OBJECTIVE OF STUDY
• To study the Awareness level and comprehension about industrial all risk policy among Industrial units in Noida & Ghaziabad Industrial Belt.
• Does it suit their requirement fulfill a package policy.
• Provide suggestions and recommendations to tackle the situation for the future.
SCOPE OF THE STUDY
• It is being done on factories and industries only.
• This study helps to understand the awareness of the policy.
• Industrial units beneficiary/availing from the industrial all risk policy.
RESEARCH METHODOLOGY
Research methodology
Research Design
Descriptive research is the research method used because descriptive studies embrace a large proportion of market research. The purpose is to provide an accurate picture of the some aspects of the market environment. Descriptive research is also known as Statistical Research. The main objective of this type of research is to describe the data and characteristics about what is being studied. The basic idea behind this type of research is help to study frequencies, other statistical calculations. This research is highly accurate; it does not gather the causes behind a situation. Descriptive research is basically done when a researcher wants to gain a better understanding of a topic.
Sample Design
a. Sampling method: Convenient sampling is being which basically refers to the data drawn at the convenience of the researcher.
b. Target Population: Industries of Ghaziabad and Noida.
c. Sample Frame:
d. Sampling Unit: Industries
e. Sample Size: 15
Method of Data Collection: Survey method is being used to collect data from various customers. It is being done with the help of questionnaires.
Tool for Data Collection: Questionaires
Tools for data analysis: MS excel.
DATA ANALYSIS
1. Are you aware about industrial all risk policy?
options response
yes 6
no 8
This question is framed to check the awareness of industrial all risk insurance policy among the industrialist. It is observed that most of the industrialist are not aware of industrial all risk insurance policy.
HYPOTHESIS 1:
Testing of Hypothesis using Chi-Square Test
Chi-square symbolically written as ( ), is a statistical measure used in the context of sampling analysis for comparing a variance to a theoretical variance. It is a non-parametric test. It is used to make comparison between theoretical population and actual data. It is applied in statistics to apply goodness of fit.
Ho- There is no difference between of awareness about industrial all risk policy.
H1 –There is difference between of awareness about industrial all risk policy.
The general formula for Chi-square test is:
Where O= the frequencies observed
E= the frequencies expected
Degrees of Freedom= n-1
options OBSERVED(O) EXPECTED(E) 0-E (0-E)2 (O-E)2/E
Descriptive statistics is a procedure of organizing sample data. This procedure allows readers to be able to understand and describe the data’s importance. Descriptive statistics allows an individual to quickly understand the data and make predict an individual score; however, descriptive statistics does not describe all data in the sample. Inferential statistics is a process that determines whether sample data accurately represented the relationship to the population. In other words, one uses inferential statistics to determine if the sample data is believable.
The above questions are open-ended to enable the participants provide all-inclusive answers. Furthermore, systematic approach will be used in obtaining the required customer sample, which is 15 customers in this case. The customers will be randomly selected, whereby every 3rd customer will be asked to fill-in the questionnaire. The technique of systematic sampling was selected to ensure equal representation and accuracy of results by preventing biasness. In addition, ethical concerns will be considered. The representatives would be informed that their private identity will be concealed and that the study is entirely for the company. The representatives are also at liberty to withdraw from the study and will be provided with a written consent outlining the reasons for the survey.
Briefly Describe One Important Tool that Can Be Used to Measure its Occurrence in a Population
Research can be quantitative and qualitative. Quantitative research is objective and involves measuring the phenomena under investigation. Qualitative research is subjective, explores experiences and feelings, and involves the recording of phenomena that cannot easily be quantified (Toates, 2010, pp. 5-6). Both are empirical since they involve data collection (OU, n.d.).
According to Sjoberg et al. (2004) “Risk perception is the subjective assessment of the probability of a specified type of accident happening and how concerned we are with the consequences”. Risk perception has become an important subject of discussion in the world of risk management as it aids risk its decision making process.
Planning risk should not only be internal because a lapse in considering other stakeholders in the external environment can also be detrimental to society with its associated cost. An effective integrated risk management will make every one resilience to the occurrence of future risk.
Methods include the research relationship with the people studied, site selection and sampling decisions, data collection methods, and data analysis techniques.
The sampling plan shall be classified into two types, which are – probability as well as non-probability sampling method. The non-probability sampling method facilitates the entire population to be considered as one sample. In this regard, it can be said that the non-probability sampling method can be impractical, since it would not be possible such a large number of populations as one sample. In addition, it can be time consuming and would present a large number.
Quantitative Research is used to quantify the problem by way of generating numerical data or data that can be transformed
Constant review of risk management and mitigation plan both at strategic and tactical level should be done depending upon the degree of risk involved in the business and the nature of the product.
As has been discussed before, risk identification plays an important part in the risk such as unique, subjective, complex and uncertainly. There are no two identical leaves in the world; similar, there are no two exactly the same risk either. Hence the best risk manger could not identify risk completely. Besides, risk identification assessment is done by risk analysts. As the different level of risk management knowledge, practical experience and other aspects between individuals, the result of risk identification may be difference. Furthermore, the process of identifying risk is still risky. Once risks have been identified, corporations have to take actions on limiting risky actions to reduce the frequency and severity of risky. They have to think about any lost profit from limiting distribution of risky action. So reducing risk identification risk is one of assessments in the risk
Research is systematic way to find out facts and knowledge as Kothari (2006) has analyzed that research is the pursuit of truth with the help of study, observation, comparison and experiment; the search for knowledge through objective and systematic method of finding solutions to a problem. However there are two types of researches one is by Purpose and other is by method. The type by purpose falls into three categorize such as Basic, Applied and Action Research.
When applying the Maintenance management approach it is vital for the plant assets to be prioritized. The assets are prioritized according to the probability/risk number (RPN). The assets found to have a high PRN number will be analyzed first. If the number of resources available outweighs the assets at risk, management should mitigate risk by determining where the available resources can be applied first. Thus, the organization’s risk management process, should have a well-established risk assessment structure, which contains a mitigation plan and implementation
It is not an easy task to predict risk or the threat at the beginning of a project (Kaplan & Mikes, 2012). The threats can be evident in any phase given below. The threat can be evident in the period of the beginning, planning, executing of the project, controlling as well as closing. In order to face the challenges of the project it is extremely essential to change the strategies of the risk management process. By employing new strategies the management can face the issues related to the threats that the company has to face. The company had to undergo two top class threats in the recent times. This has become one of major effects on the risk management plan of the company, so the company has to find new strategies to face such occurrences, and it has to spend or allocate more finds. There should be changes of the monetary allocations of the risk management process of this organization. The company has to face two top class threats and also it had the chance of taping two opportunities. The incidents have affected the normal performances of the organization and it has to change the activities of the risk register according to the current requirements of the organization, so it is a must to change the schedules of the risk register to face the issues min the future. The management should follow this strategy to change the planning of the
A hazard is a potential damage, adverse health or harm that may effects something or someone at any conditions. Other than that, the risk may be high or low, that somebody could be harmed depending on the hazards. Risk assessment is a practice that helps to improve higher quality of the develop process and manufacturing process. It is also a step to examine the failure modes of the product in order to achieve higher standard of safety and product reliability. Unfortunately, it is common that a product safety risk assessments are not undertaken, or not carried out effectively by manufacturer. Mostly an unsafe and unreliable product was produced and launched on to the market. Thus, the safety problems are mostly identified after an accident happened or after manufacturing problems arisen. In order to prevent risk, a person should take enough precautions or should do more to prevent them because as a user should be protected from harm that usually caused by a failure for whom did not take reasonable control measures.