Essay about Risk Management

3234 Words Jan 17th, 2016 13 Pages
1. Excusive Summary
On March 11, 2011 the unpredicted earthquake and tsunami caused serious nuclear accident in Japan. However, it was triggered by unexpected natural disaster, the accident can be avoided if there exist a sound risk management cycle to identify the risks within this project and put a risk management plan in place. What’s more, the influence of the Fukushima Daiichi nuclear disaster would be reduced through proper crisis management procedures.
There are three major key risk issues findings about the Fukushima Daiichi nuclear disaster. The first one is risk identification problems in risk management cycle. The second risk issue is failure in avoiding crisis. The last point discusses communication problems in containing
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The risk management cycle and six stages of crisis management are used in analyzing the key risk issues. There are three main risk issues to be discussed: * TEPCO failed in risk identification process in building up the nuclear power station. * The risk management of TEPCO did not make much effort in avoiding the crisis. * TEPCO and Japanese government were criticized of poor communication in containing the crisis.
In the first part of case study, this report will give a general description of the facts about the Fukushima Daiichi nuclear disaster. Followed by analyzing the risk issues in the case. In the first part of analysis, risk management cycle is used to discuss the failure in risk identification of TEPCO. In the second part, the six stages of crisis management are applied to analyze the performance in avoiding and containing crisis. In the last part of case study, this report will compare Three Mile Island nuclear power plant accidents with Fukushima Daiichi nuclear disaster in terms of the three key risk issues.
I am going to conduct the research on Fukushima Daiichi nuclear disaster case through Internet, books and articles to find related and reliable information thus having a thorough understanding in risk management process of TEPCO. With the purpose to learn the importance of business risks management from this case and provide recommendations to avoid making the similar

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