Question

Consider some of the risks faced by people in different careers. A firefighter, for instance, faces a very different set of risks than someone who works in an office environment. What risks or uncertainties have you personally encountered in your career? How were these risks connected to the field or industry in which you work or worked? The nature of the product or service that an organization offers will also influence the categories of risk it may incur. What are some categories of risk that you think might affect many different types of organizations? What are some types of risks that are industry-specific?

Some risks are quantitative (objective), while others are more qualitative (subjective) in nature. Although quantifiable risks are often preferred as they provide certain data to support their impact, frequently leaders must accept qualitative data as risk, by definition, describes uncertainty.

For this Discussion, consider the various risk categories (financial, operational, hazard, regulatory, technical/engineering, etc.) as well as any that are industry-specific.

Briefly describe an organization where you currently work or one with which you are familiar.

Describe the risk categories that you believe most affect that industry or business.

Do you believe that these types of risks are best suited for qualitative or quantitative risk analysis? Explain why, and provide support for your response. If quantitative risk analysis, include which of the quantitative tools you think would work best for that type of risk. If qualitative, explain why you can't use quantitative analysis.

Answer 1

Q1.
I am working in an MNC company which follows a very innovative design culture of the working process. It basically works on the e-commerce trade of providing shopping products to the customers. The organization culture always encourages performing even better than previous and is the best place which offers stress-free work.  

Q2.

The risk factors are the decision-making process which is necessary to be fixed in the organization, the organization risk factors are lying on the better decision-making process by overcoming the constraints in the organization. Another risk factor is the improper strategies; the strategies are required to be utilized for the benefit of the organization to avoid any competitive advantage.

Q3.

The risk is quantitative because it is necessary to be pre-decided or pre-determined. Based on the probability the impact of the project is identified before any wrong aspect of the decision occurs in the organization.

Q4.

The tools involved are the Sensitive analysis and decision tree analysis. These two analyses are required to identify the risk in any project management or any model designing purpose to get the best outcome from it.