An Organizational Structure Based on Risk and Quality Fundamentals

The safety aspect for risk management will evaluate the potential for human loss of life and or injury. The potential for major incident or accident, such as fire, explosion, or spill, including environmental damage. The necessity for security within the company is a highly need aspect of safety that can lead to risk. The revenues aspect for risk management will evaluate the loss of customer base, recovering of capital loss and recognizing uncoverable capital loss, and loss of opportunity in marketing of the product. The necessity for revenue risk management is key. The costs aspect for risk management will evaluate the costs that were incurred due to preventable problems. Also, costs due to increased warehouse space, vendor changes, and discount changes. A significant risk in cost for this company is the cost of legal defense. The legal aspect for risk management will evaluate regulatory compliance failures and actions that could result

However, companies generally adopt a methodology for overall risk assessment. Sometimes these methodologies involve the assignation of risk oversight to leaders in each area. The approach is based upon the assumption that each area knows itself best. However, this often overlooks potential issues in favor of confronting them after they develop. As the need for

Affordability should be applied to the hospital setting. There have been many patients that are in the hospital on an extended stay and they are not able to afford such things like a television in their room or, maybe the patient does not have family and they are on a fixed income. The hospital should have a policy in place that allows the hospital to go into a fund that is set up for patients that are in need. Hospitals should apply policies within their organizations that benefit the community and staff. A policy should be in place to ensure

All businesses are affected by a series of external forces or influences. These influences may also change over time and hence the way they interreact with an organisation can also change. Operations Management will use a variery of measurements to monitor external influences to help them respond to these changes, for example, at times of slow hire rates for employees in time of high employment, operation Management may re-train other internal staff to make up shortfalls [Kydos, P29].

Evergreen Woods health and rehabilitation center is located in Spring Hill Florida. The center has been serving Hernando County for over 25 years. Services that the center offers are: Post-acute services, Rehabilitative services, skilled nursing, Short and long term care through physical, occupational and speech therapists. The mission of Evergreen Woods health and rehabilitation center is to provide comprehensive services to meet the care of the residents and patients. They strive to meet customer satisfaction daily and follow core values to obtain excellence in care.

Usually, the most common risk management strategies can be subdivided into multi-stage approach in order to obtain a better impression of the underlying risks and thus to increase the probability of mitigating the firm’s risks properly and successfully. Also General Motors Corporation has developed various rules and guidelines to help manage minimize the risks associated with their business and investment operations.

The questions aim to understand risk management practices in the insurance sector. They are split into 3 sections: risk management culture, risk control and emerging risks management, in order to explore the enterprise risk management practices through examining the components.

Risk management is the managerial process of plummeting unreasonable and unplanned losses that ultimately affect an organization. To many it is also referred to as a loss exposure handling mode of management. In many organizations especially health facilities such as Johns Hopkins Hospital, losses mainly attributes to a financial crisis and require proper risk management methodologies. There are a lot of risks pertained to many day to day activities, ranging from surgeries to the actions of the health workforce and the subordinate staff. Hence, it is vital to address the risks through necessitated functions and tasks resulting to risk management.

For example, the design of the office building by an engineer; if the engineer does not adequately design the office building for the various types of occupants, it could prove catastrophic. In a sense, the management model can perhaps offer a similar view or perspective in much the same way; in its design to fit the overall purpose of the organization. The lack of design will have disastrous consequences (Koontz & Weihrich, 1990).

CH1 Intro: QA refers to any planned & systematic activity directed toward providing consumers w/ products of appropriate Q, along w/ the confidence that products meet consumer’s req. Age of Craftsmanship: skilled craftsperson served both as manuf & inspector. Early 20 century (1900) Frederick W. Taylor father of scientific mgmt separate planning function from execution. Henry Ford total Q practices. 1920 Bell Telephone Labs development of new theories & methods of inspection. Pioneers of QA: Walter Shewhart (statistics QC), Harold dodge, George Edwards, Joseph Juran, W. Edwards Dening. Post WWII: 40s & 50s shortage of civilian goods in the US made production priority, Q remained in its own dept. Top mgmt showed little interest in Q &

(D 'Arcy, 2001) proposed that the origin of risk management was developed by a group of innovative insurance professors Robert I. Mehr and Bob Hedges in 1950s . The objective of risk management at that time was to maximize the productive efficiency of the enterprise. At that time, risk management was specifically focused on pure risk and speculative risks.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)

This report clarifies the distinctive sorts of management structures that are being used, their advantages and disadvantages, and gives illustrations of where to utilise each one. Furthermore, it examines different variables that ought to be considered when surveying management structures in quickly changing economic situations.

One well accepted description of risk management is the following: risk management is a systematic approach to setting the best course of action under uncertainty by identifying, assessing, understanding, acting on and communicating risk issues. In order to apply risk management effectively, it is vital that a risk management culture be developed. The risk management culture supports the overall vision, mission and objectives of an organization. Limits and boundaries are established and communicated concerning what are acceptable risk practices and outcomes. Since risk management is directed at uncertainty related to future events and outcomes, it is

Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and impact of unfortunate events or to maximize the realization of opportunities. Risk management’s objective is to assure uncertainty does not deflect the endeavor from the business goals. Risks can come from various sources: e.g., uncertainty in financial markets, threats from project failures (at any phase in design, development, production, or sustainment life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters as well as deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. The risk management plan should propose applicable and effective security controls for managing the risks. A good risk management plan should contain a schedule for control implementation and responsible persons for those actions.