Table of Contents

Chapter 1. Introduction. 5

1.1 General Introduction. 5

1.1.1 Ways to handle issues. 8

1.1.2 Risk management improve productivity in terms. 9

1.1.3 Problem Statement 10

1.2 Research Questions. 10

1.3 Research Objectives. 10

1.4 Significance of the study. 11

1.5 Summary. 11

Chapter 2. Literature Review.. 13

2.1 Risk management plan. 14

2.1.1Key components of the Risk Management Plan. 15

2.2 Risk Management and Business Continuity Management Approaches. 15

2.2.1 Risk management effect on organizational decisions. 16

2.2.2 Calculating the current risk level 16

2.2.3 Risk management framework in cloud computing. 16

2.3 Benefits of risk management 17

2.3.1 Productivity of industry. 18

2.4 Risk management 18

2.4.1 Risk assessment methodologies. 19

2.5 Description of risk. 19

2.5.1 Risk reduction. 19

2.5.2 Risk transfer 19

2.5.3 Risk sharing. 19

2.5.4 Risk avoidance. 19

2.6 Determine an acceptable level of risk. 19

2.6.1 Manage to accept the level of risk. 20

2.7. Improve productivity with Risk management 20

2.7.1 Success Factors. 20

2.7.2 Entrepreneurial Ideas. 20

2.7.3 Financial Strengths. 21

2.8 ways to handle Risk management 21

2.8.1 Step 1: Categorization. 21

2.8.2 Step 2: Selection. 21

2.9 Risk Treatment 22

2.9.1 Step 3: Implementation. 22

2.9.2 Step 4: Assessment 22

2.9.3 Step 5: Authorization. 22

2.10 Risk Control 22

2.10.1 Step 6: Monitor 22

2.11 Risk Management for Cloud Computing. 24

Chapter 3. Methodology. 28

3.1 Research Design. 28

3.1.1 Advantages of Research Methodology: 28

3.2 Research Type. 29

3.2.1 Experimental Research. 29

3.3 Source of data collection. 29

3.3.1 Primary Data Collection. 30

3.3.2 Secondary Data Collection. 31

3.4 Research Methods. 31

3.4.1 Qualitative research methods. 31

3.4.2 Quantitative research. 32

3.5 Research Approach. 32

3.5.1 Deductive research approach. 32

3.6 Research Philosophy. 33

3.6.1 Positivism.. 33

3.7 Sampling techniques and size. 34

3.8 Population. 35

3.9 Instruments of the Research. 36

3.10 Research limitations. 37

3.11 Ethical considerations. 38

Chapter 4. Analysis and Results. 41

Frequencies. 41

Regression. 62

ANOVA.. 64

Correlations. 65

Statistics. 75

Chapter 5. Discussion and Conclusion. 80

References

List of figures

Figure 1: Risk management framework. 19

Figure 2: Path for data collection. 35

Figure 3: Deductive research approach. 38

Figure 4: Results based on Gender 48

Figure 5: Results based on Age. 49

Figure 6: Result based on Educational Attainment 51

Figure 7: Results based on people working in the company. 52

Figure 8: Results for operation information of company. 54

Figure 9: Information about company contain risk management policy. 55

Figure 10: Results about reviewing risk policy of the company. 57

Figure 11: Result about employee in the company are trained for implement risk policy. 58

Figure 12: Result about factors that are considered for controlling risk. 60

Figure 13: Results about techniques used for controlling risk. 61

Figure 14: Result about affecting the performance of company by risk. 63

Figure 15: Results about manufacturing standards of a company. 64

Figure 16: Results about average rate of production levels. 66

Figure 17: Results about how many company faced risks due to operational activities. 67

Figure 18: Secondary data about risk faced by company during operations. 84

Figure 19: Secondary data about average rate of production

Table 1: Statistics. 46

Table 2: Frequency Table Gender 47

Table 3: Age. 49

Table 4: Educational Attainment 50

Table 5: How long have you worked in the company?. 52

Table 6: For how long has this company been in operation?. 53

Table 7: Does the company have a risk management policy/ department?. 55

Table 8: How often does the company review the risk policy?. 56

Table 9: Are the employees in the company trained in implementing risk management policy. 58

Table 10: What factors do you consider when selecting the risk control methods to be used?". 59

Table 11: What kind of risk management techniques does the company use?. 61

Table 12: risk affecting the performance of company. 62

Table 13: What are the manufacturing standards of your company?. 64

Table 14: What is the average rate of production levels or production targets?. 65

Table 15: How would you rate the number of risks faced by the company in terms of operational activities?  67

Table 16: Descriptive Statistics. 68

Table 17: Correlations. 68

Table 18: Variables Entered/Removed. 69

Table 19: Model Summary. 69

Table 20: ANOVA.. 70

Table 21: Coefficients. 71

Table 22: Dependent Variable: DV descriptive statistics. 71

Table 23: Dependent Variable: DV.. 72

Table 24: Descriptives a,b,c,d. 80

Table 25: Statistics. 81

1.1 General Introduction of Impact of Risk Management on Industrial Productivity

Risk management basically the process is to investigate and assess the controlling the risk factors of the which have been occurred within the enterprises. These hazards and mishaps would be obtained from a wide variety of resources that contain legal abilities, errors in strategic management, financial uncertainties and some natural hazards as well. Some of the security threats have also been found in the organization which is associated with the threats to data. To avoid such kind of hazards it is necessary to plane a risk management system within the organization to avoid all types of threats from the company.

As we all know that the world of the business is changing continuously. This is impulsive, volatile and as well as fought with these risks. For this purpose, risk management and his assessment give the apparatus to investigate some of the representing opportunities which present the potential dangers. Every company has faced some challenges which are related to the threats in the success of the company. The probability of risk factors is mainly associated with the consequences of an event. (Romero, 2018) Moreover, risk management has been known as the tool or method which provide different resources to manage and avoid these kinds of risk from the industry.

Companies who have been facing such challenges may give a positive or negative impact on the productivity of the company.

Events which gives negative influence to prevent and corrode the existing value. The excellent plan of risk management would be helpful for the company for the development of the process to avoid the potential threats as well as to decrease the impact of the which maybe occur to cope up with the findings. The capability to cope up with the risk of control which gives permission to the company to feel more confident while making decisions for their company. Despite this potent governance factors emphasized mainly on the management of risk to meet the goals.

The essential of the study is to develop a safe and secure working atmosphere for all the employees and consumers. As well as to enhance the consistency among the operations of the and on the other side to minimize the legal responsibility (Malik, 2019). This will also give protection from the various incidents that have been obtained from both the environment and the company. Furthermore, this will also be helpful for the accomplishment of the insurance requirement of the enterprises for the purpose to save the uneven premiers. Some procedures have also been included within the company to find some plans while taking some steps to meet the risk management process generally.

In this paragraph, we will discuss some of the industrial companies that were facing these problems. In Business risk management, these types of risks mainly deal with the prospects which are influencing various events of the company. To avoid these kinds of events we have to use such kind of strategic procedures should be included within the organization. All the hazards likely to disturb the establishment which would lead them for better presentation and inexpensive benefit, especially when threats and intimidations are acknowledged, (Almeida, 2017) and the perils evaluated and meticulous, in the same way as for openings and booties. To develop the influential management system and all of its parts which has been contributing including all the approaches within the company. Senior managers of any organization have been found out the level of risk in the company who are willing to take this. They rapid their jeopardy craving in

existing relations such as salary unpredictability and probable fatalities of investment, impartiality or resources.

Some of the semiconductor companies have been categorized by the critical and expensive industrial procedures which have been continued with the creation of innovative technologies. While the invention of the cycling instruments some failure and breakdown effect the quality of the productivity and maintenance effect which is associated with the effect on the active control on the developmental procedure. (Naji, 2019) Some documents have also been given to the consumer in order to give the main and probable threats according to the control of the action plans. Furthermore, the applications of the method of FMECA which is quite time-consuming. This method asks clients about the consumers and for the workers who are employed hardly and operationally.  The study also suggested a method of FMECA to utilize this as a tool that enhances the productivity of various areas of the organizations. The study also reveals the possible outcomes of the method along with the energetic atmosphere. This method also brings constant up-gradation by the operational incidents.

Crises that have been occurring within the company are damage to stick, fire, illness and all the other critical situations which can make it difficult for the staff to handle such kind of situations which are diverse from the daily routine. Despite this, we can easily be fought with such kind of situations. As well as it has been observed that after having these situations a company may lose his clients. But the company has also been come up with this by doing some plans related to crisis management. (Andersen, 2019)It is important to have some backup plan to cope up with such types of natural hazards. We have to take some steps such as first the organization has to investigate the effects of the crises. Then find out the reason that how one will decrease the threats which are related to the occurrence of the disasters. Then discuss how to handle and cope up and react against the disasters within the business for the continuity of the plan, and in the last one thing that has to be done is testing the regulatory of the plan. This has been explained through an example: if anyone is contingent on the computer information and one should have to give a back-up plan as well as a copy of the data within the system which is related to the failure of the event.

Here we discussed some benefits that have been obtained from the continuity of the plan is the carefully coping up with the continuity of the plan which makes it easier for the staff to handle the situation and minimize the risks of the business and clients as well. (Sadgrove, 2016)As well as we will also explain the crises which pay effect on the business such as natural disasters: suppose that flooding has been caused by the bloom in water pipes or with the leakage in the due to heavy rain or which may be caused by the wind damage due to heavy storms. Theft or defacement: this is mainly related to the theft of the computer tools for some time and as well as the destruction of vehicles and equipment which is not expensive but this will also be postured for the risk of safety and health. Terrorist attack: some threats have also been mentioned the threats which are related to terrorist attack for the employees and operations of the business if there is any terrorist attack. This can be happening when your business has been based on the area where the staff can travel easily. It can also be considered that whenever an attack has occurred this will last the effect on a long-term basis including the market and public sector. Fire: some of the situations can also be considered the which is related to the attack of the fire which can destroy the business physically. Failure of IT system: some of the crises has also be seen in the phase of attack of viruses on the system of computer as well as some attacks from the hackers which mainly affects the capability of clients.

There were some probabilities and consequences also found which may affect the business. For this purpose, there were some analysis has been mentioned which will help to find out the significance of the business operations. (Tupa, 2017) As well as it has been concluded that there were some roles that have been presented which is required in normal situations. The risk of having disasters has occurred on the probability which has been measured on a statistical scale with high, medium and low frequencies.

1.1.1 Ways to handle issues of Impact of Risk Management on Industrial Productivity

Here we defined some procedures to solve the issues along with the framework of handling the risk in different ways and these some ways are such as avoiding the risk factors within the organization. The below we will discuss how we put this in our business. The initial step we have to take is making a strong management plan which mainly depends on the requirements of the company. Then after the risk has been identified then assessment related to the probability should be done. After this initially done the insurance and safety for managing the risk. As the risk of fire has been mention above then we have to make insurance of fire as it was necessary for the business which acquires the physical space whether it is owned or rented. As well as it is significant for the product accountability insurance which is the obvious example and this is the requirement for the services of the business.

Some of the risks have also been mention as the top priority the hazard of fraud and appropriation where workers knob money or accomplish office duties in financial records owed and receivable. Despite form this protection against the strength of risks which will never be supposed as to be the best scenario for the case. (van Winsen, 2016)This can also be taken for the workers who have been working in the company for many years along with no problem with the service, and this is the error that is against the employment of the. The degree to which the protection of insurance against the injury of any accident will be relay upon the nature of the business. A plant that mainly deals with strong production would obviously need the wider attention of the workers.

Moreover, risk prevention is another excellent insurance. Prevention from many risks has been obtained from the business and this is highly accomplished by the training of the workers who are working in the company. As well as by checking the safety measures, checking background, maintenance of mechanism and instruments on a daily basis. Furthermore, the responsible member of staff who has authoritative qualities would be appointed which tackles all the responsibilities which are mainly associated with risk management.

Despite form, the above description members must get aware of all the exit points of the business and all the ways of emergency (Picci, 2019). A proposal for the security examination of the corporeal locations and apparatus would be established and instigated habitually counting the training and edification of employees when required. An intermittent, rigorous evaluation of all probable risks would be directed. Any complications would be addressed immediately. Assurance exposure will also be reviewed intermittently and elevated or relegated as needed.

1.1.2 Risk management improve productivity in terms

Some risk management has been used to improve productivity such as the assessment of the safety risk. As well as the main aim of the safety risk management is to evaluate and investigate the threats which have been effectively applied along with the proper mitigation. This is the main process of the to mention the services of product and levels of the services. Despite form this some factors of risk have been assessed while managing the uncertainty and insusceptibility in any consequences. The validity and severity of the occurrence of the threats are of such an extent, and the destructive budding of the threat poses such a threat to safety, that instant vindication action is compulsory. Safety risks evaluated in the acceptable district are satisfactory providing that suitable mitigation strategies have been executed by the association.

Safety risks evaluated as primarily deteriorating in the suitable county are adequate as they at present stand and necessitate no achievement to bring or retain the possibility and sternness of the significances of dangers under executive control. The preventable risks are the internal risk which has been derived within the association and these risks are controllable and avoidable. To ensure that the company has the space to bear the errors and mistakes which will lead the company toward loss, as well as company and for which accomplishing comprehensive escaping which will be very expensive. (Villa, 2016) Strategy risks are quite different from preventable risks because they are not inherently undesirable. A policy with high predictable revenues usually entails the firm to take on substantial jeopardies, and handling those dangers is a key motorist in apprehending the probable gains. The company also acknowledged the high risks of penetrating numerous loads under the exterior of the organization.

Despite the form, this organization should have to talk about some of the risks that have been originating from the incidents which have been obtained outside form the company which has been impactful and controlled. Companies would adapt their risk-management developments to these diverse classifications. While a compliance-based tactic is active for dealing with unnecessary risks, it is exclusively insufficient for approach hazards or exterior risks, which necessitate an essentially different tactic founded on uncluttered and obvious risk negotiations.

As it has been discussed above that risk management is crucial to apply this in all kinds of organizations and any type of the business as it is small, medium or huge. Both above mention terms have been used to evaluate the operations which is related to the finance as well as contributing the compliance with the satisfaction. It is important to build the bring the risk development in the factory and we can implement this in our factory by focusing on the significance of the managing threats on daily basis while observing the activities of staff members at all levels of the organization. (Lannelongue, 2017)As well as it is significant for the factory to accomplish the culture of risk management with in the association. The factory should have to make some goal how to develop risk management. The purpose of creating a risk management culture is to generate a situation where allies and staff mechanically look for risks and deliberate their influences when manufacture operative effective decisions.

1.1.3 Problem Statement of Impact of Risk Management on Industrial Productivity

As it was mentioned above that Risk management basically the process is to investigate and assess the controlling the risk factors of the which have been occurred within the enterprises. So, in this case, it is important to write the impact of risk management on industrial productivity as well as their manufacturing services. It has been observed on many companies that risk management is necessary to protect the company and staff members have been suffering from the various threats. It is the liability of the company to provide their employees and customer with proper safety.

1.2 Research Questions of Impact of Risk Management on Industrial Productivity

The latest research study has been conducted to find the answer of the research questions which has been presented below:

·         What is the influence of risk management in the industrial productivity?

·         Different ways to solve the issues which is related to risk management.

·         various methods of risk management to improve the productivity.

·         How can we apply risk management in the company?

1.3 Research Objectives of Impact of Risk Management on Industrial Productivity

Some objective has been presented which is related to the latest study

The main aim of the study is to identify the impact of risk on the organizational productivity. As well as the purpose of conducting the study is to identify the ways to resolve the problems which has been occurred during the implication of risk management. Moreover, examine the improvement of productivity.  As well as also identify how it will implement risk management.

1.4 Significance of the study of Impact of Risk Management on Industrial Productivity

The research study that has been conducted is be disposed and contributing a lot. The main aim of the study is to provide the excellent basis for the forthcoming research. The research has been conducting on theoretical model and their insinuations of the study which helping us by describing the impacts of the risk management in the productivity of the industries. As well as the research also helping us by providing appropriate ways to apply these methods for the safety and enhancement of the efficiency. (Zalk, 2018)It is important to build the bring the risk development in the factory and we can implement this in our factory by focusing on the significance of the managing threats on daily basis while observing the activities of staff members at all levels of the organization. In the end of the study it would be said that latest research incline to give both practical and theoretical efficiencies.

1.5 Summary of Impact of Risk Management on Industrial Productivity

In this chapter, a detailed description of the study has been done in which the significance of risk management has been discussed. Risk management basically the process is to investigate and assess about the controlling the risk factors of the which has been occurred within the enterprises. As well as some other details have also been mentioned. In this study, we will also discuss about the crisis management. As it has been observed that some unplanned events can be happens in the organization at anytime and anywhere which will leave his impact on the business. As well as it would be said that latest research incline to give both practical and theoretical efficiencies. Further, research objectives also mentioned in the study better to explain the significance of the study and research question s have also be presented to understand the purpose of the study. It is important to build the bring the risk development in the factory and we can implement this in our factory by focusing on the significance of the managing threats on daily basis while observing the activities of staff members at all levels of the organization.

Chapter 2. Literature Review of Impact of Risk Management on Industrial Productivity

For solving the problems of industry productivity and risk management assessment; there are wide ranges of literature reviews. The literature related to industry performance is rapidly growing; it also comprises industries' productivity and the adjustment of risk management. Therefore; there are different literature reviews that have been carried out and conducted in developed countries. It has been left the developing countries extremely beyond by the employment and implementation of risk management in the industries sectors of these countries. This section of the research study has been conducted in order to reflect the performance of the various authors on this particular topic of the impact of risk management on the industry's productivity.  

            The risk management framework integrates information security and risk management activities for the provision of a disciplined and structured method in the system development life cycle (SDLC). Researchers introduce a risk management framework (RMF) that provides the risk executive with the feedback during the monitoring and through the decision of authorization such as spreading the updated and upgraded information about risk to the owners of the information system.

Figure 1: Risk management framework

The picture highlights information all the steps of the risk management framework that enlighten on its functionality about the self-managed subsystems or system. The figure indicated its three levels having six elements or steps. All of the mentioned levels and stages explained. Risk management contains two steps, such as categorization and selection. Risk treatment contains three steps, including implementation, assessment and authorization. But the risk control contains only one stop, which is denoted by monitor. All steps of the risk management framework explained mentioned below in section 2.8.

2.1 Risk management plan of Impact of Risk Management on Industrial Productivity

According to Author Coronado, et al (2014) it is conducted that the risk management plan is that documents where the project manager ready to foresee the risk which also estimates the impact as well as explained the different responses to the issues. The risk is the uncertain event which also occurs the negative along with the positive effects of the project objectives. The plan of risk management is also containing the different analyses of the same risk by the low and high impact with the strategies of mitigations which also helps the project to avoid being the derailed common problem that arises. The aim of the risk management plan which also provides the different procedures that manage and control the risk. The risk management plan can also have explained by the one phrase “Plan”. Basically, risk management is the step-by-step instructional documents which are also anticipating, identifying scenarios that could also put the project risk and determine the methods plus means to solve the risk. There is the different corporate level of risks which is the governances as well as risk management and help to every function. The risk management is the plan which is also responsible for ensuring compliance by the rule. Laws and regulations that occur. Therefore; the corporate of compliance also creates as well as executes the compliance program of the organizations (Coronado, et al, 2014). 

2.1.1Key components of the Risk Management Plan of Impact of Risk Management on Industrial Productivity

There are the following key components of the risk management plan;

·         Methodology

·         Responsibilities and risk

·         Impact of probability

·         Impact Matrix and probability

·         Revised stakeholder tolerance

·         Budgeting

·         Tailoring

·         Risk categories

·         Tracking

·         Reporting formats (Salau, 2019)

2.2 Risk Management and Business Continuity Management Approaches

Following are the risk management approaches that are better suited to the needs, and should be

considered before making investments:

·         There is a need to establish a credible maximum plan for loss minimization. It deals

·         with the asset valuation.

·         The assets need to be allocated properly as per the capacity of the available resources.

·         The immense need for the provision of the margin of security.

·         Avoid portfolio volatility up to a maximum extent.

·         Over performance in the market by rethinking about the time horizon.

2.2.1 Risk management effect on organizational decisions

It is reviewed by the author Saleem (2018), decisions are made with precision in the presence of effective risk management. The organization becomes very successful after implementing effective risk management, although various organizational decisions are not practicing the activity that proved to be unsuccessful. The risk management is very effective that consists of the different steps are establishing context, treating, analyzing, that allow the improvement of the organizational decisions is making.

2.2.2 Calculating the current risk level

For calculating the present risk, portfolio beta must be calculated first which is the individual betas’ weighted average. Portfolio’s required return must be calculated using the formula of CAPM [6].

Risk management adds value plus comes up with many aims for an organization. Some of these aims are: increasing the level of system security, then protecting as well as enhancing the organization’s assets, optimizing operational efficiency and come up with well-informed decisions (Saleem, 2018). 

2.2.3 Risk management framework in cloud computing

According to the Author Fan et al , (2012) the framework of risk management is explained  in cloud computing. The three different types of perspectives are used by the researchers on doing a risk assessment of cloud computing. The first proposed risk assessment frameworks can be used only by a cloud computing consumer

2.2.3.1 Policies

In real terms, there is not any specialized policy designed actually to cover the management of risk in computing cloud of risks. However, there are some traditional policies like:

·         Network Security and Privacy Insurance

·         Privacy-Data Breach Insurance

·         Cyber breach Insurance

·         Cyber Security Liability Insurance

The partial coverage is provided by these particular policies in terms of applying cloud computing risks like the internet or cybersecurity and information. However, when coverage is reviewed, and exclusion is noted in these policies, some of the associated risks with cloud computing are easily recognizable. The risk excluded as well as covered by these policies come up with six categories such as social engineering, legality, rogue employees caused damages, natural disaster damages, operational or administrative risks, and system vulnerability. It is important to mention here that most of the earlier mentioned work is summarized, which is related to risk management of management and organizational issues in cloud computing, and cloud migration with lack of any focus. When a different type of perspective is used to identify risk factors, and these include cost-effectiveness, security, service level & competency (Fan et al , 2012).   

2.3 Benefits of risk management of Impact of Risk Management on Industrial Productivity

Okubo (2014), has been contended that no doubt there are several benefits of risk management but there are various pitfalls that can harm industrial productivity by reducing the qualities of services. Therefore, even the various new opportunities are offered to the industrial by risk management but it has various challenges as well. Sometimes, the challenges can enhance due to the innovation of information technology and its applications. The market boundaries and its blearing; it also includes the industrial barriers breakings. A potential of a fraud on customer’s accounts can enhance as well due to this (Okibo, 2014).

There are several efforts that have been made by the Siam (2006), for exploring the revolution of IT (information technology) and risk management that is known as e-banking on the performance of the banks. For example, Siam (2006) planned for exploring the industrials performance impacts of risk management on industrial productivity by utilizing the questionnaire which was distributed across the numerous industries in the region of the KSA.  It has been observed by the findings of the studies related to the impacts of risk management on industrial productivity and it will be the quality of the services that are offered by the numbers of the industries. But if its effects will be measured in the long run it will positive and it can enhance the performance of the industry effectively (Siam, 2006).

According to Author Sarji (2017), there are different studies that have been revealed in order to convert a system of the industries  is continuously moving towards the automated from traditional. Due to this, the business operations have been supported as well as it helps as the competitive edge in order to realize the control of operations, increase in service delivery, higher efficiency, reduce the human errors, branch productivity, maintaining the customers, customer services, real-time of information systems, risk management, reduction of branch offices, accurate fund transfer, reducing the numbers of the staff in branch and reducing the cost by utilizing the various labor-intensive methods along with the computerized process. By utilizing the information technology the performance of the can enhance due to which profit will increase as well by reducing the cost (Sarji, 2017).

2.3.1 Productivity of industry of Impact of Risk Management on Industrial Productivity

 According to the Author Ahlemann (2009), the second point is about the productivity of the industry which impacts the is required for risk management. This system has some strengths and weaknesses based on this that system can be evaluated. Three groups are playing an important role in increasing the importance of this system. This is because it has a formal control system, external integration and risk management system. There is only one weakness in this system and that is it was not highly efficient in formal controlling technique. This is because it requires a lot of time upgrading the whole system. If the risk management system is improved so that they according to that system efficiency can be increased easily (Ahlemann, 2009).

According to the Author Yakemovic (2000), it is conducted that the third point was about the quality cost for the risk management of the industries' productivity. The strength of PROMQACS is that this system has the ability to calculate the quality cost for the project system. This is because it will improve the quality of the cost of the information system that is required for the construction industry. This software has the ability to improve the efficiency of the system in a proper way and have the ability to manage the proper cost for the project. There is some weakness in this software that includes. This software is not highly efficient to use and also it is not user-friendly. This software is only related to the construction industry only and this is one of the main reasons for the weakness of that software (Yakemovic , 2000).

2.4 Risk management of Impact of Risk Management on Industrial Productivity

There is a systematic mechanism called risk management, which helps organizations to manage their risks and threats, and help them to cope with those threats by looking at their consequences, and come up with action by assessing & understanding the risk and then identifying the process for communicating those risk issues.

2.4.1 Risk assessment methodologies

There are two types of methodologies for risks assessment which are

·         Quantitative

·         Qualitative.

2.5 Description of risk

2.5.1 Risk reduction

Risk reduction is all about reducing the possibility of loss and minimizing it. Risk reduction deals by reducing the severity of the likelihood. 

2.5.2 Risk transfer

Risk transfer is actually controlled and risks management strategy that seems to involve a pure risk’s contractual shifting to another party from one. Risk management is a strategy that is not used often as well as tends is more common in the projects in several parties.  

2.5.3 Risk sharing

Risk sharing is all about the allocation of losses and premiums among the group of policyholders on the basis of a predetermined formula.

2.5.4 Risk avoidance

Meanwhile, risk avoidance concerns the elimination of exposures, activities, and hazards. By eliminating the several exposures of the risk which poses the potential loss, in this phase, the risk avoidance deals with all these problems.

2.6 Determine an acceptable level of risk

To determine the acceptable risk, the first step is all about determining the projected payout. Next, the profit margin must be accounted for and subtracting it from the risk value that is maximum.

2.6.1 Manage to accept the level of risk of Impact of Risk Management on Industrial Productivity

Accepting the level of risk is a maximum for overall exposure in the risk that should be accepted for the organization and based on the cost benefits. There are various methods for managing the acceptable level of risk;

·                     Accept the Risk

·                     Avoid the risk

·                     Transfer the risk 

·                     Mitigate the Risk

·                     Exploit the Risk

2.7. Improve productivity with Risk management of Impact of Risk Management on Industrial Productivity

It is reviewed by the Flippingheck.Com (2019) , improve productivity by the risk management, whereas the risk management includes determining of different potential  as well as removing then whatever it possible . Risk management also improves productivity as well as also creates more success which is required for the business. In terms of safety, safety is the most critical component which is measuring success in the industrial firms (Flippingheck.Com, 2019) Risk management can reduce taxes when tax schedules are convex as well as can reduce the expected costs of distress. Risk management adds value to the firm by preventing underinvestment. The industry provides an excellent setting to conduct an analysis of the effects of risk management.

2.7.1 Success Factors of Impact of Risk Management on Industrial Productivity

According to VTT (2017), Risk management can boost;

§  Productivity in existing plants

§  Performance of your investments

§  Success in your IoT strategy

2.7.2 Entrepreneurial Ideas of Impact of Risk Management on Industrial Productivity

A major strength of the company is the entrepreneurship capabilities where manufacturing industries have remained highly aware of the changing trends and the market gaps to identify the new ideas for expansion. It is identified that the innovative capabilities of the company help it stay competitive and successful in the long run through the risk-taking approach and the desire to seek for new ideas Excelsior initiates with the fashion apparel and expanded into the manufacturing of clothes for the hospitality industry. Now, based on the changes in trends for tourism and outdoor apparel, the company intends to take advantage of the online platform to launch its specialist apparel that will serve the purpose of adventure clothing and fashion clothes both.   

2.7.3 Financial Strengths of Impact of Risk Management on Industrial Productivity

The company has a strong financial position in the industry, given its efficient strategies. The company has a policy of no selling on loss and charges a margin of 25%. This ensures a safe profit for Excelsior and creates a provision for the company's financial reserves for future innovations. Moreover, the company keeps a close check on its short-term financing policies and its liquidity conditions to avoid cash flow issues, resulting in financial success (VTT, 2017). 

2.8 ways to handle Risk management

            In this level, analysis of the cloud environment will perform for the identification of the effective and potential vulnerabilities and short-comings. This level has two steps for gathering information and then analyzing. The steps are as follows categorization and selection.

2.8.1 Step 1: Categorization of Impact of Risk Management on Industrial Productivity

            The information system concerns the processed, transmitted, and stored information by the proposed system, which based on the system impact analysis. In this step, the proposed information, data about risks are categorized by following some rules that belong to the operations identification, its performance, requirements of privacy and security.

2.8.2 Step 2: Selection of Impact of Risk Management on Industrial Productivity

            This step is based on the security that is categorized and concerns with the initial set of security of controls for the information systems, which refers to the security controls of the baseline. The proposed baseline security controls set on the assessment of the organization for risk and its current conditions of the environmental operations. The strategy will be made up of monitoring the security controls for the evaluation of the effectiveness of security control. In the end, you have to write all the controls and outcomes into a word document along with the remarks that show where the issues occurred and how they could be refined in the security plan. The last thing is to take a look again for the review and approve all security plans (Sabri Boubaker, 2016).

2.9 Risk Treatment of Impact of Risk Management on Industrial Productivity

According to the author Cornaggia (2009), it is conducted to improve the productivity of the industries in terms of safety and the money. Risk treatment is concerned about the treatment in the risk management framework where we can check the design mitigation plans and the related policies. The proposed level has three following steps, such as implementation, assessment, and the third one is an authorization.

2.9.1 Step 3: Implementation of Impact of Risk Management on Industrial Productivity

            The implementation step indicates the implementation of the security controls as well as gives a brief description of how the controls employed within its environmental operation and the information system.

2.9.2 Step 4: Assessment of Impact of Risk Management on Industrial Productivity

            it is all about to assess the security controls by using the proposed assessment procedures which documented in the assessment planning. It is a very useful step in the risk management framework or in the risk management process which identifies that if the security controls are being implemented correctly without any error or fault as well as it is fully functional or effective in producing the required outputs (Cornaggia, 2009).

2.9.3 Step 5: Authorization of Impact of Risk Management on Industrial Productivity

            This step is all about the information system operation, which based on the identified risks in the results from the information system ‘s operations. Just identify the real outcome and decide on risks that they are acceptable or not. If it is acceptable, then you should go further. All organizational operations such as the image, reputation, organizational mission or functions, organizational assets, and the other requirements also performed in the assessment of risks step.

2.10 Risk Control
2.10.1 Step 6: Monitor of Impact of Risk Management on Industrial Productivity

            This step for the security controls of the information security systems is one of the most important steps for risk control. In the risk management framework on the bases of assessing the security control effectiveness, making changes in the documentation of the proposed system or the environment of the operations, effective analysis about the proposed changes as well as the stated or highlighted security of the system to the designated of the organizational officials and concerns with the other required things.

According to Author Georgiadis & Pitelis (2016), it is conducted that, the risk management to improving productivity in the small and medium enterprises.  are not certain why staff training of employees is much important than the managerial staff and HRM staff. The reason is that staff skills are much important than the managerial staff because the organization relies on the abilities of lower-level staff because they take part in operations as well as firm productivity while the upper-level staff only make policies and make decisions. This is the reason why the firm emphasis on training of non-managerial staff training than those of managerial staff. This argument states that non-managerial staff is the helping hands of the firm. Trained staff increases firm profitability and productivity. More and more the staff will be trained more and more firm productivity will increase. Labor considered the backbone of any firm because the firm productivity depends upon them (Georgiadis & Pitelis, 2016).

Non-managerial staff such as employees working on the lower level needs training for increasing Labor productivity and profitability. Staff training helps them to meet new challenges and opportunities. A training scan is done on a weekly basis as well as on a monthly basis. Employees training also help the managers to perform the high-level task to meet the market and high arising challenges of the business environment. Trained staff can perform many times better than non-trained staff. In the case of construction companies, their estimate of completing work in weak is only possible through a well-trained staff. Although the effect of training is still positive it also has some negative effects on staff and reduces their performance. Firm who have free training services for their employees must keep balance among managerial and non-managerial staff training. On the other side training also create an average effect on some employees in small and medium enterprises.

Such programs minimize workplace conflicts and promote unity as a result of which employees show more productivity to contribute to the profitability of the organization or brand. Findings support the idea that association of employee’s productivity with employee’s job satisfaction and positive organizational culture is a reason to spend on diversity training programs. Researchers conclude a positive significant relationship between diversity training programs and innovative practices in an organization. Moreover, diversity workplace also leverages advantages related to teamwork and reduction in discriminative practices. Although, inappropriate and ineffective diversity training can also promote backlash among employees. Additionally, the turnover rate will also increase in the organization because of poor outcomes of the ineffective diversity training program

2.11 Risk Management for Cloud Computing

            Cloud computing is one of the finest computing strategies that have the potential to provide flexible, agile and cost-effective information services. Under the paradigm of cloud computing, the cloud service provider (CSP) given up direct control on many security aspects and privacy by some organizations. Many organizations are using cloud services at the same time that are still accountable for availability, confidentiality, and integrity of the related information and information about the system hosting the cloud service provider (CSP).

            As a result, the information system security practice of risk management must be extended by the organization’s to add up the cloud environment. The shareable nature of using and operating the cloud environment changes that will be responsible for the construction or implementation, functionality and maintenance of the security controls. Therefore, the organization who is using cloud computing must need to take understandings of cloud security to address all the risks effectively. The organization’s or corporation can address the risks effectively by understanding about cloud security (Carlin & Curran, 2013).

            To establish the cloud-based services, the government designed and constructed the integrated risk management approach for the adoption of cloud computing. So the proposed approach, which is designed and developed at the governmental level, could be applied to all the services on cloud-based. This approach could be applied independently to all cloud-based services and could apply to the deployment models.

            The cloud service providers (CSP), due to the economies of scale, have the potential to offer state of the art in the cloud ecosystem and secure than a customer’s environment who are controlling their own systems. In simple words, it has the potential to give benefits to many organizations effectively. Moreover, there is a need to make visible the customers' data of the business into the cloud provider’s service, to build up the essential trust for the cloud-based solution in the sense of adoption benefits to store the customer’s data in the cloud (Osmanoglu, 2013).

The stored data in the cloud is so much sense and commonly considered against the proposed incurred security and the risks in privacy. In simple, the cloud-based solution benefits should depend on the cloud model, the kind of cloud service, type of complexity level, type of involved data, several services types and also depends on the different types of the requirements. The information systems which based on the cloud are exposed threats, and it can have negative effects on the operations of organizations such as the functions, missions, vision, or reputation (Loske, 2015).

The malicious entities in the cloud could be very harmful, which can damage the information or the incurred data of the customers. However, it can damage the stored information into the cloud database of customers of the organization and availability of the confidential information by those systems. There are several kinds of risks that should be addressed by the organizations for the solution. However, risk management considered a holistic activity, which is full-fledged integrated with every aspect of the organization.

The selection of the appropriate management satisfies the requirements of Information security from the standard catalogs of controls and security. The organization should do quantify its risks which are acceptable to prevent or minimize the threats, negative actions, attacks or compromises. In other words, the organizations that are using cloud services, they may face many threats and negative actions. So, they need to count all the risks which can damage the service or confidential information to prevent or mitigate the threats, disruptions in the service, cyber-attacks and adverse actions (Ackermann, 2012).

For the management of the information security risk effectively at the ecosystem level, you need to establish the following high-level elements.

·         The risk management responsibilities assigned to the cloud actors would be involved in the cloud ecosystem’s orchestration. Every cloud actor should assign the responsibilities to the respected representatives, managers, leaders or executives internally.

·         Under the instructions of service level agreement (SLA), the establishment cloud ecosystem widely tolerance the risks as well as communication of such risk tolerance. It needs to add up the information on the decision-making activities which can be impactful on risk tolerance.

·         Near the real-time recognition, screening, monitoring, and understanding of information security systems by every cloud actor from the risk operation are.

·         The cloud actors count up the threats, malicious actions or attacks, decision making in the risk management process, and the solutions during the real-time information sharing.

Chapter 3. Methodology of Impact of Risk Management on Industrial Productivity

As it has been described by the title, this chapter illustrates the materials and methods that are particularly used to conduct this study. It also includes the particular methods that are required to explain the phenomena of the research on a particular topic. Moreover, under this section, the various research strategies have been outlined by the researchers for exploring the process and steps of the study that are adopted to conduct this study. It explains research design, research methods, research approach, research philosophy, sources of data collection, data collection methods, tools to collect the data, instruments of the study, time horizon, unite of analysis, ethical considerations and research analysis.

3.1 Research Design of Impact of Risk Management on Industrial Productivity

The methodology is considered as the theoretical and systematic analysis of the particular methods that are usually applied for the field of the study. It also contains on the principals as well as theoretical analysis of the body methods that are linked with the particular branch of the knowledge. Generally, it includes the specific concepts for instance; theatrical model, paradigm, various phases and techniques such as quantitative and qualitative. The terms of the methodology have not been set out to offers solutions to the study. Hence, it cannot be said that the methods are similar for all kinds of study. The design of the study is always decided by considering the topic and type of study. The research type for measuring the impacts of risk management on the productivity of the organization is described in explanative manners in the next section of the study. It has been observed that the particular research design is necessary in order to evaluate the “impacts of the risk managements on the productivity”.      

3.1.1 Advantages of Research Methodology: 

There are various advantages of the research methodology that are required to conduct this chapter in any research paper and dissertations.

·         It includes the development of the wealth of human beings.

·         To research the particular topic it offers numerous tools.

·         It can develop the disciplined thinking, scientific and critical attitude for observations.

·         It can use to developing the research provisions and process for the off chance in the particular study and depth.

·         It can use to instructing the capability of examining the utilization of the research along with reasonable confidence for the process decision making.

·         It can represent the ability to lean and thinking critically.

Several activities are included in the process of the research methodology. The proper sequences are required for arranging allow of these activates with the accordance of the timing that is used in this entire process of the research.

3.2 Research Type of Impact of Risk Management on Industrial Productivity

Various kinds of research can be used according to the topic and requirements of the study. All of these kinds of studies are exploring here from which the types of study that nest fitted for this topic are explained in good ways. These types are including as;

3.2.1 Experimental Research of Impact of Risk Management on Industrial Productivity

Usually, it is known as the cornerstone of science and defined as creative research. These kinds of research are usually concerned with the cause and effects. Even under these kinds of research, the interesting variables are defined in effective manners. The relationship between the dependent and independent variables explain under this kind of research. These kinds of research are required to examine the changes in cause and effect independent and independent variables.

As has been discussing previously; the topic of the said study is the impact of risk management on the productivity of the organization and the nature of this topic is experimental; because it requires examining the relationship between independent and dependent variables. So, to measure the impacts of the risk management on productivity this type of research is suitable. Under this kind of research data will be collected by conducting the various experiments in the field. Even, it will be in the survey form. The survey experiment will perform on the employees of the manufacturing and processing industry.

3.3 Source of data collection of Impact of Risk Management on Industrial Productivity

There are two major sources of data collection from which the first one is the primary source of data collection and another one secondary source of data collection. Both of these kinds of sources are important and essential factors for conducting this kind of research. The said study is conducted by utilizing both the source of data collection. It includes primary and secondary.  As the under considerations and above discusses topic” impact of risk management on the productivity” is wider topic and it requires a lot of data collection that’s why both sources of data collection are particularly used in the said study. Secondary Sources  can be  gained  from book,  specialized International Journals, Publications and the World Wide Web; also the researcher can make use of what was written in the literature in similar fields.

                                                                                    

Figure 2: Path for data collection

3.3.1 Primary Data Collection of Impact of Risk Management on Industrial Productivity

In the primary source data collection; it includes information processed and collected that is directly conducted by the researchers, for instance, focus group, observations, interviews, and surveys. There are various kinds of primary data collection and these are used according to the nature of the study. A few of the most important and prominent methods of data collection are includes; experiments, observations, questionnaires, and interviews. There can several other methods of the data collection, but that are not well known and not used commonly. From the data collection methods; the primary source of data collection is most important, authentic and original (Ajayi, 2017).

There are various assumptions of the primary source of data collection. It includes;

·         Data that is collected by the evaluator is utilizing the various methods for instances; interviews, surveys, and observations.

·         It can be more time consuming and expensive while it requires various data collection.

·         It provides an opportunity for reviewing the entire kinds of secondary data that are required for collecting the primary data. 

3.3.2 Secondary Data Collection

The particular information is included in the secondary source data collection that is retrieved by using the preexisting resource such as library searches, research articles and browsing on the topic from the internet. The records and data are also included in the preexisting data that is used for already existing programs such as; data of the clients and students, publications, staff performance reviews, financial records and training materials.

3.4 Research Methods of Impact of Risk Management on Industrial Productivity

There are two major kinds of research methods that are adopted for this study. These methods are; qualitative and quantitative. Both of these research methods are utilized to attain the particular objective of the research study.

3.4.1 Qualitative research methods of Impact of Risk Management on Industrial Productivity

            For the said study it is one of the most important and well-known methods to conduct a particular study. The most important and major characteristic of qualitative research is that it is the most important and well-known technique for the small samples meanwhile its results and outcomes can be easily measurable and quantifiable. It can easily offer the complete description as well as analysis of the research subject without any considerations of the nature of the responses of participants. It can explore the process of the study along with the scope of the research. Therefore, the qualitative research and its effectiveness are based upon the various abilities and skills of the researchers though the results cannot be perceived as reliable. The information in the qualitative research method comes from interpretations and personal judgments. It is a good technique for a small sample size as the size of the 5-20 persons, individuals, and groups. But this study adopted this method to explore the literature and theories of the various other authors on this particular topic as the impact of risk management on productivity (Bell, 2005).

3.4.2 Quantitative research of Impact of Risk Management on Industrial Productivity

The numerical data is always collected in quantitative research. This study is quantitative in its research methods because the data that will be collected by conducting the survey will be coded and recoded in the numerical configuration for collecting accurate data. In the quantitative research methods, it also includes the implementation and generation of the charts tables and graphs that are required to manipulating and generating the data in extensive manners. This research method is particularly utilized to explain the views of the large numbers of people by collecting their data in various coding. In quantitative research, the most important and first step is to examine your sample design and sampling. Then, it requires gathering the data. The most important at best suitable methods involved as a survey that is used in the said study to examine the impacts of risk management on productivity. This survey will be collected and conducted by utilizing a structured questionnaire. The surprising complex subjects can be explained by this survey design (Krizman, 2011).

3.5 Research Approach of Impact of Risk Management on Industrial Productivity

The research approach is considered as the process and plan which is contained on the particular steps of the braid assumptions for the required detailed methods of data collections. It also includes interpretations as well as analysis. Therefore, it is based upon the nature of the study and research problem that is being addressed to research the particular topic. Generally, it is known as the approach of data analysis and reasoning as well as the approach of data collection (Wilson, 2010).

3.5.1 Deductive research approach of Impact of Risk Management on Industrial Productivity

The research approach that was being used to follow the purposes of the said study was known as the deductive research approach. Because the set of the hypothesis has been formulated for the said study and to attain the objective of the research that why it will follow the deductive research approach and for measuring the risk impacts of the risk management on the productivity the formulation of the hypothesis is necessary. In this deductive research approach; the impacts of the risk management of productivity has been analyzed by developing the various hypothesis that is being tested during the process of the research (Grover, 2015).

Developing the hypothesis is always concerned with the deductive approach that rebased upon the existing theories. After developing a hypothesis; it includes the designing of the research strategy to test the hypothesis for conducting various kinds of results (Denzin & Lincoln, 2005). For the said study the deductive research approach is adopted because the deductive research is known as the reasoning from the specific to general. If the common connection and association are similar to be implied by the specific theory of example and it can be true in several cases. For a particular study, the deductive design is particularly used for testing that links or relationships can be obtained for various circumstances.

                                                                          

 

Figure 3: Deductive research approach

3.6 Research Philosophy of Impact of Risk Management on Industrial Productivity

Research philosophy is considered as the belief that is related to how the data related to the particular phenomena or process should be utilized, collected and analyzed. There are various philosophies of the research approach has been encompassed by the term of epistemology. This term has been derived from the purpose of the purposes of science. It also includes the process of transforming the various things that are believed in the thing approach. There are various kinds of research philosophes that can be utilized or adapted according to the nature of the study. These philosophies are also known as the paradigm. It includes the positivism paradigm, interpretivism paradigm and pragmatism paradigm (Saunders, 2009).

3.6.1 Positivism of Impact of Risk Management on Industrial Productivity

According to the nature of the study, the best-fitted paradigm for examining the impacts of risk management on productivity is the positivism paradigm. Thus, study follows the quantitative research methods and deductive research approach in which the formulation and developments of the hypothesis are observed. That's why the positivism paradigm is considered as the best philosophy in order to conduct this research on a particular topic (Caldwell, 2015).

In the positivism philosophy, it has been believed that reality is stable and it can easily describe and observed from the objective viewpoints. It is easily being studied without interfering along with the phenomena. It has been contended that phenomena must be isolated and its relevant observation can be repeatable. The manipulation of the reality is often involved in this with the accordance of the variations in single independent variables. It is a good philosophy for the identification of the regularities. It plays a central role in order to form the relationship between independent and dependent variables. In order to accepts and reject the hypotheses that are developed for measuring the impacts of the risk management on the productivity the positivism paradigm is best fitted.

The said study follows the positivism research paradigm under the inductive research approach. This is the best philosophy for this particular study because this study is conducted by considering the quantitative research methods. All of the results of this study were generated in numerical forms. Under the quantitative research methods, the numerical interpretation of the results along with the various graphs and charts are the best ways to explore the outcome of the study in extensive manners. 

3.7 Sampling techniques and size

By considering all of these stages of the sampling technique that was adopted for the said study is one of stratified sampling as well as simple random sampling. These results from the fact that there is a need to first classify the target population into those in management positions and those working on the industrial equipment. There are also strata for those in manufacturing industries and those hailing from the processing plants. Classification of the target population is necessary given the fact that a specific number of slots have been awarded to various subgroups. As such, other sampling techniques such as random and systematic sampling would not cut it since they do not give special attention to the concept of classification but rather pick the sample from a diverse population (Taherdoost, 2016). The other reason for the selection of stratified sampling is because of the need to eliminate the possibility of sampling bias. Sampling bias is normally witnessed in a case where the resulting sample consists of the population with the same characteristics.

Sampling has been done in such a way that the employees whose jobs directly relate to risk management are given more slots as compared to the rest. This will be done in order to guarantee high-quality data is obtained from the research sample. The research sample will consist of 70 individuals. One of the reasons as to why this sample size has been chosen is to allow for comparison of data obtained from individuals to ensure consistency. Out of the 70 slots to be filled, 45 will go to the manufacturing industries whereas processing plants will get 25 slots. 40 and 20 employees from manufacturing industries and processing plants respectively will be those who operate the industrial equipment on a daily basis. The rest of the slots will be filled by those in the management position. The intent is to solicit information about the frequency of risk occurrences; this will be obtained from the 60 low-level employees. The purpose of those in management is to provide information on whether they have implemented any risk management model and what such action has had on the productivity of the industry. 

3.8 Population of Impact of Risk Management on Industrial Productivity

For the particular study where the population can be counted easily or it can measure perfectly it is known as the finite population. Such as the population for this study is known as a finite population because the data is collected from only three industries. Meanwhile, that population that cannot be counted easily is usually known as the infinite population. The adults in the KSA are known as the infinite population. It cannot be said that they cannot be counted they can be counted but after a long, complex and difficult process. Any kind of the particular value that can be easily measured identified and counted from the difficult characteristics of the entire population is known as the parameters. The survey process for collecting the data from the entire population is referred to as the census.

The target population of the project will be workers who will be taken from two manufacturing and one processing industries in the KSA. The two manufacturing industries will be selected from those involved in the production of mobile phones, steel, automobiles, and construction materials. As for the processing industry, this will be selected from the various chemical processing plants, such as the sulfuric acid plants. The reason for the selection of manufacturing and processing industries as the source of the target population is because the core objective of the study is to determine the correlation between risk management and productivity specifically in industries. It, therefore, suits that the target population is employees of industries since these are the people with firsthand information concerning the daily operation of the industries. For the success of the project, vital information such as the frequency of breakdown of production equipment will be necessary to enable drawing valid conclusions (Marucco, 2011).

3.9 Instruments of the Research of Impact of Risk Management on Industrial Productivity

There are several tools that can be utilized to collecting the data from the respondents by conducting an accurate survey. For the said study the questionnaire is considered as one of the most important and well-known techniques for collecting the data from the respondents. Under the inductive research approach the quantitative research methods this is the most important essential tools that can be employed in this study collecting the data and knowing the reviews of the people on a particular topic (Colton, 2007).

There are the few steps that have been discussing in order to formulate the questionnaires and these steps are;

·         The research must be aware of the meanings of the words while formulating the questionnaires;

·         There should not be the double meaning of the words in questionnaires.

·         The questionnaires must be written in easy wording and understandable languages that can be understood easily by anyone of the respondents. 

·         In the questionnaires, the question must be easy and simple there should not be any technical terms.

·         The ethics writing must be followed while formulating the questionnaires.

·         There should not be humiliating in the questionnaires for the language of the questions.

By considering and following all of these discusses steps the questionnaires has administrated for conducting the adapt related to this particular study. This questionnaire contains the two major sections. The first section explains the demographic profile of the respondents meanwhile another one explains the detail related to the various constructs that are exploring the relationship between risk management and productivity. This questionnaire has been designed in very easy language and the section of the vocabulary is quite accurate according to the standards of the respondents. This questionnaire has administrated by considering the respondents from the Kingdom of Saudi Arabia.

Questionnaires are considered as the group or set of the questions that have been prepared or arranged in order to ask the number of the questions from the various individuals as well collecting the data from the respondents who are considered as the audience for the said study. The copy of the questionnaires has been designed in the electronic forms that are not answered by the individuals. The blank space has been designed in front of the question to answer all of these questions in good ways.  The questions designed in this questionnaire are open-ended. This questionnaire has administrated by considering the five-point Likert ranging scales from strongly disagree to strongly agree.

3.10 Research limitations of Impact of Risk Management on Industrial Productivity

The limitations are the necessary step and major aspects for any kinds of a research study because it maintains the boundaries for the research process. There are the following research limitations that can be employed in such kinds of studies. It includes;

·         The sample size in the said study is relatively moderate because it neither too small nor too large. In this study, the sample size is 70 individuals only. This sample size selected because by selecting a bigger sample the reliability of the research can be enhanced probably.

·         The measurement of the examined problem cannot be allowed in qualitative research.

·         The impacts of the independent variables on the dependent variable cannot be measured easily.

·         In numerous cases; the participants can be refused to respond to the questions. 

·         The participant has the liberty to respond to the questions according to their views.

·         The participant’s wok is forced to fill the questioners

·         This study is only conducted in the entire region of Saudi Arabia.

·         The data is collected from only three companies.

·         To get and collect the secondary data from the records of the financial reports would not be allowed.

·         Employees, workers, managers, and dealers were hesitant and reluctant for sharing the data.

·         The management of the organization cannot be like sharing their various views on a particular topic. 

·         There can be major difficulties in the completion of the research such as; location factors time and cost.

·         In the said study, the sample size cannot be exactly representative of the universe.

·         There are various errors that can be possible during this study and these are limited for the extent of the study.

·         Due to all of these limitations; the study has maintained its effectiveness for the research work by using the sincere efforts that were put out. 

3.11 Ethical considerations of Impact of Risk Management on Industrial Productivity

There are certain ethical issues that have been subjected to the said study. As it has been described earlier that all of the participants have to fill out the questionnaire; it means the written acceptance has been reported by all of the participants. It also includes their written acceptance related to the participants in the field of the research. 

·         The sample members have been asked for filling the questioner with a similar period.

·         The confidential statements have been designed on the top of the questioner for ensuring the details of the respondents.

·         The respondents are committed or promised for not disclosing their information for any purpose.

·         The major objective for the survey questioner has reassured the participants for their participation.

·         The reference letter has been assigned from the department of the university for ensuring the respondents about the authenticity of the research.

·         Before visiting the companies, the proper permission letter and appointment has been taken from the manager of the department.

·         They were free to withdraw from it at any point and for any reason.

·         The participants of the research have been fully informed and aware of the research study's objectives.

·         The participants are thankful for offering their views and they were treated as confidential data of the study.

·         The respondents are assured that this study is conducted for academic purposes.

·         The most important things are that the participants of the study were not abused and harmed.

·         The perception of the participants has been considered in good ways for the psychological and physical perception.

·         This study is conducted during the research conduction.

·         In contrast, the researcher attempted to create and maintain a climate of comfort.