A Research Study On Risk Management - 1800 Words

1. Executive Summary A risk is any event which will have a positive or negative impact on the outcome of a project or phase. It may be caused due to several factors and if it occurs can lead to several types of impacts. Every project undertaken has some risk associated with it. Through risk management, we are able to track and keep a close watch on those events that can impact a project outcome. Risk management takes place continuously throughout the life of the project and can be classified into identification, analysis and monitor and control phases. These processes are restructured as we move through a project and identify new risks along the way. Risk management’s main objective is to decrease the chance of adverse occurrences during a project and cushion the impact if it does occur. However, if a positive event or opportunity occurs, it should be exploited. Risk identification generally begins before project initiation and the risk count goes up as the project moves closer to maturity. When risks are identified, they are evaluated to determine the probability of occurrence and their impact on project schedule and scope. Once these two values are determined, they are prioritized. Two critical issues need to be addressed as part of documenting risks. The first is risk mitigation which involves steps taken to decrease the probability of occurrence of risk. Risk mitigation actions have a cost associated with them. Therefore, it is critical to determine the probability ofShow MoreRelatedA Research Study On Risk Management1922 Words   |  8 PagesSuggest the issues that could have developed had the team not had a risk plan. Determine the major impacts of risk that the team needs to understand for the project to be successful. After reading this case study, I’ve to notice so many poor decisions being made by this Satellite organization. The most noticeable issue was that they failed to plan initially. I noticed that there were unrealistic goals set, in which created a chaotic working environment. Because of this, the organization was boundRead MoreA Research Study On Management Of Risk Management1647 Words   |  7 Pages1. Introduction: Project risk management these days is recognized as one of the important process of project management. Latest studies of project management has suggested that more focus should be on study of projects which are intra-alliance or inter-alliance networks. In the field of research about the risk management of project less attention is paid to the risk management in networked projects. The networked projects itself is a big concept, there are large number of people involved in a singleRead MoreAn Empirical Analysis Of Supply Chain Risk Management1692 Words   |  7 Pagesthe paper titled â€Å"An empirical analysis of supply chain risk management in the German automotive industry† applied the practices of supply chain risk management by surveying sixty-seven manufacturing plants in German automotive industry. The need of real empirical research in supply chain risk management to help analyzing supply chain risk and test the previous research proposed instruments that can be appl ied for supply chain risk management was the motivation of this work. In this paper, the occurrenceRead MoreSupply Chain Risk Management Analysis1521 Words   |  7 PagesUta Jà ¼ttner, (2005),Supply chain risk management, The International Journal of Logistics Management, Vol. 16 Iss 1 pp. 120 - 141. Supply chain risk management is an intersection of supply chain management and risk management. For this we need to understand the benefits and as well as the limitations of both the concepts. Supply chain risk is about any threat of interruption in the order of workings of the supply chain. This Risk is generated as result of risk ‘drivers’ that are internal or externalRead MoreSupply Chain Risk Management Plan1299 Words   |  6 PagesSupply chain risk management, The International Journal of Logistics Management, Vol. 16 Iss 1 pp. 120 - 141. â€Å"Supply chain risk management is the process of identifying, assessing and controlling threats to an organization s capital and earnings that are caused by the organization s Supply Chain.  Companies with supply chain risk management plans in place typically place a chief risk office(CRO) in charge of overseeing the effectiveness of the organization s supply chain management strategy.Read MoreRisk Management For Construction Projects1095 Words   |  5 PagesThe overall aim of this study report is to let everyone know what risk management is, realize the procedure of risk management in construction project and have a deeper study on the application of risk management during construction period, therefore, a better project output and better value for both clients and constructors. There are two objectives of this study: 1. To assess the most major and common risks which cause bad effect on construction period. 2. To figure out reasonable solutions. OnRead MoreThe Risks Health care Providers Experience And The Impact Cloud Computing1418 Words   |  6 PagesThe study by Glasberg et al (2014) analyzes the risks healthcare providers experience and the impact cloud computing has in using the new technologies. Focusing on overall risk management, the study takes a holistic approach, where the research focuses both on human and organizational aspects. Using interviews as a form of data collection, the authors categorize risks and assesses impact from 2 perspectives; supply (S) and information systems (IS) as shown in the table 1 below. Table 1 Risk RiskRead MoreA Report On The Construction Sector Essay1321 Words   |  6 Pagesconstruction management space, which has been poorly addressed in New Zealand until recently. (Pieter, 2011) High level of complexity is also involved in construction projects, which exposes this sector to humungous risk aspects. Therefore, lessening of risk linked to such projects, should be prioritized and handled in a systematic way. Risk is an indefinite occurrence or a state, which affects tangible or intangible factors. Managing risks in the right way is important. Risk Management deals withRead MoreThe Effects of Self-esteem and Risk-Taking Behaviors on Financial Management 1314 Words   |  6 PagesAbstract Past research suggests personality variables may affect a person’s style of financial management. Specifically, the purpose of this study was to investigate possible correlations between self-esteem and risk-taking behaviors with financial management. We created a survey measuring these variables, in addition to asking some demographic questions, and had anonymous participants from a Research Methods class take it online. After conducting the survey with the 27 participants, we wereRead MoreProblems Associated With The Building And Construction Commission892 Words   |  4 PagesDespite various construction acts, regulations, standards, codes, licensing regimes, other management approaches such as quality management, risk management, defect management building are still handed with defects. It is evident from Queensland Building and Construction Commission (2015a) annual report that in 2014/15 alone received 4,793 complaints about defective work. There are many other defec ts that are seen to occur during the construction process, which gets rectified before the practical

The Ethics of Enron Free Essays

Reading Enron’s code of ethics, on first impression, you would expect nothing but excellence from a respectable company. Their code of ethics relied heavily on effective communication, a high level of integrity, and nothing but excellence. Through this code they portrayed a business that was capable of exceeding greatness to the highest standard. We will write a custom essay sample on The Ethics of Enron or any similar topic only for you Order Now This soon to be eluded fact jaded by the deception with Enron’s unethical actions, which would ultimately lead to its untimely demise. Enron, at one point, was the seventh largest company within the Fortune 500. Careful accounting strategies allowed it to be listed as the seventh largest company in America, and it was expected to dominate the trading it had virtually invented in communications, power and weather securities. Instead it became the biggest corporate failure in history. Enron was formed in 1985, by Kenneth Lay, CEO. Lay graduated from the University of Missouri with a degree in economics. He then went on to get his Ph.D. from the University of Houston. With his extensive background in economics, Lay began to work for Exxon Mobil, and thus began his life in the energy business. He soon began to get involved in the natural gas market, which led him to propose the idea of the deregulating energy. Lay merged his company, Houston Natural Gas, with Omaha, Nebraska’s InterNorth to form Enron (Briefing 2012). In addition to traditional sales and transportation of natural gas, Enron, under Lay’s direction, invested into, what at the time was, future markets. From around 1983-1987, oil prices fell drastically. Buyers of natural gas switched to newly cheap alternatives such as fuel oil. Gas producers, led by Enron, lobbied vigorously for deregulation (Briefing 2012). Once-stable gas prices began to fluctuate, spooking buyers. That’s when Enron started marketing futures contracts guaranteeing a price for delivery of gas sometime in the future (Briefing 2012). The government, again lobbied by Enron and others, deregulated electricity markets over the next several years, creating a similar opportunity for Enron to trade futures in electric power. With this, Enron began to grow at a rapid pace, having their assets grow by $50 billion in the matter of a short fifteen years. Being seen as a powerful company was undermining motive that lead to Enron’s one main goal that they continuously strove to achieve. Who would not enjoy having a superior image for as long as this company did. Enron, before its collapse, was one of the worlds leading electrical, natural gas, and communication companies (NPR 2012). The company, with profit of $101 billion in 2000, markets electricity and natural gas, delivers physical commodities and financial and risk management services around the world, and has developed an intelligent network platform online business (NPR 2012). However, all so called good things for Enron came to an end. Despite Enron’s perceptual display of ethical standards in its transactions, social conduct, environmental and financial reports, evidence of unethical behaviors such as engaging in massive corporate fraud, misleading its investors and employees about its financial status bloated out when it collapsed in 2001. By excluding its partnerships with Chewco and Joint Energy Development Investments (JEDI) from its financial statements, Enron was able to hide its $600 million debt from the balance sheet. For about eight years, Enron used complex and unethical accounting schemes to reduce its tax payments, overstate income and profits, inflate stock price and credit rating, hide losses, transfer the company’s money to themselves, and fraudulently misrepresent its financial condition in public reports. Enron Senior Management did perform a job well done until it fell apart when Enron’s share price started to drop in 2000. Before Enron filed for bankruptcy protection, the Securities Exchange Commission (SEC) already found out these accounting irregularities where Enron clearly misled its shareholders, analysts and creditors. By the end of 2001, it left thousands of employees who have invested their savings and pensions in the company and small shareholders maintaining their investments; while members of Enron management sold their shares knowing the falling performance of the company. Enron was not protecting the interest of its stakeholders at all. Thousands of employees lost their jobs and significant amount of retirement savings, while investors were left with worthless stocks. These further affected their families and their community as a whole. Enron’s scandal damaged public trust on corporate leaders. The behavior of Enron’s leaders were far from the good leadership behavior we know of, where leaders should demonstrate integrity. What’s worse was that, the Auditors of Enron who should have been the one to report their accounting malpractices long time before, accepted the accounting practices and remained silent. This was most probably because of the conflict of interest because these auditors earned high revenues from audit and non-audit works with Enron. In the most basic sense, lack of management integrity and the resulting impact on corporate culture was the root cause of Enron’s downfall and the fundamental ethical issue. Enron’s management chose ego gratification, power maximization, stakeholder deception and short-term financial gains for themselves, while destroying their personal and business reputations and hurting literally tens of thousands of stakeholders. Enron’s scandal called for the need of significant change in accounting and corporate governance in the U.S. This is why the Sarbanes-Oxley Act (SOX) of 2002 was introduced. It was officially signed into law july 30th, 2002 to protect investors by imporoving the reliability and accuracy of disclosures made pursuant to securities laws. Sarbanes-Oxley developed the Public Company Accounting Oversight Board, a private, nonprofit corporation, to ensure that financial statements are audited according to independent standards. The legislation also mandates that companies listed on stock exchanges have completely independent audit committees to oversee the relationship between the companies and their auditors. Sarbanes-Oxley further banned most personal loans to any executive officer or director, accelerated reporting of trades by insiders, and stiffened penalties for violations of securities laws. SOX is generally applicable to all companies, regardless of size, who require to file reports with the SEC. SOX established the creation of the Public Company Accounting Oversight Board to oversee the audit of public companies that are subject to the securities laws. The PCAOB establishes auditing, quality control, ethics, independence and other standards relating to the preparation of audit reports. They are also responsible for conducting inspections of registered public accounting firms, as well as conducting investigations and disciplinary proceedings, where, justified, concerning registered public accounting firms. The Enron case will forever stand as the ultimate reflection of an era of near madness in finance, a time in the late 1990’s when self-certitude and spin became a substitute for financial analysis and coherent business models. Controls broke down and management deteriorated as arrogance overrode careful judgment, allowing senior executives to blithely push aside their critics. Indeed, it could be argued that the most significant lesson from the trial had nothing to do with whether the defendants, both former Enron chief executives, committed the crimes charged in their indictments. Instead, the testimony and the documents admitted during the case painted a broad and disturbing portrait of a corporate culture poisoned by hubris, leading ultimately to a recklessness that placed the business’s survival at risk. The ethical lesson that can be learned front the Enron scandal is that, no success is important enough to be achieved at the price of dishonesty and illegal activities. Not only did the scandal tarnish the reputation of Enron but it ruined the lives of the people who belonged to the name, People who have invested time and money into the company. It goes without saying, corporate values is far more important than unethically scheming in order to make profits. How to cite The Ethics of Enron, Essay examples

Illusory Conjunctions free essay sample

For example, some participants see a green O and a red L but they commonly mistake seeing a green L and a red O. Researchers have found the illusory conjunctions are not strongly caused by spatial location, but one’s perceptual system often errs, borrowing attributes for a stimulus from its close neighbors. On the other hand, illusory conjunctions of simple symbols do not follow the same rules of the semantic expectations. Socially relevant stimuli can have different processing mechanisms that can make the illusory conjunctions more likely to conform to social schemas. An experiment was conducted to prove this. Thirty-three men and thirty-two women participated in a standard computer-administered illusory-conjunction task. Stimuli were faces of six Black men and six White men making both angry and neutral expressions. During each trial, a fixation point appeared for 1,000ms, and then two faces appeared side by side for 100ms. The participants were asked the sum of the numbers and to identify either the expression or the race. We will write a custom essay sample on Illusory Conjunctions or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Anger on a distractor was more likely to jump from a Black man than to a White man. The association with anger towards the Black men’s faces was caused by nonrandom illusory conjunctions that followed stereotypic expectations. The study has shown that when the content is socially and functionally relevant, illusory conjunctions do follow stereotypic expectations. These findings have important implications for social issues of all sorts and play a critical role that content can play in the search of basic cognitive processes.