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Enterprise Risk Management to Drive Operations PerformancesGiulio Di Gravio1, Francesco Costantino1 and Massimo Tronci1[1] Department of Mechanical and Aerospace Engineering, University of Rome “La Sapienza”, Italy1.
Operational decisions are day to day decisions made by junior managers that are simple and routine. Unsere Kunden haben ganz unterschiedliche Bedurfnisse, deshalb gehen wir individuell auf ihre Ausgangslage, Ziele und Moglichkeiten ein. Projekt muss klar sein, welche Ziele erreicht werden sollen und wie sich Veränderungen auswirken. Human Resource Management, mit den Unterdisziplinen Skills Management, Knowledge Management, Coaching und Konfliktmanagement.
Decision Tree software provides a framework for analyzing business and management decision making problems that involve uncertainty.
I am really interested in the brand mapping techniques in Market research section [of MM4XL software].
Estoy interesado en recibir los cursos de entrenamiento pero se que me sera dificil debido a que mis ingresos no me permiten estos lujos. I have used your programme in my classes in international marketing, and my students, both part-timers (working adults) and full timers have found your programme [MM4XL software] useful in their course work. This product [MM4XL software] was an interesting tool and I have forwarded information about it to a few persons more into strategic marketing than I am. I use a lot of strategic analysis in my courses which deal mainly with turning around distressed or bankrupt firms.
Although I have not yet begun to work with this program [MM4XL software], my colleagues tell me it is an excellent one. I used your product [MM4XL software] under the 21 day trial and found it helpful enough that I wanted to purchase it..
I am a marketing research professor at Rome University and would be interested in utilising your software [MM4XL] during my course. I have referred to MM4XL in two training courses that I have delivered to major retail banks in South Africa.
Here is a link to a marketing analytical software called MM4XL used to improve strategic decision-making. Provide a student price for courses on marketing research using your excellent [MM4XL] software (rather than Marketing Engineering I am using now for teaching). The Decision Tree software tool is used by business decision-makers often supported by business analysts. Risk evaluation The evaluation of risks provides a judgment concerning the acceptability or the need of mitigations, according to the comparison between the risk profile and the risk appetite.
They follow on from strategic decisions and aim to meet the objectives stated in any strategic decision.
Der Schlussel dazu sind die umfangreiche Technologie-, Methoden- und Sozialkompetenz sowie die langjahrige Erfahrung unserer Consultants. Mittels geeigneter Methoden analysieren unsere Fachleute, was sich optimieren lässt und welcher wirtschaftliche Nutzen damit verbunden ist. Dank ihrem Fachwissen und ihrer praktischen Erfahrung aus erfolgreich abgeschlossenen Projekten erkennen unsere Fachleute rasch kritische Punkte. Gerne stellen wir Ihnen aber auch ausgewiesene Spezialisten in einzelnen Fachgebieten des Projektmanagements zur Verfügung.
Sei es in Informatikprojekten oder in der Leitung von Organisations- und Integrationsprojekten. It presents all important aspects of the problem in a concise and structured pictorial representation showing: decision alternatives, expected outcomes, probabilities of occurrence, and chronological order of events. Filling out the decision tree structure with your own values returns an analytical view of the decision making problem.
Thanks to utility functions, MM4XL's Decision Tree software allows you to incorporate risk attitude in the model, so that the end result reflects the propensity toward risk of the decision-maker. As a result, a number of our colleagues across the organisation have requested access to the software.
I am nowadays quite busy on my research but I would love to learn deeper about your software in the near future. Ya yo he trabajado con el MM4XL en varias ocasiones haciendo analisis de cartera de negocios, utilizando ambas matrices la BCG y la de Markensi (disculpeme por el error ortografico).
I am just downloading the trial [of MM4XL software] version if I find it interesting I can help you market it in Nigeria.

This journal, which has seven issues per year, is widely read both in the academic community and among marketing practitioners.
I visited your web site and I would be interested to have some pricing information on a student rate for the MM4XL licence. We are keen to pursue this as the computer literacy in India is growing and so are the use of these kinds of tools in the business. I am really looking forward to take advantage of your powerfull analisys tool [MM4XL software]. Along with the financial scandals in the affairs of some major corporations, the high degree of dynamism and the evolutions of markets need organizations to rapidly adapt their business models to changes, whether economic, political, regulatory, technological or social [1].In particular, managerial trends of business disintegration, decentralization and outsourcing, pushed organizations towards practices of information sharing, coordination and partnership.
Enterprise risk management for strategic planningThe competitiveness of an organization depends on its ability to create value for its stakeholders.
The stage is a decision-making process in which, if the risk is acceptable, the assessment can be terminated, otherwise it goes on to next stage of treatment and management. Sie betreuen Kunden aus Verwaltung (Bund und Kantone), Finanzdienstleistungen, Informatik und Telekommunikation, Industrie & Versicherungen. Angewendet werden dabei die Analyse und strukturierter Dokumentierung von Geschäftsprozessen oder die Erhebung von Business Use Cases mit anschliessender Auswertung. This view can help fact-and-data driven managers to make better-informed decisions because problems are framed in a well organized manner, they are evaluated objectively, and they can be easily modified. I have extensive marketing and strategy research to overtake and your product seem relevant to this endeavour.
In an interview at Panacea Magazine we talked about [MM4XL software] and concluded that it is one of the best that we have known.
The difficulties that generally arise during the implementation of these practices underline the impact that critical risk factors can have on corporate governance.
The management maximizes the value when objectives and strategies are formulated in order to achieve an optimal balance between growth, profitability and associated risks, using resources in an efficient and effective way. To verify the acceptability after the interventions, the results of the mitigations have to be iteratively compared to the expected targets. Como les decia me he valido de estas herramientas para realizar analisis y me resultan muy interesantes y provechosa.
With a number of B-schools and most of them who cannot afford a SPSS this [MM4XL] would also become a useful tool. I WILL certainly RECOMMEND it to our other marketing directors and managers for them to purchase.
Operations, at any level, are highly affected in their performance by uncertainty, reducing their efficiency and effectiveness while losing control on the evolution of the value chain.Studies on risk management have to be extended, involving not only internal processes of companies but considering also the relationship and the level of integration of supply chain partners.
This can be viewed as a strategic issue of operations management to enable interventions of research, development and innovation.
As seen, all businesses face uncertain events and the challenge of management is to determine the amount of uncertainty acceptable to create value. In a vulnerable economy, where the attention to quality and efficiency through cost reduction is a source of frequent perturbations, an eventual error in understanding the sensibility of the operations to continuous changes can seriously and irreparably compromise the capability of fitting customers’ requirements.Managers need to have personal skills and operational tools to ensure that risk management strategies can be suitably implemented and integrated in the production and logistics business environment. The uncertainty is both a risk and an opportunity and can potentially reduce or increase the value of the company. For each of the constituents, possible "failure modes" (adverse events) are identified and actions to eliminate or reduce the effects can be considered. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. The Enterprise Risk Management (ERM) is the set of processes that deals with the risks and opportunities that have an impact on the creation or preservation of value. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so. The main contributions in these fields are the reference models issued by international bodies [2-5].Starting from the most advanced international experiences, in this chapter some principles are defined and developed in a framework that, depending on the maturity level of organizations, may help to adequately support their achievements and drive operations performance.
ERM is put in place by the Board of Administration, the management and other professionals in an organization to formulate strategies designed to identify potential events that may affect the business, to manage risk within the limits of acceptable risk and to provide reasonable assurance regarding the achievement of business targets. It is an ongoing and pervasive process that involves the whole organization, acted by people of different roles at all levels and throughout the corporate structure, both on its specific assets and on the company as a whole.This definition is intentionally broad and includes key concepts, critical to understand how companies must manage risk, and provides the basic criteria to apply in all organizations, whatever their nature.
Analytic Hierarchy Process and Analytic Network Process): decision support techniques for solving complex problems in which both qualitative and quantitative aspects have to be considered.
Through a hierarchical or network modeling, the definition of a ranking of the critical aspects of the problem is enabled. Furthermore, it ensures the effectiveness of reporting in compliance with laws and regulations, so to prevent damages to corporate reputation and relative consequences. At the same time, the techniques of risk analysis, historically associated with assessing financial risks, have been revised or replaced by methods that pervade the organization in depth.

Summarizing, the ERM supports organizations to accomplish their goals while avoiding pitfalls and unexpected path.5. Risk treatment Treatment of risks must be determined after a first evaluation and comparison of the risk profile and the risk appetite of the organization. The risk management processThe risk management process consists of a series of logical steps for analyzing, in a systematic way, the hazards, the dangers and the associated risks that may arise in the management of an organization.
The goal is realized in giving maximum sustainable value to any activity, through a continuous and gradual process that moves from the definition of a strategy along its implementation. In some countries, such as Germany, Australia and New Zealand, these indications reached the level of compulsory requirements as national legislation asks all companies to have an operational risk management system.From the above, the close link between corporate governance and risk management is absolutely clear. Risk assessment Risk assessment is a sequence of various activities aimed at identifying and evaluate the set of risks that the organization has to face.
Risk review The key target of the review stage is to monitor the changes in the risk profile and in the risk appetite of the organization and to provide assurance to all stakeholders that the risk management process is appropriate to the context, effectively and efficiently implemented. A segmentation for entities (areas, functions, people, sites) or decisional levels and the actual measures of treatment and control complete the profile. The control systemThe conceptual path that characterizes this approach to risk management is strictly related to the existence of an indissoluble connection between risks and controls.
Risk classificationUncertain events can have both a positive and a negative effect: on the one hand, in fact, they are a threat to the achievement of business objectives, on the other hand can become a significant source of opportunities for companies able to understand, anticipate and manage them.
Scope definitionThe target of this stage is the identification of assets and people exposed to the risks and the identification of factors that determine the risks themselves. According to [6], risks are “events with negative impacts that can harm the creation of business value or erode the existing one” while opportunities are “events with positive impact that may offset negative impacts”. The definition of the scope has a critical importance in order to evaluate internal and external influences on the organization.As this analysis requires requires a thorough knowledge of the environmental components (business, market, political, social and cultural issues), it has to be developed for all the decision-making levels (strategic, tactical and operational) and for all the stakeholders.
From a standard dimension, generally limited to financial risks or internal audit, it has to evolve towards a proactive continuous process, results-oriented and with widespread responsibility. The opportunities are chances that an event will occur and positively affect the achievement of objectives, contributing thus to the creation of value or preserving the existing one. Management needs to assess the opportunities, reconsidering its strategies and processes of setting goals and developing new plans to catch benefits derived from them.An inherent risk can so be defined as “the possibility that an event occurs and have a negative impact on the achievement of objectives” while the control can be defined as “any means used by management to increase the likelihood that the business objectives set are achieved”, mitigating the risks in an appropriate manner.
Risk identificationThe identification of risks allows to acquire knowledge on possible future events, trying to measure the level of exposure of the organization. In this context, a hazard is a “potential source of risk” while a residual risk is the “risk that still remains after mitigations”.Along with these definitions, it is possible to organize the different types of risks in different classes and their possible combinations.
The target is to identify all the significant source of uncertainty in order to describe and proactively manage different scenarios.
In Table 1 a first example of classification is shown, based on two characteristics that relate the origin and generation of the risk (organizational perimeter) with the possibilities of intervention (controllability of risk). The identification is the first step to define the risk profile and the risk appetite of the organization.
The scope and techniques of monitoring depend on the results of the risk assessment and on the effectiveness of the procedures in order to ensure that the controls are in place to efficiently reduce the risks.7.
The business continuityBut how can organizations deal with those types of risks generally unknown and not predictable? The answer comes from a different kind of strategic vision that is not only based on the analysis of identified risks but looks at the possible modes of disruption of processes regardless of the cause. Risk descriptionThe results of identification should be developed in an appropriate stage of description by means of specific information support systems (i.e. Depending on the scope, the documentary support can assume different forms to improve the sharing of information and increase efficiency of management.
Whatever the solution adopted for the description, this has to be dynamically completed with data coming from the different stages of the risk management process and updated according to changes of internal and external context.
Inheriting the best practices already in use for environmental and safety management systems, when the risks are in any way related to regulations (i.e.
Risk estimationThe risk assessment has to end up with the association of a qualitative or quantitative measure of any risk, in terms of technical, economic or financial intensity. The choice of the methodology is related to the level of details required by the comparison among risk profile and risk appetite and to the availability of data and information. While the first are characterized by a strong subjectivity that only a high level of experience can compensate, the second need harmonization and conversion of the scales and of the values found.
The choice is also related to the desired output of the stage, typically a hierarchical ordering of the risks identified (e.g.

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what is business decision management

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