risk_management_in_corporate

May 20th, 2015
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Arkansas Tech University
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Risk is defined as an uncertain event or condition that has a probability of transpiring in which there will be a positive or negative impact to a situation, project or process. A certain risk has one or more causes and when it happens, there will be also one or more impacts. If also these will occurs, there may be impacts with the schedule, cost or performance.

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1.0 IntroductionRisk is defined as an uncertain event or condition that has a probability of transpiring in which there will be a positive or negative impact to a situation, project or process. A certain risk has one or more causes and when it happens, there will be also one or more impacts. If also these will occurs, there may be impacts with the schedule, cost or performance. All projects or operations assume risks and by means of Risk Management, tools and techniques are used to monitor and control these events that will have some kind of impact to the outcome of a project or production (Gray & Larson 2006).Risk Management is a practical method of defining and resolving the workplace health and safety issues and problems. It is an ongoing process of identifying and managing risks in order to avoid the exposure. This method includes the several processes that consists Risk Management Planning, Risk Identification, Risk Analysis, Risk Monitoring and Risk Control. The objective of Risk Management is to reduce the probability and impact of risk that is adverse to the project or production. However, if the impact is positive the probability of the risk should be increased (Heally 1997).Risk Management Plan will provide the guidelines and a framework that is based on industry acceptable practices. The purpose of the plan is to establish the methodology for identifying, mitigating and avoidance of risk. Risk Management Plan documents the procedures, processes an

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