Step Six: Identify and Assess Risks
On a daily basis leaders are faced with a variety of problems that vary in importance and magnitude. Potential solutions to these problems are often formulated by these leaders with a certain level of uncertainty. In order to avoid or pacify this uncertainty a risk assessment would be essential for potential problem solving solutions. Overall, assessing risk can be helpful in the decision making process for a number of reasons. A risk assessment will eliminate all solutions that have an eminent risk present. The assessment also distinguishes potential risk among the solutions by classifying ways in which to approach or modify these risks. The assessment can be qualitative or quantitative and is helpful in deciding if the solutions will be consistent with the end state and goals of the corporation. The University of Phoenix (UOP) problem solving module describes that asking the right questions could very well be the most important stage in the risk assessment process. Questions that need to be addressed according to this module include, “What are the potential negative risks to the business? What are the potential positive risks to the business? What are the potential personal risks (positive and negative)? How much business risk and personal risk can we tolerate?”(University of Phoenix, 2008, Week Three Supplement).
Often a solution to the problem can be as easy as modifying a policy that is already in place. Several corporations have done just that when combating tardiness. A simple revision to the organizations current attendance policy in many cases has proven to be effective. Often employees are faced with unforeseen circumstances which can lead to the occasional tardy or absence. Factors such as this have been taken into consideration and as a result employees will be given a limited amount of times in which they can be late to work. Employees who have exhausted these limited amounts of time will begin to...