How Is Risk Managed On This Real World Project?

Organisation could actually control hazards that become risks by following the hierarchy of risk control.

The risk management program in any business, especially in a health care organization is an integral part of its day to day operation. The purpose of the risk management department is summed up by Kavaler & Alexander (2014), “…a program designed to reduce the incidence of preventable accidents and injuries to minimize the financial loss to the institution should any accident or injury occur” (p. 5). Protecting employees, patients, vendors and visitors is an ongoing process and one that needs to be updated when the healthcare organization has deemed necessary. This paper will demonstrate the importance of presenting the risk management program to new employees, compliance with the standards set forth by the American Society of Healthcare Risk Management (ASHRM), propose recommendations or changes needed to further improve the program, as well as examine the administrative process of managing a risk program.

Risk management in the health care setting is multi-focused. In addition to mitigating risks inherent to clinical settings, it also serves to protect visitors and employees safety. Moreover, risk management is vital to protect the organization from losses, earning and retaining accreditation, and reducing the overall risk of doing business in the health care industry. At the heart of risk management is the manager who is responsible for maintaining a risk management plan and continually monitoring the outcome of the plan.

Many business leaders still do not recognize the importance and value of an effective safety committee. They too often see only the immediate financial aspect/cost of safety-related programs. Employers may think that a safety committee is not needed because it is not required by OSHA. They may think they do not have the resources, time, or funds to create a safety committee. They simply may not have the knowledge of how to attempt to establish one.

Due to the high rate of illnesses, accidents and injuries in the industry, the organization further developed a hazard recognition program. This was greatly supported by the directives and the standards the organization drafted. The organization also set a safety and health program. This mainly depended on the credibility of management’s involvement in the program. This program provided for the inclusion of the employees in the program. The program also provided for the inclusion of the employees in the different decision making processes such as the safety and health decisions. The employees were also to be included in the decisions that involved change in the work site practices and conditions. The program addressed hazards despite failure by the government standard to regulate it (Brain Mass, 2010).

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

Risk Management issues are often handled at the facility where the problem(s) exist. One of the duties of Risk Manager’s is to communication and collaboration between departments within an organization in question. In addition, to sinking risks, and cutting costs in order to promote process efficiency .By analyzing incident reports is one way to correct current problems, and future problem areas. Risk managers are also responsible for certain criteria that must be met in order for full participation in certain government and state reimbursement programs ("World Health Organization," “n.d.”). Risk Management is a structured approach to managing improbability, related to a risk, through a structure of human interaction.

According to IRM-AIRMIC-ALARM (2002), risk management actually defines every organisational strategic management; it comprises the process which identifies and treats the internal and external risks and adds sustainable value to the organisation and its stakeholders by decreasing the probability of not achieving the organisation’s overall objectives. The specific institutes suggest that risk management lies in the strategic, tactical and operational levels, and its embodiment in all tasks and roles is required; it is a consistent manner for an organisations’ operation, which leads to effective decision making, efficient allocation and protection of the organisational assets, and enrichment of the organisational

The article I chose is from Forbes.com. The title of my article is Managing Capital Projects in a High-Risk World. In summary, the article discusses the importance of capital project risk management when it comes to organizations. When it comes to capital projects, there are many things that need to be addressed. A few of them are cost, financing, and difficulties of partnerships with contractors or joint venture participants. Regulations related to health, safety and environmental matters must also be addressed. Effective risk management can really help corporations make good decisions about whether or not a capital project is really worth its outcome. The first element of risk management is strong governance structure. Regardless of the size of the project or investment, it enables one to accurately compare and contrast the risks associated with the capital project. Also, once you know the risks associated with the project, you know exactly what you need to tackle. Therefore, you can then go on and figure out how you can go about doing so. Sometimes however, simply creating and following a clear and standardized process for risk modeling is not enough. Also, because of the complexity of high financing costs associated with the project, project management should be easy, concise, straight to the point and easy to understand. Companies have been found to improve management and create a successful capital project with the help of proper risk management. One can create as many

Risk allocation is performed as part of the development of the project structure, which takes into account the distribution of responsibilities and risks during the planning, construction, financing and operating phases (Corner, 2006). The aim is to identify an efficient and effective structure that optimises the costs of the project and ensures that the risk occurrences do not damage the project (Delmon, 2009). According to Grimsey and Lewis (2007) risk allocation has two elements: optimal risk management and value for money. The first implies that the

In addition to reading the course notes, I also looked at what APMBOK (Association for Project Management, Body of Knowledge 2009, 6th Edition, UK) said about this critical area of Project Management. Additionally, I researched what my Company does to maximize their effectiveness in this area by studying their attitude towards Risk Management throughout the complete life-cycle of a project, and finally I drew from my own knowledge and experiences in this critical area.

The completion of any project depends on the execution of various parameters mostly set at the beginning of the project. In order to complete the project to satisfactory levels, the project must be completed within the stipulated timelines, fall within the approximate budget and be of the required quality standards. However, most of the projects are affected by adverse changes and unforeseen events that occur during the execution period. Research shows that the magnitude of change is dependent on the size of the project, with large projects experiencing more uncertainties due to several factors including; planning and design complexity, interest groups having deferring opinions, resource availability, Economic and political climate and statutory regulations, which may necessitate change of plan. Most of the uncertainties are known to occur in the concept phase and if not intervened, they may affect the entire project. The burden falls on the management of such risk as some managers choose to ignore the uncertainties since they call for additional costs. Other inherent risks may go unnoticed and therefore remain unsolved,

Over the past few decades, the significance, magnitude and consequence of risk management and communication have been brought before the world over and over again in a number of situations related to health, terrorist activities, natural disasters etc. When one turns the pages of history, it is rather obvious that lack of planning and absence of resources due to unpreparedness makes it difficult for the concerned authorities to manage an emergency or epidemic a problematic and traumatic task. The chaotic situations can turn out to be more nerve-racking and tense when preparations are not made before hand (U.S. Department of Health and Human Services 2002).

The image as well as the operational business reputation of a corporation is critical to the survivability of the corporation in today’s business world. Today we will put our focus on one of UK’s largest multinational oils company’s. In the case with British Petroleum (BP) as it actively explores oil in 26 countries around the world, due to BP’s lack of focus on the safety issues presented in the 2004 Telos Group report coupled with the oversight and control to correct safety hazards, the Texas plant experienced a disastrous fire and explosion killing 15 workers and injuring 180 other personnel as stated by Halbert and Ingulli (2012, pg. 185) An investigation by the Chemical Safety and Hazard Investigation Board released a report in 2007 that revealed process safety leadership issues starting with senior management as well as disregarding safety concerns throughout BP. This paper will attempt to look at various details of the Critical Success Factor of British Petroleum (BP). We will then determine how these factors impact the success of the firm through project benefits, risk culture and organizational readiness. In this paper we will also provide project risk recommendations that will allow companies to plan accordingly when dealing with risk management task this way they will focus more on responsibilities, safety activities and budget. Lastly, we will create and identify checklist based on the categories of risk.

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