Risk Management Stages Responses Essay Paper
Assignment ID Number AFFGEHU83939HD Type of Document Essay Writing Format APA/MLA/Harvard Academic Level Masters/University References/Sources 4 References
Risk Management Stages Responses Essay Paper
first one S A
One of the Rs that Hopkin (2017) talks about is rating risks with respect to magnitude and likelihood. In my understanding, risk magnitude refers to the potential impact that a certain risk may have on an organization, such as the number of machines that will be down or the percentage of operations affected. Different risks have different magnitudes, and the best way to manage them is to rate them from the high-magnitude risk to the low-magnitude risks (Macnamara et al., 2019). Likelihood refers to the odds that a risk will actually occur. It is good practice to dedicate time and resources to risks that have a high odd of occurring. For example, fire starting in an electrical company is more likely than in a water refilling station. While the fire risk is still present in both cases, the electrical company will devote more resources to preventing and addressing fire incidences than the water refilling station. The water station will have other risks to prioritize that the electrical company might not necessarily give much of a thought. The combination of risk magnitude and likelihood is an excellent risk management tool because it allows organizations to focus on the risks that matter. Also, this approach helps to decide which risks to treat, transfer, terminate, or tolerate.
Hopkin, P. (2017). Fundamentals of risk management: understanding, evaluating, and implementing effective risk management. Kogan Page Publishers.
Macnamara, A., Loetscher, T., & Keage, H. A. (2019). Judging risk magnitude: walking to the left and base jumping to the right. Experimental brain research, 237(3), 653-662. https://doi.org/10.1007/s00221-018-5449-2
second one A A
The sequential risk assessment process can be referred to as what Hopkins represented as the 8 Rs and 4 Ts. The eight stages of risk management are strongly correlated with each other. For instance, the first stage “Recognition or identification of risks” will lead the organization or the individual to the second stage which is “Rating the risks in terms of magnitude” which, in turn, can help in “Ranking the level of the risk against the risk appetite” and so on. However, one of the 8 Rs is very helpful to the organizations and individuals to determine the appropriate risk response action (4Ts), which is “Rating or evaluation of risks in terms of magnitude and likelihood to produce the ‘risk profile’ that is recorded in a risk register” (Hopkin, 2017, p 51).
When the risk is identified, one effective way to set the acceptable management procedures is by rating the risks based on their magnitude and likelihood of occurrence. That can be done by making a risk matrix that categorizes the risks in terms of their intensity. Subsequently, each risk will be managed by one of the 4 Ts, either by transfer, treat, tolerate, or terminate (Hopkin, 2019). For example, when a hazard is identified and rated on the risk matrix as the likelihood of occurrence is high, but the magnitude is low (e.g., power outages in the summer season), the rational response is to tolerate the risk as long as it doesn’t impact people’s lives. In another case, when a hazard rated on the risk matrix as the likelihood of occurrence is low, but the magnitude is high, the most effective way to handle the risk is by transferring it (e.g., property damage due to a devastating natural disaster). All together, rating the risks in terms of their likelihood and magnitude will help in making the suitable risk response plan.
Hopkin, P. (2017.) Fundamentals of risk management: Understanding, evaluating and implementing effective risk management. P: 51. NY, NY.
Edited by Abdullah Alghamdi on Oct 27 at 1:59pm
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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Structure of the Paper (worth 10% of total points)Risk Management Stages Responses ERisk Management Stages Responses Essay Paperssay Paper Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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Risk Management Stages Responses Essay Paper
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