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Risk management is a deliberate and structured process focused on assisting the organization makes the right decision: Strategic Operations Management Assignment, UOS, UK
| University | University of Southampton (UOS) |
| Subject | Strategic Operations Management |
Risk management is a deliberate and structured process focused on assisting the organization makes the right decision at the right time to identify, categorize and measure the risk control by the management team, as the Risk is an uncertain event, and it has a positive or negative result on a company. further management is responsible for establishing a risk management system in an organization.
The main goal of the organization is to balance the cost, time, and quality and to reduce the uncontrollable risk and maintain it profitably. Risk management is a complete project from beginning to end. A work process of an organization to realize at the earliest stage of risk identification and take precaution for it. An organization must have a clear idea about the probability of the risk and identify the risk and manage it as well as analyze it.
In an organization, they are based on goods and services, and they face practical problems such as human resources, raw materials, performance second parties, and sources must face uncertain problems, due to that reason being unable to reach the target, because of that we must always be prepared to have a backup plan to reach our company targets.
The process of the achievement is to complete the target on time and according to the budget cost. While they are continuing successfully the project must focus on every parameter. The company task should be within the overall budget and process deadline to work out within the scheduled period and estimate cost should be verified accurately, in addition to that analyze potential unexpected risk and implement it within the time frame. That is called risk management.
By analyzing risk management which is the main topic of strategic operation management, and its direct effect on every field such as company wise, multinational corporations wise, agricultural way, architectural and main in the constructional field they have their contemporary risk issues.
There are many contemporary issues agriculturally. Agricultural risk management below is the main reason which effects for that. Such as climate changes, excess yield, transportation and packing issues, raw materials related to plantations, such as by receiving water and fertilizer.
So, identifying the risk and managing it is mainly what they are doing here. Because they must face mostly climate changes such as the countries with seasonal variations and weather conditions, must control and manage it immediately by discussing critically.
If they did not identify the risk correctly farmers, stakeholders, and consumers must face financial problems in supply food chains disconnecting. and they must face difficulties by a shortage of fertilizer necessary seeds and main resources in the agricultural field.
In that case, as a solution, pre parathion estimate and identifying the problems can mitigate and manage the risk correctly. Also, productivity and transportation problems can arise accordingly. Further, they must have a good knowledge of both practically and theoretically of managing the risk also future is more important to manage this risk.
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