Risk Management Strategy Assignment Analyzing How Saudi Construction Companies Overcome Challenges Amidst The Covid-19 Pandemic
Question
Task: How to Risk Management Strategy assignment are used to explore strategies used by Saudi construction companies to overcome challenges experienced during the Covid-19 pandemic?
Answer
Introduction
This Risk Management Strategy assignment focuses on discussing the effect of various risk management strategies on the success of organization operating in the construction industry of Saudi Arabia. The objective of the researcher is to show how risk management strategies have helped Saudi construction companies to overcome challenges amidst the Covid-19 pandemic.
Background
The core objective of organization identified on this Risk Management Strategy assignment is optimizing its profit by reducing risks and achieving organizational success. Organizational success can be achieved in various ways. It can be achieved by accomplishing organizational goals, reducing risks and also by satisfying the stakeholders of the organization. Organizational risks not only have a close relationship with organizational reputation but it also has an impact on the success and productivity of the organization. It is found that decision making ability of organizational members help in promoting organizational success (Nafei, 2016). There are various ways in which organizational risk can be handled. It can be handled by accepting the risk, by avoiding the risk, by transferring the risk and also by reducing the risk. Adoption of prominent risk management strategies can also be marked as an example of effective decision-making strategies. In recent years, due to the outbreak of pandemic and constant lockdowns, organizational members are finding it difficult to incur profit and optimize revenue generation. This has become one of the major reasons behind adoption of risk management strategies. It is found that due to the constant spread of the virus, the lives of billions of workers are at threat. Workers working in construction sites and various plants are getting affected by the virus and the rate of mortality among them has also increased. This has further decreased the rate of productivity in construction and product manufacturing sectors (Alauddin, et.al., 2021). Therefore, the managers within the workplace should focus on accepting the risk and reducing the risk using different managerial techniques. Risk can be reduced within the workplace by focusing on sustainable investment (Sarmiento, et.al., 2015). Thus, it is the responsibility of companies operating in these sectors to develop strategies that can protect the lives of these workers and optimize revenue generation of the firm.
Aim
The aim of this Risk Management Strategy assignment is to investigate ability of Saudi-based construction companies to undertake risk management strategies in order to overcome challenges amidst the spread of Covid-19 pandemic.
Objectives
• To explore various types of risk management strategies that can be adopted by firms operating in construction companies.
• To explore the external environment of Saudi Arabia that further has an impact on the core operation of Saudi-based construction companies.
• To establish a relationship between organizational success and effective risk management strategies.
• To investigate the performance of risk management strategies in order to overcome organizational challenges amidst the spread of Covid-19.
• To propose effective recommendations so that organizations operating in Saudi-based construction companies can adopt, implement and monitor effective risk management strategies.
The potential value of the research
The Risk Management Strategy assignment research outcome will help in providing detailed insight to all the stakeholders, policymakers and corporate leaders about the importance of risk management strategies and how it has an impact on organizational success. It will help other researchers to get an overview of risk management strategies that can help Saudi-based construction companies overcome challenges amidst this pandemic.
Furthermore, the researcher will help managers of these construction companies to take effective decisions in order to control organizational risk in the middle of this pandemic. This research study will also help managers predict risks that might have an impact on the success of the organization.
The research will help workers or employees of the organization to understand the impact of pandemic on their lives and how they should focus on preventing themselves from getting affected by the contagious virus. Workers will also understand the importance of precautionary measures they should undertake while working in various construction fields amidst this pandemic.
The Risk Management Strategy assignment research study will help policymakers to develop organizational policies that have close association with various types of risk management strategies. The research study will contribute to the economy of the firm because it can give detailed information about risk controlling and management techniques to the managers that can further enhance the productivity of firms operating in various sectors.
To conclude this Risk Management Strategy assignment, it can be said that other sectors operating in various parts of the world will also get beneficial results from the research. Stakeholders of other sectors can understand the importance of effective risk management strategies and how it can enhance the level of organizational success. Members of other sectors can also understand how adoption of risk management strategies can help them optimize their revenue amidst this pandemic.
References
Alauddin, M., Khan, F., Imtiaz, S., Ahmed, S., & Amyotte, P. (2021). Pandemic risk management using engineering safety principles. Process Safety and Environmental Protection, 150, 416-432.
Nafei, W.A., 2016. Organizational agility: The key to organizational success. International Journal of Business and Management, 11(5), pp.296-309.
Sarmiento, J. P., Hoberman, G., Ilcheva, M., Asgary, A., Majano, A. M., Poggione, S., & Duran, L. R. (2015). Private sector and disaster risk reduction: the cases of Bogota, Miami, Kingston, San Jose, Santiago, and Vancouver. International Journal of Disaster Risk Reduction, Risk Management Strategy assignment,14, 225-237.
