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Risk Management

            One view of risk that is common in the management science is that risk can be thought of in terms of predictability and uncertainty. Construction projects have plenty of it, contractors cope with it and clients pay for it.
             Risk management is a broad subject area spanning numerous disciplines and there is no single "correct" definition.
             Throughout the years, many scientists tried to specify, categorise, identify and calculate the risk of a project. Many activities have been created in order to calculate uncertainty and calibrate risk. However the most common and known risk management process is broken to three basic steps.
             1. Risk Identification.
             "When attempting to identify risk, it is rather like trying to map the world which is always centred on the location of the map maker. Much of the world is not visible from where he stands." (Flanagan R. & Norman G. 2003 p.47).
             It is crucial and essential therefore to identify as many risks as possible that may occur in a project. Once the potential risks of a project have been identified, project manager can determine the effects and predict unlike situations. To understand this better it is useful to analyse risk in terms of its components. The source - event - effect chain is one of the best and useful tools for this stage of the risk management framework. (Figure 1.1) .
             The source of a risk refers to the stages - phases of the project environment from where the risk is generated. The risk event refers to the actual appearance of a risk in a specific part of the project or in the entire project. The effect of a risk refers to the impact or the consequences of the risk, when it occurs, on the project. Therefore this is a stage of the risk management which must be given the appropriate time and consideration. (Figure 1.2) .
             POSSIBLE SOURCES EVENT POSSIBLE EFFECTS.
             Lack of safety provisions Death of workman.
             Inadequate safety checks on site Serious injury.
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            


Essays Related to Risk Management

1. Qualitative Risk Analysis and Management

(Project Management Institute, 2009). ... The risk management system assesses each identified risk for its probability of occurrence and its impact on project objectives. ... Every risk management system requires risk response planning. ... Risk Control & Monitoring will also be the part of risk management system. Risk control and monitoring are part of the risk management process and must be started early in the project and continued until the end. ...

  • Word Count: 694
  • Approx Pages: 3
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2. Risk Assesment Analysis

Definitions of Terms Risk Management. ... This process is called "Risk Management-, and its proper use accomplishes the reduction of risk. ... This managerial approach is called "risk management process."" Risk Management Process Quite often, risk management is too narrowly defined. ... While safety is definitely a component of the risk management program, a comprehensive risk management program involves all areas of an organization. ...

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3. Cyber Risk and Insurance

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4. Concepts of the Risk-Based Approach

A risk-based approach is controlled to the effective implementation and management of business or organization recommendations. ... Risk-based approach helps in strengthening the safeguard and protection of the integrity of organizational management globally by providing government agencies with stronger tools to act against these risks, increase emphasis on risk-based approach, especially identification of preventive measures and supervision and adoption of more flexible sets measures that target the effective use of resources, (Jia, Zhao and Zhang 29-31). ... Higher risk requires long-term ...

  • Word Count: 1603
  • Approx Pages: 6
  • Has Bibliography
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5. Concepts of the Risk-Based Approach

A risk-based approach is controlled to the effective implementation and management of business or organization recommendations. ... Risk-based approach helps in strengthening the safeguard and protection of the integrity of organizational management globally by providing government agencies with stronger tools to act against these risks, increase emphasis on risk-based approach, especially identification of preventive measures and supervision and adoption of more flexible sets measures that target the effective use of resources, (Jia, Zhao and Zhang 29-31). ... Higher risk requires long-term ...

  • Word Count: 1603
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6. Multi-Agency Public Protection

Alternative approaches in the management and rehabilitation of those deemed dangerous will be considered, looking at approaches to managing high risk offenders where the balance lies between restrictive and constructive interventions. ... When discussing the management of sex offenders, the use of restrictive measures to enable safe risk management, is often at the forefront of the minds of criminal justice workers. ... Hayles (2006:67) cites Kemshall and Maguire (2001) and argues that where the risk of harm by potentially dangerous offenders is high, risk management with these cases tended to...

  • Word Count: 2070
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7. Taking Business Risks

Others types of business are faced with economic risks, speculative risks and dynamic risks, pure risks, static risks, and many others. Risks are risks, and only their names would make a difference. ... Nonetheless, all businesses must adopt good and effective risk management plans, as these are paramount and a must for risks to be handled in the most appropriate way, which will result in positive results and more value in the business (Rees, 1977). According to Larsen (2006), the success of a business does not wholly lie in risk management. ... Before taking a risk, one must have a solid reas...

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8. Major Business and Financial Risks and Global Initiatives

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  • Word Count: 2281
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9. Ergonomics: Risk Management In The Workplace

Risk Management: Ergonomics in the Workplace The purpose of this paper is to discuss ergonomics in the workplace through a risk management perspective. ... Addressing ergonomics with a risk management perspective can decrease employee workers compensation statistics. ... An Interview I had the opportunity to interview a coworker that fell victim to poor ergonomics risk management. ... Results Every office space that requires continuous typing, or any workstation that has any of the listed risk factors, should have appropriate risk management processes in place to ensure a healthy workpla...

  • Word Count: 1184
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