Solution 2.2 Techniques to Specify Risk and Risk Interdependencies The critical process to specify risks can be at any level including the entire company, a strategic business unit, a function, project, process and activity. Similarly, as noted by Beasley et al. (2019) risk interdependencies identification are instrumental as they establish an elaborate objective to identify connected events that could give rise to other risks impeding the accomplishment of a specific strategy or objective...

Solution The question as to which technique is most suitable for a specific organization depends upon how best it suits the organization’s goal of identifying risks. Following techniques are used in ADNOC Refinery. These are evaluated below. It should be noted this list is not exhausted and are used in my organization for the purposes of identifying risks:   Checklists: In ADNOC Refinery organization-specific checklists are used to identify organization-wide risks. Management of AD...

Risk assessment model: ISO 31000 model provides a framework for risk management in all types of organizations. The basic risk management process, as is defined by this model can be seen in the following chart:       THE MODEL FOR RISK ASSESSMENT: The first step is risk identification; this is approached carefully and as extensively as possible so as to identify as much possible risks as possible. In this model, risk identification is done through three methods...

Solution It is important to note that operational manager’s responsibilities with respect to risk management stretch across the entire risk management process. Below are the responsibilities described of an operational manager with respect to ADNOC Refinery, broken down into each link of the entire risk management process. The criteria to manage risk is the first step. In ADNOC Refinery, of the many categories, one is occupational health and safety. This is further divided into It is the...

Solution Risk and its management briefly defined: In most simplistic terms, when the actual outcome varies from the expected outcome, it is called risk. For example, if you buy shares of a company @ AED 50 per share. There is a risk of this price being different than AED 50 when you wish to sell it. It could go to AED 55 or drop to AED 45 at the time of sale. This is risk. The idea of risk management is to minimize the negative impact of downside and capitalize upon the upside potential. F...

Solution 3LDO L&D and the Organisation 1.1 Different reasons why organisations are established An organisation can be identified as different people including institutions or association coming together to attain a particular set purpose. Through this, they are able to attain collective goals and different functions in a coordinated manner. Therefore, some of the reasons why the organisations are established include; Working collaboratively for increased achievements- this is e...

Question Activity 1 1a. Agree an opportunity to evaluate an L&D activity/session. In conjunction with any other key stakeholders of the session, determine the criteria you will use as the basis of the evaluation and the related information you will need to collect. 1b. Use appropriate methods and evaluation tools to collect the required information. 1c.Analyse the information and draw evaluation conclusions. Activity 2 Following Activity 1, produce an Evaluation Report in which ...

Activity 1 1a. Agree an opportunity to evaluate an L&D activity/session. In conjunction with any other key stakeholders of the session, determine the criteria you will use as the basis of the evaluation and the related information you will need to collect. 1b. Use appropriate methods and evaluation tools to collect the required information. 1c.Analyse the information and draw evaluation conclusions. Activity 2 Following Activity 1, produce an Evaluation Report in which you explain:...

Monitoring and control of finance employed is as important as the planning, acquisition and utilization. Organizational priorities stem from the overall vision and mission of the organization and travel down to policy, longer term objectives that eventually translate into operational goals and daily routines. As we discussed in the previous sub task A.C.3.2 budget is a very efficient way of setting priorities and targets. This budget is nothing but a short term goal that links with the strategic...

The distribution of finance or allocation of resources is a policy decision that covers operational (short term) and investing and financing (long term) needs of the business organization. The objective of both short term and long term financing is to ensure solvency of the company and meeting of long term objectives and also fulfillment of short term operational needs which are in line with the long term objectives and overall business vision of the organization. Both short term and long term p...