Project risk Management helps to identify the knowledge gaps and assist in plugging those gaps 4. It helps to ascertain the risks which may be encountered during the day to day operations. It also helps in identifying the environmental, financial, technical, legal and other such miscellaneous risks which may be encountered depending on the nature of the project. 5. Merely identification of the risks is fruitless unless and until a mitigation plan is in place.
This assignment deals with risk management for falls in the hospital settings. This essay is divided into four main sections. First, I describe the personal experience. Second, applying risk management in nursing for fall will be elaborate. Next, I will be discussing on implications of fall risk on the risk of liability in nursing.
The risk management process establishes the methodology for risk enterprises framework for the of many businesses (Fraser & Simkins, 2010). A retail business such as Target needs to do a risk assessment to establish the types of risks being faced by the organization. The risk assessment process starts with the identification and categorization of risk factors. High customer interaction of the retail businesses like Target, need to identify risk as a continuous basis effort over the lifetime of the business (Mandru, 2016). It important that the business leaders, set goals and priorities for the risk management system.
Seven Steps of HACCP The HACCP system as described by the International Association of Milk, Food and Environmental Sanitarians has a series of seven inter-related steps: 1) Identify hazards and assess their severity and risks. The first step in this system is to review recipes to identify potentially hazardous foods or foods containing potentially hazardous ingredients, and set out the preparation process in a flow chart and identify the hazards that can occur at each step in the process. 2) Determine critical control point. The second step is to identify the critical control points, that is, those steps where action MUST be taken to prevent, reduce or eliminate a hazard 3) Institute control measures and devise criteria to establish control. (Setting critical limits).
Project Risk management is the heart and soul of project management. If failed to apply in the right direction it can have dire consequences on successful completion of any project. Though the risks are usually identified, categorized and evaluated during the initiation and planning of the project, however the chances of risks actually increases during the execution phase of the project. Thus when the projects are handed over to project directors or managers it is essential that risks have to be re-evaluated and categorized. Categorizing risks is a way to systematically identify the risks and provide a foundation for awareness, understanding and elimination of such risks.
In order to face the challenges, many organizations including East African Packaging Industries, have implemented ISO 9000. According to Bell, Mcbride and Wilson (1994) when ISO 9000 is properly implemented out of a strategic decision rather than from reaction to changing competitive circumstances the following are the possible benefits; Access to markets Organized form of communication (improved management, better planning of activities, early resolution of problems) More precise specification means (correct interpretation of customer’s need, better chance of complying, identification of weaknesses in specification/orders) Greater control of suppliers Increased efficiency giving better quality
It ensures that there is enhanced coordination and transparency with functional units, which facilitates early identification of critical risks. Risk management should not be regarded as non-essential cost to be cut in the difficult times. Instead, organizations should use the insights offered by the risk process to ensure that they can handle the inevitable circumstances & uncertainties and emerge with a best possible solution in the
This can be identify as the controlling procedure of risks. “Risk management is a process comprising the following main steps: risk management planning, risk identification, risk assessment, risk analysis, risk response, risk monitoring and risk communication” (Baloi and Price 2003) By using risk managementtechniques in a productive way will be given potential benefits. Thosecan be shown in Figure 7 below. Figure 6 Benefits of Risk Management Source:(Burtonshaw-Gunn 2009) (Monir and Sayegh 2008)also define; “risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality”. FACTS IMPACT ON PROJECT RISKS Figure 7 Facts Impact on Project Risks Source:(Burtonshaw-Gunn 2009) In this pre planning stage risk should identify properly and need to prepare a proper risk assessment plan.
Therefore, the goal of risk management was defined as the process of increasing the impact and probability of positive risks and decreasing them for negative risks. It’s not about avoiding failure only, but to exploit opportunities. Risk management is an indispensable process to the improvement and success of any business. The importance of risk management becomes even greater in an industry that includes many uncertainties, such as construction industry. When it comes to the construction industry, the possibility of exposing more risks is increased, especially when to carry out the
Mitigation is the most commonly considered risk management strategy. In this step, all risks that have been considered unacceptable are mitigated. However, the goal of this step is to come up with risk mitigation strategies that are not only going to reduce the risk but that are also going to be cost-effective. Mitigation Strategies Risk mitigation options can include: • avoiding risks; • Reducing the risks by applying appropriate controls; • knowingly and objectively accepting risks; and • transferring or sharing the risks to other parties, e.g., insurers or suppliers. Factors to consider for reducing (mitigating) the risks (Berg, 2010): • Can the likelihood of the risk occurring be reduced?