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Essay / Research Paper Abstract
This 16 page paper answers a set of questions set by the student concerning risk management. Issues discussed include the types of data that may be recorded by an airline for risk management purposes, the risk management cycle, why risk management is important, the direct and indirect impact on profitability and the types of probability measures that are useful. The bibliography cites 7 sources.
Page Count:
16 pages (~225 words per page)
File: TS14_TERMquest.rtf
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Unformatted sample text from the term paper:
reduce exposure. In order to manage risk it is necessary record information in order to help assess the sources of risk and the ways that it may be minimized. This
needs to look a the different types of risk that a company faces which can vary from direct financial risk though to risk as a result of external or other
internal factors resulting in loss of assets, business or damage to reputation. There are a number of risks that can be considered each can aided in terms of management
by the recording of data. Routine recording of data in the airline industry is common in operational terms. The most apparent will
be the recorded of any incidences to the aircraft. This will include small routine replacement due to faults and any major incidents as well as the maintenance records. Knowing the
potential fault rate of parts and the fault rate occurrence periods, in time or distance flown is used to ensure that there is a regular replacement of parts under maintenance
schedules. Routine record keeping may also help top identify any unknown weaknesses or risks. Routine record keeping will also help to identify the frequency of unexpected accidents or incidences, such
as type blowouts and incidences of air range in passengers. Knowing the potential frequency or likelihood of these events helps to plan on how to deal with them and mitigate
them (Hood et al, 1992). There are other risks, risks such as the price of inputs increasing including oil and capital (where it is interest rates that increase), which can
be tracked in order to project future prices and aid with tools such as hedging. Other records could include weather conditions to assess impact on flights, flight delays as
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