Commercial Insurance Essay Example | Topics and Well Written Essays - 1250 words

Commercial Insurance - Essay Example Dealing with the business’ risks will involve evaluating the existing risk factors and developing robust contingency plans on ways of dealing with the risks whenever they occur. Therefore, laying down a concrete plan for these risks will be the central theme of ensuring efficient management of the business risks. In addition, with the understanding that it will be impossible to plan for everything, the hotel’s risk management plan will provide for efficient ways of reacting whenever risks emerge. The plan to establish the hotel involves the designing and construction of the hotel premises. This means that I will require a professional design and building team, which will not only be tasked with developing a concrete design for the premises on which the hotel will be based, but also building the hotel based on my specifications, as well as those of the state planning department. Rather than embarking on the designing and construction processes on my own, for instance, by hiring a design and construction team, I will float a design and construction tender in the local newspaper and journal for a specified duration. This will primarily be in order to avoid the risk of poor construction due to lack of expertise, or high costs. Consequently, the appointment of the best design and building group will involve tendering, specifically open tendering method. This tendering approach will mark a massive step in risk avoidance (Edwards and Bowen 43). Essentially, risk avoidance encompasses taking steps to deter a hazard thereby ending particular exposure. Additionally, open tendering is the preferred method since it will increase competition thereby guaranteeing the highest value for money on the design and building project. Open tendering will also enhance risk avoidance by ensuring that bidders or respondents are willing to work at low costs while also increasing their likelihood of accepting increased responsibility and risk. This will enable the hotel avoi d a vast proportion of the risks associated with designing and construction, including fluctuating costs of materials and difficulties transporting construction material. Additionally, open bidding will ensure the realization of a superior quality product, especially through the incorporation of a quality matrix in the assessment procedure (Edwards and Bowen 64). Another significant way through which open tendering will ensure risk avoidance is by the enforceability of the design and building contract, which will evade rogue contractors. As soon as the hotel begins serving customers, I will ensure risk reduction by adopting the public order approach. This will ensure that the hotel’s risk of theft, insecurity and fire is significantly reduced. Risk reduction encompasses the implementation of effective measures to diminish the severity or frequency of the occurrence of losses. Consequently, risk reduction is also referred to as loss control (Edwards and Bowen 120). In the hote l, risk reduction will involve fire protection, for instance, through the installation of fire extinguishers and training the staff on fire fighting approaches. In addition, routine safety inspections will be a mainstay of the hotel’s risk reduction strategy, particularly since hotels are

Deciphering Organizational Culture through Artifacts Term Paper

Deciphering Organizational Culture through Artifacts - Term Paper Example Organisational culture is evidenced in the manner in which the business conducts its activities such as interactions with stakeholders like customers, employees and the wider society (Mukherjee, 2005). It is also manifested by extend in which creativity and individual imitativeness are tolerated in the organisation (Mukherjee, 2005). In addition, culture is evidenced in the levels of the organisational structure and the chain of command that influences the channels of information flow in the organisation. Proper organisational culture enhances employee commitment to the shared mission and objectives of the organisation (Mukherjee, 2005). The culture will also enhance or hinder the productivity and performance of each individual employee in the organisation. Shared organisational culture unites multicultural workforce thus leading to a sense of unity and appreciation of the differences in their cultural backgrounds (Brown, 1998). In this case, the culture will foster conflict resoluti on and efficient communication thus leading to perceptions of equality among the diverse workforce. Organisational culture also enables the organisation to retain and attract highly qualified skilled manpower since the right culture enables employees have a sense of higher personal accomplishment by being part of the organisational workforce (Mohanty & Rath, 72). Organisational culture enables employees increase their productivity since they expect to earn appreciation and recognition from the top management. (Brown, 1998). The culture facilitates achievement of the mission of the organisation through enabling employees take responsibility for their roles and responsibilities in the organisation (Brown, 1998). The culture affects the organisation in several ways. The culture acts as the organisational identity and contributes to brand image formation (Brown, 1998). Culture enables the organisations create energy and momentum for future success through outlining the employee attribut es and behaviours that are essential for the attainment of the mission of the organisation. The culture promotes healthy relationships in the organisation thus limiting the chances of employee grievances and go-slows that may negatively impact on the continuance of operations and productivity in the organisation (Brown, 1998). The culture influences the rate of innovation and new product development in the organisation (Brown, 1998). A culture that tolerates risk will encourage employees to experiment news ideas without fear of making mistakes thus contributing to higher chances of implementation of innovative working processes