Risk Management

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Risk management: A Proposal on the development and installation of Telecommunications system into a regional area.
Risk management refers to the identification, assessment and setting up priorities in order to monitor, control and putting in place measures to apply the management of uncertainties. We are usually uncertain of future happenings and hence risk management entails putting into place measures to counteract risks when they occur. For example, in the business environment risks can be attributed to business failures, change in consumer patterns which affect markets, credit risk, legal liabilities, disasters and accidents. They are various strategies that can be adopted to manage risks. Risks can be avoided, transferred to another party, reducing the negative effects of the risks or accepting the liabilities caused by the risks (Thorn, 2001, 67). Every organization should adopt risk management as an integral part of its processes. There are various risks associated with telecommunication systems such as obsolescence, data loss and system failures.
Opportunities
The future holds numerous opportunities for the telecommunication industry. Ideas in the development of telecommunication systems will produce high technology services in the future. Communication firms and software companies are extensively using these technologies. On the other hand low orbit providers with advanced wireless protocol technology are likely to make extensive use of telecommunication services. It is therefore possible to invest in the industry. Internet and networking is a key tool that relies on telecommunication. Telecommunication opportunities can be realized in software development, networking, development of websites and data management practices (Thorn, 20010, 72). In recent years, many enterprises are highly depending on technology services to increase on the returns of the company and survive in the competitive business environment. The adoption of these technologies in the company can improve on the performance of the company and help in the mitigation of risks.
Benefits
Telecommunication systems can enhance organizational growth in many ways which is very important in today`s competitive markets. Such systems are used to manage a huge database on important companies` data. This information can be used as a reference resource and monitor trends of the company to assess its progress. On the other hand, during calamities or accidents, telecommunication systems can be easily used to relay information via networks in order to save lives (Thorn, 200, 70). The use of telecommunication services enhances efficiency and effectiveness for the compa...