Uncertainty

banking system was sound because the real estate underlying loans could never drop in value. And despite these reverses, we seem to cling to certainty. Prediction has been described as the brain’s primary function, so we aren’t about to stop. Uncertainty triggers the fight or flight response, while certainty makes us feel warm and calm. Some have suggested we are actually addicted to certainty. As we are only intermittently rewarded with being right, our addiction is strengthened. Businesses…

about anything in this world. In the story "Doubt: A Parable" uncertainty is a predominant feeling whether it be each individual character or the audience. In our everyday lives we come across countless things that we are uncertain of. Doubt is a presence whether it be education, religion, politics, or even living to see another day. The only thing that we are truly certain of is that we are uncertain. Throughout the story "Doubt", uncertainty builds in each characters mind. Though the…

Risk is the uncertainty of an event or condition with the potential to cause a negative or positive effect (Watt, n.d.). Risk management is the identification and assessment of risk and planning responses to reduce it acceptable level and increasing the likelihood of it reaching a successful conclusion (Watt, n.d.). A risk management plan is a strategy to bring to a minimum the adverse effects that uncertain conditions have on a project (Watt, n.d.) Three IT risk management plan are, Risk…

according to Valsamakis (2010, 29) risk is defined as the variation of the actual outcome from the expected outcome. If this definition is accepted, then the standard deviation is an appropriate measure of risk. Risk therefore implies the presence of uncertainty. Valsamakis further says that risk management is a managerial function aimed at protecting the organisation and its people, assets and profits against the physical and financial consequences of risk. Sappi is a global paper and pulp…

To model these influences, the following hierarchy were adopted by Influence Network: i. Direct performance influences - these directly influence the likelihood of an accident being caused. ii. Organisational influences - these influence direct influences and reflect the culture, procedures and behaviour promulgated by the organisation. iii. Strategy level influences – these reflect the expectations of the decision makers in the employers of those at risk and the organisations they interface…

Third element is Risk Organization and Governance. This element covers how an organization structures its risk along with allocating final responsibility among certain positions in the organization in order to empower the employees with the proper understanding and significance to the risks certain departments in the organization are exposed to. Certain key employees with authority take these elements of risk management into account in order to retain, avoid or transfer possible risks. Having a…

At Parsons, project risk is typically determined as a measure of possible obstacles to reaching overall project objectives within established cost, schedule, and technical constraints. A comprehensive risk analysis should be implemented for any project and is required as part of an executive proposal review (EPR). The proposal risk evaluation starts by classifying all risks that might affect the project. A standard risk checklist helps this process and addresses the most common risks. Project…

Risk management is an iterative process consisting of well-defined steps which, taken in sequence, support better decision-making by contributing a greater insight into risks and their impacts. The risk management process can be applied to any situation where an undesired or unexpected outcome could be significant or where opportunities are identified. It is a process that enables Council to know about possible outcomes and take steps to control their impact. At King Island Council, risk…

Risk management is the process of reducing or eliminating the risk of harm to participants and loss to an organization through injury and subsequent lawsuits. Risk management plays a crucial role in any sport and recreation facility or program. If risks in an organizations facility are not identified and properly taken care of then that facility can suffer some major consequences. When conducting a risk management audit, the auditor must follow a three step process: recognition, analysis, and…

3. Investment is inherently risky; however, the wise investor will seek ways to reduce this risk. One such method is to utilize portfolio theory when planning the investments. Explain and discuss the concepts behind portfolio theory, clearly identifying advantages and disadvantages or limitations to this theory. The portfolio theory is a diversification of shares and related investments such as cash in savings accounts, and derivative products such as single stock futures in order to maximize…