The paper "Possible Recession in the Final Quarter of UK’ s Financial Year" is a great example of a literature review on finance and accounting. The 1 percent economic growth is the highest level of growth since the third quarter of 2007. However, there are various impending challenges that could change this growth track. Therefore, a triple fall back into recession is possible during the final quarter; it is too soon to rejoice. Economic reports on the official GDP data are different from the reports relayed by the companies trading in the UK.
Richard Buxton, head of UK equities expects a gradual economic growth in the next two years. However, weak global trade and other factors will affect this projection. Companies that rely on self-help improvement instead of economic activity will perform well (Dunkley 2012). Personal Commentary: Risk management is the process of identifying, assessing, and prioritizing risk and the economic coordination and application of resources. This is in order to reduce, monitor, and control the possibility and/or impact of unfortunate/unexpected events (Sermon 2012). The aim of this paper is to analyze the risk management process of the non-profit organization in its facilities construction project. The global economy is at risk of going back to recession.
There has been a great recession in the UK labor market. This has caused a high level of unemployment. However, this trend can change. In order to manage and reduce the risk of an impending recession, the economy can undertake several risk management measures. For example, UK’ s organizations should undertake cost-cutting measures. This first step should be benchmarked by the “ best practices” that are used to reduce expenditures. Additionally, organizations can undertake headcount methods of cost reduction.
Companies need to leverage the expertise offered by their operating environments. They should identify investment opportunities that can create efficiency and lower costs for long. It is possible that jobs will be lost during this period of recession. However, companies can develop smarter ways of overcoming the situation (Bell 2012). The second step that organizations can undertake to control and manage recession is to describe to the operational managers the pressure that the company is facing. They should be advised about the targets that the company’ s financial position has dictated upon cost reduction.
The aim would be to ask the managers to assist in achieving the organizational goals and to suggest more ideas that can help in improved efficiency and market position. This would make the managers part of the solution. Additionally, the company should identify the operational managers that are concerned with the business strategy and to replace that are opposed to risk management (Bell 2012).
Anonymous. (2012) America could do better than Barack Obama; sadly, Mitt Romney does not fit the bill. The Economist, November 03rd [online] Available at http://www.economist.com/news/leaders/21565623-america-could-do-better-barack-obama-sadly-mitt-romney-does-not-fit-bill-which-one [accessed 14th November 2012]
Conrow, E. (2003). Effective Risk Management: Some Keys to Success, New York: AIAA Publisher.
Waring, A. & Glendon, A.I. (1998). Managing Risk. London: Cengage Learning
Schott, H. (1997). Risk Management: Concepts and Guidance, New York: Diane Publishing.