SourceEssay | Risk assessment and decision making in business and industry - Brisbane

Risk assessment is the process of maintaining educational, organizational, political, communicational aspects which come across in organizing the business. Technical factors come in terms within the risk assessment factor, but it is considered to be the secondary factor. The risk assessment can be practically implemented at any stages of decision making process, in any platforms viz. technical, business or educational. There are several methods in order to curb the risk in any business and industry. For this, the risk management process is developed. Several process and procedures are included in managing the risk of the business and industry. There may be the general principles which are adopted by several companies, where rules and regulations following the risk management process are same. But the risk management process may vary from business to business. Risk management includes several factors like the management of risks, risk analysis which further includes assessment of risks, identification of threats, evaluating threats, communication, investigation, examining, monitoring, prevention, recommendations, consultations, etc. In case of usual planning procedures decision making is quite necessary in order to take and make several or some decisions to curtail the risk of the business and industry.
Decision makers have their aims and objectives in order to perceive the expected results, which includes an investment to set up a plant, or to enunciate a product in order to propel it into the market. After fixing all the aims and objectives of decision making one needs to be concerned about the variables which are related to achieve these goals, they are mainly economic, political, environmental, social, technological, etc. Hence, it is also important to note that the decision maker is also accounted for maintaining all these variables in order to maintain the life cycle of the process from its initiation to its completion. These variables might fail in the process, which may lead to failure in the life cycle of the project, while creating situation of threat such as suffering loss of capital, reputation, cost, invention, investment, productivity, human life, assets, environmental pollution, development, economic loss, etc. A decision maker of the business or industry must spend their knowledge in order to curtail these risks.
There are two factors which may lead while undertaking decision making process, it is just like one way or the other; one could be either chucking out the information in order to implement mental model or the other one could be chucking down the mental analysis in order to follow the variables. This is basically done through the perceptual way of thinking, which means the thinking is based on assumptions, expectations, personal experiences, and hypothesis. If decision maker lacks in his/her knowledge then the business or industry may face several risks. Quantification of risks could be faced by the decision makers fill they lack in knowledge on the basis of alternative causes. In an emergent situation, decision making is to taken on spot and it possesses some specific characteristic. This sudden decision making may cost several energy, time, which is proceeded by process several wide range of data and information which may be available or unavailable. Hence, in this case decision must be positioned on an individual’s experience and mental model.
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