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Essay / Research Paper Abstract
This 9 page paper is written in three parts. The first part of the paper defines what is meant by risk in the business environment, how it can emerge and then looks at different types of risk. The second part of the paper considers risk management in the private sector considering how investments are assessed and risk managed. The last part of the paper looks at risks in the public sector, considering different types of risk and strategies used to manage them. The bibliography cites 10 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TERApripub.rtf
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Unformatted sample text from the term paper:
to risk there is the potential to reduce that exposure and minimise loss or take other actions to mitigate that loss. Williams
(et al, 1976) define risk as a "deviation from what is expected.... The possible variation in outcomes". For a risk to exist there has to be exposure to that
risk. In business there are different types of risk, those that are under the control of the firm and those that are not, internal and external risk, but ultimately all
risk will have some type of direct or indirect cost associated with them. It may be argued that economic risks, where there are risks of loss, are some of the
most pertinent to both profit and not for profit organizations (Nellis and Parker, 2006). Three different types of economic risk exist, these
can be classified as pure and speculative risks, static and dynamic risks and fundamental and particular risks. These are risks that may be applied to many subject areas, but when
looking at the business manger profit will be improved with good risk management, it may lower expenses linked to the risks and their prevention or management or through the transferee
of risk to another party for a fee, such as insurance (Howells and Bain. 2007; Williams et al, 1976). The
concept of pure and speculative risks was first classified by Mowbray (1969, quoted Williams et al, 1976). This is where there is no chance of a gain, but a chance
that there will be a loss. The examples used here is that of a car accident, a crash may result in economic loss, but no crash does not result in
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