The application of a risk measurement tool in Greek public sector

Abstract

The present research aims to apply a valid and reliable tool (questionnaire) and examine how that can be used by Greek state organizations, in order to measure economic and operational. The methodology adopted in this research is the quantitative one, which will be based on the collection of primary data through a questionnaire. The research results showed that the measurement tool selected, applied, presented and proposed in this essay comprises three (3) scales: The economic risk scale, which consisted from fifteen items and the operational risk measurement scale, both present and future, which contained seventeen items. The concurrent and predictive validity analysis has shown that the economic risk scale and the present operational risk scale are useful tools for management risk issues. The study’s academic contribution was the application of the aforementioned measurement instruments, which can now be utilised by researchers in the field of risk management to further advance the study of risk management in public organizations in Greece. On the empirical level, the implementation of these two scales can assist public organizations in Greece in assessing economic and operational risks easily and fast. This tool can help public organizations in Greece gain insight into the level of risk they face at any given point in time and plan their actions accordingly. At the same time, central state administration in Greece will have the necessary tools to monitor and support the organizations it evaluates.