PIP - Productivity Improvement Programmes Program ... - MPC

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56 PRODUCTIVITY & INNOVATION ENHANCEMENT PROGRAMMES 2012 <strong>PIP</strong> 124: RISK MANAGEMENT RATIONALE Risk Management is the process of figuring out the risks in a certain situation, and hence reducing the possibility of its occurrence. In some cases, the amount of risk that is acceptable is nil, whereas sometimes it can be higher. These risks could be due to natural causes such as accident or even deliberate attacks. In the corporate worlds, risk management is an organized activity that reduces uncertainty in the business. However, there are procedures that must be followed by people who are responsible for this risk management task in order to reduce the risk as much as possible. When managing risks, the most common process is to first take care of the risks with the greatest loss and the greatest probability of happening. After this, the risks with lower probability and lower loss are handled. However, it can be difficult to determine these costs and probability, so the chances of mismanagement in this fields usually remain high. It is also very difficult to figure out how much resources must be allocated into risk management. On one side, this has the potential to save money and/ or lives should the risk become a reality, but on the other hand it seems that the money spent on this can be spent activities that can help in earning money for the company or government. Therefore, there is an opportunity cost to risk management, and it is important to figure out how much expenses it requires. OBJECTIVES At the end of this programme, participants should be able to: • Identify and manage (take preventive action) the uncertainties • Integrate concerns for risk into an organisation’s daily decision making and implementation process • Recognise resource allocation implications • Understand the opportunity cost or trade-offs with any decision
PROGRAM PENINGKATAN PRODUKTIVITI & INOVASI 2012 57 CONTENTS DAY 1 • Introduction to Risk Management • Business Management • Relationship between <strong>Program</strong>me and Project Risk DAY 2 • Key Risk Management Learning • Group Activities / Presentation METHODOLOGY DURATION 2 days • Lecture • Presentation • Exercise WHO SHOULD ATTEND • Top management • Executive • Supervisor
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PIP - Productivity Improvement Programmes Program ... - MPC

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