 “Planning is usually interpreted as a process to develop a strategy to achieve

desired objectives, to solve problems, and to facilitate action” (Mitchell 2002, 6).
 “Controlling is a systematic exercise which is called as a process of checking
actual performance against the standards or plans with a view to ensure adequate
progress and also recording such experience as is gained as a contribution to
possible future needs” (Brech, 2007).
 “Decision making involves the selection of a course of action from among two or
more possible alternatives in order to arrive at a solution for a given problem”
(Trewatha & Newport).
 A formal analysis of any individual’s actions pertaining to his/her job, as well as
the results of those actions, in relation to a particular position.
 The sharing of information between people within an enterprise that is performed
for the commercial benefit of the organization.
 Risk management is the process of identifying, assessing and controlling threats to
an organization’s capital and earnings. These threats, or risks, could stem from a
wide variety of sources, including financial uncertainty, legal liabilities, strategic
management errors, accidents and natural disasters.
 A risk seeker is a person who will value a positive outcome more highly than a
negative outcome. When faced with two equal opportunities of a profit or loss
arising from a particular decision, a risk-seeking person will choose to proceed
because of the possibility of profit
 A risk averter would value the negative outcome more highly than the positive.
 A risk neutral person would value both outcomes equally.
 This is concerned with the identification of risks that might occur and an
identification of which particular risks might occur in the situation with which we
are concerned.
 This is the statistical quantification of the effects of the risks identified through risk
assessment. The technique is based upon the probabilistic treatment of risk
through the quantification of the effect if any particular risk and its consideration in
terms of a probability distribution.
 This is concerned with the development of strategies for dealing with risk.
 Risk avoidance
- this would involve not becoming involved in the situation in the first place

 Risk reduction

- this would involve taking steps to reduce the probabilities of certain unfavourable events happening in the
assessment

 Risk protection
- this would involve taking steps to limit the risk

 Risk managing
- this would involve contingency planning to cope with both foreseen and unforeseen situations arising
during the course of the contract

 Risk transfer
- one strategy for containing risk is to transfer that risk onto another party
 Global risk
 Environmental risk
 Social risk
 Cultural risk
Financial risk
 Stakeholder influence risk
 Technical risk