Abstract

In this study we try to explore the concept of “Risk Management” in a holistic context. The main focus of the research is on “Risk Management” and its relation with “emergency and health contingencies”. The research also analyzes many aspects of “Risk Management” and tries to gauge its effect on “hospital management”. Finally the research describes various factors which are responsible for “Risk Management” and tries to describe the overall effect of “Risk Management” on “the overall credibility of emergency management”.

Table of Contents

Abstract1

Adoption of Risk Management3

Risk Management: An Introduction3

Preference to adopt risk management over emergency management3

Risk Identification Step4

Mitigations4

Monitor and Control4

Evaluation and assessment of risks4

Conclusion5

Works Cited6

Adoption of Risk Management

Risk Management: An Introduction

Risk management processes are often perceived as extra work and expense, and thus expunged if a project schedule slips. Indeed, inadequate risk management during the ERP adoption and implementation process, characterized by the lack of formal risk management planning and communication, the inability to forecast and assess risky issues, and/or the failure to respond to risks in a timely and proper manner, is one of the prior causes for ERP project failure. In order to avoid the disastrous consequences of implementation failure and reap the benefits of ERP systems successfully, actively managing the risks inherent in ERP adoption and implementation is of critical significance for organizations that seek to create business value and competitive edge.

Companies must take risks to pursue profits in the marketplace that is full of uncertainty. According to ISO 31000, risks, as the effect of uncertainty on objectives, can be both positive and negative. In fact, however, the negative side is often emphasized, and risk thus refers to an unwanted future event or issue among a set of uncertain outcomes. It is proportional to both the results that can be caused by a hazardous event and the likelihood of occurrence of such event.

Preference to adopt risk management over emergency management

The concept of risk management has become important and central to corporate management and essential to successful project management in complex setting. Risk management should be applied at major project milestones and hence be included in project plans and operational documents becoming integral part of every aspect of managing the project, in every phase and in every process group. Because of the financial impact it may bring, risk management shall be performed from the acquisition phase (i.e., project sales) so that the organization may find easier decisions on ...