The paper “ The Study of Duraseat Ltd Risk and Value Chain Management ” is a great example of a case study on management. The risk is a universal term used in the business arena to represent the uncertainties that the firm might encounter and lead to company failure. In modern times, it is important to identify business dynamics that exposes the company to unpredictable risks. Risk management involves managerial activities of identifying, assessing, and prioritizing business uncertainties coordinated by human and economic resources (Jin & Zailani, 2010). The essence of risk management in an organization is to monitor and minimize business dynamics that might accelerate or expose the company to unpredictable hazards.
In other words, risk management involves all activities coordinated by the company’ s executives to execute the most effective techniques to reduce the chances of making business insolvent (Woo, 2013). Risk management constitutes three managerial pillars: risk identification, risk evaluation, and risk mitigation (Cagliano et al. , 2015). Risk identification is a process of searching for identifying business microenvironments and nature and frequency the macroeconomic factors can expose the company to risks.
Risk evaluation allows managers to scale and analyze the risk intensity by comparing different levels of business operations (Kelly and Male, 2015). Risk mitigations involve activities and Strategies Company will apply to inhibit or reduce risks. The concepts of Value chain illustrate and describes production activities undertaken by the company to escalate the company’ s competitive advantage using production elements for quality production (Reardon, 2015). The primary purpose of having a value chain within an organization is to provide goods and services that meet customers’ demands (satisfaction). The significance of this paper is to articulate how to manage macroeconomic factors to manage risks and value chain within organizations.
The paper uses various theoretical frameworks discussing the impact of macroeconomic factors on risk and value chain management elements.
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