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Organizations invest large sums in various types of information technologies (ITs) to manage operational knowledge.
In contemporary business environments, the ability to manage operational knowledge is an important predictor of organizational competitiveness.
HHC providers that employ their caregivers have to manage operational decisions such as assigning patients to caregivers and planning the caregivers' routes.
Evidence from market research and industry surveys confirm that SMEs underperform due to inability to manage operational risk challenges facing them.
It identifies measures to mitigate project impacts on benefits provided by ecosystems and to manage operational dependency on ecosystems (Landsberg et al. 2011, http://www.wri.org/publication/ecosystem-services-review-impact-assessment).
But when a business is finally able to take advantage of the opportunity, many owners and managers find that for every benefit there is a profound act of counterbalancing that must take place to manage operational issues or monetary challenges that take a little of the bloom off the rose.
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Boards typically have formal processes for assessing and managing operational risk that incorporate commercial, financial and legal considerations.
In the aftermath of the financial crisis, companies have advanced models for measuring and managing operational disruptions.
This means that in terms of operational risks, an SME needs to consider all the identified disturbances (risk determinants) in its strategic decisions for managing operational risks successfully.
An organization, therefore, needs to identify the characteristics of the various disturbances and their consequential effects over time, to develop a proactive strategy for managing operational risks.
The Air Traffic Management (ATM) system can be taken as an example of one of the most critical socio-technical system, deserving particular attention in managing operational risks and safety.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com