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Critical Success Factor In Risk Management

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Critical success factors are the elements which ensure efficient and effective implementation of the organizations’ risk management. According to seed paper published by John Rockart in Harvard Business Review on April 1979, Critical Success Factor was introduced and defined as: “(a) The limited number of areas in which results, if they are satisfactory, will ensure successful competitive performance for the organization. They are the few key areas where things must go right for the business to flourish. If results in these areas are not adequate, the organization’s efforts for the period will be less than desired. (b) Areas of activity that should receive constant and careful attention from management. The current status of performance in …show more content…

According to Grabowski and Roberts (1999), organizational structuring and design, communication, organizational culture and trust were identified as four important factors to identify risk in an organization. However, according to Galorath (2006), different factors were listed for risk management which starts with top-level management support, an integral part of the entire program management structure and processes, the participation of everyone involved, cultural imperative and a pattern of measurement. There is also a journal which states that risk management requires Turnbull’s approach which can be applied using nine main factors. Importance of sound judgement, identification issues, keeping control of your reputation, assessing the importance of risks, verifying your judgments, changing management, embedding risks, cultural challenges and remuneration issues are the factors related to Turnbull’s approach respectively (Carey, …show more content…

In risk management, the presence of risk can be in a strong or weak side of the project (Nedeljakova, 2007). Hence, this assessment used to get an overview on options how to lower probability of threat and increase probability of opportunity for the possible risks in future (Nedeljakova, 2007). The SWOT analysis template is normally presented as a grid, comprising four sections, one for each of the SWOT headings as Strengths, Weaknesses, Opportunities and Threats (Chapman, 2006) and defined as below:- • Strengths – the advantage of the organization or business over others (RiskAid, 2015) • Weaknesses – the disadvantages of the organization or business relative to others (RiskAid, 2015) • Opportunities – potential aspects of the organization, business or operating environment that could be exploited to its advantage (RiskAid, 2015) • Threats – potential aspects of the organization, business or operating environment that could damage the organization or business (RiskAid,

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A SWOT analysis is a tool used by organisations to identify its internal strengths and weaknesses, but also the external opportunities and threats. Therefore, this allows the organisation to assess what can be used to aid in achieving their objectives, i.e., strengths and opportunities, as well as aspects that can be improved on or potential problems that can be faced, i.e., weaknesses and threats, as they pursue on achieving business objectives and/or decision making. Explained S.W.O.T. Analysis: a) Strengths Caterpillar Inc. holds a very strong brand image worldwide that directly associates it with high quality products that they provide. In 2014, Caterpillar ranked as the number one brand in heavy equipment followed by a strong competitor,

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And we have used the SWOT analysis tool to analysis the strength, weakness, opportunity and potential threat of the existence for the firm can adjust the enterprise resources and strategy to reach to the better purpose of the company

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Apple, Inc., an American multinational technology company, which founded on April 1, 1976 in California, United States. The company has earned $53 million of income in 2015, which increase $14 million of income compared with 2014 (Apple Inc., 2015). The co-founder, chairman, and chief executive officer (CEO) of the company, Steve Jobs is passed away for the pancreatic cancer (Park, 2011). His leadership and entrepreneurship have successfully developed the company from a small personal computer company to a multinational corporation that selling various types of electronic products and software such as, iPad, iPhone, iOS, and others (Apple Inc., 2016). 1.0 Critical Success Factor

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