Probability Of Risk Occurrence Research Articles

Assessment of epidemic risk state and its change trend of public hospital in underdeveloped area in different stages.

Epidemics are sudden and rapidly spreading. Hospitals in underdeveloped areas are particularly vulnerable in case of an outbreak. This paper aims to assess the epidemic risk state and its change trend of hospitals in different epidemic stages, identify the key factors affecting hospital epidemic risk change, provide priority reference for hospital epidemic risk control, and enhance the hospital's ability to respond to sudden epidemics. Based on Grounded theory, the epidemic risk indicators that affect hospital safety are summarized. The concept of epidemic risk state and its random state space is proposed according to Markov chain theory. The impact of each indicator on the random risk state and its change is comprehensively assessed from two aspects: risk occurrence probability and risk loss. Finally, the assessment of the hospital epidemic risk state and its change at different stages is achieved. The stable risk states of public hospitals in underdeveloped areas in non-epidemic stage t0, early epidemic stage t1, and outbreak stage t2 are , , and , respectively. In non-epidemic stage, the key factor in improving the hospital epidemic risk state is emergency funding. In early epidemic stage, the key factors in improving the hospital epidemic risk state are the training of medical staff in epidemic prevention skills and the management of public health. In outbreak state, the key factor in improving the hospital epidemic risk state is the training of medical staff in epidemic prevention skills and psychological awareness. This paper proposes the concept of epidemic risk state, providing an effective assessment method for the epidemic risk state and its change trend in public hospitals. According to the assessment, public hospitals in underdeveloped areas in different epidemic stages should adopt different risk control strategies to improve their current risk state. Blind risk control is inefficient and may even cause the epidemic risk to transition toward a more dangerous state.

Prevention and adaptation of intermodal interactive seaports and dry ports under asymmetric risk behavior

The port-hinterland system, encompassing seaports and dry ports, has evolved into the backbone of international trade. Due to their unique geographic locations and critical socioeconomic functions, ports are particularly susceptible to a range of risks. Port authorities (PAs) can address these challenges through targeted preventive efforts, which aims to reduce the probability of risk occurrence, and adaptive efforts, which seeks to mitigate potential damage. However, intermodal interactions and the asymmetric risk behaviors exhibited by ports under risk probability ambiguity present significant challenges for PAs making risk-responsive investments. This study develops a two-stage game model to examine the effects of asymmetric risk behavior and risk probability ambiguity on strategic investment decisions. Our analysis reveals that prevention are susceptible to free-rider effects, which are further exacerbated by risk behaviors and mitigated by investment strategy differentiation. Moreover, we demonstrate that, as a general guideline, seaport authorities should prioritize adaptation, while dry port authorities should focus on prevention, with adaptation being the primary strategy when the level of risk aversion is low. These findings provide valuable managerial insights for improving the risk management and resilience of the port-hinterland system.

Managing logistics risks in pharmaceutical supply chain: a 4PL perspective

Supply chain risks and vulnerabilities have been growing recently due to the global, interconnected, and complex networks. The Pharmaceutical Supply Chain (PSC), as a critical national asset, requires increased attention to mitigate the severe consequences of global events. With various risks impacting both the firm’s performance and the lives of patients, effective risk management is paramount for the PSC. This empirical study focuses on the UK-based Fourth-Party Logistics (4PL) provider, which manages pharmaceutical manufacturers’ logistics operations. The 4PL provider’s past experiences with unexpected risky events have influenced its performance. This study aims to explore inherent logistics risks, evaluate them, and recommend mitigation strategies. An integrated approach considering probability, impact and manageability parameters is proposed for risk assessment. In identifying 11 risks from the 4PL perspective, structured interviews are used to gather risk information. The probability of risk occurrence, severity of impact, and manageability are quantified. The delivery delay should be given priority in the follow-up risk management process, while counterfeiting has the least priority. Finally, three resilience strategies named improving flexibility, redundancy, and creating a risk culture are proposed for the 4PL case company. The study offers multiple theoretical and managerial implications based on its findings.

A multistage forecasting model for green bond cost optimization with dynamic corporate risk constraints

AbstractThis study develops a multi‐stage stochastic model to forecast the issuance of green bonds using the Filtered Historical Simulation (FHS) method to identify the most cost‐effective conditions for issuing these bonds amid various risk factors. Drawing on historical yield data and financial metrics of corporate green bonds from December 2014 to June 2023, the model considers fluctuating elements such as risk probabilities, financial risks in worst‐case scenarios, and liquidity risks at upcoming issuance moments. Our findings reveal the model's effectiveness in pinpointing the lowest possible costs of issuing new green bond portfolios in the future, while also addressing expected financial risk, risk occurrence probability, and liquidity issues. The results provide issuers with the insights needed to accurately time the market, tailor bond maturities according to a corporation's future risk profile, and enhance liquidity management. Notably, our model indicates that refining the estimated probability of future risk occurrences can lead to significant savings in green bond issuance costs. This approach allows for adaptable bond issuance strategies, addresses inherent debt, and enables detailed risk management, offering substantial benefits for green enterprises navigating the complexities of future financial landscapes.

Propagation and control of congestion risk in scale-free networks based on information entropy.

To study the propagation pattern of congestion risk in the traffic network and enhance risk control capabilities, a model has been developed. This model takes into account the probabilities of five threats (the risk occurrence probability; the risk of loss; the unpredictability of risk; the uncontrollability of risk; the transferability of risk) in the traffic network to define the risk entropy and determine the risk capacity, analyze the mechanism of congestion risk propagation, and explore the impact of risk resistance, the average degree of risk capacity at intersections, and the degree of correlation on congestion risk propagation. Further, a control method model for risk propagation is proposed. Numerical simulation results demonstrate that the risk resistance parameter θ can inhibit the propagation of congestion risk during traffic congestion. The highest efficiency in controlling risk propagation is achieved when θ reaches a threshold value θ*. Furthermore, the average degree of intersection risk capacity α shows a positive correlation with θ* and a negative correlation with control efficiency. However, the degree of association ω has a negative effect on risk propagation control, decreasing the degree of association between nodes aids in risk propagation control.

Potential Ecological Risk Assessment of Soil Heavy Metals in Fengdong New District Based on Information Diffution Model

The large-scale construction of new districts has led to severe soil heavy metal pollution. Therefore, taking Fengdong New District as the target research area, the descriptive statistics of heavy metal content characteristics and Kriging interpolation analysis have been conducted, and the potential ecological risk index and information diffusion theory were further combined to create an information diffusion model based on risk assessment. Finally, the pollution degree, ecological risk, and risk occurrence probability of Pb, Cu, Cd, and Hg were discussed. The findings revealed that the average concentrations of the four heavy metals far exceeded the background value of soil heavy metals by a factor of 1.943 (Pb), 1.419 (Cu), 3.074 (Cd), and 3.567 (Hg), respectively. Moreover, the distribution of soil heavy metals showed strong variability(CV>65%)owing to human interference. The distribution of Pb and Cu pollution were predominantly influenced by industrial production and land development for construction purposes, whereas industrial activities, agricultural practices, and transportation served as the primary sources of Cd contamination. On the other hand, industrial construction emerged as the major factor contributing to Hg pollution. The average values of individual potential ecological risk index for heavy metals of 9.716 (Pb), 7.095 (Cu), 92.292 (Cd), and 142.469 (Hg), coupled with the regional comprehensive potential ecological risk index (RI) average of 251.573, signified that the region was overall characterized by a relatively high potential ecological risk status. The overall potential ecological risk for Pb and Cu in the region were mild, whereas Cd and Hg posed moderate to high risks, indicating that Cd and Hg were the dominant driving factors behind regional heavy metal pollution. The evaluation results of the information diffusion model based on the potential ecological risk indicated that the probability ranking of different levels of comprehensive potential ecological risk was as follows:slightly high (38.98%) > moderate (38.55%) > high (5.89%) > slight (5.15%) > extremely high (3.56%). The exceeding probabilities of potential ecological risk levels for Cd and Hg were significantly higher than those for Pb and Cu. The exceeding probability of different pollution levels of Hg were slight (94.89%), moderate (66.85%), slightly high (23.62%), high (3.9%), and extremely high (2%), of which only the surpassing probability of the slight level was lower than that of Cd. The prediction error of pollution probability of each potential ecological risk level was less than 5%, demonstrating the reliability of the information diffusion model based on the risk assessment. This research will provide technical reference and support for the monitoring and management of potential ecological risks from soil heavy metals in limited sample data regions.

Study on the Mechanism of Safety Risk Propagation in Subway Construction Projects

Under the development trend of complexity and systematization of metro construction, there is an increasing number of risk factors potentially affecting construction safety, which has led to frequent accidents in metro construction projects, and the road to high-quality and sustainable development of metro construction is full of challenges. One of the essential reasons is that the propagation mechanism of safety risk factors in metro construction under hidden and delayed effects is not yet clear. This paper combines the theory of complex network and propagation dynamics and constructs a subway construction safety risk propagation model based on considering the hidden and delayed characteristics of construction safety risk propagation, which reveals the dynamic propagation law of subway construction safety risk and puts forward feasible coping strategies. The findings evince that the delay time T significantly affects the propagation behavior of risk and the achievement of the equilibrium state in the network. The transmissibility of the risk factor within the hidden state holds a pivotal sway over the entirety of risk propagation, and the latency in transmission significantly expedites the propagation of risk throughout the network. It is recommended that project managers monitor and warn safety state nodes and hidden state nodes to block the spread of risk in the network and control the delay time of risk in the network in time to reduce the probability of risk occurrence. This study significantly promotes the resilient management of safety risks in metro construction.

Risk Assessment in Sustainable Infrastructure Development Projects: A Tool for Mitigating Cost Overruns

The persistent decline in infrastructure spending, notably within the transportation sector, raises concerns about governments’ capacity to meet the demands of a sustainable growing economy. The incorporation of risk assessment in the analysis and computation of potential cost overruns emerges as an effective and efficient tool, underpinning the economic and financial sustainability of infrastructure expansions. Focusing on the “State Road No. 51 of Alemagna Vittorio Veneto” (SSv-51) variant, this study analyzes and proposes a model to forecast the possible cost overruns of an infrastructure project. The application of the risk assessment tool proposed by the National Anti-Corruption Authority (ANAC) offers valuable insights into potential risks associated with project costs and their valuation. The matrix developed in the current study draws from the ANAC Matrix, which comprises four categories of risk divided into 21 risk types. The selection is based on the project’s characteristics, and a matrix is compiled that forecasts the combination of the probability of risk occurrence and the cost impacts on the project. The proposed risk matrix serves as a practical tool for managing uncertainties and estimating potential cost overruns, estimating ex ante a possible cost increase of 7.53%. This projected increase differs only by 1.34% from the final execution costs, mitigating the unforeseen cost overruns not estimated by the initial project. The proposed risk assessment tool emphasizes the importance of integrating risk management into project planning and execution. The research investigated an applied case utilizing an easily adaptable tool, suitable for potential future implementation, further advancement, and broader testing across various project samples in the future. The study provides a framework to assess and mitigate risks linked to cost overruns. As nations navigate infrastructure development complexities, proactive risk management practices are indispensable for efficient resource management, ensuring the economic and financial sustainability of these complex projects.

Innovative Risk Management: Identification, Assessment and Management of Risks in the Context of Innovative Project Management

"The article aims to solve the critical problem of risk management in the context of innovative projects, which affects the competitiveness and sustainability of organizations in the modern business environment. The purpose of the article is to highlight and develop an innovative approach to risk management in innovative projects to improve their success. The article examines the theoretical foundations of risk management in the context of innovative projects, including concepts, principles, and methods of risk management. The article identifies and analyzes the key risks that arise in the process of implementing innovative projects, including technological, financial, market and organizational risks. The article proposes the development of risk assessment methods and tools in the context of innovative projects, which may include the use of analytical methods, models, and approaches to assess the probability of risk occurrence and their potential impact on projects. The article offers effective methods of risk management in innovative projects the development of proactive measures to prevent risks, the determination of control points, the implementation of backup plans, and the development of a risk monitoring and control system. The article provides practical recommendations and examples of implementing innovative risk management in the real field of innovative project management. The authors examine various aspects of risk management and offer practical recommendations for managing them effectively. The results of the study will contribute to the improvement of risk management practices in organizations engaged in innovative activities and contribute to ensuring sustainable development and competitiveness."

Dfg dfg dfg df dfg adfg sadf gsh sfty uty urt ut jqr

The article is aimed at solving the important problem of risk management in the context of innovative projects, which affects the competitiveness and sustainability of organizations in the modern business environment. The purpose of the article is to highlight and develop an innovative approach to risk management in innovative projects to improve their success. The article examines the theoretical foundations of risk management in the context of innovative projects, including concepts, principles, and methods of risk management. The article identifies and analyzes the key risks that arise in the process of implementing innovative projects, including technological, financial, market and organizational risks. The article proposes the development of risk assessment methods and tools in the context of innovative projects, which may include the use of analytical methods, models, and approaches to assess the probability of risk occurrence and their potential impact on projects. The article offers effective methods of risk management in innovative projects the development of proactive measures to prevent risks, the determination of control points, the implementation of backup plans, and the development of a risk monitoring and control system. The article provides practical recommendations and examples of the implementation of innovative risk management in the real field of innovative project management. The authors examine various aspects of risk management and offer practical recommendations for managing them effectively. The results of the study will contribute to the improvement of risk management practices in organizations engaged in innovative activities and contribute to ensuring sustainable development and competitiveness.

Discussion on Internal Control of Insurance Companies

In recent years, insurance institutions have gradually increased, their business structures have become increasingly complex, and their underwriting coverage has continued to increase. The insurance industry's function of boosting the economy and ensuring social stability has been continuously enhanced, which has prompted insurance companies to better implement new development concepts and explore high-quality development paths. However, in the development process of the insurance industry, some companies have neglected internal controls in order to maximize their business scale, leading to a sharp increase in the probability of risk occurrence. This article analyzes the current operational characteristics of insurance companies, points out the problems existing in insurance companies, and provides corresponding suggestions to improve the effectiveness of internal control. It emphasizes the necessity of internal control for the development of insurance companies, and hopes to help them improve their governance level and achieve healthy, stable and positive development.

Financial risk assessment management of cloud accounting SOEs based on spillover index

Abstract The international capital flows between the financial markets of state-owned enterprises are frequent and closely linked, and the difficulty of assessing and managing risks is deepening day by day. In order to be able to provide some useful references for corporate financial institutions in theory and practice, this paper is oriented to cloud accounting SOEs, modeling and calculating SOE returns and volatilities to obtain corporate financial spillover indices. The calculated spillover index is introduced into the basic assessment system to establish the financial risk assessment system. Based on the expert scoring results of the assessment indexes, a judgment matrix is constructed to obtain the fuzzy assessment weights of each index. Combined with the system assessment results, the risk matrix is used to classify risk levels and develop corresponding management strategies. It is experimentally verified that the intensity of the total risk spillover index and the probability of risk occurrence between different submarkets of corporate finance are higher during the unpracticed period, 76% and 83.48%, respectively. In contrast, the spillover index intensity and the probability of risk occurrence in the practice period are only 50% and 61.15%. This shows that the proposed method can carry out effective risk assessment management based on the spillover index, which meets the needs of the times and realistic needs of cloud accounting SOEs for financial risk assessment management and promotes the financial business development of SOEs.

Measuring the efficiency of human capital in the agricultural sector of Belarus

In the current conditions of development of the agrarian economy the problem of increasing the efficiency of human capital use is brought to the forefront. It’s happening due to the limited resources of extensive growth on the one hand, and the need for predominant use of intensive factors on the other hand. The above-mentioned circumstances increase importance of the task of developing methodological approaches to assessing the efficiency of human capital functioning in the agrarian sector of the Belarusian economy, and finding reserves and searching directions based on it for increasing the efficiency of its use. According to the above mentioned, the main purpose of the study is to form a new methodological approach to the measurement of human capital functioning efficiency in the agrarian sector, allowing to assess the probability of risk occurrence and determine the amount of lost profit due to a decrease in quantitative and qualitative indicators. The methodology of scientific search is based on application of economic and mathematical methods based on statistical analysis of studied indicators. The study of literary sources made it possible to determine the list of indicators allowing to comprehensively measure the efficiency of the agrarian human capital functioning. Comprehensive analysis of this process’s indicators shows a decrease in the efficiency of human resource use. Increase of gross calculated markers does not correlate with the dynamics of point indicators, thus, not confirming the growth of human capital functioning efficiency in the agrarian field. The calculations made it possible to outline the lines of intensive capitalization of human potential, including intellectual, social and institutional vectors of development. The proposed directions act as one of the most effective ways of intellectualization of human capital in the conditions of modern innovative transformations and can be used by public administration, scientific community and local initiative groups to develop policy documents on the national and regional level.

Accurate estimation of cost and time utilizing risk analysis and simulation (case study: road construction projects in Iran)

Cost and time are essential decision-making factors in the early stages of road construction projects. It has been observed that road construction projects often lack adequate risk analysis before they are scheduled and costed. Also, there is a lack of data in a comprehensive operational plan. The estimated time/cost of the scheduled program (without considering the risks) differs greatly from the time/cost of delivered projects. Risk analysis is essential for preventing enormous losses resulting from delays and cost increases. With the help of an integrated modelling framework, this study examines the effects of risks on the cost/time of road construction based on three delivered projects in Iran. For this purpose, the Delphi method is used to identify the main risks. Next, a questionnaire is developed using the Failure Modes and Effects Analysis method to prioritize critical risks as well as their probability and severity of occurrence. Afterwards, Monte Carlo Simulations and regression models are employed to perform quantitative analysis. On average, the estimated time and cost values of the proposed method differed by only 4% and 6% from the values of the delivered projects, respectively. Furthermore, sensitivity analysis revealed a strong correlation between critical risk occurrence probability and simulated/scheduled time/cost differences. Road project managers can use these findings to estimate the time and cost of projects more accurately. By controlling critical risk probabilities, they can also reduce and control cost overruns and delays.

Research on the Impact of Big Data Analysis Capability on Enterprise Supply Chain Resilience

Based on the current economic environment and from the perspective of dynamic capability, this paper divides big data analysis capability into big data perception capability, big data capture capability and big data transformation capability, and divides supply chain ambidexterity into supply chain agility and supply chain adaptability. A questionnaire survey was used to quantify the impact of big data analysis capability (BDAC) on supply chain elasticity (SC-RE). A total of 300 questionnaires were distributed to managers of supply chain nodes of enterprises, and 217 valid questionnaires were obtained. The regression results of questionnaire data showed that BDAC was positively correlated with SC-RE. Supply chain duality (SC-AM) is positively correlated with SC-RE. SC-AM plays a partial mediating role in the positive effect of BDAC on SC-RE. Based on the regression results of this paper and the research results of existing scholars, the corresponding conclusions are drawn, and some suggestions are put forward for enterprise managers. BDAC is an effective way to improve the performance level and competitive strength of supply chain enterprises. Enterprises should attach importance to the useful information contained in big data, take certain measures to enhance BDAC, improve the information processing capacity and speed of enterprises, reduce the probability of risk occurrence, so as to improve the supply chain resilience of enterprises and improve the level of supply chain risk management.

Risk Management in Micro, Small, and Medium Enterprises: An Empirical Analysis of SMEs Dried Fish in Bengkulu Province

Highlight Research Most businesses, including dried fish processing, are decided and conducted under conditions of uncertainty Each type of fish that is processed has different risks, both in terms of the source, level, and impact of the risk Fish processing SMEs in Bengkulu Province face moderate business risk on all sources of risk, except production risk Three important strategies to prevent high production risk, namely, the formation of joint business groups, the introduction of business risk insurance, and the downstream processing of processed dried fish products Abstract Every business always faces risks, including micro, small, and medium enterprises processing dried fish. Thus, it is crucial to examine the risk's sources, impacts, and response to risk. This research aimed to analyze the risk management process by identifying the risk sources, analyze the probabilities and risk effects, and design alternative strategies to prevent and control business risk that might be faced by MSMEs dried fish in Bengkulu Province. A total of 273 dried fish processing MSMEs were surveyed and interviewed. The data were analyzed using descriptive statistics and risk management approach. The main risk faced by dried fish producers was the production, included the raw material availability, input prices, and output prices. Each type of dried fish had different probability of risk occurrence where Kerong, Teri, and Gaguk had a high probability of risk occurrence despite their low impact on the scarcity of raw material availability. Moreover, Teri, Kepala Batu, and Bleberan had a high probability and impact risk in the input price. Considering the output price, only Kepala Batu is observed to have the probability and risk impact. Three strategies were designed to prevent and control risk, namely the establishment of joint business groups, introduction of business risk insurance, and downstream processing of dried fish products. SME fish processing does not encounter significant business risks. All risk sources are still regarded as moderate, with the exception of the production risk, which has a high-risk level.

Risk-Oriented Approach to State Control over the Taxation of Profit of Or-ganizations Based on the Delphi Method

The relevance of the article is due to the fact that the collection of corporate in-come tax is a source of tax risks, consisting in the failure to fill the revenue base of the budget, which threatens the real sovereignty of the state, expressed in independence in foreign affairs and the supremacy of state power in regulat-ing domestic policy, especially in the conditions of economic sanctions against the Russian Federation. The subject of the study is the mechanism for managing the tax risks of the state on corporate income tax through the use of the Delphi method. The objectives of the work are to develop and implement a risk—based approach to state con-trol over the collection of corporate income tax. The results of a study are pre-sented, during which experts in the field of taxation assessed in four rounds the most characteristic violations of the legislation of the Russian Federation on corporate income tax based on the probability of risk occurrence and the de-gree of its impact on the timely and full transfer of tax to the budget. Based on the data obtained, a "traffic light" of risks of typical violations of the legisla-tion of the Russian Federation on corporate income tax was developed for the first time, demonstrating the degree of their influence and the probability of occurrence. Proposals have been formed to improve the regulatory and legal regulation of corporate income tax and tax risk management in the Russian Federation. The conclusion is made about the need for the widespread introduc-tion of a risk-based approach to state control over the collection of corporate income tax based on the Delphi method.

Risks of IT technology adoption

Automation of technological processes and digitalisation of various spheres of the economy are among the key management tasks. The main threats and risks to development include cross-border threats and illegal use of information and telecommunication technologies, including computer attacks on the information infrastructure and means of communication. The primary task in solving problems of cyber security is introduction of domestic technologies and software products. In this article, we consider the risks of adopting new IT-technologies. Initially, the risks at each stage of project implementation and introduction of IT-technologies were identified, then the methodology of risk assessment was applied based on the determination of risk probability and degree of negative consequences realization (losses for the organization). Each risk was assessed taking into account two items. The first is the probability of risk occurrence. The second is the danger of risk or adverse consequences (losses) which arise at the organisation in case of its realisation. To determine the degree of risk of risks, 4 priority groups were allocated, the weighting values of the groups, and the risks were calculated. Subsequently, each risk was assessed and the risks of implementing new IT technologies were ranked. The research showed that the main risks of IT implementation include innovation risks, information security risks, risks connected with decrease of productivity and capacity of information systems, with changes in the project budget, miscalculations in selection of techniques, equipment, its installation, insufficient qualification of executors. The grouping of risks by stage of their occurrence showed that the risks increase and have the highest aggregate assessment at the stage of operation. Risks are managed throughout the life of the project, but the ability to manage risk decreases as the project progresses towards completion. Identifying, assessing and ranking risks is the basis for developing an effective risk management system

Risk management -component part of the quality assurance system of pharmaceutical care

Introduction. In the pharmaceutical field, the quality management is a priority and the risk management is a valuable component of an effective quality system. It involves anticipating hazards and controlling risk through a process of risk awareness, reduction, and review. The aim of this paper was to reveal the usefulness of modern risk management strategies and to assess the impact of risk management in the provision of quality services by community pharmacies. Material and methods. The causes that can lead to medication errors in community pharmacies were identified by applying the CNAM Method combined with the Delphi Technique, later the risks were categorized by the Ishikawa diagram, analyzed and evaluated by applying the expert analysis method (MAE) in risk assessment, graphically represented by the Matrix risks and ranked, highlighting pharmacy activities during which medication errors may occur. Results. The risk factor was calculated for 56 potential risks that can cause medication errors, of which 8 for the activity of ordering medicines, 8 potential risks for the activity of receiving products, 6 risks for the activity of storing products, 17 risks for the preparation of drugs and 17 risks for drug dispensing activity. Applying the MAE method in risk assessment, risk occurrence probability and outcome impact values were obtained for each risk. The potential risks of error were graphically represented using the Risk Matrix. Thus, the following activities with a major level of risk were highlighted, for which urgent measures to minimize the impact are required: illegible writing in prescriptions (15.5), fatigue of pharmaceutical staff (15.48), overwork/ multitasking (14.99), prescriptions containing errors (14.26), insufficient staff knowledge (13.81), ordering inappropriate quantities of products in pharmacies (13.59), incomplete prescriptions (12.86) and similar packaging of medicines (12.63). Conclusions. The results of this paper provide the basis for further research in order to develop a Risk Management Plan in community pharmacy. The causes that can lead to errors in the pharmacy have been identified, by highlighting pharmaceutical activities, during which risks of errors may occur. The work has practical use, and the research results can be applied by pharmacies, contributing to the improvement of their performance.

A Comparative Study on Risk Allocation for Different Procurement Type in Malaysian Industry

Risk allocation is one of the important aspects in risk management. However, there is a tendency that risks in construction are being allocated to parties that are least able to resist taking on the risk rather than parties that are more capable to manage the risks. There are different types of procurement that led to different approaches in settling risk allocation between contracting parties. This paper aims to identify risk allocation for different procurement types in construction projects focusing on traditional, design-build and public-private partnership procurement. For this research, a quantitative method was used, where 354 sets of questionnaires were distributed to selected construction firms in Klang Valley. Ninety-two (92) sets of questionnaires were returned and analyzed and the respondents were asked to rate the probability of risk occurrence. The result indicated that the top ranked risk factors are ‘unstable government’, ‘delay in project approvals and permits’, ‘fluctuation of material cost’, ‘poorly written contract’ and ‘inadequate specification in contract’. The recommended risk allocation by respondent for each procurement is presented and found that client and contractor in Traditional procurement, the risks are allocate based on its nature of work. In Design-build, risk factors are mainly allocated to contractor. While in PPP, both contracting parties prefer the majority of the risk factors to be shared. The results of this research will assist practitioners in allocating risks to the party that most qualified to analyze, control, and manage these risks.