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This paper takes an in-depth look at risk management, which is the process of measuring, or assessing, risk and developing strategies to manage it. According to the paper, strategies include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. Traditional risk management focuses on risks stemming from physical or legal causes (e.g. natural disasters or fires, accidents, death, and lawsuits).
From the Paper:"Suburban Hospital Emergency Room has been having a series of "incidents" over the last few months. For the most part, the ER runs very smoothly. However, with other local hospitals closing or consolidating and cost cutting measures being taken at this hospital, there has been an increase in "mistakes" made."
Cite this Analytical Essay:
Risk Management Strategies (2007, December 01) Retrieved December 01, 2022, from https://www.academon.com/analytical-essay/risk-management-strategies-132137/
"Risk Management Strategies" 01 December 2007. Web. 01 December. 2022. <https://www.academon.com/analytical-essay/risk-management-strategies-132137/>