Risk Management Systems Essay Example | Topics and Well Written Essays - 750 words

Risk Management Systems - Essay Example In practice, the process can be very difficult and balancing between risks with a high probability of occurrence but lower loss versus a risk with high loss but lower probability of occurrence can often be mishandled. Intangible risk management identifies a new type of risk - a risk that has a 100% probability of occurring but is ignored by the organization due to a lack of identification ability. For example, when deficient knowledge is applied to a situation, a knowledge risk materializes. Relationship risk appears when ineffective collaboration occurs. Process-engagement risk may be an issue when ineffective operational procedures are applied. These risks directly reduce the productivity of knowledge workers, decrease cost effectiveness, profitability, service, quality, reputation, brand value, and earnings quality. Intangible risk management allows risk management to create immediate value from the identification and reduction of risks that reduce productivity. Risk management also faces difficulties in allocating resources. This is the idea of opportunity cost. Resources spent on risk management could have been spent on more profitable activities. Again, ideal risk management minimizes spending while maximizing the reduction of the negative effects of risks. In Norfolk Sentara, they have developed different programs to lessen the risks associated with diseases and they have implemented these programs efficiently that they have received recognition for their patient safety assurance. Norfolk Sentara addressed the needs and safety of their patients as if they were their own relatives. They work hard to provide the best patient care possible and also to provide treatment plans that will help alleviate the patients' pain and sickness.  Ã‚  

Perfomance standards Essay Example | Topics and Well Written Essays - 500 words

Perfomance standards - Essay Example The historical overview of Westin St. Francis was traced to as early as the 1902s which make the hotel more than 112 years to date (The Westin St. Francis, 2014). The initial step in performance evaluation is to identify the job standards based on the essential functions as expected of the position. The basic responsibilities of a doorman at a hotel include: (1) greeting the guests at arrival and even during departure through the provision of courteous, warm, and prompt service; (2) assists in handling luggage of guests from any mode of transportation to endorsement to the Bellman; (3) provides appropriate responses to the quests regarding inquiries on hotel accommodations and facilities prior to endorsement to the front desk personnel. (1) Greet the guests as soon as they arrive within the vicinity of the hotel by stating: â€Å"Welcome to The Westin St. Francis. I am . I would be glad to be of service to you.† Likewise, when the guests are to depart from the hotel, the doorman should indicate: â€Å"Thank you so much for choosing The Westin St. Francis to serve you. We look forward to being of serve to you in the near future†. This standard would improve service quality through expressly communicating to the guests how welcome they are in the hotel and how the service personnel are glad to address their accommodation requirements. As such, the warm and prompt greeting would indicate high quality of service that could provide customer satisfaction through the provision on immediate response on various inquiries and concerns. As such, the measurable and observable components of this performance standard are as follows: greeting in a warm and courteous manner (quality measure); greeting in a prompt manner with assistance to the luggage (time measure); prompt greeting at arrival and departure (time measure). (2) Assists in handling luggage of guests from any mode of transportation to endorsement to the Bellman.