Order ID:89JHGSJE83839 | Style:APA/MLA/Harvard/Chicago | Pages:5-10 |
Instructions:
Risk Management Stages Responses Essay Paper
first one S A
One of the Rs that Hopkin (2017) talks about is rating risks with respect to magnitude and likelihood. In my understanding, risk magnitude refers to the potential impact that a certain risk may have on an organization, such as the number of machines that will be down or the percentage of operations affected. Different risks have different magnitudes, and the best way to manage them is to rate them from the high-magnitude risk to the low-magnitude risks (Macnamara et al., 2019). Likelihood refers to the odds that a risk will actually occur. It is good practice to dedicate time and resources to risks that have a high odd of occurring. For example, fire starting in an electrical company is more likely than in a water refilling station. While the fire risk is still present in both cases, the electrical company will devote more resources to preventing and addressing fire incidences than the water refilling station. The water station will have other risks to prioritize that the electrical company might not necessarily give much of a thought. The combination of risk magnitude and likelihood is an excellent risk management tool because it allows organizations to focus on the risks that matter. Also, this approach helps to decide which risks to treat, transfer, terminate, or tolerate.
References
Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating, and implementing effective risk management. Kogan Page Publishers.
Macnamara, A., Loetscher, T., & Keage, H. A. (2019). Judging risk magnitude: walking to the left and base jumping to the right. Experimental brain research, 237(3), 653-662. https://doi.org/10.1007/s00221-018-5449-2
second one A A
The sequential risk assessment process can be referred to as what Hopkins represented as the 8 Rs and 4 Ts. The eight stages of risk management are strongly correlated with each other. For instance, the first stage “Recognition or identification of risks” will lead the organization or the individual to the second stage which is “Rating the risks in terms of magnitude” which, in turn, can help in “Ranking the level of the risk against the risk appetite” and so on. However, one of the 8 Rs is very helpful to the organizations and individuals to determine the appropriate risk response action (4Ts), which is “Rating or evaluation of risks in terms of magnitude and likelihood to produce the ‘risk profile’ that is recorded in a risk register” (Hopkin, 2017, p 51).
When the risk is identified, one effective way to set the acceptable management procedures is by rating the risks based on their magnitude and likelihood of occurrence. That can be done by making a risk matrix that categorizes the risks in terms of their intensity. Subsequently, each risk will be managed by one of the 4 Ts, either by transfer, treat, tolerate, or terminate (Hopkin, 2019). For example, when a hazard is identified and rated on the risk matrix as the likelihood of occurrence is high, but the magnitude is low (e.g., power outages in the summer season), the rational response is to tolerate the risk as long as it doesn’t impact people’s lives. In another case, when a hazard rated on the risk matrix as the likelihood of occurrence is low, but the magnitude is high, the most effective way to handle the risk is by transferring it (e.g., property damage due to a devastating natural disaster). All together, rating the risks in terms of their likelihood and magnitude will help in making the suitable risk response plan.
Reference
Hopkin, P. (2017.) Fundamentals of risk management: Understanding, evaluating and implementing effective risk management. P: 51. NY, NY.
Edited by Abdullah Alghamdi on Oct 27 at 1:59pm
Risk Management Stages Responses Essay Paper
RUBRIC |
||||||
Excellent Quality 95-100%
|
Introduction
45-41 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Literature Support 91-84 points The background and significance of the problem and a clear statement of the research purpose is provided. The search history is mentioned. |
Methodology 58-53 points Content is well-organized with headings for each slide and bulleted lists to group related material as needed. Use of font, color, graphics, effects, etc. to enhance readability and presentation content is excellent. Length requirements of 10 slides/pages or less is met. |
|||
Average Score 50-85% |
40-38 points More depth/detail for the background and significance is needed, or the research detail is not clear. No search history information is provided. |
83-76 points Review of relevant theoretical literature is evident, but there is little integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are included. Summary of information presented is included. Conclusion may not contain a biblical integration. |
52-49 points Content is somewhat organized, but no structure is apparent. The use of font, color, graphics, effects, etc. is occasionally detracting to the presentation content. Length requirements may not be met. |
|||
Poor Quality 0-45% |
37-1 points The background and/or significance are missing. No search history information is provided. |
75-1 points Review of relevant theoretical literature is evident, but there is no integration of studies into concepts related to problem. Review is partially focused and organized. Supporting and opposing research are not included in the summary of information presented. Conclusion does not contain a biblical integration. |
48-1 points There is no clear or logical organizational structure. No logical sequence is apparent. The use of font, color, graphics, effects etc. is often detracting to the presentation content. Length requirements may not be met |
|||
You Can Also Place the Order at www.collegepaper.us/orders/ordernow or www.crucialessay.com/orders/ordernow
|