The paper 'Risk Management and Disaster Recovery - Microsoft " is a good example of a management case study. Risk management refers to a formal process of evaluating and then taking steps to control a company’ s exposure to facing a loss, which is based on the estimates of the probability of loss. (David Robinson, 2006). Traditional risk management looks into the physical and legal causes of risks faced by an organization and financial risk management look into the risks that an organization has to face when using traded financial instruments. In order to understand risk management, we should understand what is risk and treats.
What does the term risk imply? Risk means that there is a likelihood of something untoward happening. For example, launching a space shuttle into space has the risk of the shuttle never returning back to earth. A company may launch a new product, but they have to face the risk of it not being so-well liked as their older products, thereby their investments carry with them the risk of losses. Threats are risks caused by the behavior of competitors in the market.
For example, a major competitor could take all the customers from a company which had a foothold in the market. Ideal risk management is one which minimizes spending at the same time it maximizes the reduction of the negative effects of risks. Risk management is done by following risk management techniques. Risk management techniques include risk identification, assessment of the risk, risk tolerance and diversification, avoiding risk and reducing the impact of risks, risk transfer, scenario analysis and contingency planning and regret analysis. Following is a brief into each of these techniques: Risk identification and scenario analysis: Identifying risks involves ascertaining those areas or issues which hinder or go against achieving business objectives.
Given a particular scenario, what is the likelihood of the risks faced by the company should be marked out? Risk assessment: Here, the impact of the risk in terms of losses and in terms of disruption of work should be analyzed to understand the extent of the impact. Risk identified should be assessed as noticeable, moderate or severe depending on the level of impact. Risk Tolerance: This is a process of looking into whether the risk can be borne by the company without significant damage to work reputation and achieving business goals.
Robinson., David., Primer on the Management of Risk and Uncertainty
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