Risk Management Process For Micro Business Owners: A Study On Sales Agents And Producers
Risk management has become a necessity and requires a systematic consideration in decision-making processes of business. However, SMEs have limited resources to apply a formal risk management. Therefore, the thesis develops a practical and easy to use risk management process for micro businesses. Th...
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| Summary: | Risk management has become a necessity and requires a systematic consideration in decision-making processes of business. However, SMEs have limited resources to apply a formal risk management. Therefore, the thesis develops a practical and easy to use risk management process for micro businesses. The objectives of the thesis are to explore and analyse the risk management processes developed for businesses, to propose a risk management process for micro businesses using ISO 31000: 2018 Risk Management Guidelines as basis, and to evaluate the practical usability of the risk management process. The thesis uses a focused-group study approach. The subject of investigation is micro business owners. Data collection is done in two stages. At the first stage, an in-depth analysis of the literatures is done to achieve the first research objective. The outcome of the analysis is used to achieve research objective two, that is propose a risk management process for micro businesses. At the second stage, in-depth interviews with respondents are done to get feedbacks on the evaluation of the practical usability of the risk management process. The thesis uses utilisation-focused evaluation (UFE) to evaluate the practical usability of the risk management process developed for micro business. The thesis finds there are various types of risk management process developed by previous studies which all converge to the risk management process developed by ISO 31000: 2018. The risk management process developed for micro business has six steps that are establishing the business context, risk identification, risk analysis, risk evaluation, risk treatment, and monitoring and review. From the feedbacks of evaluation, the thesis produced a risk management process that is practical and easy to be used by micro business owners. |
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