Proposal Essay Example | Topics and Well Written Essays - 2000 words

Proposal - Essay Example Return venture projects or business organizations like most in Saudi Arabia as well faces a variety of risk and risk related phenomena like credit risks, Economic risks, financial risks, for big venture who deal in trades abroad also face exchange rates risks (Chong, 2004:246). Just by the mere fact that risks exist and are faced by every individual unit in the society in itself posses a threat to the existence of man. This is because man is always uncertain about the likelihood of success out of an involvement before actually it occurs successfully. According to, (Adams, 1995), a risk is the likelihood of a loss incase a hazard takes place. Such fears is what propels us to look at risk in the general perspective, its nature, kinds of risks, how to handle them or even ways in which we can try to do away with such risks so that man lives in if not completely risk free because this is not possible then at least at reduced levels of risk. In this study we are headed towards studying of risks as per the risks faced by business organizations in general, also its going to involve the study of the vast impacts of such risks and how to try minimizing the risks for the benefits of the businesses operations in terms of returns and reduced costs of operating such businesses. Risk management in this case is to be looked at through identification of the risks, looking for ways of assessing the risks in order to determine their intensity and then decision making on which ones the organization can do with and which are to must avoid so that the organization is able to maximize its chances or opportunities of maximizing business (Adams, 1995) 2.0 OBJECTIVE OF THE STUDY Generally out of the study on risk management the researcher intends to find out on several aspects about risk and risk management. The study is geared towards finding out on:- a. What a risk is. b. What forms or type of risks that faces business organizations in general? c. What effects or impacts do these risk s have on the organizations and to what intensity do they impact on the businesses? d. How can the risks be mitigated or reduced in real practice? The study of all the above aspects of risk entails the assessment and categorization and risk components hence risk management as an area under investigation (Adams, 1995) 3.0 RESEARCH PROBLEM STATEMENT As stated clearly under the background of the study and clarified further under the research objectives it is very safe now to state that the major problem under investigation is to find out more about the policy on risk, the policies and tools of risk management. Therefore, the driving factor is risk and its uncertainty in business management. The researcher is obliged to find out through this research the difficulties as a result of risk and how such challenges can be done away with under the broad topic of risk management (Mugenda, 2005:89). 4.0 LITERATURE REVIEW This section of the proposal on risk management is to look in the various articles that address the evolution of risk through since man started thinking about the existence of risk to date. It is also going to help us to identify fertile grounds for further active research on risk and risk management. 4.1 Definition of risks According to (Abkowitz, 2008), †¦Ã¢â‚¬â„¢Ã¢â‚¬â„¢ Risk is the likelihood of a loss occurring through the occurrence of an hazard that can be analyzed and measured into quantities’’.....he goes ahead to explain that its because of risks that men