For example, if an airline buys futures to hedge fuel prices, and the price goes up, the airline will win because the price it paid will be less than the market price at the time of purchase. However, if the price goes down, as in the second half of 2008, the airline will book a significant loss (Rivers, 2012)
When airlines set ticket prices in line with the competitive dynamic of the day, they are also taking into consideration the expected future fuel price, ensuring that the ticket price they set allows them to operate the flight profitably. Fluctuations in fuel prices can remove profitability from that flight, especially given the thin margins and high volatility of fuel prices (Snyder, 2011)
Human Impact Property Impact Grocery Impact Internal Resources External Resources Total 1 5 5 5 5 2 5 27 2 5 3 3 3 3 5 22 3 3 4 0 3 1 5 16 4 3 1 4 4 5 3 20 5 3 4 4 4 4 5 24 6 3 3 5 5 5 5 26 7 2 1 1 2 1 3 10 8 4 4 3 4 2 5 22 9 2 1 4 3 1 4 15 10 3 5 1 5 5 1 20 5.0 Loss Estimation Loss estimation is such a critical component of emergency preparedness that researchers are currently researching the topic and trying to create models that can access damages in real time (Eguchi, et al
Not only could natural disasters such as an earthquake disrupt the flow of goods, but other factors, such as the state of the economy, must be include in a comprehensive plan. In fact, within the last few years many of the leading supermarket chains in the UK prepared an emergency plan in regards to many businesses going bankrupt due to the financial recession (Wood, 2008)
Federal agencies like the Centers for Medicare and Medicaid Services (CMS), the FDA, the Office of Inspector General (OIG) and the Department of Justice are all involved with constantly updating hospitals and other healthcare organizations, like HMO facilities, of the need to stay on top of various risks. Agencies like the FDA establish laws, while the Department of Justice provide a list of healthcare professionals who have committed crimes, "announces penalties, fines, and Corporate Integrity Agreements imposed on health care providers and related institutions" like HMO organizations and nursing homes (Moran, 2008)
The medical practice demands perfection in analysis and cure, admitting and dealing with human errors becomes difficult for the medical staff. In order to build confidence in staff to come forth and discuss these incidents there is a need to change internal culture so learning can occur (Allnutt, 1987)
In identifying and minimizing such risks certain interventions besides a reporting system should also be introduced; these interventions are based on questionnaires filled by a focus group resulting in a manual of knowledge, education sessions, addressing individual concerns and recognition given to those who suggest improvements and participate well in such sessions. (Baram, 2000) Risk can also be mitigated by using computerized physician order entry instead of hand written entries and prescriptions, adopting bar-code technology and a clinical decision support system provided to doctors can also reduce the risk of unsafe prescriptions
These three components tend to work in a cyclical fashion. Regulatory agencies and different forms of legislation are routinely passed, requiring the development of changing and new standards (Brownlee et al
Foremost among these ways is the consideration of national (and in some cases international) regulations regarding the quality and nature of service provided in healthcare facilities. An excellent example of these regulations is the fairly recently passing of legislation that requires healthcare providers to provision electronic health records for all of their patients (Haupt, 2011)
Yet evaluation is a critical component, because it allows for management to know what measures are and are not being met -- ideally before there are serious repercussions with patients or other outside entities. As such, evaluation of quality management programs are a part of risk management as well, which is the assessing of any potential losses due to operational procedures (Moss, 1995, p
It is not possible to deal with quality management without having to talk about risk management. This is because both functions focus on ensuring patient's safety within and without the organization (ECRI Institute, 2009)
Each level of management in the organization shall examine all the process that they oversee in order to come up with ways of improving them. In addition, they will take the task of identifying effective teams to address the issues that they may find, determine the data to collect, gather data, test the data, execute changes, and give an assessment of what occurred (McLaughlin, and Kaluzny, 2006)
Some of the names include Total Quality Management, Continuous Quality Improvement, Total Quality Programmes, Productivity Improvement Programmes, Quality Control, Cost Reduction Programmes, and Quality Assurance among others. Many organizations may use a number of these quality terms interchangeably although the terminologies all have somewhat diverse meanings (Reichert, 2011)
Conclusion A Quality Management programme is a crucial aspect of every organization in order to survive in a competitive world of business. Organizations ought to understand the benefits of the task as it brings about improvements in the performance of staff, the quality of services that an organization offers and the productivity of the organization (Taleghani, Seyyed, and Esmaeil, 2011)
Central focus of stakeholders Security stakeholders deliberate on several issues. Central concern includes implementation of programs to deter terrorist attacks, respond to accidents and fatality issues, and protect infrastructure from destructive incidences (Brownstein, 2007)
Questions developed must examine the investigative mechanisms and identify the cost the firm and factors informing its strategy development process. In recovery, it is important to identify areas where technology can be useful (Davis, 2011)
The Red Cross is mandated to save lives and optimal protection of property. The Red Cross program is themed for one pound invested in security; four pounds are saved (Edkins, 2011)
This is based on the knowledge that all stakeholders work to implement a security strategy vital for building and strengthening safe networks. Stakeholders are important when responding and planning for the required security obligations (Kraft & Marks, 2012)
These resources are useful in the identification of potential consequences and vulnerabilities. Besides, the stakeholders are expected to borrow ideas from national government on aspect relating to objectives and goals (Kugler, 2011)
Stakeholders are mandated to formulate a well-written proposal, mission statement, and corporate responsibility mechanism. Secondly, stakeholders are obliged to develop a command office lead by emergency coordinator, with a well-coordinated emergency preparedness planning team, and develop a list of alternatives (Powers & Daily, 2010)