods. Collaborates responsibility between risk and quality management by working together, implementation of new policies and procedures reduces risks

Most Expensive Computer Bug

720 words - 3 pages and mitigation. Every project plan should incorporate some form of a risk management plan. A risk management plan details the steps to identify risk, the severity the risk poses to the project if it were to occur, and the steps to be taken to mitigate the risk.Identifying risk is critical in the risk management process. Risks can be determined by several methods: analysis of the project plan for failure, analysis of similar projects, review of

Risk Management

1729 words - 7 pages well they responded to the issue and uses this as the basis for planning around that Risk Management issue in real life There are more tools and techniques from project management that can be used. Stakeholder analysis - many of the risks arise from the requirements of the stakeholders. Therefore a stakeholder management plan is a first step in risk management. Documentation - proof of risk management is not just an incident free, successful

Operations and Supply Chain Strategy

2577 words - 11 pages critical for companies to plan for disruptions as well as develop contingency plans while designing and redesigning their supply chains. Companies require understanding the interdependencies of their supply chain; identify the potential risk factors as well as their likelihood, severities and consequences. The risk management action plan can be developed in order to avoid the identified risks or mitigate, control and contain them in case they occur

Red Cross in Haiti

520 words - 2 pages a risk management plan. Upside risk are uncertainties that affect the project objectives in a positive way (Hilson, 2003). By applying a risk management plan within a project that incorporates upside risk organizations could increase the probability of positive outcomes and decrease the probability of negative outcomes (PMBOX,2008). The Red Cross included positive risk when dealing with uncertainties. Therefore, the definition of risk should include upside risk, as the positive outcomes are as important as reducing the negative risk. As organizations also look at the upside risk when doing risk planning.

The Sydney Opera House

3355 words - 13 pages the risk is supposed to be managed in the areas such as planning, budgeting, cost control, quality and scheduling of the project. Moreover, it demonstrates that risk has to be identified before it could be effectively managed. With the proper identification, the projects go into a blind mode and potential threats are ignored which can easily lead a successful project into a failed project. A poorly designed risk management plan will bring in

Similar Essays

Risk Management Plan Essay

2514 words - 10 pages working, I have not heard any complaints whether it be out right or through the grapevine. I have also put together an alternative plan just in case this one does not work. If this risk does turn into an issue my alternate plan would be to escalate the issue to the owner who would have the authority to force them into training or have him negotiate with them on our behalf.Risk Management PlanThe Process for Risk Management will address, identify

Risk Management For Supplier Global Expansion Plan

1107 words - 4 pages its scope, budget, change management, business performance objectives, and schedule.The Risk Management Plan is used as guidance to all the involved team members on managing the project wide risk levels and the team level risks. The process of risk management also allows the project to create strategies to efficiently and effectively attend to the potential obstacles that may arise to hinder the success of the project. When the project scope is

Quality Projects Ltd Risk Management Plan

883 words - 4 pages Quality Projects Ltd risk management plan Quality Projects Ltd, a project management firm in Asia’s construction industry utilizes COBIT model to deal with its risk exposures relating to information systems. The main purpose is to make sure that there is proper information technology administration. In this case, COBIT is an information technology establishment model, also a reinforcing instrument. The model not only grants managers ease of

Home Depot's Task And Risk Management Plan

2005 words - 8 pages to be acceptable•resources required to carry out the planned actions (Treasury Board of Canada, 1993)The following chart displays a risk assessment chart providing manage or mitigation options.Change Management PlanTo institute this project successfully into Home Depot's almost 2,000 stores, the projectteam must develop a change management plan that will assist in the project's success. This project will transform the entire organization