The paper "Risk Management in Kuwait" is a perfect example of a management research proposal. In general, it is quite essential to state that according to (R. Vithal) and (Kothari), developing a research proposal and research outline is one and the same. In any case, a research proposal is a research plan. While (R. Vithal) state that the outline of a research proposal consist of selection of focus, identification of research questions, statement of the rationale, literature review, framework development, data collection methods, identifying appropriate data analysis designs, developing report outline, stating the methods you intend to employ while assessing the validity and reliability and stating the challenges facing the research, on the other hand, it is important to note that any research has three main sections namely; introduction, literature review and research methodology (R.
Vithal, 1997) (Kothari, 2008). The introduction section contains the background of the study, statement of the problem, the purpose of the study, objectives of the study, hypothesis, significance, scope, limitation, assumptions and definition of terms. Similarly, the literature review will have an introduction to the research topic, and useful information by other scholars in the area.
In addition, the literature review will work of renowned writers and researchers that are already published in areas of interest showing their contribution, it is a summary of the writer's works. Finally, the research methodology section also contains an introduction to what is contained in the section and the following subsections; research design, location of the study, the population of the study, sampling procedures and sample size, instrumentation to validity and reliability, data collection methods and data analysis and the summary (Kothari).
In addition, the work plan and the budget must be given as well a list of sources from which the researcher borrowed most of his ideas. Finally, the work should also have the appendix containing questionnaires and interview questions that the researcher intends to use to enable him/her collect information for the completion of the research successfully and conclusively. Risk management in Kuwait According to (Michel Crouhy, p. 4), man encounters risks in his daily activities. In any case, risks form an integral part of his life however how we deal or plan for them is what differentiates our abilities.
In addition, the same is used as a major parameter to differentiate one manager from the other. The author defines risks as uncertainties which can be expressed in monetary terms. He argues that the degree of difficulty in anticipating the future has always been one big challenge to man it continues to deter his ability to predict possible profits or losses in business and other non-profit-making ventures. Therefore, risk management is the process of identifying possible risks, evaluating the expected and unexpected losses and deciding in terms of priority how bests to plan for all or most of the risks in order to alleviate their effects on a firm or a state in total.
However, it may be impossible to avoid the effect of a certain risk in total therefore plans would be made reduce by transferring or spreading it thus increasing the ability of a firm to manage possible losses (Michel Crouhy, 2006).