Positive Risk Response Paper

Outcome 1 Know the importance of risk taking in everyday life for individuals with disabilities

Risk is defined by the probability of injury, harm, loss or danger. We all take risks every day, and don’t even think about implications.

In my past job, the company mandates risk assessment before doing for any business transactions, so that we are in compliant with relevant regulations and do not do any risky deals that end up with litigation or incur losses to our business. The guidelines also apply for non-business transactions and any internal decisions. The strategy is to take a risk that is known and manageable or spread, so that we add value to the company's profit and shareholders. The task was to scale the current information system, so that we can comply with regulatory requirement which always has time commitment.

An assisted fall is when a staff member witnesses a patient's fall and attempts to minimize the impact of descend. Many patient falls occurring during hospital encounters may cause little or no harm but some can result in serious and even possibly life-threatening consequences for many patients such as hip fractures and head trauma. Even when a fall does not lead to death, it can require prolonged hospitalization. Some could suffer disability, loss of function, and lose their independence or premature death. “Patient falls in hospitals are a common and often preventable adverse event. Nurses routinely conduct fall risk assessment on all patients, but communication of fall risk status and tailored interventions to prevent falls is variable at best.” (Hurley,

The use of pesticides is an important decision that thousands of communities face each year. Nobody likes dealing with mosquitos and the diseases they bring so using chemicals and pesticides is an option but with other consequences. Mosquitos carry West Nile Virus that affects the city of Genericville every year with 50 cases projected this year in the city and two fatalities as well. On the other hand, the chemicals proposed for controlling the mosquito population has its own risks. The pesticide Malathion is also dangerous to people if they come in contact with it before it degrades. The potential for citizens of the city being exposed is almost a certainty

* There are three (3) schools of thought regarding risk. The first considers the positive and negative aspects of risk, but sees them as separate. The second group believes that there are benefits from treating threats and opportunities together, while the third school does not label uncertainties, but addresses uncertainty as part of “doing the job.” Argue the value of having a risk strategy despite the cost associated with it. Include an example to support

A risk analysis is accomplished first by identifying the asset(s) most in need of protection. (Broder & Tucker, 2012)

Managers are often seen as risk-averse and opportunities can be missed. Leaders will not rule out opportunities because of barriers and will consider risks to overcome these barriers and get things done.

The word “risk” means the possibility of suffering a harmful event. Risk taking can bring either positive or negative result because anytime we take risks in life, there is a possibility of loss which can cause tension. There are a lot of people who take big risks and appear not to be affected by them. But, many of us feel very uneasy when faced with risk-taking; we may become worried about the risk. Although some people are content in life by just playing it safe and not courting any

Niccolo Machiavelli, the author of The Prince, said “Never was anything great achieved without danger.” This could be rephrased to “Nothing great is achieved without taking on risk”. The definition of risk is as an “act or failure to act in a way that brings the possibility of an unpleasant or unwelcome event”. And even though risk has a negative connotation, all risk is not bad. Intelligent businesses understand they must take on calculated risks to be competitive in the marketplace. However, taking on risk without regulating it is not a smart business decision. Deciding when or when not to accept risk is the basis of risk management. Generally speaking “risk management focuses on likely risks” (IT Governance Policies and Procedures). Types of business risks include political, environmental, planning, market (demand, customer satisfaction, etc.), economic, natural (fire, earthquake, flood, etc.), technical, criminal, financial risks, IT risk, safety/policy/legal and security risks, regulatory risks, risks to reputation, HR risks, and operational risks.

Risk is often evaluated based on a cost-benefit analysis, which is the underlying theme of the three pieces of writing. Sunstein defines it as “a means of overcoming predictable problems in individual and social cognition” (30). He believes that people interpret risk the wrong way; they assume that if something is high-risk it is low benefit and vise versa, but in reality high-risk usually means high-benefit. Cost-benefit analysis is meant to clear up the confusion and shine light on the small benefits that average individuals might not see. Gardner provided a very similar definition on cost-benefit analysis without actually stating its specific name. He stated that the way people decide which risk is worth preventing and which one is not is by considering “the probability of the event, its consequences, and the cost” all put together (Gardner, 2008: 62). If the cost of the risk outweighs its benefits, the money and efforts set aside for preventing it is better off directed somewhere else.

Risk can be defined as “The possibility of a (negative) event occurring”. Risk and uncertainty go hand in hand. When you are certain about something that you do then there is less or no risk involved. There is more risk when there is uncertainty about a particular outcome and you still go for it.

As mentioned above, risks can yield results both positive and negative. Negative risks are simply defined as unwanted threats that have a negative impact on the goals and objectives of a company (PM Study Circle, 2017). A negative risk of Diageo’s decision to change product focus to inexpensive liquor sales can be costly. While this marketing strategy is based on present supply and demand, it fails to take into account future market changes. Diageo should be cautious and not concentrate all of its marketing efforts and resources in one region as the company could lose revenue sales.

The point that Kippenberger (2000) is making in his article titled ‘there’s no such thing as risk free project’ is that almost everything we do in a project involves a risk of some kind – by so saying, it is therefore essential that we are prepared or able to deal with risks. Most literature puts emphasis on the negative connotation that the word ‘risk’ carries. For instance, Chapman and Ward (2003) provide the meaning of risk as: hazard, chance of bad consequences, loss, and exposure to chance of injury or loss. Galway (2004) defines risk as an event which is uncertain and has negative impact, and similarly, Martin (2008: 38) defines risk as the ‘chance of something occurring that has an adverse effect on the project’. This negativity highlights the fact that problems can occur or things can go wrong and it is therefore important to have a systematic approach to managing them. Therefore in project management, risk management is necessary to increase the chances of the proposed project succeeding.

Organisations nowadays face various external and internal risks such as strategic risks, operational risks, financial risk and environmental risks. Managers tend to focus on those risks with greater uncertainty like natural disasters. However, some risks also bring destructive outcome even they are predictable and controllable. The inherent risks in the management and control system are among those on the list. Because they are "built-in" risks of management and control system due to agency problem and asymmetric information, managers often ignore them or are unaware of their existences.