Risk Management Strategies Essay - 2593 Words

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†¦show more content†¦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 risk associated with it that might occur in the life of the project. Any delay in the critical path can have high impact on the final result of the project. This is why the project managers are looking to determine the specific risk factors that are expected to affect the project. A close monitoring of the project’s progress can offer a betterShow MoreRelatedA Comprehensive Risk Management Strategy1541 Words   |  7 PagesA comprehensive risk management strategy addresses items such as: (1) The scope of the risk management effort, (2) Methods and tools to be used for risk identification, risk analysis, risk mitigation, risk monitoring, and communication, (3) Project-specific sources of risks, (4) How these risks are to be organized, categorized, compared, and consolidated, (5) P arameters, including likelihood, consequence, and thresholds, for taking action on identified risks, (6) Risk mitigation techniques to beRead MoreRisk Assessment Methodologies And Risk Management Strategies888 Words   |  4 PagesRisk Assessment Methodologies Risk assessment is a key component to Risk Management strategies. If this assessment is ignored or not done correctly, vulnerabilities can be overlooked or not addressed at all leaving systems exposed. By picking an appropriate Risk Assessment Methodology, a business is able to define how the organization defines and reacts to risk making the process functional and repeatable. This report will briefly explain the process of assessing and managing risk, look at variousRead MoreAnalysis of Unilever’s Risks and Risk Management Strategies3025 Words   |  13 PagesAnalysis of Unilever’s Risks and Risk Management Strategies Introduction With the rapid development of modern economy, companies are always exposed to risks which are penetrating to all walks of life and not only exist in the products market, but also exist in financial market (Ballou, 2005). It is undoubtedly that risks jeopardize the company’s development in that they may increase the cost of a company’s operation and make it harder for a company to make a crucial decision. Accordingly, it isRead MoreImportance Of Alignment Of It Risk Management Strategy1493 Words   |  6 Pagesof IT risk management strategy to organizational goal when business and IT operate in alignment, clearly visible links identify which IT assets and operations support business operations and the value they create. This visibility transforms IT from a cost center to a driver of business value. Alignment clarifies how IT resources may be deployed to market quicker, deliver more effective service to customers, and generate new returns streams for the business. Aligning an organization’s IT risk strategyRead MoreThe Perfect Risk Management : An Evaluation And Strain Strategy Of Risk3010 Words   |  13 PagesIntroduction Risk management is the process of the measurement, assessment and strain strategy of risk. The perfect risk management is a series of processes whose priorities are are arrayed already. The ideal risk management makes the events that can cause the biggest loss or are most likely to happen can be processed priority, while the ones whose risk is relative low are post-processed. With the development of economic globalization and the enterprises, the risk has become complicated and diversifiedRead MoreEvaluating A Company s Overall Risk Management Strategy1422 Words   |  6 PagesMitigating supply chain risk is a critical component of a company’s overall risk management strategy. According to the Contingency Theory, the appropriateness and effectiveness of risk mitigation strategies are contingent on the internal and external environments and that there is no one-size-fits-all strategy (Talluri, Kull, Yildiz, Yoon, 2013, p. 253). New information technologies make it possible t o extend supply chains to global markets (Sahin and Robinson 2002, cited by Talluri, Kull, YildizRead MoreRisk Management For Bidding Strategy Of Wind Power Producer2042 Words   |  9 PagesRisk Management for Bidding Strategy of Wind Power Producer in Electricity Market: Comparative Study Line 1: Authors Name/s per 1st Affiliation Line 2: Author’s Name/s per 1st Affiliation Line 3 (of Affiliation): Dept. name of organization Line 4: name of organization, acronyms acceptable Line 5: City, Country Line 6: e-mail address if desired Line 1: Authors Name/s per 2nd Affiliation Line 2: Author’s Name/s per 1st Affiliation Line 3 (of Affiliation): Dept. name of organization Line 4: name ofRead MoreHeinz Company - Integrating Business Strategies and Risk Management2777 Words   |  12 PagesHeinz Company - Integrating Business Strategies and Risk Management Background of the company No firm outdid H.J. Heinz in enunciating the benefits of welfare work to consumers. Sketching in consumers minds a link between the conditions under which products were assembled and their final market value, Henry Heinz made the Heinz label a household word. Unique in its success, the Heinz approach characterized consumer focused welfare publicity in two important ways. First, acute anxietiesRead MorePhysical Education- Applying Risk Management Strategies to an Outdoor Activity (Snorkeling) Exemplar1427 Words   |  6 Pagesapply risk management strategies to outdoor activities associated with the water/beach such as snorkelling and swimming. Our class practiced snorkelling skills (ie. Clearing snorkels, equalising, dolphin kicking) in the school pool and at Picnic Bay/Mangawhai which was preparation for snorkelling at Goat Island marine reserve. We analysed the possible risks and hazards that could occur during these activities and the factors that may cause them. As a class, we had to come up with strategies to preventRead MoreThe Strategy Of Risk Management1541 Words   |  7 PagesBanc One’s overall strategy of risk management is to stay within a permissible limit of earnings sensitivity. Based on the last meeting, it was decided that for 50 basis points increase (average over a year) in the interest rates, the level of earnings change should not be more than 4%. Banc One also used a balancing portfolio for asset-liability management, which consisted of investments in conventional securities and derivatives with an underlying mandate to achieve a reasonable rate of return

Bp Oil Spill Case Study - 1237 Words

BP Oil Spill Case Study Brooke Campbell Lander University ere several factors that contributed to the accident: †¢ Valve Failure: The pipe was sealed in two different ways. The pipe was filled with cement and it also had two different valves to stop the flow of gas and oil. All of the valves did not operate correctly, causing the oil and gas to go up through the pipe and head towards the surface. †¢ Leak was spotted too late: The crew at the surface should have been able to see or detect that there was a flow of oil and gas that was going towards the surface by looking at different pressures that were not supposed to be there. There was a pressure increase 50 minutes before the rig exploded, but nobody realized. †¢ Absense of Gas Alarm: There should have been an alarm that sounded and should have triggered ventilation fans to prevent gas being able to get lit, but the alarm system failed to work or operate. †¢ Absense of BOP Battery: Because of the explosion, the control lines that the workers were using to try to close safety valves in the blowout preventer were destroyed. But the blowout preventer has its own safety device where two different systems should have automatically closed the valves once contact was lost with the surface. Of the two systems, one of them had a battery that did not work and the other one had a defective switch. †¢ Overwhelmed Separator: The members of the crew had the choice of pushing the mud and gas away from the rig, which would vent itShow MoreRelatedCase Study on Bp Oil Spill816 Words   |  4 PagesGROUP PROJECT- CASE STUDY | A report submitted in partial fulfillment of the course | | MODERN INVESTMENT PORTFOLIO MANAGEMENT | INSTRUCTORS: PROF. S.K. BARUA PROF. J.R. VARMAACADEMIC ASSOCIATE: MS. VAISHALI SATTAREPORT PREPARED BYGROUP 12MEENAKSHI DEOGAM M. SHYAMNIMISHA SAXENARAGHAV YADAVROHAN ANANDDATE OF SUBMISSION: 24TH AUGUST, 2010 | | Effect of BP oil spill and subsequent market reaction on the assets of pension funds andRead MoreCase Study: BP and the Gulf of Mexico Oil Spill3602 Words   |  15 Pages......................................................2 Do you agree with Tony Hayward’s quote at the end of the case? .................................................................2 Was this disaster strictly a BP failure or an industry accident?........................................................................2 What factors affect the competitive environment of the oil industry? ...........................................................2 Question 2 ...............................Read MoreBp And The Gulf Of Mexico Oil Spill Case Study3246 Words   |  13 Pages BP and the Gulf of Mexico Oil Spill Case Study Tamatha French Management 6000 Hawaii Pacific University â€Æ' Introduction and Background On April 20, 2010, the petroleum industry suffered the largest maritime disaster oil spill in its history known as the Deepwater Horizon oil spill. The Deepwater Horizon oil rig that had been working on a well for BP in the Gulf exploded and went up in flames. Subsequently, massive amounts of oil spilled out into the water, threatening the marine life andRead MoreKey Stakeholders And Their Involvement1159 Words   |  5 Pagesfalling since the explosion, and have not returned to the original value before the incident (Read, 2010). Dividends were also not given out that year (ibid). As such, BP had to take measures to regain shareholder confidence. This incident also led to the resignation of BP’s Chief Executive Tony Hayward. Government As the oil spill concerned United States’ citizens and land, the US government stepped in to overlook the clean up of the disaster (Read, 2010). Aside from setting up a $20 billion fundRead MoreBritish Petroleum on the Treatment of Environment and Workers1720 Words   |  7 PagesIntroduction British Petroleum (BP) was originated in 1866 and is one of the main providers of oil and gasoline in the world, and the single largest in North America. The company functions in 28 countries worldwide, refining an average 2,352 barrels of oil per day. During the years, BP has had major occurrences in which their workers have been hurt or even not survived, triggering tremendous damage to the environment too. Primarily accidents started to happen during March 2005, when Texas CityRead MoreStrategic And Value Of Operations Management1599 Words   |  7 Pagesshareholders and stakeholders. This case study will briefly explore the importance of managing activities in today’s modern operations, and why it is critical to understand the strategic and value of operations management. We will examine the British Petroleum (BP) oil spill that occurred out in the Gulf of Mexico in April of 2010. The oil spill not only stirred many controversies but also affected the relationship of two of BP’s business partners. Most importantly, the oil spill has affected our coastal ecosystemRead MoreBP Gulf of Mexico Oil Spill 905 Words   |  4 PagesCASE STUDY- MINI CASE: BP GULF OF MEXICO OIL SPILL CASE SUMMARY 1. In a narrative format, summarize the key facts and issues of the case. In the case of the BP Gulf of Mexico oil spill, we examine the effects of an organization not being prepared for this particular crisis. The world scrutinized the actions, inactions, and the human decisions made by BP that led to a major catastrophic crisis. The organization was not prepared for a crisis of this magnitude. Our text stated that this type of negligenceRead MoreDear Ceo And Board Of Trustees Essay1289 Words   |  6 Pagesand Board of Trustees Introduction As you are aware, on April 20, 2010, explosions occurred in the Gulf of Mexico sinking the Deepwater Horizon oil rig and tragically killed 11 people This oil spill is now considered the worst oil spill in United States history. During the search and rescue, an underwater camera was discovered which revealed a leak in the BP pipeline. Because the well is located approximately 5,000 feet beneath the deep, dark sea with temperatures just above freezing and extremelyRead MoreSocial, Cultural and Environmental Responsibility of Corporate Business Leaders1482 Words   |  6 PagesReview This study investigates corporate social responsibilities. We begin by introducing the concept of CSR and the concept of Sustainable Development, than we emphasize on the importance of the two concepts, we also show a case study of a company that didn’t take these values into consideration, the impact of the company’s behavior on the company itself and on the stakeholders as well, and finally we conclude the study by a critical opinion and some recommendations. This study was based onRead MoreWhy Law And Ethics Should Be Legal1501 Words   |  7 Pagesethics would be the recent oil spill. The third-largest energy company that produces about 3.8 million barrels of oil and gas per day and also owns 22,400 service stations over the world is the company, BP. However, on April 20th, 2010, that same company created one of the greatest oil spill disasters recorded in the U.S. history in the Gulf of Mexico. The Deepwater Horizon oil rig explosion caused the deaths of 11 workers, injured 17 workers as well as a humungous oil spill in the Gulf of Mexico,

Essay on Arguments For and Against a Smoking Ban - 1426 Words

Tobacco is one of the most widely-used recreational drugs in the world; mainly in the form of cigarettes, but also in cigars and pipes, and in combination with cannabis and marijuana in joints. Although most countries put age restrictions on its use, over a billion adults smoke tobacco legally every day, and supplying this demand is big business. As well as having serious health consequences for smokers themselves, the pollution of other peoples atmospheres with cigarette smoke also makes this an environmental issue. Attitudes have changed rapidly over the past twenty years. In the developed world, public opinion has shifted against smoking. By the 1990s, the sheer weight of evidence had forced†¦show more content†¦The law steps in to prevent citizens causing harm to others, whether deliberately or accidentally. However, it should not stop them taking risks themselves - for example, dangerous sports such as rock-climbing, parachuting or motor-racing are legal. It is also leg al to indulge in other health-threatening activities such as eating lots of fatty foods, taking no exercise, and drinking too much alcohol. Banning smoking would be an unmerited intrusion into personal freedom. 2) Cigarettes are very different from dangerous cars or poisonous foods. As the proposition points out, cigarettes are not dangerous because they are defective; rather they are inherently, potentially, harmful. But people should still be allowed to choose to buy and smoke them. A better comparison is to unhealthy foods. High cholesterol or a high intake of fat can be extremely harmful, leading to heart disease, obesity, and other conditions; but manufacturers of these products are not punished. Consumers simply like the taste of fatty food. People should be allow to smoke cigarettes and to eat fatty foods - both these things are sources of pleasure which, while having serious associated health risks, are only fatal after many decades, unlike a poisonous food or an unsafe car, which pose immediate and high risks. 3) A comparison to hard drugs is inaccurate - tobacco is not debilitating in the same way that manyShow MoreRelatedBanning Of The Law Of India1326 Words   |  6 Pagesorganisational management, we will examine one such decision made by the Government of India in 2001. The decision was whether to approve a bill that would place a ban on all tobacco advertising, including the sponsorship of sports and cultural events (Ban on tobacco ads by the government of India, 2001). After looking at the arguments of the bill’s supporter and its objectors, we will analyse each perspective and make an ethical decision based on this analysis. THE CASE FOR Those in favour of banningRead MoreBan All Advertising From The Tobacco Industry850 Words   |  4 PagesIn 2001, there was an argument by the government of India trying to decide whether or not it was a good idea to ban all advertising from the tobacco industry. The government’s main goal was to find a way to reduce the number of teenagers using tobacco. The government believed that these advertisements encouraged teens to start smoking or to continue smoking if they were doing it already. As expected, this situation created a lot of tension between the government and the tobacco industry. This createdRead MoreShould Smoking Be Effective?1350 Words   |  6 Pagesthe topic of smoking. Some argue that smoking has risen to the level of a public health crisis, and cite some very distributing statistics in order to support those claims. For example, the Centers for Disease Control (2015) estimates that 6 million Americans die each year from tobacco, and the direct medical cost s associated with treating smokers tops 150 billion dollars annually. These facts have motivated many public policy makers to consider new ways to deter Americans from smoking, including heavilyRead MorePersuasive Essay On Smoking713 Words   |  3 PagesDuring the past few decades it has come to light that smoking kills. The federal government mandates that every pack of cigarettes carry a warning on it that smoking can lead to health problems including death. But the messages are rather clinical, for example: â€Å"Smoking Causes Lung Cancer, Heart Disease, Emphysema, and May Complicate Pregnancy.† Smoking is a danger to one’s own health but there is now evidence that smoking can affect others as well. Second hand smoke has been shown to cause cancerRead MoreCigarettes And Long Term Health Effects984 Words   |  4 Pagescigarettes and long term health effects or smoking related illnesses. The case in India had the government engaged in a dialogue and democratic d ebate on if they wanted to create an advertising ban on cigarettes. They wanted to prevent undue influence on their youth to take up smoking and in so doing save their lives or possible future health care expenditures. To help support their position for doing so they studied the effects that bans on advertising smoking had on other countries. AccordingRead MoreSmoking Should be Banned in Public Places Essays1464 Words   |  6 PagesDuring the past few decades it has come to light that smoking kills. The federal government mandates that every pack of cigarettes carry a warning on it that smoking can lead to health problems including death. But the messages are rather clinical, for example: â€Å"Smoking Causes Lung Cancer, Heart Disease, Emphysema, and May Complicate Pregnancy.† Smoking is a danger to one’s own health but there is now evidence that smoking can affect others as well. Second hand smoke has been shown to cause cancerRead MoreShould Smoking Be Legal?1706 Words   |  7 PagesSmoking tobacco has been in existence for thousands of years. For most of its existence smoking has been acceptable, tolerable, and permitted in our mainstream society. In recent years, smoki ng tobacco has been under scrutiny. Smoking bans have been introduced to restrict smokers from smoking in public and private places. For example, restaurants, bars, hotels, parks, and beaches throughout the United States have established the bans against public smoking. I discovered this has significance as itRead MoreBAN ON TOBACCO ADVERTISEMENT IN INDIA800 Words   |  4 PagesBAN ON TOBACCO ADVERTISEMENT IN INDIA In 2004 the government of India banned tobacco companies from advertising their products and sponsoring sports and cultural events. The objective was to discourage adolescents from consuming tobacco products as well as empower the government with the power to launch an anti tobacco program. . This issue created a serious problem in that it was both ethical and commercial, the government on one hand, believe it was its responsibility to protect the welfare ofRead MoreThe Impact of Smoking Bans875 Words   |  3 PagesThe Impact of Smoking Bans Few issues over the use of public and commercial space ignite more impassioned disagreement than that over indoor smoking bans. With evidence of the dangers of second-hand smoking having achieved a state of being incontrovertible, lawmakers, lobby groups and public health advocacy groups have taken steps to diminish the exposure to second-hand smoke experienced by individuals on the whole. While the benefits of a smoking ban in bars, restaurants, clubs and other suchRead MoreThe Ban On Tobacco Advertisements977 Words   |  4 Pagestask when it comes to issues which need ethical and commercial considerations. The ban on tobacco advertisements in India is no exception as India is a country which preserves its ethics but at the same time wants to develop. Those in favour of the ban supported it as follows; As to discourage adolescents from taking up smoking; since the advertising agents put up slick and colorful adverts which make smoking to be deemed as cool by the youths, so the government and some human rights watch dogs

Essay on Societys Role in Child Labour Essay Example For Students

Essay on Societys Role in Child Labour Essay Child labour is wide spread across worldwide to many extents, and society is not doing anything to change that. This is a topic that is known by everyone, but very few act against it for several reasons. At an individual’s point of view, based on their ethics and morals, they may not find child labour to be wrong. While similarly in a society their viewpoint can be heavily influenced by the judgment of other members of society. Children across the world are working in unsafe conditions to make products, for cheaper labour and a cheaper price. Their lives are endangered working long shifts in terrible conditions all to be underpaid. Society is not accurately presented to all the information there is on child labour because there is not enough information being reported. In the end, it is an individual’s decision based on how they ethically and morally differentiate right from wrong. Nothing is being done to eradicate child labour because of the price differences, society is not being educated enough on the topic and every person’s definition of what they find ethically right or wrong. The lower price society pays for products are very beneficial to society members but it is detrimental to the children being underpaid to make such products. Child labor has become an issue over the years simply because industries are not ready to pay the high price for adult labor. (Abernethie, 1998, p. 84) Powerful industries do not want to pay more for adult labor that comes with many rights ad regulations. In order to make a higher profit, industries cut back on their labor prices by underpaying children to work long and hard shifts on a daily basis. (Deb, 2012, p. 253) They choose to misuse children and force them to complete hard tasks with min. . labour is not being resolved in societiesWorks CitedAbernethie, L. (1998). Child Labour in Contemporary Society: Why Do We Care?. International Journal Of Childrens Rights, 6(1), 81. doi:10.1163/1571818 9820493987Deb, S. (2012). Childrens Rights in India: Parents and Teachers Attitudes, Knowledge and Perceptions. International Journal Of Childrens Rights, 20(2), 241. doi:10.11 63/157181811X616022Kistenbroker, H. V. (2012). Implementing article 32 of the Convention on the Rights of the Child as a Domestic Statute: Protecting Children from Abusive Labor Practices.Case Western Reserve Journal Of International Law, 44(3), 921.Rea, J. (2010). Child labour ‘child labour exists because we allow it to exist’. Dublin: Development Education Unit, Concern Worldwide. Retrieved from http://www.developmenteducation.ie/media/documents/Concern Child Labour