Risk Assessment

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Every management consultation has a series of processes in order to achieve the end goal. Russell Landing Marina (RLM) is using this process in order address their problem of increasing efficiency in the workplace by accurately accounting for customers because all are transient active duty military members. Previously identified solutions have already been discussed. These solutions have been determined to be the most practical to solve the problem. The next step in the process is to identify the risks associated with each solution in order to gain a better understanding of what will help the most realistically and fiscally. “Risk is an essential part of business because firms cannot operate without taking risks” (Fadun, 2013).
A risk assessment is the “process of identifying potential risks, quantifying their likelihood of occurrence, and assessing their likely impact on the project” (Wideman, 2002). This process is quite time intensive and there are many different varieties dependent on the situation. For example, the US Army uses Risk Management (RM) as a tool to analyze and dev...

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