Describing Risk-Based Decision Making Essay

Describing Risk-Based Decision Making Essay

Length: 1450 words (4.1 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview


Describing Risk-Based Decision Making
In addition to participating in two forums in week seven, the final assignment is to complete a four to five page paper on risk-based decision making. What is risk-based decision making? Risk-based decision making is an organizational procedure that processes the likelihood of unwanted outcomes into a structured format to better help stakeholders make informed choices. This paper will draw upon the various lecture presentations from weeks one through seven, the class textbook and other applicable resources to more fully describe how risk-based decision making requires consideration of the following questions:
• Can risk be reduced?
• What are the interventions available to reduce risk?
• What combinations of controls make sense?
Can Risk Be Reduced
What is risk? Risk is not a peril, rather perils are the causes of risk. Perils should not be confused with hazards, which are contributing factors to perils. Broder and Tucker suggest that risk is limited to the uncertainty of financial loss, the variations between actual and expected results, or the probability that a loss has occurred or will occur (2012, p. 3). Risk is further classified as “speculative”, such as the potential for both loss and gain that exists in gambling, and “pure risk”, equating to any loss/no-loss situation to which insurability may apply. Risk can be further divided into how it applies to three common categories: personal (people assets), property (material assets) and liability (legal issues).
Can risk be reduced? Yes, risk can be reduced as part of the risk management process. There are general philosophies and specific tools and methods that can be employed to better manage the risk associated with the hazards facing a...


... middle of paper ...


...er, J., & Tucker, E. (2012). Risk analysis and the security survey (4th ed.). Waltham, MA: Butterworth-Heinemann.
Bullock, J., Haddow, G., & Coppola, D. (2013). Introduction to homeland security principles of all-hazards risk management. (4th ed.). Waltham, MA: Butterworth-Heinemann.
Haddow, G., Bullock, J., & Coppola, D. (2011). Introduction to emergency management (4th ed.). Burlington, MA: Butterworth Heinemann.
Braziel, C. (Director) (2014, January 6). Introduction to Risk Management Course. Risk Management - EMGT-4215. Lecture conducted from National Labor College, Silver Spring, MD.
National preparedness goal. (2011). Washington, D.C.: The U.S. Department of Homeland Security.
Tucker, G. (Director) (2014, January 6). Risk Management Powerpoint Week 1 Chapter 1 and 2. Risk Management - EMGT-4215. Lecture conducted from National Labor College, Silver Spring, MD.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about The Theory And Decision Making Theory

- A theory is a tentative way of explaining something. “It consists of a set of assumptions, concepts, relationships, and logic that are combined to explain a phenomenon of interest (Johnson & Kruse, 2009).” “Theories come from science and research. The purpose of theory/theorizing is to understand and control the world in which we live by describing and explaining it. Education is saturated with theory (Johnson, 2015). Theory can be both normative and descriptive. The normative explains the “ought” while the descriptive explains the “is”....   [tags: Decision theory, Decision making, Cognition]

Powerful Essays
1122 words (3.2 pages)

Essay on Diagnostic Decision Making Of Medicine Involves A Cognitive Process

- Diagnostic decision making in medicine involves a cognitive process. As a clinician/physician, their main task is to make sure to give reasoned decisions about their patients based on the available information. They start with internalizing sets of data and observation gathered from the patient, and then producing decisions and series of options. Most data are obtained from the history and physical examinations of the patients, usually these are efficients for making a diagnosis, but often, more information is required....   [tags: Decision making, Cognition, Decision theory]

Powerful Essays
1380 words (3.9 pages)

Personality and Decision-Making Essay

- Personality and Decision-Making Organizations have evolved into a team structure. So, the ability to collaborate with others and make effective decisions to meet business objectives is paramount. Thus, personality has a significant impact on whether business objectives are met. Hence, understanding the personalities of potential and existing employees is important. Thus, while a discussion on personality theory can be broad an overview of how personal and self-assessment tests are used to measure personality and gain self awareness was examined....   [tags: Psychology ]

Powerful Essays
1675 words (4.8 pages)

Ethical Decision Making And Professional Ethics Essay

- Quality early childhood educators are individuals whose teaching and learning pedagogies are based on values and beliefs that lead to positive relationships, embedded in trust and high standards of professional ethics (Boon, 2011). Creating this type of individual requires educators to adopt the necessary skills, which will enable them to meet the diverse academic, social and emotional needs of all children. Since diversity is guaranteed in all educational settings, educators will often encounter various ethical dilemmas when interrelating with children, parents and even colleagues....   [tags: Childhood, Developmental psychology, Child]

Powerful Essays
1074 words (3.1 pages)

Essay about Decision Making in End-of-life Circumstances

- Decision Making in End-of-life Circumstances Traveling home on a cold January evening in 1983, a car loses control going around a slippery corner. The car spins, then flips, and the woman inside is thrown into a ditch thirty feet from where the car eventually comes to rest. She sustained numerous injuries and eventually stopped breathing. By the time paramedics arrived, she had not taken a breath for at least 15 minutes, her blood pressure was 0 over 0 and her pulse was 0 beats per minute: This is what is known as a “Code Blue” (PBS Frontline)....   [tags: Right To Die Death Essays]

Free Essays
836 words (2.4 pages)

Legitimacy For The Leader Of Gather Support For Their Ideas Essay

- legitimacy for the leader to gather support for their ideas. When communicating with stakeholders it is important to be aware of an ideas strengths and weaknesses. With the more abstract ideas it is important to consider political factors due to the fact that it is not what was previously done and likely not well understood. A high capacity school is one with an abundance of human capital, social capital, program coherence and resources (Beaver & Wienbaum, 2012). Human capitol is the most significant of these resources and is where the mindful practitioner resides....   [tags: Decision theory, Decision making]

Powerful Essays
1001 words (2.9 pages)

What Does It Affect My Decision Making, Actions, And Performance Of Working Environment?

- Knowing a personal psychological type is key to achieving success in both the work environment and personal relations. One of the most accurate and meaningful personality tests was designed by Carl Jung. It allows one to accurately define their personal traits and characteristics that could greatly influence their behavior at work while also defining the emotional type that affects personal and professional relations. Therefore, by examining the results of this test I am able to identify my psychological type and analyze how it impacts my decision-making, actions and, performance in working environment....   [tags: Personality psychology, Carl Jung, Psychology]

Powerful Essays
1905 words (5.4 pages)

The Road Not Taken By Robert Frost Essay

- “The Road Not Taken” was written by Robert Frost in 1915. It has 20 lines and was published in 1916 as the first poem in the collection “Mountain Interval”. Frost spent the years 1912 to 1915 in England, where among his acquaintances was the writer Edward Thomas. Thomas and Frost became close friends and took many walks together. It is believed that Frost wrote the poem based off the walks with Thomas and the indecision that Thomas had shown on their many walks together. It was said that Thomas was never content with the choices he made, and whenever walking with Frost in England, he would always regret path they had chosen....   [tags: Decision making software, Decision theory]

Powerful Essays
1584 words (4.5 pages)

Ethics And Integrity Of The Companies Act Of 870 Million Dollar Waste Management Amalgamation Offer

- to close its deals without the involvement of outside parties including the panel itself. Therefore, the Transpacific together with the Takeover Panel acted according to the rules and integrity of both the organizations (Ranald, 2011). According to Franks, another confusing case that questions Transpacific’s commitment and integrity is the launch of 870 million dollar waste management amalgamation offer. The 2006 offer was intended to form mergers or amalgamations with other waste management companies through the use of the Companies Act rather than the accepted code of takeovers (Solis, 2013)....   [tags: Risk, Decision making]

Powerful Essays
948 words (2.7 pages)

What Does It Mean? Essay

- What does it mean to be in a state of consciousness. The key word of consciousness to me, is having awareness. Being aware of everything in your surroundings and using these observations to create a relationship between your mind and the world around you. It has been defined as: awareness; the ability to experience feelings; wakefulness; having a sense of selfhood; or the control system of the mind. From birth, humans are constantly developing a unique human behavior. Personality is created based on the mind’s relationship with the environment and your own decision toward adverse situations the world may throw at you....   [tags: Consciousness, Mind, Decision making]

Powerful Essays
1388 words (4 pages)