Five areas of risk management

This chapter discusses the importance of risk mitigation planning and describes approaches to reducing or mitigating project risks. Risk management includes front-end planning of how major risks will be mitigated and managed once identified.

Five areas of risk management

Some of the major functional areas of management are as follows: It is also called operational management or functional areas of management.

As being management, a social and universal process, its area is very wider. Inter disciplinary approach of management widens the functional areas.

There are five main functional areas of management viz. In time management, the emphasis is given on achieving the target in minimum time. By the nature, only one thing time is allotted equally to every creature as 24 hours in a day. But the person, who knows the art of time management, ranks first.

Japanese time management is regarded best in the world. In environment management, the efforts are made to check the different types of industrial pollution viz. It is the responsibility of general manager to plan for congenial ecology to plant, animal and human being.

Transport management is the specialized branch for arranging efficient and cheaper transport facility. In the age of multinational corporations MNCsthe primary concern of international management is with the management of people, material and money of the international environment.

It is the extension of simple management process itself, but across national frontiers. A manager while dealing with different nations must take into account the legal, political, social, economic and technical aspects in the global perspective.

Forex foreign exchange management is the application of management principles for earning more and more foreign money. Human resource development or personnel management or manpower management is concerned with obtaining and maintaining of a satisfactory and satisfied work force i.

The recruitment, placement, induction, orientation, training, promotion, motivation, performance appraisal, wage and salary, retirement, transfer, merit-rating, industrial relations, working conditions, trade unions, safety and welfare schemes of employees are included in personnel management.

The object of personnel management is to create and promote team spirit among workers and managers. Production management refers to planning, organization, direction, coordination and control of the production function in such a way that desired goods and services could be produced at the right time, in right quantity, and at the right cost.

Some authors treat material, purchase and inventory management as part of production management. Production management involves the following functions: Financial management can be looked upon as the study of relationship between the raising of funds and the deployment of funds.

The subject matter of financial management is: Financial management involves mainly three decisions pertaining to: It dictates the process associated with capital budgeting and expenditures. All proposals to spend money are ranked and investment decisions are taken whether to sanction money for these proposed ventures or not.

A proper mix of short and long term financing is ensured in order to provide necessary funds for proposed ventures at a minimum risk to the enterprise.

This decision affects the amount paid to shareholders and distribution of additional shares of stock. Philip Kotler views marketing as a social and managerial process by which individuals and group obtain what they need and want through creating and exchanging products and values with others.

Five areas of risk management

Modern marketing management is bridging the gap of demand and supply through de-marketing, remarketing, over-marketing and meta- marketing. The main function of modern management is to organize human and physical resources and direct them toward efficient performance and higher productivity at the minimum costs.

The same line of thinking can be applied in various functional areas viz. Modern managers are the harbinger of cooperation, fellow feeling, mutual understanding and growth.USDA funds the web-based Ag Risk and Farm Management Library which organizes thousands of materials so agricultural producers and professionals can quickly find information on risk management, marketing, financial management, and more.

5 Areas Where Project Management Risks Commonly Arise. How to be prepared for potential project issues. by Aaron Kivett June 26, The following are five areas where risks are most likely to arise, and ideas on what you can do to prevent them.

there is a risk that each team does not know who the other players are or what they are. Project management, then, is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

It has always been practiced informally, but began to emerge as a distinct profession in the midth century. USDA funds the web-based Ag Risk and Farm Management Library which organizes thousands of materials so agricultural producers and professionals can quickly find information on risk management, marketing, financial management, and more.

Make sure your risk management strategy is protecting your investment from all sides. Partner with an expert With the complexity of risks involved in owning and managing rental properties, you need a risk management expert in your corner who knows your business.

The purpose of the risk management process varies from company to company, e.g., reduce risk or performance variability to an acceptable level, prevent unwanted surprises, facilitate taking more risk in the pursuit of value creation opportunities, etc.

Regardless of purpose, the good news is that a large body of knowledge on the risk management.

What are the 5 Risk Management Process Steps?