Risk management Assignment Example | Topics and Well Written Essays - 2500 words

Risk management - Assignment Example Integrating risk assessment in every process at the organization improves the quality of decisions made in avoiding losses and eliminating uncertainties. The approach taken in risk management proposes that organizational processes and decisions adopt a thorough implementation of projected objectives. It therefore implies that risk management principles facilitate the integration of every level of coordination of organizational operations and functionalities. Inclusiveness of every organizational need in the success definition elevates the management of the organization to a vintage point enabling tackling of all challenges. Reliance on the latest form of information and of the best available quality enables the risk management concept an important organization development strategy since it enables anticipation and understanding. Accountability to the human society and every vital stakeholder in the projects under the organization ensures that the organization development is in tandem with the aspirations of the stakeholders and to whom accountability is expected. In a precise description, risk management enables the organization to handle all tasks in a responsible manner, cognizance of internal and external demands on the industry. The main principles as set out in Risk Management Standard AS/NZS ISO 31000 are briefly highlighted below. It is in order to state that risk management creates and protects value. Without risk management, the organization would encounter losses through various avenues including legal, security, and human health. When the organization applies risk management, it takes adequate measures to ensure that its objectives are achieved and losses minimized. Risk management is an important part of the organization’s activities and should be considered by all stakeholders in view of all processes. Without taking risk into account, decision makers would make choices without regard to important priorities. In view of risk management, mana gers and other decision makers cautiously undertake various activities and analyse various options before making choices. Uncertainty is one factor that risk management seeks to explicitly address. This is so considering that many threats and risks that a business encounters come unexpectedly and may bring massive losses to the organization. When risk management is done, the losses that may come with risks are minimized. The effectiveness of risk management depends on how it is done. When properly structured, and systematically and timely done, the results of the process are better compared to when otherwise done. Also, effective risk management involves the analysis of threats and risks based on available data and using the information available to predict possible outcomes of situations and their probabilities. However, in some cases, data is limited and decision makers have to stretch their minds in their risk management efforts. Risk management is not a standard procedure but de pends much on the internal and external environments of an organization. This means that the risk management activities of one organization may not effectively apply for another business. In addition, cultural and human factors must be taken into account if effective risk management has to be done. This is so considering that people working for the organization or those external to the organization can affect the business’

Emotional inteligence and the Cognitive resource theory of The Home Research Paper

Emotional inteligence and the Cognitive resource theory of The Home Depot - Research Paper Example Moreover, some examples from the book of Daniel Goleman â€Å"Emotional Intelligence† have been presented. Moreover, all the forms of intelligence have been defined to clarify the exact base of emotional intelligence. Previous researchers claim that there are two types of intelligence, verbal intelligence and the academic intelligence. The significance of intelligence is obvious as it decides the position of people in hierarchy ladder. Only very intelligent people secure the place of a leader because they have the ability to solve intricate problems with ease. The traditional intelligence has a clear association with verbal intelligence both are evaluated by IQ tests. According to a meta-analysis conducted by Timothy Judge, Amy Colbert, and Remus Ilies (2004) leadership and verbal intelligence has .21 and .27 range association that is not equally greater than common shrewdness. However, past examination also exhibited negative attachment between leadership and intelligence as well as the competency of leadership was not found commendable (Lord, DeVader, & Alliger, 1986). Obviously, there have been some issues; therefore, leadership and intelligence could not build powerful association. If the intelligence of a leader is far superior to his/her followers the followers would definitely not recognize it and consequently do not backup the leader. According to the social theory of Hogg (2001), the tendency of followers is not psychologically different from other selection approaches; the followers always select a person who is perfect among them; the followers always reject a leader who is far superior in intelligence than the followers. The intelligence and leadership association can be modified through factors of situation. The hindrance in enhancement of leadership competency is a test of stressful situations and crisis as the leader tries to resolve the issue through planning whereas the problem requires swift action (Fred Fiedler, 2002). On the contrary, in crisis and strenuous circumstances, Fred Fiedler (2002) explains in his cognitive resources theory, the experienced leader is usually found more effective because he/she has acquired training and experience to implement behavioral actions; these experienced leaders are just like fire fighting or military leaders who take fast actions during strenuous situations. However, when there is no direct crisis and intelligent leaders have time to analyze problem to find the solution, in accordance with cognitive resources theory, intelligent leaders can beat experienced leaders. Thus, intelligent leader can only enjoy success sometime. Moreover, efficient leadership can be successful with particular knowledge of the related trade, for instance, a sport team leader can successful, if he/she has skills and athletic information rather than verbal intelligence. For leadership emergence and competency, the other shapes of intelligence are more highly involved as compare to verbal intelligence and the fact must be kept in perception, importantly. The other shapes of intelligence such as social intelligence, or understanding of people through social interaction. These forms of intelligence are more significant for leadership in contrast to IQ. Furthermore, the new form of