This website uses cookies to ensure you have the best experience. Learn more

Risk Management Strategies Essay

3082 words - 12 pages

Introduction

Financial or technical, commercial or legal, the risk can affect an organization at any given time. Operations and compliance along with laws and regulations input by an organization have an important role in controlling the factor of risk within a project. As Pinto (2013) well noticed, projects tend to operate in an environment composed of uncertainty. There are projects that succeed and others that fail. The difference between these two types of project is given by the plan developed as well as the level of risk. More so, in the event in which the critical path for a project has a high level of risk, the way the resources are used once the risk factor was identified becomes crucial for the success of the project.

Risk Management

Risk Management is the science that identifies analyzes and responds to the risk factors throughout the life of a project (Pinto, 2013). Before a project is put in place and a plan that goes along created, the Team Management for the project needs to make sure that is identifying and controlling the risk associated with the project. The team needs to consider any unexpected situations that might appear and try to come out with a strategy of mitigation in the event in which the factor of risk is happening throughout the life of the project. At the same time, the management needs to be able to analyze the probability of the risk to happen and the consequences that are taking place once the event took place. Once the factors of risk are identified, the manager needs to make sure if and at which extent the factor of risk is going to impact the critical path of the project.
The healthcare industry is focused more on benchmarking and measuring. Therefore, operational efficiency represents a highly important for the medical providers. The health care operations companies are looking to operate at no loss and if possible to maximize their profits. Considering that health care companies are evaluating operational efficiencies, meeting their expenditures can help the healthcare organizations survive on the long run. (Hall, n.d)
The risk management strategies are presented easily with the help of an important tool, the risk matrix. There are people that are willing to take a high level of risk while others are not ready to risk anything; unless they are reassured that nothing will go wrong. According with Onkuwa (2010) this group of people is interested more in preserving capital and reputation. They are unlikely to take an unacceptable level of risk for high gains. Regardless of the type of risk taker one is, having a method of determining and estimating the level of risks is crucial in any business and organization. Different levels of risk have different approaches and handling strategies.

Critical Path at Risk

According with Pinto (2013) the risk management is a four-stage process. The first step in the process is represented by the risk identification. In this step, the critical path is identified and any...

Find Another Essay On Risk Management Strategies

Risk Management Essay

1092 words - 4 pages , the organizational goals would be established while teams comprised of management and staff, meets to identify strategies. After establishing goals and identifying strategies, I will then incorporate a risk manager who will support and organize strategic risk management and safety programs, along with the ideas of management and staff. Getting everyone involved makes risk management everyone’s responsibility. To accomplish these efforts, a

Risk Management Essay

2464 words - 10 pages In recent times, risk management has become one of the most important aspects of project management because of the rate of financial crisis and natural disaster in the world right now and the rate of increase in expectation from the stakeholder in an organisation. But firstly, project brings about risk management so what is project? Project can be defined as a group of people working in a unique way in a period of time to achieve a specific goal

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

Application Essay to The Financial Risk Management Program

916 words - 4 pages STATEMENT OF PURPOSE My short-term goal is to help a firm manage its financial risk by developing and applying effective risk management strategies. My long term goal is to lead an enterprise wide risk management program for a multi-national company. My experiences in IT Risk Services, Accounting Audit and Structured Finance Advisory Services at the Big Four firms helped shape my career goal and created a strong fascination for

Operations and Supply Chain Strategy

2577 words - 11 pages Introduction Supply Chain Risk Management (SCRM) denotes the identification of likely sources of risk as well as the implementation of suitable strategies through a synchronized approach among supply chain parties, to condense supply chain susceptibility to potential risks. SCRM has of late gathered increasing attention in the context of supply chain and its management . Currently, global competition is increasingly intensifying and the supply chains are

Flayton Electronics Case Study

1157 words - 5 pages of the other. These factors include the time period of the project, the budget allotted to cover the entire project, the tools and techniques required for a project, the challenges and complexities involved in a project, and the use of tests and strategies. The size of the project can be divided into three main categories, small, medium, or large (Hillson & Simon 2012). The size of the risk management project for Flayton Electronics is

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

International Financial Management: BHP

1862 words - 8 pages financial statements such that it reflects the international currency that is mostly used by competitors and affects sales in the international market. Hence, the recommended improvements in BHP company financial risk management policy in including risks analysis and risks assessment policies so as to identify risks that have the potential impact in the business organization so as to develop the appropriate strategies in dealing with the risks

Risk Management

1729 words - 7 pages Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The

Understanding Change Management

536 words - 3 pages minimizing or eliminating the unintended consequences of change. References: Change Managing Learning Center. (2014). The case for change management: Costs and Risks of Poorly Managing Change. Retrieved from http://www.change-management.com/tutorial-case-mod5.htm Kevin K. (May 2010). Change Management Issues and Risk Mitigation Strategies for the Enterprise. Retrieved from http://www.mastech.com/PDFs/Mastech_White_Paper_Change_Management_May_2010.pdf

Theories for the Accounting Department of an Organization

1967 words - 8 pages particular and with the help of effective strategies, organizations can decreased the association of risk. Among numerous things and models, the name of COSO ERM is one of them and all of the ERM based analysis would have been done accordingly. There are certain sections, which have to be complete in this particular section of literature review, like importance of the ERM and its applicability as well in particular.   Enterprise Risk Management

Similar Essays

Risk And Strategies Essay

1270 words - 6 pages negative acceptance risk into an opportunity. Each project comes with risks—unknowns that can have positive or negative consequences. There are risks at every stage of the project process including assurance of senior management commitment, scope, quality, integration and acceptance. The risks described above are only a few of the possible risk for each stage of this project. Identifying risks and strategies to mitigate or take advantage of

What Is Meant By The Term Foreign Exchange Risk And Explain And Illustrate Those Strategies That Are Available To A Multi National Enterprise To Deal With Such Risk

2286 words - 9 pages lesser extent sales proceed from Toyota's Europe sales produced in UK.The first step in management of corporate foreign exchange risk is to acknowledge that such risk does exist and that managing it is in the interest of the firm and its shareholders. The next step, however, is much more difficult: the identification of the nature and magnitude of foreign exchange exposure. In other words, identifying what is at risk, and in what way.The task of

Risk Analysis Paper Global Business Strategies Mgt

2463 words - 10 pages /supply chain risks. In the end the risk analysis will illustrate to the reader a clear view of Fisher Price's operation as it pertains to today's market.SWOTT AnalysisStrengths of Fisher PriceSubsidiary of the Mattel Corporation (world leader in toy products)One of the 10 most recognized brands in the world (98% consumer recognition)Sales exceed one billion dollars annuallyReputation in the toy industry as an organization that thrives on educating

Risk Management Essay

2248 words - 9 pages (D’Arcy and Brogan, 2001). Risk management is a integrated process and risk manger need to assist the company’s business process are constant with its strategies, and the what is the relation between risk management and the investment and performance choices (Nocco and Stulz, 2006). Organisations should develop a risk management long term strategies depending on the business environment and shareholders and executive management risk tolerance