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Project risk management is the art and science of identifying, analyzing, and responding to risk in the process of operating any business, and to ensure the objectives are met. A risk is a possibility of loss or injury that can occur in any particular project. Risks can be negative or positive. At some point, risks can be positive. They are risks that result in good things happening; sometimes called opportunities. When different payoffs are satisfied, risk-utility is realized. The major categories of risks include market risk, financial risk, technology risk, people risk and process risk. Rite Aid usually faces risks that fall under technological risks. Several factors contributed to the failure of the company including the relevancy of their accounting practices and were audited by the relevant firms.
IT risks, such as computer failure made the situation worse. Among the significant risks, it is still one of the biggest pharmacy chains. The IT risk had been prudently analyzed at the moment with an attempt to ensure the realization of set goal and scope for the project. People’s risks also emerge as a potential risk. It can be evidenced when the shareholders of equity interests undergo a restriction and being forced to sell them under certain circumstances including the security acts (Reeve, Warren & Duchac, 2012). Due to that, the sale of the substantial number of the particular stocks by the stakeholders over a short period causes the prices to decrease. It becomes very difficult for the company to raise more funds through future offerings of Rite Aid common stock.
The market risk also has a significant effect on the survival of the company. When the announcement and pendency of the acquisition occurs, it causes disruption in the business of the company. It can always be realized when the current and prospective customers experience uncertainty about the ability of the company to meet their needs due to poor quality contributed by the market factors. The management team also may experience uncertainty about their future roles with Rite Ride, which might affect the personnel. Process risk also affects the operation of the company. Government agencies create legal processes that affect the overall performance of the company in the long run. The company fails to complete the acquisition of relevant documentation unless they receive various consents, approvals and clearance from various authorities in the United States. The challenge is a lack of assurance from the agencies.
Under process risk, product contamination can also occur in the process of manufacturing and even mislabeling. The provision of other services such as counseling can also result in the emergence of some risks from the company. Activities such as counseling are encouraged for free on issues such as dosage. Such practices are being offered by the government leading to the creation of unexpected financial losses. Under the process risk, government regulations including procedures and processes make the other part of the risk factor. A significant change adversely affects the business, the result of their operation, or the financial conditions. To be precise, the market risks adversely affect the company, hence influencing their performance. The market also contributes to competition that affects the financial obligations of the business making them prone to so many risks.
In summary, Rite Aid Company majorly faces the Market risks that tend to affect their financial position in the entire business. The other risks related to the company include Market, financial, process, and people’s risks that tend to hinder their performance in meeting their scope, time and cost constraints.
Reeve, J. M., Warren, C. S., & Duchac, J. E. (2012). Accounting: Using Excel for success. Mason, OH: South-Western Cengage Learning.
It is critical to understand that indeed machines that are used in woodworking are often dangerous, and this is particularly the case when they are used in an improper manner or when the proper safety guards are not followed to the letter. The workers that operate the woodworking equipment might at times suffer from work-related injuries. Some of the common injuries that occur include laceration, amputation, severed fingers as well as blindness. Further, it is important to realize that indeed wood dust, as well as several chemicals which are used in finishing, are health hazards, and there is a need for workers in the industry to understand that they might suffer from skin and respiratory diseases because of these substances.
There is a need for employers and workers to ensure that they contribute towards the creation of a safe and healthful workplace. Therefore, to help in this, there is a need for the workers to understand the principal hazards of woodworking and the methods that can be used to effectively control these hazards (Construction Safety Association of Ontario, 2010). This, therefore, gives the employer and the workers a glimpse of the possible hazards and therefore, this paper will identify the hazard and the way it can be successfully mitigated to reduce any work related injury.
Woodworking often exposes a person to a variety of hazards, and this includes kickbacks, flying wood chips as well as materials, noise, wood dust as well as chemical hazards. Therefore, there is a need to protect oneself to try and avoid these hazards (Prentice-Hall Media & Joel Fried Audiovisuals, 1981). The first way that one can protect him or herself is by wearing close-fitting clothing. One should ensure that the remove any dangling jewelry as well as rings. Long hair should be avoided and it exists it should be confined. This is because long hair can be caught in equipment. A snug fit is also important because it helps to prevent the dust that comes from wood and debris from working its way under one’s clothing (Construction Safety Association of Ontario, 2010).
To protect from hazards such as flying wood chips, wood dust and broken saw teeth, there is a need to wear safety glass that have side shield. It is of the essence to understand that indeed the face shield over the eye offers protection. There is a need to wear earplugs and earmuffs to be able to protect one’s hearing (Jackson, 2014). The noise levels that are often produced by woodworking equipment are high enough and consequently, they have the capability of damaging one’s hearing. Therefore, there is always a need to ensure that one is wearing the right protective gear and that it has been worn right.
In regards to foot protection, there is a need to wear approved slip resistant safety boots. These boots are extremely important in that they help in the protection of ankles, soles as well as toes. It is important to note that in case one might be exposed to breathing hazards such as chemicals and wood dust, there is a need to wear a respirator (Construction Safety Association of Ontario, 2010). This is because it will help keep out the dust and the chemicals and it will be able to provide an adequate level of protection. There is a need to ensure that the respirator that one is wearing is properly fitting, and the right respirator is used.
Construction Safety Association of Ontario. (2010). Millwright construction and maintenance safety manual. Toronto, Ont: Construction Safety Association of Ontario.
Prentice-Hall Media., & Joel Fried Audiovisuals. (1981). Safety in woodworking. Tarrytown, N.Y: Prentice-Hall Media.
Jackson, A., Day, D., & Jennings, S. (2014). The complete manual of woodworking. New York: Knopf.
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