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RISK EFFECT AND HIGH STAKES IN DECISION MAKING-1

    Article 1-Risk Management for Business Owners: How to Deal with the Uncertainties Of the Tax Cuts and Jobs Act of 2017.

    Article 2-A three-stage real options model on fire risk management decision-making under the fire loss frequency uncertainty.

    Article 3- Analysis of the financial risk under uncertainty in the municipal solid waste management involving multiple stakeholders.

    Article 4- Resilience unpacked - framing of 'uncertainty' and 'adaptability' in long-term flood risk management strategies for London and Rotterdam.

    Article 5- The performativity of risk management frameworks and technologies: The translation of uncertainties into pure and impure risks.

    Article 6- Thinking beyond the unthinkable: risk management, strategy to contain uncertainty.

    Article 7-Risk management for forestry planning under uncertainty in demand and prices.

    Article 8-Decision making under uncertainty, therapeutic inertia, and physicians' risk preferences in the management of multiple sclerosis (DIScUTIR MS).

    Article 9- The Biographical Management of Risk and Uncertainty- British Veterans.

    Article 10- Decision-making under risk and uncertainty and its application in strategic management.


    Answer

    Introduction

    Decision making process is a staff or the faculty that is most essential evident in almost all that any business organization can do. From the ordinary to the consequential, the risk management processes of any organization are guided by the choices that any organization can make (as influenced by Parrish, 2018). Consequently, it is imperative to see how people decide, so they will be able to know about how different components may have applied an impact on past choices, thus that people might be capable to enhance future choices in the different decision making processes  as well as the risk effect and high stakes process structure of decision making.  In decision, making process-structure risk effect process and high stakes can be the major part for an organization. According to Aerts et al.(2008), the current research paper mainly focuses on different decision-making factors of high stakes and risk effect that are also associated with the different risk management articles.  

    Some different articles have been chosen in order to evaluating the risk effect as well as high stakes decision-making process in an organization. “Risk Management for Business Owners” is one of the major part to analyze the risk management process of any business organization. This research paper also sheds light on the different risks through which any organization would be able to moves speedily, playing at leisure time for mistakes created in speed, and that can be evaluated in this article (Merigó, 2015). In the same way, the current research paper also sheds light on the different approaches of controlling the risks that may be associated with the different companies or organizations in regards to advanced planning for the value of different risk management processes in order to manage the risk effect and high stakes (Saposnik et al. 2016).

    Article 1-Risk Management for Business Owners: How to Deal with the Uncertainties Of the Tax Cuts and Jobs Act of 2017


     
    REFERENCE
     
     
    Parrish, S. (2018). Risk   Management for Business Owners: How to Deal with the Uncertainties of the Tax   Cuts and Jobs Act of 2017. Journal of Financial Service Professionals, 72(4).
     
    AIM/PURPOSE
     
     
    The writer explained about the   objectives for this article as well as, 1) there is a risk that the client   avoids the rule, missing out on short-term scopes and 2) there is a risk that   the client prepared with imperfect information, moves speedily and playing at   leisure time for mistakes created in speed.
     
    ARTICLE TYPE
    		 Journal
     
    METHOD
    (research papers only)
     
    		 
     This is non-research paper.
     
    APPROACH
    (non research papers)
     
    In this article it contains the   new tax legislation arrives; risk is not extreme on its heels (Parrish,   2018). With the Tax Cuts and Jobs Act of 2017 it has been shown that another   risk of constant uncertainty. Mainly in the business tax sectors, the rule   still has uncertain terms, builds unintentional results, and has   intentionally incorporated sunset conditions.
     
    FINDINGS (research only)
     
     
    .
     This is non-research paper.
     
    CONCLUSION
    (non research only)
     
     
    In this article there is a risk   that the client avoids the rule, missing out on short-term scopes. This study   applies a sample of risk management with the Tax Cuts and Jobs Act of 2017.   Where it has been shown that another risk of constant uncertainty.
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    The reference is related with the   reference of article 4 where both of the article have the main target on the   topic is the deal with the uncertainties of risk management.
     
    STRENGTHS
     
     
    This article indicated the point   that is very clear and gave many examples for carries the importance of   understand the risk management.
     
    WEAKNESSES
     
     
    The author did not explained that   how to recover the risk management.


    Article 2-A three-stage real options model on fire risk management decision-making under the fire loss frequency uncertainty


     
    REFERENCE
     
     
    Lee, J. C., & Lin, T. T.   (2018). A three-stage real options model on fire risk management   decision-making under the fire loss frequency uncertainty. Asia Pacific   Management Review, 23(1), 37-44.
     
    AIM/PURPOSE
     
    		 This paper aims to assume the   exact selections move toward to the fire risk management decision-making of   another fire insurance and fire safety services in the situation of the fire   loss occurrence indecisively.
     
    ARTICLE TYPE
    		 Research
     
    METHOD
    (research papers only)
     
     
    This paper inspects the rate of   the topic that can be derivative through adding principal expands with cash   flows (Lee & Lin, 2018).
     
    APPROACH
    (non research papers)
     
    This is research paper.
     
    FINDINGS (research only)
     
     
    The research findings may provide   like a reference towards the fire insurance companies and fire safety service   suppliers in the plan of innovative inventions and service donations.

     
    CONCLUSION
    (non research only)
     
     
    The conclusion comes with the   expensive decision-making suggestions to the appropriate organizations. That   paper builds a three-stage copy to examine the occurrence of fire loss with a   dynamic point of view and recommends the best timing to purchase fire   assurance or establish a fire safety method.
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    This article reference is related   with the reference of article 8 where both of the articles is related to   assume the exact selections move toward to the fire risk management   decision-making of another fire insurance and fire safety services in the   situation of the fire loss occurrence indecisively.
     
    STRENGTHS
     
     
    This article indicated the point   that is very clear and gave many examples for carries the importance of   understand the risk control purposes and install the security methods.
     
    WEAKNESSES
     
     
    The author did not mentioned that   how to avoid the risk in decision-making.


    Article 3- Analysis of the financial risk under uncertainty in the municipal solid waste management involving multiple stakeholders


     
    REFERENCE
     
    		Diaz-Barriga-Fernandez, A. D.,   Santibañez-Aguilar, J. E., Nápoles-Rivera, F., & Ponce-Ortega, J. M.   (2018). Analysis of the financial risk under uncertainty in the municipal   solid waste management involving multiple stakeholders. Computers &   Chemical Engineering, 117, 433-450.
     
    AIM/PURPOSE
     
     
    The aim of this paper is for the   planning strategic of a community total damage management method under indecisively.   The article mentions the engaged works like the reuse, recycle and   distribution. The objective is for the various engaged stakeholders with the   aim of increasing the advantage to each participate.
     
    ARTICLE TYPE
    		 Journal
     
    METHOD
    (research papers only)
     
     
    This is not research paper
     
    APPROACH
    (non research papers)
     
    The approach of this article is   based on the historical information is applied to initiate three various kind   of economic risk stages.  The article   mentions the engaged works like the reuse, recycle and distribution.
     
    FINDINGS (research only)
     
     
    This is not research paper
     
    CONCLUSION
    (non research only)
     
     
    This article found the outcomes   that give some additional data about the methods and the stakeholders will be   more positive of building any decision. This paper is for the planning   strategic of a community total damage management method under indecisively.
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
     The reference is related to the   reference of the article 5 for both those references are focused on the   multi-matter optimization.

     
     
    STRENGTHS
     
     
    This article indicated the point   that is very clear and gave many examples for carries the importance of   understand the risk control purposes (Diaz-Barriga-Fernandez,   Santibañez-Aguilar, Nápoles-Rivera & Ponce-Ortega, 2018).
     
    WEAKNESSES
     
    		The author did not mentioned that   how to avoid the risk in decision-making.


    Article 4- Resilience unpacked - framing of 'uncertainty' and 'adaptability' in long-term flood risk management strategies for London and Rotterdam.



    Reference
     
    		Restemeyer, B., van den Brink, M.,   & Woltjer, J. (2018). Resilience unpacked: Framing of ‘uncertainty’and   ‘adaptability’in long-term flood risk management strategies in the regions of   London and Rotterdam. European Planning   Studies, 36(8), 1559-1579. 
    Article Type


     
    		Journal
    Aim or Purpose 
     
    		The purpose of the research is Resilience is detained as   an innovative concept to create a paradigm shift from traditional floor   obstacle to the addition of flood risk management and spatial planning. The   core ideas of the resilience narrative are that ‘nothing is certain except   uncertainty itself’ as well as ‘adaptability’ is key to ‘governing the   unknown.’
    Method
     
    		It is Journal article
    Findings 
     
    		The TE2100 plan is an addition to present policies. The content   was enhanced in parallel procedures of policy-making on the national and   regional level within 2010 to 1014. The result generates the policy   strategies for flood prevention and fresh water supply (Restemeyer, van   den Brink & Woltjer, 2018).The Dutch Delta programme’s decision was included in present policy   tools like flood protection program and the National Water Plan. During the   strategies development, the frame of a ‘joint fact-finding’ was assumed.
    Significance 
     
    		The importance of this policy is analysing the processes   of the framing of the strategies of flood risk management in the London and   Rotterdam region. It displays the resilience, which is far from   ‘depoliticized’. The policy controls flood damages, it recovers the risky   encroachment and enhancement within floodplains and it recovers and protects   the life and properties of the citizen. As well as it prevents public health,   minimises the financial burden on communities, enhances wildlife and supplies   fresh drinking water.
    Weakness 
     
    		Investigating the meaning-making process for two   particular long-term strategies of flood risk management discloses that there   is more preferable to observing and maintaining the present system in its   place of transforming it.


     

    Article 5- The performativity of risk management frameworks and technologies: The translation of uncertainties into pure and impure risks. 


    Reference
     
    		Themsen,   T. N., & Skærbæk, P. (2018). The performativity of risk management   frameworks and technologies: The translation of uncertainties into pure and   impure risks. Accounting, Organizations   and Society, 67, 20-33.
    Article Type
     
    		Research
    Aim or Purpose
     
    		Investigating the meaning-making process for two   particular long-term strategies article analyses the long-time vibrant with a   best practice risk management technologies. the purpose of this article   displays the framework and technologies by the power of vision to refresh the   work of risk consultants and create boundaries of the forms of   uncertainties.s of flood risk management discloses that there is more   preferable to observing and maintaining the present system in its place of   transforming it.
    Method
     
    		This article runs with the way of telling exciting stories   by creating on an experiential case study. The case study method permit to   find the relation and dynamics between the human and non-human factors   included in the risk construction. This method permits to define the   generative path of any narration (Themsen & Skærbæk, 2018).
    Findings
     
    This case study of explores a   multi-billion-euro-mega-project. this article has inspected the long-term   performative
    Dynamics among a best practice risk management framework,   technologies of risk management and the translation of doubts into risks.
    Significance
     
    		The article explains that the PMBOK framework and the   IT-based system achieve the structure of risks by establishing the boundaries   of the forms of worries that were accepted and therefore, incorporated as   risks. The taken risks are made ‘pure risks’, conversely the excluded risks   are tagged as ‘impure risks’.
    Weakness
     
    		The achievement of the risk management is complicated and   inconsistent. It is a core finding of this paper. Consequently, we suggest   that more researches need to follow this line of enquiry.



    Article 6- Thinking beyond the unthinkable: risk management, strategy to contain uncertainty


     
    REFERENCE
     
     
    Hovden, J. (2004, April). Risk and uncertainty   management strategies. In 6th   International CRN expert workshop, Stockholm (pp. 22-24).
     
    AIM/PURPOSE
     
     
    The main aim of this particular   paper is to identify the challenges that the leaders are facing and the   managers are giving an attempt in order to prepare their organizations for   engaging themselves in managing the crisis in an efficient manner. 
     
    ARTICLE TYPE
    		 This is a Journal.
     
    METHOD
    (research papers only)
     
    		 
    The current article includes contributions from role theory, multilevel   theory and learning theory and applies it to the theory of management that is   developed over the past two years.

     
    APPROACH
    (non research papers)
     
    Different concepts have been drawn   from several theories, which will help in the identification of the   challenges that the leaders face and for which the managers tend to prepare   the organization to eliminate the issues from the organization.
     
    FINDINGS (research only)
     
     
    .
     This is a non-research paper.
     
    CONCLUSION
    (non research only)
     
     
    Drawing insights from the article,   it can be concluded that, there has been a common trend in Europe and US that   for the last 15 years there is a dominance of a culture on risk cost-benefit   analysis, which is said to be an approach based on risk assessment mainly in   more societal domains. 
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    The reference is related with the   reference of article 9. Both the articles are said to be closely related but   slightly differ from one another. 
     
    STRENGTHS
     
     
    The article discussed regarding   the crisis and the issues that is mainly faced by the leaders. This is the   strength because, in case of resolving the issues, firstly it is required to   identify the issues. 
     
    WEAKNESSES
     
     
    The article did not have any   proper solution for resolving the issues permanently. 




    Article 7-Risk management for forestry planning under uncertainty in demand and prices.



     
    REFERENCE
     
    		Alonso-Ayuso, A., Escudero, L. F., Guignard, M., &   Weintraub, A. (2018). Risk management for forestry planning under uncertainty   in demand and prices. European Journal   of Operational Research, 267(3),   1051-1074.
     
    AIM/PURPOSE
     
     
    The aim   of this paper is to highlight the approaches of controlling the risks   associated with the forest companies in regards to advanced planning for the   value and price of timber.
     
    ARTICLE TYPE

    Research 
     
    METHOD
    (research papers only)
     
     
    The   research work had been developed under the availability of several methodologies,   including an initiation of a tighter and improved deterministic model. The   Stochastic counterpart was frowned upon the ideas from a set of   representatives. Hence the research work can be considered as a holistic   empirical approach towards the study. The methodology used has been both   primary as well as secondary. The research had been conducted using 17 forest   areas. 
     
     
    APPROACH
    (non research papers)
     
    It is a research article.

     
    FINDINGS 
     
     
    The   research work is reflective of the feasible solution to the forestry risks in   regards to the expected value of the stochastic parameters. It has been   evident in the work that the importance of adopting control system in the   initial stage is far more important than any other cures. The TCVaR and ECVaR was combined   and made into MCVaR. The research work is beneficial in terms of addressing   the potential financial risks expectedly to be faced by the forestry   department. 
     
    CONCLUSION
    (non research only)
     
     
    N.A
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    This   annotated reference share similarity with Article 3 in this assignment. In   regards to both the assignments, the major focus is on the risks faced by the   municipal corporation related to solid waste disposal and management. Both   the articles are interconnected in the sense, they deal with environmental   issues along with the potential financial risks. 
     
    STRENGTHS
     
     
    The   article combines the different algorithms and steps that play crucial role in   implementing risk control measures in lieu of broad computational   experimentation and resilient rendition. The strengths of this research work   centers around the impact of TCVaR , ECVaR and MCVaR and their supertiturty   over the rational ECVaR policy. The respective strengths of each policy is   explained in the research work. 
     
    WEAKNESSES
     
     
    The only weakness of the research   work is that it could not be completed within a short time frame. Out of 17   forest areas selected, only one area could be covered and solved. 



    Article 8-Decision making under uncertainty, therapeutic inertia, and physicians' risk preferences in the management of multiple sclerosis (DIScUTIR MS).


     
    REFERENCE
     
     
    Saposnik, G., Sempere, A.   P., Raptis, R., Prefasi, D., Selchen, D., & Maurino, J. (2016). Decision   making under uncertainty, therapeutic inertia, and physicians’ risk   preferences in the management of multiple sclerosis (DIScUTIR MS). BMC neurology, 16(1), 58.
     
    AIM/PURPOSE
     
     
    The aim   of this study is to depict the multiple implications of schelorisis and   effective ideas of disease modifying agents. The concept and importance of   risk stratification was explained in the gourmet article and accordingly   identify the medical solutions the major aim of this work was to whether   overconfidence or tolerance to risk impact medical decisions. The impact of   therapeutic inertia in the attention towards the management of Multiple   sclerosis has also been described in the article. 
     
    ARTICLE TYPE

    Journal article
     
    METHOD
     

    It is a journal article
     
    APPROACH


    It   follows an interpretivist approach. The information included in the  study is based on varied derivatives and   expreimmagtal inferences. Case history and references were selected to   decipher the impact of the mentioned subject on the process of addressing MS.   The approach has been selected on the basis of overconfidence and risk   measurements in regards to Socio-Economic   Panel Study (SOEP) in different domains. 
     
    FINDINGS 
     

    Journal article
     
    CONCLUSION

     
     
    Considering   the conclusions, the study is innovative in approach by collaborating the   tools to secure and evaluate medical decisions in regards to microeconomics   and catering to Multiple Sclerosis. It further explains the role of cognitive   factors including the issues of uncertainty on therapeutic interrati and   medical decisions. 
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    Though   this article is entirely different from the other articles in this   assignment, however, slight similarity can be drawn  with article 10. According to content in   article 10 content, the impact of strategic decisions maiming model is being   explained. A strategic decision making is indirectly related to the cognitive   factors of the human brain. 
     
    STRENGTHS
     
     
    The   article is a self-explanatory one and is reflective of the impact of   overconfidence and other cognitive factors in the decision making scenario   for Multiple Sclerosis. The article is interpretivist and innovative in   content as it includes a detailed description of the subject by deriving   information from authentic sources. 
     
    WEAKNESSES
     
     
    The   weakness for the study paper can be concluded as limited, since, it deals   with only the problem of  Multiple Sclerosis and risk   stratification. At times it becomes complicated for MS experts and clinicians   to gauge the specific concern of the study. The lack of evidence-based   approaches have also slowed the process of decision making in medical science.   

    Article 9- The Biographical Management of Risk and Uncertainty- British Veterans


     
    REFERENCE
     
     
    Blonigen, D. M., Bui, L., Elbogen, E. B., Blodgett, J.   C., Maisel, N. C., Midboe, A. M., ... & Timko, C. (2016). Risk of   recidivism among justice-involved veterans: a systematic review of the   literature. Criminal justice policy   review, 27(8), 812-837.
     
    AIM/PURPOSE
     
     
    The main purpose of this article   is to identify how the individuals in an organization deals with the   uncertainties and the risks that are identified in an organization. Which is   generally said to be an area that is ignored. 
     
    ARTICLE TYPE
    		 Journal article 
     
    METHOD
    (research papers only)
     
    		 
     This is not a research paper.

     
    APPROACH
    (non research papers)
     
    The article mainly focused on the   social and general changes and its impact on the behaviour of the individuals   within an organization. 
     
    FINDINGS (research only)
     
     
    .
     This is not a research paper.
     
    CONCLUSION
    (non research only)
     
     
    Drawing insights from the current   article, it can be concluded that, There is a lack of understanding that how   the individuals are involved in giving response to all the uncertainties and   the risks that are faced within an organization. 
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    The current article or the   reference is related to article 6. Both the articles are closely related. 
     
    STRENGTHS
     
     
    The current article tends to   identify the factors that engages the individuals in giving response to the   uncertainties and the risks that they faces in an organization. 
     
    WEAKNESSES
     
     
    The article did not provide any   proper solution to the uncertainties and the issues or risks that the   individuals faces in the context of an organizational culture. 



    Article 10- Decision-making under risk and uncertainty and its application in strategic management 

     
    REFERENCE
     
     
    Merigó, J. M. (2015). Decision-making under risk and uncertainty and   its application in strategic management. Journal   of Business Economics and Management, 16(1),   93-116.
     
    AIM/PURPOSE
     
     
    The major aim of this research   paper is to introduce a new decision-making process model, which unifies the   different risks as well as uncertain environments in the same kind of   formulation. On the other hand the other aim of this research paper is to   develop a brand new aggregation operator.

     
    ARTICLE TYPE

     Journal article 
     
    METHOD
    (research papers only)
     
     
    It is a journal article
     

     
    APPROACH
    (non research papers)
     
    In this journal article, the major   approach of this article is to introduce or develop a new decision-making   model, which unifies risk and uncertain environments in the same formulation.   In order to do this formulation process, most of the organization presents   the induced probabilistic ordered weighted averaging operator structure. It   is an essential aggregation operator that unifies the probability with the   OWA operator in order to do the same formulation or the same evaluation   process of the risk management and considering the degree of importance of   each concept in the aggregation. Case history as well as the references were   selected to develop the decision making model in an appropriate way. 
     
    FINDINGS (research only)
     
     
     Journal article  
     
    CONCLUSION
    (non research only)
     
     
    Considering the conclusion, the   study focuses on different decision-making model that can be implemented   through this journal article. Different case history were selected to develop   the decision making model.
     
    RELATIONSHIP TO OTHER ANNOTATED REFERENCES
     
     
    Though   this article it has been seen that this journal article is fully different   from the other articles in this assignment, however, some similarities can be   drawn with article 7 and 9.  
     
    STRENGTHS
     
     
    The   article is a self-explanatory structure process and it is reflective of the   impact of decision-making model that has been evaluated in this journal   article.

     
     
    WEAKNESSES
     
     
    The essential weakness is all the   factors of decision-making model have not been elaborated properly.


    Conclusion 


    Thus, from this above research paper it can be concluded that in order to implement or evaluate the risk management process in risk effect as well as high stakes the organization should communicate with their stakeholders and the employees of the organization.  Along with this, it also can be concluded that different approaches of controlling the risks can be highlighted in the research paper that are associated with different companies or organizations in regards to advance planning for the value of different risk management processes (Alonso-Ayuso et al. 2018). From this research article several process structure of the fire risk management processes can be known. In this research paper different risk management mitigation processes can be evaluated therefore it has been found that the different articles that have been founded among those one of the articles is related to assume the exact selections move toward to the fire risk management decision-making. Another fire insurance and fire safety services in the situation of the fire loss occurrence indecisively and that is associated with risk management-process structure (Merigó, 2015). Some articles also followed interpretive approach. In those articles, different information was included and this is based on varied derivatives and experimental inferences. The lacks of evidence-based approaches have also evaluated in the process of decision making in medical science.

     

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