The Importance of Managing Risk - Free Essay Example

Sample details Pages: 8 Words: 2487 Downloads: 4 Date added: 2017/06/26 Category Management Essay Type Review Did you like this example? Introduction A variety of academics have provided numerous definitions of risk, with some being centred around a specific business environment and others being a more generic definition of risk. A comprehensive risk definition that is tailored around the business environment can be defined as an event that will likely lead to substantial losses for an organisation, which could also be made more dangerous by the likelihood of the risk event occurring (Harland, et al., 2003). Furthermore, The English Oxford Dictionary defines risk as A situation involving exposure to danger or The possibility that something unpleasant or unwelcome will happen. Don’t waste time! Our writers will create an original "The Importance of Managing Risk" essay for you Create order (Oxford Dictionary, 2015) Kaplan and Garrick (1981, p. 12) provide a simple equation for risk, which is risk = uncertainty + damage. They believe that it is irrelevant as to what context risk exists in, and that the same equation can always be used to identify and manage risk. However, risk can still be categorised differently depending on what facet of the organisation it is affecting. For example, supply chain risk can be defined as the variation in the distribution of possible supply chain outcomes, their likelihood, and their subjective values (March Shapira, 1987, p. 1404). This is quite different to other, more generalised definitions of risk. Risk Management Before a risk management strategy can be decided upon, the risk event must first be identified. An organisation should conduct three steps before deciding on the best risk management strategy to use. As risk management can use a substantial amount of resources, clarification and direction should be decided upon before conducting risk management. The three factors are (Stanleigh, 2015); Identification of the risk: The organisation should first review all of the possible risk sources. Furthermore, they could use a risk assessment tool to identify the risk event that may occur. Assessment of the possible risk event: Once the organisation has identified the risk, they must assess the potential damage that the risk even could case. As previously stated, the severity of the risk is an extremely important factor for an organisation to consider, as it will help shape and design any relevant risk management strategies. Develop an educated response to the risk event: After the risk has been successfully identified and assessed, the organisation can begin to decide what resources may be needed to limit or completely negate the potential risk event. Once an organisation has identified any unexpected risk events that may occur, they must focus all their resources of deciding which risk event should be tackled first. Most organisations will have a limited amount of resources, and will only be able to tackle one of two risk events at a time. If a plethora of risk events are likely to occur, this means prioritising which ones to minimise. This means that companies have to assess the impact that a risk event can have on an organisations financial and market performance, and focus all their resources to eliminate the most dangerous risks first. Risk management is imperative, and executing it unsuccessfully can have severe impact on an organisation. The extent of the consequence for not managing risk will be dependent on the risk event, but can have impacts such as; financial loss, employee injury, business interruption, damaged reputation or failing to achieve corporate objectives (SCU, 2015). There are a plethora of other potent ial consequences for not managing risk, all unique to the particular risk event, but none will other anything positive to business performance. This highlights the significance for an organisation to conduct risk management successfully. There are a few different frameworks and ideas that exist to help an organisation prioritise which risk event they should focus on minimising. One of the most comprehensive frameworks for prioritising risk is the probability and impact framework. This framework depicts independent, variability and ambiguity risks, and measures the probability that these risk events may occur and the severity they may have for the organisation if they were to ever occur. These findings can be summarised in a probability-impact matrix which is where the probability and impacts of each risk are assessed against defined scales, and plotted on a two dimensional grid (Hillson, 2001, p. 237). Furthermore, there are a few other methods for prioritising which risk even t to tackle. Risk events can also be ranked using multi-attribute techniques. For companies that want to adopt a more adaptable risk priority technique, the multi-attribute method would be preferred. This is because the attributes of interest can be selected based on the interests and prioritisation of the organisation and any relevant stakeholders. This has many similarities to a probability impact matrix, but offers a more creative and free way to define variables that will be used to prioritise risk. There are variations of this technique, including a bubble chart, risk prioritisation chart, uncertainty-importance matrix and high level risk model (Hopkinson, et al., 2008). The final technique that will be covered for prioritising risk is the use of quantitative models and techniques. These methods are not as rigorous as the previous methods, however they do still offer a few benefits for a company. The main reason a company will use a quantitative risk priority method is becau se it is an incredibly cheap method, that requires little, to no, preparation and planning. (Hopkinson, et al., 2008). This means that a quantitative risk priority method will be preferred for companies that want to prioritise risks efficiently, at a cheap cost, and using the least amount of resources as possible. Once the risk has been successfully prioritised, it must also be thoroughly assessed. There exist a few different methods of assessing risks, with two prominent methods of risk assessment being quantitative risk assessment and comparative risk assessment. Quantitative risk assessment relates to an activity or substance and attempts to quantify the probability of adverse effects due to exposure. In contrast, comparative risk assessment is a procedure used for ranking risk issues by their severity in order to prioritize and justify resource allocation (Hester Harrison, 1998, p. 2). Furthermore, comparative risk assessment is becoming the preferred method of risk asses sment for many companies across the world. This is because a comparative risk assessment has been found to be more thorough and rigorous and pinpointing the details and severity of a risk event. Furthermore, a comparative risk assessment aims to identify the more serious risk event, before moving onto tackling any other risk events. (Finkel, 1994, p. 337). There is also one other method for assessing risk events. This is through the use of the comprehensive outsource risk evaluation (CORE) system. This is a tool developed by Microsoft and Arthur Anderson to aid a company in identifying, assessing and preventing any risk events. (Michalski, 2000). The tool identifies a total of 19 risk factors and categorises them into four different sub-categories; infrastructure, business controls, business values and relationships. This gives organisations a lot of freedom, as each individual company can decide on the importance of each factor, dependent on the significant it has towards the da y-to-day activities of the organisations operations. Furthermore, after the risk has been successfully assessed through the use of CORE, it is analysed objectively through the organisations financial data and subjectively through the measurement of relationships and integration within the firm. It becomes quickly apparent that the majority risk assessment methods and techniques share a common theme, predominantly the measurement of the probability and impact of potential risk events that could occur and effect an organisations daily operations (Yates Stone, 1992; Hallikas, et al., 2002). This highlights the importance of risk assessment, and why it is an imperative skill that a risk manager should become adept at utilising. There is also one other factor that may be taken into consideration when deciding on a risk management strategy, that is the character and personality of the manager. Certain managers will follow traditional methods and not take advice from others, which a lso means they will not be willing to adapt to a risk management strategy they are unaware of, even if it proves to be more successful. After a company successfully completes the three steps mentioned above, identification, assessment and development of a response, they will be able to proceed with the fourth step. The final stage is deciding and implementing the preferred risk strategy, which has been decided through the aforementioned three steps, to best limit or negate the potential risk event. A risk management strategy is focused on identifying and assessing the probabilities and consequences of risks, and selecting appropriate risk strategies to reduce the probability of, or losses associated with, adverse events. Risk mitigation focuses on reducing the consequences if an adverse event is realised (Manuj Mentzer, 2008, p. 141). Although there exist a plethora of risk management strategies, with some being more beneficial dependent on the situation, three key risk manag ement strategies are (Norman Jansson, 2004; Juttner, et al., 2003) The Avoidance Strategy: There are two main types of avoidance strategy. The first type is where an organisation will attempt to drive the probability of a risk event occuring down to zero, or as close to zero as possible. Furthermore, the second type of avoidance strategy is where an organisation is attempting to predict the risk event. This will allow them to set in place any contigency plans to try and limit the impact to zero or as close to zero as possible. Both of these strategies have a considerable amount of uncertainty about them, as it can be very hard for an organisation to predict the details of a risk event, or the implications that one might hold for the company. The Security Strategy: A risk management security strategy seeks to minimise the risk of any event occuring. This is very similar to the avoidance strategy, however it acknowledges the fact that a risk event is going to occur, and merely tries to protect the organisation as much as possible from any effects the risk event may cause. Implementing a security strategy can be achieved via number of ways, including working closely with any local governments, proactively complying with regulations or ensuring internal security over the organisation and its resources. Control/share/transfer: This strategy can take the form of vertical intergration. This furthers the ability of a manager within an organisation to control more processes, systems methods and decision. Having greater control of the day-to-day operations of a company can help minimise the probability and impact of risk. This is because it can help spread the risk over many operations, and thus reducing the severity of the risk event. However, the need for greater control can also cause the need for greater side intergration (Anderson Gatignon, 1986), which can be difficult for companies to achieve. If the risk event will cause significant issues for an organisation, and is considered a high risk, then a company should aim to utilise an avoidance strategy. This would be best because it would minimise or completely deplete the probability of that risk event occurring. However, this can come at a huge expense to the organisation, and consumer a substantial amount of resources. On the other hand, if the risk event will have a limited impact on a companys performance, and is considered a low risk event, then a security strategy may be more suitable as it will protect the companys operations and resources from the risk event. Deciding on the most optimum risk management strategy to use can be an incredibly difficult job for any manager to accomplish. If the manager chooses the wrong risk management strategy then the risk event could cause substantial problems towards the organisations financial and market performance. One of the most significant factors that can affect the decis ion of which risk strategy to pursue is the severity of the risk (OSBIE, 2015). Conclusion There are a variety of steps that a risk manager should go through in order to successfully implement a risk management strategy. One of the most importance stages of this process is to spend ample time identifying and assessing the risk, so that a clear and concise strategy can be decided upon. If the risk manager acts without knowledge, then they could implement the wrong risk manager strategy, thus wasting resources and still allowing the risk event occur. Furthermore, the risk manager should attempt to utilise an avoidance strategy in most instances, by predicting any likely risk events that may occur and putting in place any relevant contingency plans to handle these events. However, due to a number of factors including limited resources, it is not always possible for a company to do this, in which case they should focus on a risk management strategy that limits the effects of the risk event, instead of avoiding it completely. The majority of risk events can be spotted with careful planning and analysis, and some sort of action can be put in motion to at least limit the effects of the risk event that will occur. Bibliography Anderson, E. Gatignon, H., 1986. Models of foreign entry: a transaction cost analysis and propositions. Journal of International Business Studies, 17(3), pp. 1-26. Finkel, A., 1994. Worst things first: The debate over risk-based national environmental priorities. 1st ed. Washington: Resources for the future. Hallikas, J., Virolainen, V. Tuominen, M., 2002. Risk analysis and assessment in network environments: a dyadic case study. International Journal of Production Economics, 78(1), pp. 45-55. arland, C., Brenchley, R. Walker, H., 2003. Risk in supply networks. Journal of Purchasing Supply Management, 9(2), pp. 51-62. Hester, R. Harrison, R., 1998. Risk assessment and risk management. 1st ed. Cambridge: Royal Society of Chemistry. Hillson, D., 2001. Extending the risk process to manage oppurtunities. International Journal of Project Management, 20(3), pp. 235-240. Hopkinson, M., Close, P., Hillson, D. Ward, S., 2008. Prioritising Project Risks: A Short Guide to Useful Techniques, Buckinghamshire: Association for Project Management. Juttner, U., Peck, H. Christopher, M., 2003. Supply Chain Risk Management: Outlining an Agenda for Future Research. International Journal of Logistics : Research Applications, 6(4), pp. 197-210. Kaplan, S. Garrick, J., 1981. On The Quantitative Definition of Risk. Risk Analysis, 1(1), pp. 11-27. Manuj, I. Mentzer, J. T., 2008. Global Supply Chain Risk Management. Journal of Business Logistics, 29(1), pp. 133-155. March, J. Shapira, Z., 1987. Managerial perspectives on risk and risk taking. Management Science, 33(11), pp. 1404-1418. Michalski, L., 2000. How to identify vendor risk. Pharmaceutical Technology, 24(10), pp. 180-184. Norman, A. Jansson, U., 2004. Ericssons proactive supply chain risk management approach after a serious sub-supplier acciden. International Journal of Physical Distribution Logistics Management, 34(5), pp. 434-456. OSBIE, 2015. Select Appropriate Risk Manag ement Strategies. [Online] Available at: https://osbie.on.ca/risk-management/manual/SelectStrategies.aspx Oxford Dictionary, 2015. risk. [Online] Available at: https://www.oxforddictionaries.com/definition/english/risk Rhee, S. J. Ishii, K., 2003. Using cost based FMEA to enhance reliability and serviceability. Advanced Engineering Informatics, Volume 17, pp. 179-188. SCU, 2015. Risk Likelihood and Consequence Descriptors. [Online] Available at: https://scu.edu.au/risk_management/index.php/4 Stanleigh, M., 2015. Risk Managementthe What, Why, and How. [Online] Available at: https://www.bia.ca/articles/rm-risk-management.htm Yates, J. Stone, E., 1992. The Risk Construct. 1st ed. New York: Wiley and Sons.

Essay about outline on Frankenstein - 3183 Words

Frankenstein by Mary Shelley In the Gothic novel Frankenstein, Mary Shelley integrates the rhetorical devices figurative language, imagery, and tone to impart the concept that the desire to acquire knowledge and emulate God will ultimately result in chaos and havoc that exceeds the boundaries of human restraint. 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Impact of Terrorism on Pakistan Economy Free Essays

The Effects of Terrorism Tourism on the Economy of Pakistan Pakistan is one of the poorest countries on the planet, ranking 171st in the world on the GDP per capita measure, according to the CIA’s World Factbook. Terrorism is a big detriment to Pakistan’s development, including its tourism industry. Terror attacks are common in the country, and even Pakistan’s former Prime Minister Benazir Bhutto was killed as a result of a suicide attack in 2007. We will write a custom essay sample on Impact of Terrorism on Pakistan Economy or any similar topic only for you Order Now 1. The Effect on Tourism oTourism is underdeveloped in Pakistan. Most of the people who visit the country are people of Pakistani descent who make up the Pakistani diaspora in the U. S. and other countries. Accordingly, the effect of tourism on the economy of Pakistan is negligible. That said, if the security situation improves, Pakistan could become a fairly popular tourist destination thanks to its unique culture and geography (Pakistan boasts a beautiful mountain terrain of the Himalayas, among other attractions). Terrorism Hinders Commerce oAccording to a presentation of the Lahore School of Economics, terrorism has a negative impact on the national economy of Pakistan. The threat of terrorism not only diverts resources to security spending, driving up costs for businesses, but also creates instability about business prospects in the country. Businesses find it difficult to obtain bank loans and get into long-term contractual obligations. o Insecurity Hampers Investment oInsecurity that results from terrorism hampers the Foreign Direct Investment that goes into Pakistan. Investors fret that terrorism may lead to Islamic extremists taking power, destabilizing social and economic structures in the country. How to cite Impact of Terrorism on Pakistan Economy, Papers

Issues in Information Behaviour on Social Media

Question: Discuss about theIssues in Information Behaviour on Social Media. Answer: Introduction Social media has developed into an application which has encroached every sphere of our lives and is having major impacts on our ways of living, playing, socialising, learning and working. It provides a rich environment along with golden opportunities which assist in the analysis of information behaviour. The primary reason for this is the large amount of information in various forms such as images, videos and text are being stored in repositories that are accessible to the public and also in the consumers personal devices (Williamson et al., 2012). The social networking sites are very popular in the contemporary world and almost 10% of the total time which is spent on the internet is on the SNS. Sites such as Facebook, LinkedIn and MySpace provide the users with the social links and also a network of professionals while platforms such as YouTube as well as Flickr help the users to share their content (Centola, 2010). It is essential to study the information behaviour of the users who connect by using the above platforms as this will provide assistance in evaluation of the performance of the systems that are existing so that improvements can be brought about in their site designs and policies of advertising designing can be developed. Additionally, finding accurate models with respect to user behaviour about sharing of information on the SNS will assist in viral marketing. It will also help in the analysis of the way in which the workload of the social networks is providing assistance in the redesigning of the internet traffic. This in turn helps in the creation of the internet infrastructure of the next generation and also the content distribution systems. These are the reasons for choosing this topic for literature review. Literature Review Information Behaviour Information behaviour is considered to be an area that consists of a wide variety of behaviour of the users with relation to the information systems. It also includes the information which takes into account areas such as information need generation which leads to the information creation, information seeking, information sharing, management, assessment, encounter, giving and also using. Hence, the analysis of information behaviour and its various aspects is conducted in the context of the different tasks in day to day life. These are researched in terms of usage of the social media. Social Media Social Media is a concept that is much broad and comprises a wide variety of internet applications which help in providing strong support to the social communication which takes place between the people. Hence, its focus is primarily on the distinct type of interaction among the users, creation of online relationships as well as communities and content that is user generated (Turban et al., 2011). The definition of social media is also given as the content that is user generated and arises due to the social interaction that is taking place online. It has also been called as consumer generated media by certain researchers (Blackshaw Nazzaro, 2004) as it is an illustration of a number of new resources related to online information which are being initiated, developed, circulated and also used by the consumers whose main intention is to inform as well as educate one another about the brands, personalities, products and issues. Information behaviour is therefore depicted by the user generated content. Social media of six types have been identified as follows Social networking sites Content Communities supporting content along with virtual file sharing Blogs and Microblogs supporting online journalism Collaborative projects supporting collaborative authoring Virtual Social Worlds Virtual Game Worlds (Kaplan Haenlein, 2010). Characteristics of the Social Media Users It has been pointed out by research that the social networking sites are used by almost 73% of the adult internet users (Duggan Smith, 2013). Out of these adult users, several of them were using the Facebook but various other social networking sites were used by 50% of them. Regarding the characteristics of the people who use the social media many researchers have indicated that a clear distinction exists in the nationality, age as well as gender of the users. There is greater likelihood of young users using the SNS. Their frequency of use is also higher and the number of friends that they have on the SNS is more in comparison to that of the older users (Pfeil et al., 2009). Undergraduates were also found to use SNS more often in comparison to graduates and have more friends (Park, 2010). Women also use SNS more and have greater number of friends when compared to men (Moore McElroy, 2012). As per the survey, Instagram as well as Twitter are used more by women than by men while site s such as blogs, YouTube and sites related to user review are used more by men (Kim et al., 2014). Women make use of SNS for maintaining relationships whereas men use SNS for developing new contacts (Muscanell Guadagno, 2012) (Lin Lu, 2011). Other characteristics that impact SNS use are psychological as well as social factors like personality types and risks perceived (Cha, 2010). SNS as Extensive Sources of Information As per the various researches, human sources are the information sources that are the most preferred. These sources are associated with information about daily life showing that SNS are perceived to be more as information sources on daily life instead of being sources that are formal (Sin Kim, 2013). As per the research, only humans give information such as opinions, recommendations and advice (Dugan et al., 2008). Both localised and current information is usually provided by the users (Steinfield et al., 2009). Surveys also revealed that the people using Facebook had less likelihood of finding information via their Facebook network but they considered the information provided by the site was useful. Information that was encountered was more than what was being sought (Lampe et al., 2012). Interacting with friends was more on social networking while news sharing was more on sites like Twitter (Williamson et al., 2012). Socialising as well as networking was found to be the key purpos e of SNS while for discussions, asking questions, providing response to questions and sharing information voluntarily was more on online forums (Savolainen, 2011). Information Behaviour on Social Media The type of information behaviour which is favoured on the SNS is that related to daily life, asking as well as monitoring, browsing, opportunistic information being acquired, sharing, giving and publishing of information, voluntarily taking up of intermediary roles by the users, forwarding information after summarising it, behaviour related to social information, developing information communities along with information being used and evaluated. Thus, SNS have provided the researchers with an opportunity for developing holistic understanding with relation to information behaviour (Kim, 2014). The ratio of posts that are informational and socio-emotional is thus dependent on the kind of social media, topic as well as the community of the user. Online behaviour in case of SNS can be classified as behaviour that is interactive and behaviour that is non interactive. Interactive behaviour was classified still further into Hostile interactive behaviour which comprises flaming, trolling, spamming as well as cyber rape Collaborative non informational behaviour consisting of behaviour that is humorous, neutral and empathetic Collaborative informational behaviour which includes announcement, group project, query and responses to it Hostile type of behaviour is supposed to be unproductive and memorable. They give a range of information that leads to widening of views. Hence, informational hostile behaviour as well as non-informational hostile behaviour form the further divisions of hostile behaviour (Irvine-Smith, 2010). The forums related to discussions on investment have more posts that are information oriented and lesser number of posts which are social or hostile whereas the forums that are political have higher number of hostile posts (O'Connor Rapchak, 2012).The researchers are able to study three kinds of information behaviour from the content on the social media. They consist of the information use, integration of information and information behaviour which is critical. There is an interconnection which exists between them for instance if evaluative comments are posted by a certain user while responding to what has been posted by another user, the resultant can be a discussion which might led to other users also contributing information in relation to that. The following posts might try to make out sense from that information for collating the best possible answer. Investigations of certain researchers have indicated the presence of biases as well as weakness in the information behaviour. These are mostly found on the political social as well as the financial media sites. The posts which are related to discussions on the financial forum reflected that a confirmation bias is shown by the investors in the collection and also the use of the information which had been posted. Investors possessing a stronger confirmation bias were found to be very confident, they had expectations of high performance, traded very often and realised returns which were low (Park, 2010). The different types of interactive behaviours demonstrate the attempts which the users make for integrating information and synthesising the knowledge. Knowledge synthesis according to several studies is authoritative, distributed as well as undiscovered public knowledge. Information integration is often needed for arriving at a decision specifically in circumstances which are ambiguous and where there are doubts over the information available. Information integration takes place in cases where the user puts in efforts of making their identity socially as well as through self perception (Case, 2010). Conclusion The social media rise has heralded a new era in the research on information behaviour. However, a review of literature on issues in information behaviour on social media shows that research is still in a nascent stage. Till now researchers have been able to find clear differences in nationalities, gender and age and also in their purpose as well as frequency of using the social media, choice of the sites related to the social media, kinds of information that is posted and the number of friends that the users have online. The time has come for identifying characteristics of the use of social media that are more fine grained. These need to be found for various nationalities, communities and age ranges and multi-nation comparisons also need to be conducted. An in-depth analysis of the demographic factors, psychological, social, technological and also motivational factors that affect social media usage patterns is also required. There is also a requirement of studying specific issues rel ated to everyday life and the ways in which their saliency differs in accordance to the life stage of a person, community and situation. Bibliography Blackshaw, P. Nazzaro, M., 2004. Consumer-generated media (CGM) 101: Word-of mouth in the age of the Webfortified consumer. [Online] Available at: https://www.brandchannel.com/images/papers/222_cgm.pdf [Accessed 15 September 2016]. Case, D.O., 2010. A model of the information seeking and decision making of online coin buyers. Information Research, 15(4), p.448. Centola, D., 2010. The Spread of Behavior in an Online Social Network Experiment. Science, 5996(1194), p.329. Cha, J., 2010. Factors affecting the frequency and amount of social networking site use: Motivations, perceptions, and privacy concerns. 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