Risk Case Study: NIBCO Inc.
Introduction
NIBCO Inc. is the manufacturer in the U.s of pipes and vales. Founded in 1970 the company has currently has more than 3000 employees on the floor the accountants are being blamed as they increase the risk factor in the financial market of the United States. Risk (Franklin, 2001) is the possible form of the pressure that comes in between, when an activity or action. It leads to the loss or an undesirable result for the company. There are many types of risk in the market now a day, such as economic risk, health risk, environment risk, financial risk, information risk, technology risk, information security risk, insurance risk, business risk, management risk societal risk, human risk, factor risk, and many more. These risks normally
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If you have spent some years exposed to industrial or commercial practices you are likely to approach the study of this subject with a set of preconceptions that make it harder than necessary to understand what we present here. This subject presents concepts that conform to the laws of logic and physics, which have been subject to peer review or its equivalent and published in the public …show more content…
It has been simplified to improve its value as an example and should not be used in a real plant.
Scientific approach to the study of risk would be characterized by efforts to objectively describe measure and explain. Since we do not study this for its own sake, but in order to better manage risks (reduce the adverse consequences experienced by society), we will also be interested in developing skills to identify and evaluate the effectiveness of means of reducing risk.
Hence our emphasis in this subject on carefully defining the terms we present, and expecting you, the student, to demonstrate in assignment work your understanding of the definition and ability to make use of it. This can be a problem to people as the field of risk makes use of many words that are in colloquial use as part of everyday language. People talk of accidents, chance, causes, risk, and likelihood in everyday speech. In legislation and Standards, in particular, various terms (e.g. ‘risk evaluation‘, ‘risk assessment’, ‘risk analysis’) are often used interchangeably and without consistent
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