Venue Risk Analysis and Notion of Risk †MyAssignmenthelp.com

Question: Discuss about the Venue Risk Analysis and Notion of Risk. Answer: Notion of Risk Risk can be defined as the potential of gaining or losing something. There are certain aspects or values which can be lost or gained due to an unforeseen event. These aspects include physical health, financial wealth, social status, or the emotional well-being of a person. The risk can occur due to a foreseen or unforeseen event. The risk can be defined as an interaction with the uncertainty. The uncertainty can be defined as an unpredictable, and uncontrollable outcome, whereas the risk is the consequence of the event due to uncertainty. Risk permeates the decision-making process of each person as it is an integral part of each individuals life, business outcomes and the society (McNeil, Frey, Embrechts, 2015). The risk identification and therisk management are an integral part of the decision-making process of an individual. However, there are different interpretations of the word in different circumstances. It can be critiqued that the notion of risk is inextricably linked with t he uncertainty. Certainty refers to an event wherein it is sure that some actions are going to happen or not. The imperfect predictability may occur in different situations. The uncertainty can cause emotional or physical anxiety which commonly occurs in uncertain and volatile situations. Most of the people avoid activities and approaches which are very risky (Chance, Brooks, 2015). However, if a person knows that a bad event is going to occur, it is not perceived as a risk. It is due to the fact that uncertainty is linked with the event of risk. A bad event will not be categorized as risk, if it does not have an uncertain element in it. It can be critiqued that although risk and uncertainty are quite similar to each other; however, there is a significant difference between both the terms. Risk is the combination of uncertainty as well as damage or some kind of loss. Risk is also different from hazard. Hazard can be referred as a source of danger. On the other hand, risk can be defined as the degree of probability of the loss. Hazard is the danger or the effect of a negative situation. Risk refers to the degree of the possibility of such a loss (Bessis, 2015). It refers to the likelihood of conversion of a source into an actual source of loss or injury. It can result in some form of damage to the people. The risk is relative to the observer of the incident. The phenomenon of risk is dependent upon observer of the event. Therefore, it is also referred to as, perceived risk. However, there is no absolute value of the risk as it is based on the probability (Heckmann, Comes Nickel, 2015). In order to control the impact of the risk, the business organizations use risk management strategies. The riskmanagement refers to the identification, evaluation and the prioritization of the risks so that they can be addressed in a proper manner. The riskmanagement strategies should follow coordinated activities to control the probability or the impact of the unfortunate events (Lam, 2014). The riskmanagement refers to the application of the economic and other resources to minimize, monitor, and control the impact of the unfortunate events. The purpose of the risk management is to assure that the uncertain event does not impact on the business or hinder the business goals. The risk can emerge from different sources, including the threats from the financial markets, legal issues, credit challenges, accidents or uncertain causes. There are several strategies to monitor and manage the threats. There are also certain aspects of risk management which includes monitoring risk, and developing strategies to control the impact of the risk. There are certain risk management approaches, which includes the prioritization process in which priority is given to different risk for the impact of the loss and the probability of the occurrence of the risk. In the practical terms, the probability of handling the risk is quite challenging, and; therefore, it becomes more challenging to balance the resources to mitigate the risk, so that, the probability and the occurrence of the risk can be reduced. The foremost challenge in the risk management is the allocation of the resources to different risk so that the risks can be handled in the best manner. The risk is the possibility of the occurrence of an event and adverse impacts on the life of the lives or the business goals. In the risk management, the risk identification is the f oremost step (McNeil, Frey Embrechts, 2015). The risk identification is the process of identifying the potential risk so that they can be managed in a proper manner. The risks refers to the events which can cause potential problems or benefits to the organization. The risk refers to the events which when triggered, can cause potential problems. The risk identification initiates with the exploring the source of the problems, the causes or the challenges in the problem itself. It can be critiqued that the source of the risk can be in internal or external. However, the target of the risk management is to mitigate the risk so that the factors of risk management can be applied (Slovic, 2016). In the next step, the problems pertaining to the risk are analyzed. The threats may exists with different entities; therefore, there exploration is important. It can be critiqued that when the problem or the source to the problem is not known, it creates challenges in the mitigation of the problem. Different companies or different people choose different methods to mitigate the risk. It can be stated that the chosen method to address the risk depends upon the culture, practices followed by the industry, and the compliance approaches used. Once the risks have been identified, they must be evaluated on the basis of the severity of the impact and the chances of occurrence. In the assessment procedure, it is important to make the well-informed decisions for the best implementation of the risk management plan. In the risk assessment, the fundamental difficulty is obtaining the statistical information related to the occurrence of the risk. It is due to the fact that all the information is not available regarding the past occurrence of the catastrophic events due to the infrequency in their occurrence (Blaikie, Cannon, Davis, Wisner, 2014). Other than that, the evaluation of the severity of the occurrence is also difficult as it is hard to evaluate the impact on the intangible resources of the organization. When a risk is identified, and the potential impact on the risk is evaluated, then the risk mitigation strategies are proposed to address the risk. There are several approaches or strategies to address the risk. However, all the major risk mitigation strategies can be categorized in one of the three categories. In the first category, the risk containment and control processes are included in the project from the initial stage. In the second strategy, the companies can periodically assess the risk, and modify the mitigation approaches to deal with the risk. The third strategy is to transfer the risk altogether to an external place. Therefore, the potential measures for the treatment if the risk are: avoidance, reduction, sharing, and retention of the risk. In the risk avoidance, the organization or the entity avoids the activities, which can invite the risk. It is the process in which these activities are not carried out, which can invite the risk. Another strategy is risk reduction ( Acharya, Pedersen, Philippon, Richardson, 2017). It is the process of optimizing the risk so that the severity of the loss can be reduced. In this process, likelihood of occurrence of the risk can also be reduced. In this method, the risk is optimized. It means that a balance is found between negative risk and the benefits of the operations of activity. The risk sharing is the process of sharing the burden of the risk with an external party. It reduces the burden of loss or profit from the risk. In several cases, it is a significant measure to reduce the impact of the risk. It is also known as risk transfer which can be used to transfer the risk to another party. The risk retention is accepting the likelihood of the occurrence of the risk. In this strategy, the organization bears the loss, which may arise with the risk (Haimes, 2015). The risk retention is an appropriate strategy, which can be used to incur small risks. All the risks, which cannot be avoided or transferred has to be tolerated by the organization. Venue Risk Analysis The venue risk analysis refers to the risk analysis of a venue or place in which some events are organized. These events include conference, sports, concerts, meetings, or weddings. When a venue is designed, there are several negative and positive impacts of the design of the venue on the operations of the venue. Therefore, it is important that the business managers analyze the venue in terms of design, risk, and security. The hazards pertaining to the design can occur at any given time; therefore, it is important to address the risk. The risk analysis of the venue has a significant role in handling the overall operations of the organization. It assists the managers in managing the venue in terms of facility and the risk (Suter II, 2016). The managers should identify corrective measures regarding then quality of service. It assists in identifying the risks and proposing strategies to address the situation. The risk ranking system The risk ranking system or the tool refers to a system which can be used to identify and gives priority to the risks. The risks are given propriety depending upon their likelihood and severity of impact. The risks with the highest priority should dealt first, as they can severely damage the tangible or the intangible property of the organization. In the present case, a risk ranking system has been formed with different factors, namely, event of the likelihood of the risk, time of impact, financial severity, reputation severity, and the human injury severity. It is a significant tool which can be used to list the potential risk as per their impact on the organization as well as assist in identifying the controls which can be used to address the risk (Haimes, 2015). A likert scale has been developed for the evaluation of the risk. Scale Meaning 5-Severe A severe risk is an event in which the risk will have a severe impact on the organization. The risk will hinder the organization in achieving the critical outcomes of organization 4-Significant The significant risk are those risks, which will impact the organization in achieving the desired results. It can hinder the organization in achieving one of more intended objectives 3-Moderate The moderate risks are those which will moderately impact on achieving the desired results of the organization. It will fall below the minimal acceptable levels of the organization. 2-Minor A minor risk event is one, in which the risk might have a significant impact on achieving the desired results. It impacts the organization such that, one or more intended objectives fall below the goals; however, it is in an achievable level 1-Minimal The minimal risk event is one in which the risk has little to no impact on the intended outcomes of the organization S. No. Risk Probability of Occurrence Impact of Risk Mitigation Strategies 1 Height of shelf falling of bar tender 3 (probability of occurrence is moderate as the bartender can fall frequently while collecting products from upper shelf) 4 (The impact is significant as it can result in heavy injury to the bar tender) Appropriate ladder or foot steps should be constructed to address the situation (control of risk) Insuring the bartender (transfer of risk) 2 Misbalancing of chairs (the chairs bought are not in ideal conditions and they are not balancing on the ground) 4 (probability of occurrence is significant as the guests can fall off their chair frequently) 3 (probability of occurrence is moderate as there will not be any severe damage to the human lives). However, it can create a negative impact on the reputation of the organization The organization should buy new chairs (control) 3 Lack of disability access 4- probability of occurrence is significant It can cause severe damage to the reputation of the organization 3- moderate level of risk It can cause severe damage to the reputation of the organization The inflow of the customers will be low The customers with disability will not be able to attend the restaurant The organization should construct new access or route to the restaurant for the disabled people. A ramp can be created. Long with it, separate toilets or restrooms can be created for the handicapped people. (control) 4 High level of competition 4- Probability of occurrence is significant as the restaurant is constructed in one of the major business areas. Regularly new restaurants and eating areas are opened in the near vicinity. Although these restaurants are selling different menu or dishes, there is a significant loss in the market share of the organization 4- Probability of occurrence is significant as the company losses a large number of customers Create a unique brand image and offer high quality products. The restaurant can also initiate offers, discounts or loyalty coupons. (control) 5 Blockage of Emergency exit 3-It is a moderate level of risk as the frequency of occurrence of severe accidents is very low 5- It is a severe risk as severe hazards such as fire and earthquakes can have a severe impact on the building It can cause severe damage to the human lives, if these exists are blocked Changing the internal infrastructure so that these emergency blocks can be reduced (control) 6 Lack of lighting as many LED bulbs are not working 5-the frequency of the risk is high 2-it will have minor impact on the organization Changing the lighting of the organization as soon as possible (control) 7 Smoke detectors and sprinklers are not in good workable conditions 4- the frequency of the risk is significant 5-the impact of the risk is severe as the fire accidents can cause severe impact on the organization Implementing new smoke detectors in good quality 8 The entrance and the emergency exit of the restaurant are not in working conditions 4- the frequency of the risk is significant 5-the impact of the risk is severe as the accidents can cause severe impact on the organization Changing the infrastructure of the organization 9 Floor is not in ideal condition which can cause reputation damage to the organization 2- the frequency of the risk is minor 4-the impact of the risk is significant as the fire accidents can cause severe impact on the brand organization Changing the flooring of the organization References Acharya, V. V., Pedersen, L. H., Philippon, T., Richardson, M. (2017). Measuring systemic risk.The Review of Financial Studies,30(1), 2-47. Bessis, J. (2015).Risk management in banking. John Wiley Sons. Blaikie, P., Cannon, T., Davis, I., Wisner, B. (2014).At risk: natural hazards, people's vulnerability and disasters. Routledge. Chance, D. M., Brooks, R. (2015).Introduction to derivatives and risk management. Cengage Learning. Flemig, S., Osborne, S., Brandsen, T., van Genugten, M. L., Mele, V., Mikusova Merickova, B., Nemec, J. (2015). Risk Definition and Risk Governance in Social Innovation Processes: A comparative case study across 4 EU-countries. Haimes, Y. Y. (2015).Risk modeling, assessment, and management. John Wiley Sons. Heckmann, I., Comes, T., Nickel, S. (2015). A critical review on supply chain riskDefinition, measure and modeling.Omega,52, 119-132. Lam, J. (2014).Enterprise risk management: from incentives to controls. John Wiley Sons. McNeil, A. J., Frey, R., Embrechts, P. (2015).Quantitative risk management: Concepts, techniques and tools. Princeton university press. McNeil, A. J., Frey, R., Embrechts, P. (2015).Quantitative risk management: Concepts, techniques and tools. Princeton university press. Slovic, P. (2016).The perception of risk. Routledge. Suter II, G. W. (2016).Ecological risk assessment. CRC press.

Town Hero free essay sample

When the pager beeps and the fire whistle blows, my heart lurches as I jump into my bunker pants and whip on my turnout coat. My mind races and the adrenaline pumps through my veins. Will I be responding to a structure fire, motor vehicle accident, or an automatic alarm? I love the feeling of the oversized coat swallowing me as the lights flash and the sirens blare down the street. My dad was in the Deep River Fire Department when I was little. He was captain of the 5-5-3 fire engine and brought me to the fire house all the time. I was fascinated by the trucks and equipment. I watched the Memorial Day parades, my dad driving his truck down the street. He told me I could become a junior in the department when I turned 14. Although I was shy and quiet, I grew more comfortable and confident. We will write a custom essay sample on Town Hero or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page I wanted to learn to dress the hydrant, screw the caps, add on the attachments and hose, and open the hydrant. I liked the force and entry drill using a halogen bar and an axe to pop a door open. My favorite training is search and rescue including going on air will the Scott tanks, and blinding ourselves. The men think it is wonderful for a girl to be in the fire department, I set a great example. I like to say, â€Å"What boys can do, girls can do better.† The summer I was 15, I attended the Connecticut Fire Academy for a week for. That week changed me. I became outgoing and social because I was in a place with people who had the same interest as I did. I also got the opportunity to operate the ladder truck. Two years later, I was specially selected to be part of the first ever Advanced Cadet Program at the academy. In my town’s department, I have made a huge impact. I am the first junior female president in the Deep River Fire Department. I received the Junior Fire Fighter of the Year in 2009 and received Junior Top Responder in 2010. Fire fighting is my family history and it runs in my blood. Being part of the fire department has made me a leader. I can take control. The juniors in the Deep River Fire Department have raised $1,300 of fundraising under my command. I can teach people with a power I never knew I had. I do not expect myself to choose the profession of a career fire fighter. My other talents should be used, but I will always have the time to give up my time to volunteer. I will always be a volunteer fire fighter no matter where I go or what I do. I am a town hero. My hope is to recruit other junior members because soon enough I will become a senior in the department. The juniors are the next generation. I love the firehouse because it is full of people I can call a family. Firefighting is about brotherhood and sisterhood.

Amadeus Fact Vs Fiction Sample Essay

Amadeus Fact Vs Fiction Sample EssayAmadeus Fact vs. Fiction Sample Essay is a teaching tool created by Michael Thompson. The eBook is available on various websites for free but it is also widely available as an application for laptops.Amadeus is a new application that does not require any installation to be run. All you need to do is to upload the Amadeus on your laptop and use it there. Amadeus was developed by Michael Thompson, who is a senior manager of engineering at a software company.According to the testimonials from the Amadeus website, the most recommended feature of this application is that it can easily adapt itself to the preferences of a person who is a student. Since it uses the online format, the application can easily adapt to the situation of an individual student.Another significant feature of the application is that it can automatically generate a formatted 'fact' based sample essay that is based on the chosen topic. It can read the keywords from the topic and eve n highlights those topics with special emphasis. Therefore, the student can just fill in the words that are meant to be highlighted and an outline will be generated. The outline will be the content of the essay and the list of words that are not to be highlighted.This fact vs fiction sample essay writing application are an excellent tool for students who are entering college. For instance, if you enter into a writing class, you can be assured that the teacher will check your work.Since Amadeus can easily adapt to your preferences, you do not have to worry about your assignment being neglected. The application can generate a detailed outline that you can use as a basis for your paper. Moreover, the application can give a detailed outline of what will be covered in the topic and the length of the topic for your paper.Because it is an application that can be used anywhere, you can use it to make sure that you have an effective basis for your paper. The application can determine which p aragraphs are important and which are not so you can ensure that the information presented in the paper is accurate.Therefore, the application of Amadeus is the perfect tool for students who are entering college. Since it is developed by a senior software engineer, it is an excellent tool that can easily help you write an accurate essay. It can generate an outline that you can use as a basis for your paper.

phillip morris technology essays

phillip morris technology essays Philip Morris is an international company that has had to grow and deal with all of the technological advances in the world. Philip Morris is best known for their production and distribution of cigarettes. One of their most interesting technological advances is that they are known for accommodating customers with fire-safe cigarettes. Also, they are known with introducing Light and low-tar cigarettes. Another technological advance that has helped Philip Morris evolve is the integration of the computer management system, called SAP. The last technological advance has not been one in their favor, which is counterfeit cigarettes, and illegal distribution of their cigarettes on the Internet. When Philip Morris originally started their cigarette production and distribution, there was no knowledge of technology or expertise in cancer or things like fire-safe cigarettes. Cigarette-ignited fires are one of the leading causes of fire deaths in the United States. In 2000, two groundbreaking events occurred in New York State. They passed the nations first law requiring the establishment of a fire safety standard for cigarettes sod in the state, and Philip Morris began mass production of a commercial cigarette (Merit), that is less likely than conventional cigarettes to ignite a fire. Philip Morris PaperSelect technology uses speed bumps in the cigarettes paper, which causes an unattended cigarette to go out. The cigarettes reduced ignition propensity was confirmed in testing by the National Institute on Standards and Technology. Hundreds of years ago, when smoking was originally introduced, no one thought of the long-term effects it could do to a persons health and environment. After the U.S. Surgeon General concluded in 1964 that cigarette smoking causes lung cancer, tobacco companies recognized that health issues concerned millions of American smok ...

Social Influences on Behavior Paper Essay Example | Topics and Well Written Essays - 1250 words

Social Influences on Behavior Paper - Essay Example According to Zajonc, people perform better on dominant tasks, i.e., simple, familiar or well learned tasks, when others are around than when others are not around (as cited in D. D. Henningsen, M. L. M. Henningsen & Braz, 2007). On the contrary, on non-dominant tasks, i.e., complex, unfamiliar or novel tasks, the presence of others causes social interference or inhibition, thus impairing the performance. An instance where social facilitation can be seen in effect is in the sports scenario. The differences in performance levels of teams on the home ground and away can be explained by the concept of social facilitation. David Dryden Henningsen, Mary Lynn Henningsen and Mary Braz, through their study on a college basketball team, have very effectively supported this view. For their experiment, data was gathered for "78 NCAA division I men's teams from the 2000-2001 college basketball season" (D. D. Henningsen, M. L. M. Henningsen & Braz, 2007). Statistics were collected for each game te ams played over the season where a home team could be clearly designated. Home and away totals were recorded for shots attempted and made with regard to free throws, field goals and three point shots. The results showed that teams performed better for shooting tasks at home than on the road. Significant home performance advantage was noted for the easier task of field goal shooting while this was not noted for the more difficult three point shooting. This is very much consistent with social facilitation. Interestingly, home performance advantage was not observed for the easiest task which was free throw shooting. The authors conclude that it is possible that free throw shooting is a dominant task and that "anytime a college basketball player shoots a free throw before a crowd, social facilitation occurs and that the benefits of being at home or being a better shooting team are bounded by a ceiling effect" (D. D. Henningsen, M. L. M. Henningsen & Braz, 2007). According to Silva and A ndrew (as cited in D. D. Henningsen, M. L. M. Henningsen & Braz, 2007), the home advantage is "created more by impaired performance by visiting teams than by improved performance by home teams." According to them, free throw shooting levels were overall the same for home and visiting teams while home performance advantage was not seen for field goal shooting. This, according to them, was because free throw shooting is a simpler task than field goal shooting, so social inhibition occurs for field goals and not for free throws when teams are on the road. While Robert Zajonc put forward the drive theory, where he used the term, "dominant response," Cortrell's theory of social facilitation, which uses the term "evaluation apprehension," states that "rather than the mere presence of others, it is the worry of being adjudged that affects performance" (as cited in "Social Faciliation," 2006). Another major theory of social facilitation as put forward by Saunders et al. (as cited in "Social Faciliation," 2006), uses the term "distraction conflict," according to which participants in high distraction condition performed better on simple tasks but worse on complex ones. From the above theories, it is clear that social facilitati

Case study - Physiological responses in cross-country sprint skiing; a

- Physiological responses in cross-country sprint skiing; a in regulation, control and homeostasis. (1500 words) - Case Study Example One of the changes that promote greater oxygen diffusion is the contraction of the muscles takes a lot of oxygen because the oxygen is needed to replace Adenosine Triphosphate (ATP) that has undergone the process of hydrolysis at the time relaxation of muscles. Therefore, relaxation of muscles is essential because it leads to increase the supply of blood for metabolisms. Another change is the vascular resistance of the skeletal muscles. The resistance of skeletal muscles leads to build up of pressure in the arteries. There is buildup of pressure is due to the narrowing down of the diameter of the arteries, thus leading to increased heartbeat. There are several capillaries around the cardiac muscles; therefore when there is resistance to the flow of the blood, the diffusion distance is also reduced. The reduced distance for the diffusion in turn affects the exchange of gases like oxygen and carbon dioxide. Buffering agents reverse the hydrogen ion that reduces the PH and maintain it b etween 7.38 and 7.42 which is a neutral Potential Hydrogen. There are extracellular buffer agent and the intracellular buffer agents. The extra cellular buffers are like bicarbonates and ammonia while the intracellular buffers are like proteins and phosphates. Moreover, the kidney can also work by eliminating the toxic substances that accumulate in the body tissues but in the case of thorough exercise it may not be efficient. In addition, renal physiology is active in maintaining the level of PH in the body. In a way of responding to the low PH or the acidity, the tube-like cells reabsorb bicarbonate from the fluids that flows in the body tube. The tubular cells are in the linings of tubes like the collecting duct. Again the collecting duct has cells those secrets a lot of hydrogen ions thus manufacturing a lot of bicarbonates, a process known as ammonia genesis. The process leads to the formation of ammonia buffer. The air temperature during the race is 8 C, which

Militia in the War of 1812 Essay Example | Topics and Well Written Essays - 750 words

Militia in the War of 1812 - Essay Example In addition, many on the western front believed that Britain was involved with Native Americans in the attacks upon settlers Confrontation seemed inevitable, and coincident with a declaration of war was the fact that most of the political power resided in the South and the West; The same people who were anxious to go to war with Britain were also the ones whom the president needed to support him in what was, after all, the year of the presidential election. War was almost certain under these conditions. That does not mean, however, that the American states were prepared for war. Many authors agree that the constitution was fearful of creating a large standing army, and for this reason relied upon the citizens to form militias in times of crisis: " The actual standing army was tiny, with the Office of the Chief of Military History calculating that army at about 11,744 men. As a consequence of this small number, the defense of the united States was very dependant upon militia armies raised by the states. As many of the militias held by individual states were disorganized and chaotic, "Many states had to recreate their militia from scratch once war was declared in June 1812". Therefore, one of the reasons why different states had different militia was partly dependant upon the state of this army before 1812: where the militia was in good repair, the state could mobilize these units effectively; where they had fallen into disrepair, the 1812 militia was usually ill-trained and ill-equipped. How these militia were created and maintained was very much dependant upon the individual states. Many of them were opposed to these raised armies being taken away from their state of origin, as a proclamation by the Governor of Vermont in 1813 demonstrates: It appears, that the third brigadeof militia of this state, has Been ordered from our frontiers to the defence of a neighbouring Statewhereby an extensive section of our own frontier is left, In a measure, unprotected, and thegood citizens thereof are put In great jeopardy (Chittenden, 1813) The federal governments were unwilling to put large numbers of their men at the disposal of the National government, and especially, they did not want to see their troops moved out of their province in order to defend another state. There were other reasons why federal states might be unwilling to put up large militias. While many of the Western states wanted the war, states such as New England actually sided with England, and "Massachusetts Governor Caleb Strong even attempted secret negotiations with England with a planfor New England to secede from the Union" (Lutins, 2007). So the second reason for differences in the militia is the differences in support (or lack thereof) for the war. Both of these reasons were also interacting with the great problem which the United States had with federal governments, which is the reluctance of the States to grant power