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to avoid the uncetaintily things/situation risk managment is so important...
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The Marine Corps uses a tool called ORM- Operational Risk Management. It determines how to best conduct an operation with the least risk to personnel as possible. If the risk outweighs the success in mission accomplishment, the operation's strategy is modified.
How do on-duty leaders supervise compliance with hazard controls during an operation
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ORM should only be used when the individual has time to plan an operation or evolution.
Risk Management is extremely important because every project has atleast a few Risks that may affect it and if the manager doesnt plan for them, there is a 100% probability that the project will be a failure. That is why every manager has to plan risk management and execute the plan diligently Risk management planning is the process used to decide how the risk management activities for the project at hand will be performed. The major goals for planning risk management are threefold: Ensure that the type, level, and visibility of risk management are proportionate to the actual risk involved in the project and the importance of the project to the organization; secure sufficient resources, including time for risk management activities; and set up an agreed-upon basis for evaluating risks. To be more explicit, you use the risk management planning process to determine the following: • How to approach the risk management activities for this project • How to plan the risk management activities • How to execute the risk management activities
Donald L. MacDonald has written: 'Risk control in the overseas operation of American corporations' -- subject(s): American Corporations, Business Insurance, Management, Risk management
How do on-duty leaders supervise compliance with hazard controls during an operation
Risk management is the identification, analysis and either acceptance or mitigation of uncertainty in investment decision-making. Inadequate risk management can result in severe consequences for companies as well as individuals. The legal refers to the risk that the business fail to implement legislative or regulatory requirements. There are companies providing the risk management services such as Maclear LLC, which helps to mitigate risks and reduce impact to the business operation.
It's important to take a risk balanced approach in risk management because managers don't want to lose their entire investment on risky business deals. Although risky projects yield higher returns, they can also be the largest lost.