Management Strategies Essay Example | Topics and Well Written Essays - 1750 words

Management Strategies - Essay Example This can, in part, be contributed to past analysis which has effected in a study of decision making behaviour. This analysis by various scholars has depicted the fact that decisions regarding risky organisational decisions brings out contradictory reactions. Here, we can find the essence of the dichotomy that risk taking strikes as a major aspect of business activities. Risk, in case of such decisions, is seen as a focus of single determinants of behaviour arising from risk theories. Although this approach does not conform to real life situations in an obvious fashion, it has led to potentially inaccurate conclusions about risk behaviour. Such unresolved contradictions can be reconciled by examining the usefulness of placing risk propensity and risk proportion in a more central role than has been previously recognised. Based on such analysis, it is believed that the propensity of risk dominates both the actual and perceived characteristics of the situation as a determinant of risk behaviour. Such an observation can safely justify the finding that suggests that apart from being central to any and every business or organisation, risk is something that entrepreneurs in general, are averse to. This brings us to a discussion on business and kinds of risks. Business can be conducted in any sphere of the earth - literally. Today we have a plethora of businesses on land apart from the ones on water and in air. Apart from the normal business activities, one can find airlines and maritime organisations emerging as major sectors. If we are to take the example of maritime, it is the oldest sector in terms of innovation and discoveries. There have been perils to overcome, risks to undertake, more powerful vessels to make each time, and even more powerful contracts to insure and protect the maritime entrepreneurs, as we are going to refer to these 'shipmen' in the course of this paper. Marina organisations today have spread their wings beyond mere cargo vessels and are now running good profits in the sphere of luxury liners, etc. With risks and businesses come allied industries. Insurance and financial risk management are major industries that thrive side by side with any sector in the world, for there is no area that has been spared the occurrence of risks and accidents as well as catastrophes. Maritime activities hold the promise of enormous risks, which can be analysed in its various aspects as follows, from the insurance point of view: Type and size of boats using the marina New industries established in adjacent areas Changes in the international and national regulatory environment Marina 3 Aging of the marina infrastructure Recent waterfront development Changes in response to equipment, technology and availability Logistics Identification of human and natural resources Trends in political climate and global economy These points besides being self explanatory are relevant in context of the current state of affairs. They have every potentiality of developing from minor to major crises, which explains the development and growth of the field of financial risk management. This can be attributed to the fact that at the end of the day, any loss has financial implications of its own and is deeply rooted in the genesis of risk taking and management. The above mentioned points, with a strong background of financial