Wednesday, February 26, 2020
Risk management Essay Example | Topics and Well Written Essays - 2500 words - 1
Risk management - Essay Example Even it is also consisted of implementation of a program for assessing the effectiveness. Therefore, it can be said that risk management is an ongoing process. There are four ways to deal with the risk. The first method consists of just rejecting the risk hopping that it will be resolved automatically. Accepting the risk and initiating appropriate actions against the risk can be another option. Transfer of the risk is another measure which indicates the acceptance of alternative risk, higher than the reasonable risk. Lastly, to mitigate the risk i.e. to implement the physical, administrative and technical controls in order to reduce the risk is the another way. Risk assessment is a process or examination through which it can be understood that what can be harmful for the workplace and how it can be prevented in advance. It is important because it gives the authority an advanced alert for the risk that may occur in future so that the future accidents can be avoided. Apart from accident, risk assessment is also useful for reducing insurance cost and damages in machineries. This is a part of risk management and can be better understood by the following diagram. The main objective of the risk assessment is to determine the risk associated with a particular asset. In order to assess risk successfully, few more steps have to be followed, firstly the critical information regarding the assets have to be gathered and possible threats attached with the asset should be identified. Then, the vulnerabilities of the threats and possibility of exploitation are assessed. For assessment of risk, quite a few steps have to be taken. At the outset, identification of risk is necessary. The assessor must visit each and every corner of the work place to have a better understanding with the present condition of the plants and equipments attached in it along with the premises. They may also take advice of the employees. Then, it has to be made out that who are the
Monday, February 10, 2020
Explain the Law of Demand Research Paper Example | Topics and Well Written Essays - 500 words
Explain the Law of Demand - Research Paper Example The above demand curve shows that when the price of a product increases, the demand decreases whereas the demand increases when the price decreases. For example, Butler (2009) has mentioned that the Australian government recently decided to cut the tariffs on imported cars by 5-10% (Butler, 2009). The above decision will definitely reduce the car prices in Australia and subsequently the demand for car may increase in Australian market. Australians automobile industry is controlled mainly by Toyota, Ford, Holden and Mitsubishi. The new decision to cut down the taxes will help the above companies to sell more cars in Australian market by reducing the prices. The cut down of the tariffs and the prices of the vehicles will boost more economic activities across Australia as the above four companies will increase the supply of vehicles to Australia in order to exploit the favorable market condition. When supply increases, the price may come further down and more customers will participate in purchasing. Most of the people are familiar with the demand law. People will never go after expensive goods if substitute products of similar quality with less prices are available in the market. On the other hand, in the absence of substitute products, only the rich people will buy the expensive goods and others will stay away from the market. It is difficult for the companies to survive in a market relying only on the buying abilities of the rich people. A product can succeed in the market, if it is able to catch the demand not only from the rich people, but even from poor people since poor people constitute the majority of the population in most of the countries. It is not necessary that the demand for goods depend only on the price of the good. When a country acquires heavy economic growth, the goods previously less demanded may become more demanded in that country. For example, India is currently
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