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This study identifies the risks that Singapore-based architecture, engineering and construction (AEC) firms face when working in India and investigates the risk response techniques adopted by them.
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Traditional techniques cannot effectively deal with the uncertainties of the risk response development.
Christian Dobratz, a former assistant professor at the university, said both officers excelled in courses on tactics and emergency response techniques.
Detailed causal trees of the key state variables (risk perception, risk perspective, risk response, and risk communication) were illustrated and applied to a quantitative simulation using Vensim software.
The Risk Management Process includes four key phases, namely of risk identification, risk evaluation, risk response planning, and risk monitoring and controlling.
Risks should be prioritized and action plan for individual risk response must be prepared and standardized.
Assessing and dealing with the degree of risk mean managing and selecting appropriate risk response strategy.
System dynamics models are established to interpret the mechanism of subjective process and achieve quantitative simulation value of key state variables of risk perception, risk perspective, risk communication and risk response.
Through explanation and sensitive analysis of simulation results, some relationships among state variables of risk perception, risk perspective, risk communication and risk response are obtained to prove the rationality of models.
Try also using relaxing response techniques, self-talk or meditation.
Therefore, and especially for high-impact risks, risk management efforts should focus on planning risk responses to reduce their potential impact, should such risks occur.
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