Risk Management Essay Example | Topics and Well Written Essays - 250 words

Risk Management - Essay Example on the definition of an organization’s objectives, specification of possible risks to the business, identifying specific risks to each objective and specification of a tool to be used for risk management. One such tool that is used for managing risk in the global business environment is the risk level matrix. The risk level matrix is a matrix that identifies each possible risk to the organization’s objectives and classifies it in terms of consequences and likelihood of occurrence (Hopkin, 2010). The risk level matrix helps the organization determine the level of concern for each risk, where common levels of concern include catastrophic, major, moderate, minor and insignificant. Once the levels of concern have been identified, the organization can then implement preventive or mitigation strategies for the identified risks. This risk management tool is an effective tool in the face of uncertainty in the global economic environment. The risk level matrix helps the organization analyze all possible risk types and prepare an advance plan in case the risk comes to pass (Hopkin, 2010). Other risk management tools do not give the organization the ability to plan ahead for the risks that they might

Literature Review on Culture Shock and Poor Adjustment Essay

Literature Review on Culture Shock and Poor Adjustment - Essay Example The term culture shock was first coined by Kalvero Oberg (1960) in order to describe anxiety which resulted from the situation of not knowing or getting familiar with the new culture. The recent literature tends to recognise that culture shock can be applied to any new situation with regards to job, relation and also in relation to adjustment and new identity (Pedersen, 1995, p.1). Oberg has mentioned six aspects of culture shock such as strain which might occur in order to make some psychological adjustments; a feeling of loss or deprivation with relation to factors such as profession, friends, possession and status; by being rejected; confusion in knowing exactly the role, the expectation from the role, self identity, feelings and value; Anxiety, surprise, indication and disgust after knowing about the culture difference and a feeling of failure for not being able to cope with the new environment. Most of the researchers have tried and attempted to extend and improve believe of Obe rg that culture shock is just a normal process of adjusting cultural stress. According to Anderson (1994), culture shock is a symptom of frustration reaction (Selmer, 1999, p. 517). Cultural shock, over the last decade has received increased attention where Jack London in one of his stories titled â€Å"In a Far Country† had stressed to the fact that visitors who visit another culture needs to be prepared to adopt new customs and leave behind old thoughts and ideas. He suggested that sojourners who temporary reside in another country should be able to seek pleasure in the given condition because of the fact that those who were unable to fit into the new culture tends to return home or die due o physical and psychological ailments. Culture shock is a costly affair for a firm because it leads to premature return of business people who are sent overseas. According to some of the research employees sent to foreign did not fail because of lack of technical skills but inability to adapt the other culture. An estimate of early return showed a range of 45% to 85% employees who returned from overseas. However some companies have experimented with short term stays like two three months and determine the potential of the employee to tolerate other culture so that at a later stage they get prepared for longer stay. Short trips tend to be cost effective as it reduces the burden of moving the family also. Brislin (1981) had identified three strategies which can be used to cope up with the new culture in terms of short visits, Unacceptance of host culture: The travellers do not make any effort to understand and learn the new culture and behaves as they are in home culture Substitution: The travellers tend to learn appropriate behaviour and response from the host culture and substitute them with the one which they use it in the known environment. Addition: The people visiting overseas add the behaviour of the host country in the present of nationals but also maintain t he same behaviour when they are confronted with the same culture. Synthesis: this is a strategy which tends to combine the elements of two cultures such as dress on US and Philippines. Resynthesis: this is