Overview
OMG 428- Risk assessment and management paper
The project can deal with any aspect of risk management based on a risk assessment. It can be • Quantitative risk management using Expected Value analysis . I will go over a complete example in class. • Qualitative risk management. This would be historical in nature and involve using analogy, similarity or resemblances in a comparison /contrast involving the past and the present situation. The idea would be to study past history so as to avoid repeating past errors • A simulation study. You would simulate a future risk. A simulation study in risk management, such as a Monte Carlo simulation, is a common method used in risk management, particularly for assessing the probability of different outcomes and their potential consequences. • Scenario analysis. It involves creating hypothetical situations and analyzing how they might affect key business variables and outcomes in the future. • Negotiations. Risk analysis would attempt to identify, assess, and prioritize potential risks in order to develop mitigation strategies that would improve the chances of a successful outcome occurring in negotiations involving firms, government agencies or foreign countries .
• Contract risk assessment is the process of identifying, analyzing, and evaluating potential risks that are associated with a particular contractual agreement. It involves studying the contract's terms and conditions to understand what the potential liabilities, obligations, and other factors are that could negatively impact the firm. The goal is to minimize future ,potential losses and reputational damage by proactively addressing possible risks before they materialize. • Risk assessment in Ethical and Legal areas. Ethical risk analysis would involve a process that identifies, evaluates, and addresses potential ethical issues that might arise from an organization's current actions or manner of operating. It is a proactive approach as opposed to a reactive approach that relies on legal resources to respond to negative outcomes after they have already taken place. The entire project will be eight, double spaced, pages .The first page will be the title page .The last page will be a combined footnote/bibliography page.