In addition, the abstract discusses how risk management is a continuous process. There are numerous risks occurring every day that threaten the welfare of the world and government. The government faces these risks on a daily basis, whether it is social unrest, cyber-attacks. Read More RISKS MANAGEMENT: NEW LITERATURE REVIEW. POLISH JOURNAL OF MANAGEMENT STUDIES vol.8 Ennouri W. RISKS MANAGEMENT: NEW LITERATURE REVIEW Ennouri W. Abstract: The complexity of the industrial activities and the important mass of flows crossing the supply chain promotes the emergence of risks that must be considered in the decision process. For this reason, we Estimated Reading Time: 12 mins REVIEW OF THE LITERATURE ON RISK MANAGEMENT* FInRY S. GAHIN Professors Williams and Heins define risk in terms of "variation in the possible outcomes." They say: In order to emphasize the major objective of risk management, the authors have chosen to define risk as the variation in the possible outcomes that exist in nature in a given situation
Risk, Risk Perception, Risk Management – a Review of the Literature
edu no longer supports Internet Explorer. To browse Academia. edu and the wider internet faster and more securely, please take a few seconds to upgrade your browser. Log In with Facebook Log In with Google Sign Up with Apple.
Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. Need an account? Click here to sign up. Download Free PDF. Mohana L. Download PDF Download Full PDF Package This paper. A short summary of this paper. For this reason, we have developed this paper to clarify the basics of risk management through a short new suggestion of literature review for risk management.
Our justification of this attempt is that this area is the most discussed in our days and it is impossible to present all definition of the risk concept, we have tried to collect the most recent studies in this paper. Keywords: Risk, Risk management Introduction In recent years, the industry was severely affected by violent incidents, health crises and natural disasters.
These incidents have a huge impact on economic activity, for example, Ericsson lost million EUR after their suppliers of semiconductor plant caught fire inand Apple has lost order of DRAM in Taiwan in after an earthquake [8]. British petroleum has lost more than 1. The consequences of these accidents are uncertainly for this reason, the risks management in the industries has emerged as an important topic in the global logistic chain, indeed, the risk is absolutely linked with the uncertainty [27, 28].
Risk is defined as possible events whose unfavorable consequences are difficult to accept or are even unacceptable [24]. Nowadays, the risk assessment is an important research theme because the risks were always present in the industrial activity [30].
In the literature, we find several studies on risk management, these studies focuses only in downstream risks or upstream risks or production risks. Literature review of risk management distinction does not a meaning when we talk about logistic chain and logistic risk. Moreover, this distinction does not consider the interaction can be exist between all the risks at the level of the links of the logistic chain, in this context it is preferable to use the concept of Supply Chain Risks Management SCRM and not risks management.
This includes a generic definition of risk, risks management and their method. The risk The thematic of risk management is not new, but it is recent and not very studied in logistic chain or supply chainthe first work that explicitly addresses for the risk management in the supply chain dating from [27]. The risk is present in many activities including the logistic in which one consequence of the risk that it is increasing and affect around all the logistic networks, therefore the managers need to make a great deal of effort to identify and manage risks.
The meaning of risk can be differ from one person to another depending on their point of views, attitudes and experience what makes the study of risk literature review of risk management and more complex. Aven [34], proposed a basic risk theory based on brief selected review that over the last years and he presented the evolution of risk concept in Oxford English Dictionary sincewe think that definition followed the environment evolution.
Veland and Ave [14], proposed the same based classification of risk given by Literature review of risk management [34] and they used theses definition to discuss how the risk perspectives influence the risk communication between the decision-makers, the risk analysts, experts and lay people. Indeed, for Karimiazari et al [3], engineers, designers and contactors view risk from the technological perspective, lenders and developers tend to view it from the economic and financial side.
So, the question is: what is a risk? The first answer, the risk is the probability that an event or action may adversely affect the organization [37]. For Mazouni [25], the risk is an intrinsic property of any decision, it is measured by a combination of several factors severity, occurrence, exposure to, literature review of risk management, etc.
In the BS OHSAS British Standard Occupational Health and Safety Assessment Seriesthe risk is a combination of the likelihood of an occurrence of a hazardous event or exposures to danger and the severity that may be caused by the event or exposure. In this context BS OHSASthe concept of risk asks two oriented question: 1. What is the probability that a particular hazardous event or exposure will actually occur in the future?
How severe would the impact on health and safety be if the hazardous event or exposure actually occurred? The risk can be defined as an uncertain event or set of circumstance which, literature review of risk management, should it occur, will have an effect on achievement of one or more objectives [10], literature review of risk management.
For Marhavilas et al [29], the risk has been considered as the chance that someone or something that is valuated will be adversely affected by the hazard, where the hazard is any unsafe condition or potential literature review of risk management of an undesirable event with potential for harm or damage.
For more definition see [34]. There are several risks that can be divided into different types according to how its realization will have impacts on the activity of organization and its environment.
In the logistic and based on the literature review, literature review of risk management, all of these risks may have one of three possible origins: literature review of risk management. organizational, 2. network relations and 3. external environmental.
We may consider the risk in the supply chain, as a breaking of flows between different components of the supply chain. All risks must be identified and bringing under control to keep all process in good working order, this is the risk management. The SCRM plays a major role in successfully managing business processes in a proactive manner. The SCRM can be defined as a structured and synergic process throughout the supply chain, which seeks to optimize the totality of strategies, processes, human resources, literature review of risk management, technology and knowledge in the aims are to control, monitor and evaluate supply chain risk and to safeguard continuity and maximize profitability [15], literature review of risk management.
Risk management is the process whereby decisions are made to accept a known or assessed risk or the implementation of action to reduce the consequences or the probability of occurrence of an adverse event [35].
Risk management refers to strategies, methods and supporting tools to identify and control risk to an acceptable level [31]. In accordance with ISO Risk management: principles and guidelinesrisk management refers to a coordinated set of activities and methods that is used to direct an organization and to control the many risk that can affect its ability to achieve objectives.
Based on the literature review of SCRM, we can give this definition, the SCRM is a cooperative process between contributors partners in the supply chain in order to put the risks under control and to cope with their negative consequences.
The risk management in the organization allows to assure that the decision-maker knows and understand the risks and prepare the necessary plan that can prevent disasters or reduce their impact. In the end of this step, the risks can be classified in very unlikely event, improbable event, moderate event, probable event, very probable event.
So we can consider the risk management such as a systematic application of management policies, procedures and practices to assess and manage risks. In the literature review, there are literature review of risk management methodologies for the realization of these steps depending on it is a proactive strategy i.
predict risks and implement measures to prevent undesirable effects or reactive strategy i. following the occurrence of risks. Methods Based on the literature review, we can find several methods for the risks management, literature review of risk management. These methods can be classified into two categories: the deterministic approach that includes the qualitative, quantitative and hybrid techniques and the stochastic approach that includes classic statistical approach and the accident forecasting modeling.
We can mention the checklists, what-if analysis, task analysis, Hazard and Operability HAZOPQuantitative Risk Assessment QRAthe Critical Risk and Error Analysis CREAFault Tree Analysis FTAthe Event Tree Analysis ETAFailure Mode and Effects Analysis FMEAliterature review of risk management, Probability Distribution of Failure and Reliability PDEAliterature review of risk management, Petri networks, Bayesian networks, etc.
According to our level of knowledge, we will try to give an overview of some new applications of risks management and their methods.
For example, and to study the impact of disruption risks on the process of inventory management of a newsvendor, a stochastic model has been developed by Xanthopoulos et al, literature review of risk management.
This model is considered as the first on the joint examination of inventory management and disruption risks for supply chain networks considering risk-averse decision-making. It can be applicable to different types of disruption production process, supply of raw materials, etc. Inthe QRA has been used by Ma et al [18] to analyze gas network accident probability and its consequences of a Chinese urban pipe network, this case study can be interpreted as a distribution problem in supply chain.
This same method was already used by Si et al in to quantify the risk of hazardous chemicals leakage and take precautions against its accidents. The model has been literature review of risk management to quantitavely assess a storage tank in a Chinese company Changshow chemical Industry. This two cases may justify the implementation of this method QRA in supply literature review of risk management problems and more accurately in pharmaceutics supply chain and pipeline transport network water, petroleum, gas.
Lavastre et al. They suggest that effective SCRM is based on collaboration and the establishment of joint and common transverse processes with industrial partners. They used a hybrid methodology based on face to face interviews, questionnaires and statistical analysis.
They Based on an empirical study of general managers and logistics and supply chain managers in 50 different French companies, The Fuzzy Analytical Hierarchy Process FAHP is used to determine the most important supply chain risks and the corresponding risk management strategies for a Turkish company operating in the iron and steel industry.
The results of this research conclude that the supply risks and operational risks are quite important compared to environmental risks [7]. Also, the Petri Network has been used by Aloini et al. To investigate the vulnerability of supply chains in general and examine key drivers of supply chain risks, an empirical analysis chain risks management practices had been made in the German automotive industry. The analyses result based on probability-impact matrix reveal that companies with a high implementation degree show a better supply chain performance [16].
To modulate and analyze a supply chain network which is subject to various risks, a timed Petri Networks PN had been used to integrate the risks management procedures into design, planning and performance evaluation process of supply chain network of Turkish company. The PN had been used to modulate dynamic supply chain and solved risks problems using a real-time decision-making [10], literature review of risk management. Inthe Bayesian network was used to prioritize the factors that influences the risk of hazardous material transportation accidents in china, literature review of risk management, the authors collected and analyzed 94 cases of Chinese transportation accidents.
They found that the three most influence factors in hazardous material transportation accidents human factors, the transport vehicle literature review of risk management facilities, and packing and loading of the hazardous material [21].
Also, in the context of risks of human error, and to improve the quantification of organizational influences in human reliability analysis frameworks and to model the effects of organizational factors on human reliability, the fuzzy Bayesian network was used to identify the most likely root causes and the prioritization of root causes causing human error [19]. In their paper, Deublein et al [22] used a novel methodology for the prediction of the occurrence of road accidents.
This methodology is a combination of three statistical methods gamma-updating of the occurrence rate of injury accidents and injured road users, hierarchical multivariate Poisson-Lognormal regression analysis and Bayesian inference algorithms. The methodology is illustrated through a case study using data of the Austrian rural motorway network.
We can considered in the high-hazard industries the critical role that human, management and organizational risk factor play in major accident, for this reason and to establish a relationship between the concepts of safety culture and organizational culture in Nuclear Power Plan NPPBayesian networks have been used in Spanish NPP. It therefore provides a methodology to identify potential strategies for safety improvement [32].
The obtained analysis result had been useful to improve the risk legislative and normative barriers [20], literature review of risk management.
Marhavilas et Koulouriotis [29], developed an alternative risk assessment framework by including a stochastic and a deterministic process, they called STODET method. It is applied on the Greek Public electric Power Corporation.
This method was considered as an improvement on the risk assessment techniques due to the presentation of a new complete risk assessment technique combined with real data of undesirable events and accidents. In order to quantify the risk of hazardous chemicals leakage in the chemical industry, the Fire-Explosion-Poisoning Quantitative Probability Model FEPQPM based on the Quantitative Risk Assessment QRA has been established.
It has been applied to an enterprise storage tank in China [11]. Among the methods used in risks management in the logistic, we can mention the Failure Mode and Effects Analysis FMEA.
the FMEA is a literature review of risk management used risk assessment tool for defining, identifying and eliminating potential failures or problems in product, process, designs and services. There are several application that used FMEA [36,1, 12, 13, 17]. Summary Through this paper, we wanted to make an opportunity for researchers for understanding the basic concepts of risk management. We did a study several recent research on this topic as well as the methods used, the question that remains is which method that can we use?
An Overview of Risk Management in Construction Projects: Literature Review
, time: 7:51Literature Review Of Literature On Risk Management | Bartleby
a new kind of criterion, the risk sensitive criterion, has emerged from the control theory literature and. been applied to portfolio management. This paper studies various economic properties of this criterion. for portfolio management, thereby providing justification for its theoretical and practical blogger.comd Date: 2/5/ AM REVIEW OF THE LITERATURE ON RISK MANAGEMENT* FInRY S. GAHIN Professors Williams and Heins define risk in terms of "variation in the possible outcomes." They say: In order to emphasize the major objective of risk management, the authors have chosen to define risk as the variation in the possible outcomes that exist in nature in a given situation RISKS MANAGEMENT: NEW LITERATURE REVIEW. POLISH JOURNAL OF MANAGEMENT STUDIES vol.8 Ennouri W. RISKS MANAGEMENT: NEW LITERATURE REVIEW Ennouri W. Abstract: The complexity of the industrial activities and the important mass of flows crossing the supply chain promotes the emergence of risks that must be considered in the decision process. For this reason, we Estimated Reading Time: 12 mins
No comments:
Post a Comment