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risk management program

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1. What are the roles and objectives of a risk management program? What theoretical changes have occurred in the past 20 years? How have the roles and objectives changed as a result?

2. Research Donabedian's structure-process-outcome paradigm. What is the interrelationship between risk management to all component parts of the paradigm?

1119 words with references

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The response addresses the queries posted in 1119 words with references.

//As per the directions, we will discuss the roles and objectives of risk management. We will also discuss the various changes that have taken place in this field in the last twenty years and their results.//

Risk Management

Risk Management is the process of identification and analysis of risks, and accordingly, creating an action plan to respond to the risks, minimizing the risks at the lowest possible costs and tracking the risks at all times (Kerzner, 2009).

Roles of Risk Management

Risk Management has broadly two kinds of roles -

1. Risks are generated by people like inadequacy of workers, employees not performing as per the desired standards, unwillingness to assume an extra responsibility, duty or an important worker quitting the job soon after getting training.

2. Risks are controlled efficiently by people, like creative employees solving unforeseen risks, workers avoiding delays in the work processes by working hard and assuming extra responsibility on their own or making efforts to bring talented people in their organization (Mary, 2009).

Objectives of Risk Management

The objective of risk management is identification, assessment, and resolution of risks involved in a particular project. Managing risks associated with the duration, costs, and the quality and practicality of the output of the project, both in the short as well as long term, are the objectives of risk management. Minimizing the chances of exceeding costs and duration and ensuring the standard of quality is another objective of risk management. Broadly, there are two objectives of risk management, risk assessment and risk control. Risk assessment includes identifying, analyzing, and prioritizing risk. Risk control includes planning for risks, resolving risks and also monitoring the changes in the risks (Mary, 2009).

Theoretical Changes in Risk Management in the Past Two Decades and its Results

In 1995, Standards Australia ...

Solution Summary

The response addresses the queries posted in 1119 words with references.