Are you willing to take greater or lesser risks depending upon what role you are playing at the time?

Are you willing to take greater or lesser risks depending upon what role you are playing at the time?

In need of (2) substantive replies of 125 words each to (2) different post. MGMT495 Senior seminar in Management Topic: Week 4 Risk Assessment

Peer replies to further the conversation

Student replied to at least two (2) classmates’ posts and each reply includes at least three (3) to four (4) sentences relating the classmate’s post to at least one (1) question/point of the Discussion Prompt.

Responses are substantive and encourage discussion by proposing a different point of view supported by an attribution to a source, personal example, or personal application. All responses include related follow up questions to promote continued discussion.

Prompt Week 4: Risk Assessment

The policy of being too cautious is the greatest risk of all.
Jawaharlal Nehru (1889 – 1964)

There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.
John F. Kennedy (1917 – 1963)

Never put yourself in a position that will put yourself at risk if you make the wrong decision. We spent cash on everything. It’s fashionable to make ‘bet the company’ decisions, but don’t do it.
Joel Spolsky, Sink or Swim, SXSW 2006

Progress always involves risk; you can’t steal second base and keep your foot on first base.
Frederick Wilcox

These are four views of risk. Do you agree with any of these ideas about risk? Which one(s)? How would you define your feelings about risk? Are you willing to take greater or lesser risks depending upon what role you are playing at the time?

Resources:

Risk Analysis and Risk Management

URLhttps://www.mindtools.com/pages/article/newTMC_07.htm

Risk terms explained here

URLhttps://iveybusinessjournal.com/publication/the-role-of-leadership-in-managing-risk/

Forum Post 1:

Hello class,

Progress always involves risk; you can’t steal second base and keep your foot on first base.

Frederick Wilcox

I would agree most with Frederick Wilcox. I like his opinion that “risk is a necessary first step towards progress”. Often times in the military we use the motto “if it ain’t broke then don’t fix it” because of the aversion to change. I’ve worked with too many supervisors that were adverse towards change. Perhaps it wasn’t the idea that change would break something but more so they could have been afraid of losing control over a process they understood. For me change is necessary and new minds can create innovative methods which induce greater efficiency. Introducing change through risks is not without consequence sometimes those risks equate to greater expenditure in budget achieving the final results which counteract the savings. Risks also delve into the realm of unknown and the fear of failure but communicating the process can help alleviate the worries and resistance down. Taking risks is not about failing but to learn from them in order to grow. Innovation doesn’t happen without risk but the level of risk can be mitigated though careful preparation and planning. Risk is being able to seize on opportunities and being able to capitalize on being advantageous with fresh ideas.

Are you willing to take greater or lesser risks depending upon what role you are playing at the time?

When I was younger in my career I was less of a risk taker because of the supervisors I’ve had. But over time I met other supervisors and mentors that wanted me to be innovative and take hold of the programs that I managed and more importantly gave me freedom to change processes. Today I tend to take small calculated risks by slowly introducing and incorporating changes to existing processes to not overwhelm the stakeholders. Using risk analysis and to lay out the plan can be key in helping minimize the impact of improbability and increases the success rate.

Forum Post 2:

Class,

Never put yourself in a position that will put yourself at risk if you make the wrong decision. We spent cash on everything. It’s fashionable to make ‘bet the company’ decisions, but don’t do it. Joel Spolsky, Sink or Swim, SXSW 2006.

While this may a good moto to be risk adverse on making good decisions as a leader. But I have found in Leadership if you are so risk adverse you will never get anything accomplished.

Progress always involves risk; you can’t steal second base and keep your foot on first base. Frederick Wilcox

I agree with this statement on risk decision making, but it needs to be calculated risk not to cause harm.

My feelings on risk management are hazards should be identified, risks assessed, and controls developed and implemented during the planning stages. Risk assessment is part of risk management and causes leaders to identify hazards and threats, and place them in perspective relative to the mission or task at hand. Accept Risk when Benefits Outweigh the Cost. The process of weighing risks against the benefits and value of the event or task helps to maximize success. Balancing costs and benefits are a subjective process. Therefore, personnel with knowledge and experience of the event or task must be engaged when making risk decisions. Accept No Unnecessary Risk. If all detectable hazards have not been identified, then unnecessary risks are being accepted. Additionally, an unnecessary risk is any risk that, if taken, will not contribute meaningfully to event or task accomplishment or will needlessly jeopardize personnel or materiel The acceptance of risk does not equate to the imprudent willingness to gamble. Take only risks that are necessary to accomplish the mission or task.Make Risk Decisions at the Right Level. Anyone can make a risk decision. However,

the appropriate level for risk decisions is the person that can make decisions to eliminate or minimize the hazard, implement controls to reduce the risk, or accept the risk. Leaders at all levels must ensure that personnel know how much risk they can accept and when to elevate

the decision to a higher level. Ensuring that risk decisions are made at the appropriate levelwill establish clear accountability.

Are you willing to take greater or lesser risks depending upon what role you are playing at the time?

Yes, if it is my decision to hold, I will take more risks, but if it is not my risk decision, I will be more risk adverse.

Requirements: Two replies of 125 each for a total of 250 words

Subject: Management

Answer preview for the “Are you willing to take greater or lesser risks depending upon what role you are playing at the time?” essay……………………..

greater or lesser risksapa 290 words

Click the Purchase button now to download full answer for the “Are you willing to take greater or lesser risks depending upon what role you are playing at the time?” Page

Share this paper
Open Whatsapp chat
1
Hello;
Can we help you?