Essays on The Process of Measuring or Assessing the Risk Assignment

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The paper "The Process of Measuring or Assessing the Risk" is a worthy example of an assignment on management. Risk management is an integral part of planning for businesses. The goal of risk management is to analyze the events that could have a negative impact on the business then go ahead and eliminate the risk. Crouch (2001, p. 7) highlights risk as to the fundamental element that influences financial behavior. Risk management incorporates the design and operation of a risk management system and the interplay between internal oversight and external regulatory system. Risk management entails identifying different risks and assessing them.

A plan is then created to minimize their or even eliminate their impact. Various approaches can be taken to minimize risk. Some organizational bodies that have come up with project management strategies include the Project Management Institute, the International Organization for Standardization (ISO), the National Institute of Science and Technology, and actuarial societies. Risk has been termed as a complex issue and lack of knowledge base may create a gap between policy expectations and practical guidance for implementation of policies. Life without risk would be sterile.

However, risk has to be balanced against exposing self, others, and property to unnecessary harms in the course of business. The right protection and the right to risk have to be carefully considered to avoid dilemmas for practitioners as they attempt to reconcile the two positions (Kemshall and Pritchard, 1997, p. 10). Accidents' earthquakes and other natural disasters are some common risks that can occur in any workplace. Others range from legal risks like fraud, theft, and sexual harassment lawsuits. Risks can also relate to business malpractices intentional or assumed that may pose health risks to workers leading to possible enforcement of the law on the part of the employer, as we shall see in the case of Acme Hydro-chemicals Ltd and Flows limited among other case studies. Understanding LegionnaireLegionella is a bacterium precisely known as legionella pneumophilia living in stagnant waters such as ponds, wells, cooling waters, and hot tubs.

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