Risk Estimation and Management

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Pages 4 (1004 words)
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Tragedies often take place and as a consequence, precious lives are lost. Every disaster is usually followed by an inquiry. These investigations are usually quite detailed for physical catastrophes; however, for major corporate or financial failures examinations are not as comprehensive as the gravity of matter demands.


These patterns according to him are clearly divisible in six steps. He also argues that humans can do much more than just witness a catastrophe. Similarly, Perrow in his published book "Normal Accidents" mentions that due to the fact that people are incompetent when it comes to 'handling complexity' (Perrow, 1984) therefore accidents at composite facilities come by easily. Both, Turner and Perrow's work is highly regarded, which were only possible due to society's resolve to find a way to avoid accidents. Turner also points out in his above referred works that usually it is the un-tested innovation that causes the disaster. He refers to accidents at Hixon in 1968 and Summerland in 1973.
Moving from physical disasters to corporate ones, the writer talks about the opportunity for isomorphic learning where in firms specialize into a special segment and engineer the best possible way of doing that job. This way significant time is saved as organizations can out source a particular activity and don't have to spend time to learn it to do the right way. Not only this complex processes can be better performed by the task masters. ...
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