Attila the Hun - Portraits

Pollution And Overfishing Caused By Humans - 896 Words

As I swam back from the deep abyss I observed no fish or coral in the reef, gliding through the crevices I examined a black residue coating the rocks, oil, A City has died along with all of its inhabitants. Claimed by many scientist, coral reefs are at the brink of extinction. How could something worth so much to us whether it be its aesthetic or money value, receive so little attention? How could something so abundant die off in fifty years? The main culprit of the death of coral reefs you may ask, humans. The pollution and overfishing caused by humans has created a lethal environment that the corals cannot escape. If we do not change our ways, the sea and all industries based off it will cease to exist. The biodiversity that reefs supply is what fuels the seas. If the reefs were to die the sea, economies, and eventually countries would too. If we do not change our unsustainable ways the damage we do to reefs could just as easily harm us too. Overfishing is the main cause of reef destruction, certain fish such as tangs and parrotfish eat the algae off the coral and rock that would other wise smother the corals to death. The unsustainable manner of overfishing is not always directly, Many fishermen use explosives to kill target fish for markets, which indirectly kills other fish and corals. People don t realize is how important the sea is to us, The sea is a multi-trillion dollar industry. Not only people rely on the sea for a livelihood, but wholeShow MoreRelatedThe Environmental Balance Of Ocean Overfishing1731 Words   |  7 PagesAs far back as the history of man, humans have been dependent on the ocean and water resources for food and survival. While hundreds of years of single handed fishing rods in coastal and inland water channels have not alone been the root cause of overfishing, these common practices today still impact the environmental balance. Ocean overfishing is the removal or taking of wildlife from the oceans and seas at rates to o high for fished species to replace themselves and is a threat that exists toRead MoreOverfishing Is A Serious Problem1260 Words   |  6 PagesOverfishing is a serious problem that often gets overlooked. In the article by Udy Bell, called â€Å"Overfishing: A Threat to Marine Biology,† Bell talks about how only 1 percent of the world’s oceans are marine protected areas (MPAs). MPAs not only help protect oceans by allowing habitats to recover from damage caused by overfishing but also allow fish to safely reproduce. Due to fishing fish faster then they can reproduce, many species of fish are going endangered or already endangered of being extinctRead MorePort Noarlunga Reef is Adelaide’s Main Attraction674 Words   |  3 Pagesto the youth and also enhances the experience in marine ecosystem. Positives: The human impact on the reef has caused a lot of damage and so in 1971 the City of Onkaparinga, State Government, Coast care groups and environmental organisations all had supported a decision to protect the reef. So the reef has now a reserved part which is protected and separated from the one open to tourists. The positive effect of human intervention has been creating this 300 ha of aquatic reserve to safe guard the reefRead MoreExtinction Of Animal Extinction1024 Words   |  5 PagesDespite what many think, the elimination of species is almost commonplace at this point. The Earth is currently in the middle of a sixth mass extinction, and it’s been caused by the human race. It’s clear that a great extinction is coming from the evidence of the destruction of other species around us. The choices made by the human race have too often negatively affected the surrounding species. Tracy Wilson, the site director for HowStuffWorks.com, in an article for Animal Planet, states that â€Å".Read MoreThe Negative Human Impacts On The Oceans1104 Words   |  5 PagesThe Negative Human Impacts on the Oceans It was Mihaljo Mesarovic, the author of â€Å"Mankind at the Turning Point†, who once said â€Å"The Earth has cancer and the cancer is man†. He was definitely onto something. In fact, humans have had a major negative impact on the world’s marine environment. Throughout recent human history, it has been obvious that the wellbeing of the marine environment has been in jeopardy. Pollution of the ocean, overfishing and the greenhouse gases these are all the aspects thatRead MoreAnalysis Of Seafarming At The End Of The World By Peter Meehan1096 Words   |  5 Pagesâ€Å"Mankind at the Turning Point†, who once said â€Å"The Earth has cancer and the cancer is man†. He was definitely onto something. In fact, humans have had a major negative impact on the world’s marine environment. Throughout recent human history, it has been obvious that the wellbeing of the marine environment has been in jeopardy. Pollution of the ocean, overfishing and the g reenhouse gases these are all the aspects that can cause the destroying of the precious environments, such as reefs, sea-grassRead MoreThe Bleaching Of Coral And Its Effects On Human Activities976 Words   |  4 Pagesyears 1985-2012 (1). This is not just due to the natural threats of predators like COTS and large scale weather events like cyclones but also due to human activities such as overfishing, pollution, disturbance in the reef and global warming. The bleaching of coral due to natural activities can be hard to control but the negative effects caused by human activities can be. Although if the reefs have any hope of recovery drastic actions needs to be taken to reduce carbon emissions, and to control policingRead MoreThe Problem Of The Waste Dumping877 Words   |  4 Pagesbeing threatened by everything from pollution to overfishing to g. The worst part of the ocean having all these problems is that they are caused by a single species on the Earth: humans. For several year s humans have been making new and better technology that improved the lives of the humans, but have actually hurt other species that were having their habitat polluted by toxins given off as a byproduct of the technology that was improving the lives of humans. Most of this started around the industrialRead MoreImportance Of Marine Pollution1729 Words   |  7 Pagesanimals would not be able to breath or even exist. The marine ecosystems have been polluted vastly which is altering the marine population. Who is at fault for the pollution? The inhabitants of Earth. Fortunately for earth there are ways of preventing this form of pollution. The importance of the marine ecosystems and the effects of pollution. The marine ecosystems are located in the Atlantic, Pacific, Indian, and the Arctic oceans. The National Geographic provides information about different typesRead MoreCoral Reefs : Experienced Damage By Many Ways All Around The World959 Words   |  4 Pagesharmed by natural events such as cyclones, tsunamis, and hurricanes. With large human populations and improved storage and transport systems, the scale of human impacts on reefs has rapidly grown. Pesticides and fertilisers used in agricultural development projects are carried in run off to sea and are known to play a role in coral reef destruction. The demolition of coral reefs is due to temperature changes, pollution, and tourists. Climate change can have negative results for the health and variety

The North and South in Antebellum United States - 993 Words

The North and South in Antebellum United States In the time just before the Civil War, the United States was one of the most successful nations in the world. The United States had become the world’s leading cotton producing country and had developed industry, which would in the future, surpass that of Great Britain. Also, the United States possessed an advanced railroad and transportation system. However, despite its successes, the United States was becoming increasingly divided. The North and the South had many distinct differences in terms of their social, cultural, and economic characteristics that brought about sectionalism and, eventually, the Civil War. The North’s social structure was very different from that of the South.†¦show more content†¦Factories in the North attracted former subsistence farmers because it was more efficient to buy food rather than to grow it. Systems like the Lowell System employed young women, provided them with room and bo ard, and paid the women for their work in the factory. With the rise of numerous new American inventions, machines became more efficient and the United States had soon developed one of the best industrial economies in the world. Because of the need for effective transportation to distribute goods, new forms of transportation such as elaborate railroad and canal systems emerged. The south, on the other hand, clung to the slave-based plantation system. The economy was based largely on the production of raw materials, mainly cotton. Eli Whitney’s cotton gin allowed the cultivation of short staple cotton to bring Southern planters great success. Because the cotton industry was so lucrative, Southerners had no reason to become industrialized. However, the industrial economy of the North and the agrarian economy of the South led to a colonial relationship between the two, meaning that the South sold raw materials to the North in exchange for manufactured goods. The system put the South in an inferior position to the North, which obviously upset Southerners and led to greater tension between the two regions. In the years prior to the Civil War, the Northern and Southern regions of the U.S.Show MoreRelatedThe North And South Regions Of The United States1391 Words   |  6 PagesToday the North and South regions of the United States share similar lifestyles in regards to economy, industrialization, and basic rights. Both regions have major cities, playing a vital role in helping to keep the nation and the world for that matter, functioning. Each Northern and Southern state has a strong government which is home to a state congress and governor. However, during the antebellum period of the United States everything wasn’t as blissful as it is today. The antebellum period isRead MoreSimilarities And Differences Between The North And The South During Antebellum1120 Words   |  5 PagesCox 12-08-2014 Similarities and Differences between the North and the South during Antebellum The Antebellum period in the United States history was considered as time between 1820 and 1862. During this period, significant changes took place in terms of political, social and economic effects in America. The United States economy was changed from an underdeveloped country of frontiersmen and farmers into an industrialized economy. The South American depended on agriculture while the Northern partRead MoreRed, White, and Black Essay1123 Words   |  5 Pagesthe voracity in which the European Americans afflicted upon the native civilizations during the antebellum United States. The Indian Removal Act and Slavery, together with all its conflicts, led to vile racial relations in the Jacksonian period and can still be seen in the twenty first century. The foregoing controversial events had a direct correlation to the economic development of the United States and led the intrinsic altruism inherent in democracies to a history set by inequalities of raceRead MorePeter Kolchin : Amer ican Slavery review1708 Words   |  5 PagesPeter Kolchin is a history professor at the University of Delaware. In 1970, Kolchin received a degree from John Hopkins University. He now specializes in nineteenth-century U.S. history, the South, slavery and emancipation, and comparative history. In his career he has written many books on slavery including Unfree Labor: American Slavery and Russian Serfdom and First Freedom: The Responses of Alabama s Blacks to Emancipation and Reconstruction (Peter Kolchin...). In 1993, his third book AmericanRead MoreAmerican History: The Development of the Ironwork Industry in Alabama1088 Words   |  5 Pagestrends that aid in the understanding of how society operated at that point in history. However, many American history textbooks avoid the topic of widespread manufacturing industries in the south, and their simultaneous development with the much more powerful agricultural industry. Set in the Deep South, the state of Alabama cultured an ever growing ironworks industry that manufactured items spanning from farming tools to railroad tracks. In addition, Georgia, which is still famed for their agriculturalRead MoreSlavery Was The Engine Of American Economic Growth1420 Words   |  6 PagesThere is no doubt that slavery was the engine of American economic growth. United States of America experienced an economical revolution during the slave era and slavery was one of the main factors that contributed to that. As slavers took African slaves for granted and used them to satisfy their economic purposes. Surely it will make sense. Slave labor benefited the economy in many ways, such as agriculture, construction, slave owners and slave trade. We will start with how the Atlantic slaveRead MoreThe Civil War Of Slavery1699 Words   |  7 Pages1800s the Institution of Slavery became very dominant in the United States, but mainly in the South. Due to the climate and their type of economy, their agriculture productions required a great amount of labor that was performed by the slaves. In the south, â€Å"slavery was key to the way of life†1 the majority of the south relied on the slaves to do all of the hard work for them and maximize the profit of their owners. The northern states however had a different type of economy and did not require theRead MoreEssay about The American Civil War688 Words   |  3 PagesThe American Civil war was a series of transactions, or exchanges, between the North and the South. These transactions involved over 1 million Americans who put their lives at risk for the liberation of the country’s slaves. These transactions were influenced by three paramount concepts: perspective s, values, and relative evaluations of costs and benefits. In the midst of this tumultuous period of time in American history, these concepts shaped not just the people themselves but the social, politicalRead MoreThe Battle Of The Civil War1627 Words   |  7 PagesThere is a long-standing debate over the causes of the Civil War in which one popular view is that it was a war waged to end slavery, while the other view, usually more sympathetic to the South, is that the contention was over states rights (in the interest of self-determination instead of subservience to the federal government). This is an interesting disagreement, because it implies a disagreement regarding which of the two sides was actually fighting for freedom. Despite the implicit oppositionRead MoreSlavery Argument During The Antebellum Period1171 Words   |  5 PagesSlavery Argument During the Antebellum period, with the emergence of the Second Great Awakening provoked lots of political and social reforms such as abolitionism and changes within the religion of Christianity. However, despite having all of these changes, the creation of the cotton gin was absolutely on of the more significant one because it created a more efficient way to produce cotton, thus needing more labor to operate such machinery. Therefore, whilst the antebellum period is occurring it caused

The Heroes Of The Trojan War - 1113 Words

There are many hero stories in Greek mythology. Many of these can be interpreted as metaphors when making comparisons to the lives and encounters people today experience. Many Greek myths influenced important pieces of historic literature which have made it easier for people to find their own ways of making these personal connections and better understanding their lives. The Trojan war involved several heroes however Achilles is one that can easily be related to many athletes. Achilles role in the Trojan war has many common themes that can be related to the story of Cleveland Browns quarterback Johnny Manziel and his journey to the National Football Leauge. Both hero and athlete were considered saviours, they were both very emotional men, and lastly they both enjoyed great success before experiencing failure through their different achilles heels. Johnny Paul Manziel is a quarterback for the American football team the Cleveland Browns of the National Football League. He was drafted 22nd overall in the 2014 draft and was considered one of the most appealing young quarterbacks of his generation. Manziel attended Texas AM University from 2011 until 2013 on a full athletic scholarship. It was in his first season with Texas AM that he made a name for himself after breaking several records. Following his break through season most scouts had him on their radar. Manziel was being compared to some of the best to ever play the game and whichever team was to end up drafting him wasShow MoreRelatedEssay on The Heroes of the Trojan War: Hector Achilles525 Words   |  3 Pagesdescribes the siege and capture of the ancient city of Troy by Achilles and the Achaean warriors. Achilles, being a fearless fighter, defeated many throughout his battles against the Trojan army, including the brave-hearted Hector during the invasion of Troy. Thoug h Achilles has been given the title of the hero of the Trojan War, many historians believe that Hector was a greater hero than Achilles. When comparing the characteristics of an epic hero such as being a national hero and having supernatural abilitiesRead MoreWar Is Naturally Violent, And The Iliad Essay1606 Words   |  7 PagesWar is naturally violent, and the Iliad does not hesitate to describe the atrocities committed by men with spears and swords. They kill each other, descriptively, and although individual heroes may get glory or special recognition for prowess in battle, the detailed depictions of death do not glorify the actual acts of warfare. Even the gods and heroes are critical of taking too much pleasure in waging war, though the epic celebrates the men who are good at it. Several of the heroes, like DiomedesRead MoreEssay An Epic Odyssey1544 Words   |  7 PagesThe stories of epic heroes remain important to many cultures, the Greeks in particular. These tales of her oic men not only entertain, but they teach people about morals and values that most epic heroes exemplify, such as intelligence and bravery. To be an epic hero, characters are usually highly born, favored by the gods, perform great deeds, and have flaws. These tales are told in heightened style and occur in grand settings. Odysseus, the King of Ithaca, meets these traits and is considered a primeRead MoreAchilles, Agamemnon and Hektor, Three Great Heroes with Different Characteristics.1485 Words   |  6 Pagesgreat heroes with different characteristics. In the center of ancient Greek history are the big heroes, Gods and Goddesses but one of the heroes described with mastery is Achilles the Greek hero who is not described with disdain like other Greek heroes but with more love. The wrath of Achilles and the death of Hector, the biggest hero amongst Trojans, are described with rare mastery and love for Achilles despite the fact that he commits a cruel deed by killing Hector, the beloved Trojan hero andRead MoreWar: Unjustifiable and Absurd978 Words   |  4 Pages War is a lot like love: it costs a lot of money, time, and energy; it distracts you from other areas of life; sometimes you win, sometimes you lose, but most importantly, in the end, it’s still worth fighting for. But unlike love, war cannot and should not be justified and disregarded, by gods or men. No matter what people try to do to resolve their disputes, sometimes they get so aggravated that they resort to killing each other, and the taking of a life is no light matter. It’s no coincidenceRead MoreResearch Essay - Trojan War1431 Words   |  6 PagesEssay - Trojan War More than eight centuries ago, Gods and Goddesses lived among mortals, controlling every aspect of life. For every act of nature, rain or sun, war or peace, there was a God who was responsible. In the early centuries, religion was often considered the most important aspect of life. Mycenaean Greeks (Spartans) and the Trojans believed that the gods they prayed to were at war and because of this, they were at war too; this lasted for ten bloody years. In brief, the Trojan War beganRead MoreA Comparison of Achilles and Hector881 Words   |  4 PagesThe poem is based on the events of the Trojan War, the siege of the Troy city by a combination of Greek states that took almost ten years. The poem outlines the events and battle that took place between the Greeks and the Trojans. The events captured in the poem cover a few weeks to the end of the war. However, the poem contains deep Greek mythical allusion. It describes the great Greek legends involved in the siege, the events that occu rred before the actual war such as meeting of the warriors planningRead MoreThe Song Of Roland And The Iliad933 Words   |  4 Pagesdefend the rear of Charlemagne’s army. In comparison, The Iliad accounts the triumphs of Achilles during the mythical Trojan Wars to win possession over the beauty of Helen. Despite similarities between the two epics such as the presence of conflict against a formidable foe and volatile alliances, there are also marked differences with regards to the elements which comprise the epic heroes. The key similarities between The Song of Roland and The Iliad can be found in the ambience in which the story isRead MoreFrom The Norton Anthology Of World Literature Book The Epic Of Gilgamesh 865 Words   |  4 PagesAnthology of World Literature book, one could come to the realization that in a majority of those stories, the deities seem to influence or even control the outcomes of the heroes, often in a negative manner. In the first epic, Gilgamesh encounters the gods at various times, and in The Iliad, the gods manipulate the Greeks and the Trojans for their own desires and wants. Two understand how the gods influenced our hero, Gilgamesh, one must first look at the various ways the gods meddled into his life. TheRead MoreThe Iliad: Literary Analysis1552 Words   |  7 Pages Throughout The Iliad, an epic poem written by Homer, there were numerous warriors and other characters that could be looked upon as heroes; some of these heroes included Achilles, Ajax, Diomedes, Hector, and Glaucus. All of these individuals were heroes because of their remarkable mental and physical strength: they were courageous and were better fighters in war than other ordinary men. The trade of battle was a way of life to the Greeks back in Homer’s time. Children were raised to become great

10 Principles Regaarding Ethical Clinic and Set of...

Nuremberg Code is a set of 10 sophisticate principles regarding ethical clinical research on human being (Grodin, 1994). It is mainly for protection of subjects’ human right (Shuster, 1997), such as compulsory of informed consent and the equal authority of subjects as the physician-researcher to end the experiment. 1.2 Helsinki Declaration (1964) Helsinki Declaration is a set of guidelines on clinical research for physician as their responsibility toward protection of their research subjects (Williams, 2008). World Medical Association (WMA) also encourage it is used as reference by other parties in conduction of clinical research (BÄÆ'dÄÆ'rÄÆ'u, 2013). Compared with the Nuremberg Code, which mainly focuses on safeguard of the subjects, its†¦show more content†¦The vile medical crimes during the WW II had raise the awareness on the need of a world body which able to define and promulgate medical ethnics around the world (Tyebkhan, 2003). Thus, the World Medical Association (WMA) was set up in 1947 with 1st Annual Meeting of General Assembly in September 1947, Paris (Human and Fluss, 2001). WMA is an international confederation composed of national medical associations that seek to promote medical ethics and professional standards (Human and Fluss, 2001). Helsinki Declaration was first developed and promulgated in June 1964 by World Medical Association General Assembly in Helsinki after more than a decade of debate and discussion among the members of WMA (Williams, 2008). Since the first adoption, revision and amendment were done several times on the Helsinki Declaration for refinement. The Helsinki Declaration had been revised 8 times at meeting of WMA: Tokyo 1957, Italy 1983, Hong Kong 1989, South Africa 1996, Edinburg 2000, Washington 2002, Tokyo 2004, Seoul 2008 and Brazil 2013 (Association, 2013). 3 Importance of Nuremberg Code and Helsinki Declaration In my opinion, Nuremberg Code and Helsinki Declaration play an important role as guideline in clinical research involving human being. Both Nuremberg Code and Helsinki Declaration protect the clinical subjects in term of their right and safety. By referring to them before performing of the protocol,

Chinese Baby Formula Market New Market Entry Strategy

Question: Discuss about the Chinese Baby Formula Market for New Market Entry Strategy. Answer: Introduction Baby formula is food that is manufactured and sold for the purpose of feeding babies under 12 months of age, generally prepared in the form of a liquid or a powder, for feeding through the use of a bottle or a cup. The fastest growing category of the global baby food market is infant milk formula. According to the FFDCA, infant formula is as a nourishment meant for special dietary utilisation, exclusively for the sustenance of newborn children due to it's complete or incomplete substitutability of human milk(U.S. Food and Drug Administration, 2015). Infant formula is usually processed from skimmed cows milk, include added ingredients such as fatty acids, vitamins and prebiotics and are available in variations such as soy-based formulas, standard cow's milk-based formulas, reflux formulas, hypoallergenic formulas, formulas for premature/low birth weight infants, lactose-free formulas, and special formulas (Medline Plus, 2015). These baby formulae are used as a medical necessity and also for various other reasons, however, parents must make informed decisions regarding its use and administration, depending on their individual circumstances. Environmental Analysis of the Chinese Baby Food Market The following contains the environmental analysis of the Chinese baby formula industry: Political. The recent abandonment of Chinas one-child policy, fuelled by the likelihood of 1.52 million more babies being born in the country each year will promote growth in the sale of infant formula by 1015% (Haenlein, 2015). Chinas announcement regarding its two child policy occurred recently, owing to rising concerns of an ageing population and as a means to support the economy. Post implementation of the two child policy in March 2016, the market share and the contribution of sales volume from foreign infant formula companies including Abbott, Mead Johnson, Nestl, Wyeth and International Nutrition Co. is expected to cross 34%, which demonstrates the significance of Chinas import market for baby formula. Additionally, the Chinese government had put forwards many policies centered around the baby formula industry, in 2013, such as requirements to pass strict food inspections for receiving permission to distribute their baby formula in China, which were implemented in 2014, making it a transformational year for baby food manufacturers in China (Euromonitor, 2015). However, foreign infant formula manufacturers such as Danone have closed exports to China due to the tightening of a tax loophole by the government that had previously allowed lower prices on baby formula sold through websites that were operating from outside China (Chang, 2016). These products sold online and shipped overseas to consumers in China will now face an effective increase in tax by 11.9% due to the governments overhaul of the e-commerce system that had so long inadvertently given certain foreign companies a pricing edge over Chinas domestic competitors. Chinese authorities have since been trying to close down the grey market that is operated by a cottage industry of applications and websites where Chinese people who were living abroad ordered baby formula, vitamins and diapers online on behalf of consumers who lived in the mainland in order to avoid taxes. Economical. China is a leader among the AsiaPacific countries that drive a domestic market characterised by the annual compound growth rate of 7.7% till 2020, which is above that of the global rate of 6.4%, and expected to earn revenues of $72.7 billion in the period 2015-2020 (Whitehead, 2015). The consumption of infant formula in China is thus higher than most other countries in the world. Furthermore, the prices paid by consumers for baby formula inside China, is higher than the global average, owing to demand pressure and low supply. The reason for such as high demand is that baby formula brands have been heavily promoting their products, causing Chinese mothers to assume that infant formula is better than human milk. Another reason for the demand is owing to the improvement in peoples living standards and the 8% growth in national per capita disposable income. In fact, the per capita disposable income of rural residents have grown by 9.2%, which is higher than their urban counte rparts, due to the decrease in rural poverty by 12.32 million people (Daxue Consulting, 2016). This indicated that the spending capacity of Chinese consumers, as well as their consumption level, is on a constant rise, which increases the sale of baby formulae since children are the core focus of every family, who occupy a majority of household spending. The consumption of baby formula by urban families with infants reached 28,844 RMB in 2014 and will continue to growth rapidly. The quality of the baby food is a factor which is more important over price to the Chinese consumer, owing to concerns about food safety (Kong, 2012). Additionally, for the domestic market, discounts are the most effective promotional tool. This has increased the tendency of producers to simplify processes to save costs, and increase efforts on providing high-quality products in a sustainable and ethical way while satisfying consumers concerns for corporate social responsibility. Social. A lot of Chinese parents are unaware about the correct foods to feed their infants, with babies between 0 to 6 months of age consuming both human milk and baby formula, while babies between 6 months to 3 years of age consuming only baby formula and similar supplements. This means that babies in China consume artificial food much earlier in comparison to their Western counterparts. Also, since the majority of baby foods in China are homemade, due to the lack of commercially produced domestic baby formula there is significant potential for the development of Chinas baby formula market. After the relaxation of the one-child policy, families started to have more children, raising Chinas birth rate by 1.237% in 2014 (Daxue Consulting, 2016). This suggests that there were 16.87 million new baby births in China in 2014, with 40 million babies already existing in the age group of 6 months to 3 years. Market research estimates that consumption of 100g of baby formula by each baby per day makes the Chinese baby food market worth more than 80 billion. The currently available baby formula industry stands at only 7 billion, thus the market scale for the growth of baby formula is greater than 60 billion, even with 128 baby formula manufacturers producing around 700,000 tonnes of baby formula in 2013. Technological. The importance of e-commerce in baby formula industry is increasing, a lot of leading manufacturers in the baby formula category have established a presence in the online retailing channel, due to which baby formula has undergone a positive current growth value(Euromonitor, 2015). According to venture capitalists, the start-ups that focus on goods and services for babies, including baby formula in China, have a potential to grow in spite of Chinas economy slow down, owing to the strong demand for safe, and premium quality infant supplies. The current increase in e-commerce for baby formula is due to the interest of generation Y and millennial, who demand better services and are willing to pay premiums for it. An average website like Mami Zhidao has attracted two million users since 2015 and has received funding from SoftBank Group Corp, the venture-capital department of Japans telecommunications company (Osawa Carew, 2015). According to forecasts, the Chinese market for online and offline businesses that deal with mothers and their infants will increase by 15% to $244 billion in 2016 and is expected to double by 2020. Additionally, progressions in the field of infant formulae production, such the treatment of the puree with high-pressure thermal disinfection lessens the measure of a cancer-causing agent that were otherwise produced because of heat treatment systems like canning and jarring (Sevenich, et al., 2014). These emerging technologies and innovations pave the way for better production processes and superior quality of the baby formula. Environmental. China is expected to impose tougher standards and regulations for companies who sell baby formula online to increase food safety. These changes are secondary to the product registration norms, which were introduced by Chinese authorities in the recent past, to reduce the number of imported baby formula brands flooding the domestic the market since 2008. This was also to counter the Chinese infant formula scandal wherein baby formula was found to be contaminated with melamine, which resulted in the death of six babies and the hospitalisation of another 54,000 (Lynch Wen, 2016). An outcome of this was the whittling of international infant formula brands that could be sold in China to just 94 from a previous 800, by the Certification and Accreditation Administration of China in order to tighten standards of food safety. However, food crime still prevails in this industry, on the basis of cheap capitalism, which centres on inferior quality for low price causing the degradation of business ethics and social morality(Cheng, 2012). There is still a lot of outstanding problems in this regards and potentially hidden dangers, causing the situation to remain grim for consumers(Huang, 2014). Chinas efforts in addressing food safety have also faced complications from new environmental health hazards, such as water and soil pollution. Rice and vegetables used in the manufacture of baby formula may be contaminated by heavy metals deposits, but the clean-up process is highly expensive and may take years to complete. The consumer has thus lost a lot of confidence in domestically produced Chinese baby formula. Legal. Law enforcement is the ultimate method for food safety in China (Ni Zeng, 2009) and the legislature regarding pre-packaged baby formula consist of the need for major details to be labelled on the package, which include the following: Name, net substance, specifications and date of manufacture, Ingredients and formula detailing, Producer name, contact data and address, Shelf life, Item standards code, Storage prerequisites, Generic name of the substances added as controlled by national measures; License Number of production, and Other data that must be demonstrated as per relevant laws, controls, and nourishment security norms (GAIN, 2015). A recording system is also expected to be maintained by producers to keep a record of the supply and the examination of food ingredients, related products and additives. Such record is expected to be kept for 6 months after the date of expiration of the relevant food products, or for 2 years if the date of the expiration date is unspecified. An importer of baby formula has to be recorded with the General Administration of Quality Supervision, Inspection and Quarantine (Sim Yang, 2016). A key revision has also been to the law, stating that formula, ingredients, additives, and labels of baby formula have to be recorded with Food and Drug Administrators of the provincial level. The formulas must also be registered with China Food and Drug Administration. Reports and different materials demonstrating the production procedure and security of the recipe must be submitted for formula enrolment. Baby formula equivalents that are made abroad and imported into China must not be repackaged for import purposes. For producers of baby formula, the same recipe can't be utilised under different brand names. External Analysis of the Company The following consists of the external analysis of the company in order to identify market opportunities and threats. 3.1 Opportunities. The baby formula industry in China is expected increase at a value of 15% CAGR (Euromonitor, 2015), owing to the relaxation of the one-child policy, the declining rate of breastfeeding due to the increase in number of working women and modern trends of urbanisation that has gripped the nation(Belasco, 2014). Illegal imports of baby formula that are unavailable in China at cheaper prices has increased the number of the private seller of imported baby formula to over 5,900 stores (Ebeijing.gov, 2015). These stores mainly sell New Zealand brands of baby formula, which shows that there is a huge demand for international brands of baby formula, especially those from Australia. Even though the offline sales of baby formula were around 11 times that of online sales during the period of September 2013-14, the sale of baby formula through e-commerce is expected to rise (EU SME Centre, 2015). In the recent future, smaller brands are forecasted to be delisted or acquired, which will reduce the barriers to entry for new entrants(Daxue Consulting, 2016). The distribution channels for baby formula are also going to become more in number with the increase in e-commerce platforms, super/hypermarkets, convenience/retail stores, and specific baby stores. Chinese parents also prefer international baby formula over domestic players owing to their bad reputation (Daxue Consulting, 2016). Consumers are willing to pay a premium, which shows the increasing popularity of imported baby formula. 3.2 Threats. China's baby formula business sector is immense and developing, with aggregate sales growth of 25% in 2012 to achieve RMB 77 billion ($12.55 billion USD). The territory is home to around 130 domestic baby formula organisations, creating around 600,000 tonnes of baby formula on a yearly basis (GAIN, 2013). In any case, the manufacturers are attempting to rival established foreign players. Presently, foreign organisations represent as much as half of the main 10 dealers of baby formula, which displays large-scale difficulties in the future for China's own baby formula makers. In 2013, among the top10 merchants of baby formula in China, 5 were from abroad, namely Nestle, International Nutrition Co., Mead Johnson, Wyeth, and Abbott which held about 34% of the baby formula market in China. This shows the extreme level of competition and the possible rivalry that can be expected for a new market entrant. The biggest possible competitor, Shanghai Wyeth Nutritional Co Ltd, was the leader of baby formula production in China with a market share of 12% in 2015 (Euromonitor, 2015). Due to the fact that it has been involved in fewer defilement cases, the company continues to establish a strong brand value and brand reputation in China. Likewise, through its premium position, the company possesses the capacity to win the trust of numerous Chinese purchasers, particularly those with solid wellbeing and health concerns. Keeping in mind the end goal to improve trust in its baby formula brands among purchasers, the company has additionally welcomed the shoppers to visit its production plant in Suzhou through a promotion scheme placed in the Huaxi Newspaper. Buyers are permitted to visit each zone of the plant, from production to final packaging. This company will thus prove to be a big threat for an MSE that is a new entrant in the domestic market. Recommendations After conducting an environmental and external analysis of the Chinese baby formula market, for an Australian SME producer of baby formula, it is evaluated that there are a host of opportunities of a global market development strategy into China, owing to the relaxation of the one-child policy, increase in demand for international brands which are considered safer and the growing purchasing power of consumers. However, the intense competition should not be overlooked since it will be difficult for a small/medium enterprise to compete with an established market leader. In this context, it is recommended that the company opt for a brown-field market entry strategy through the establishment of strategic alliances with the market leaders. This will help it to gain a foothold in its market expansion strategy and establish a dominance among foreign importers like itself. References Belasco, W. J. (2014). Appetite for change: How the counterculture took on the food industry (2nd ed.). New York: Cornell University Press. Chang, R. (2016, April 18). China Tax Rules to Cool Gray Market for Danone, A2 Baby Milk. Retrieved from Bloomberg.com: https://www.bloomberg.com/news/articles/2016-04-17/china-tax-rules-to-cool-gray-market-for-danone-a2-baby-formula Cheng, H. (2012). Cheap capitalism: A sociological study of food crime in China. British Journal of Criminology, 52(2), pp. 254-273. Daxue Consulting. (2016). The Baby Food Market in China: a valuable Industry. Retrieved from Daxue Consulting Market Research China: https://daxueconsulting.com/baby-food-market-in-china/ Ebeijing.gov. (2015). Mothers buy foreign formula online. Retrieved from Ebeijing.gov.cn: https://www.ebeijing.gov.cn/BeijingInformation/BeijingNewsUpdate/t1107974.htm EU SME Centre. (2015). The Food Beverage Market in China. China: EU SME Centre. Euromonitor. (2015). Baby Food in China. Euromonitor. GAIN. (2013). China - Peoples Republic of Chinas Baby Formula Market. China: Global Agricultural Information Network. GAIN. (2015). China - Peoples Republic of Chinas Food Safety Law (2015). China: Global Agricultural Information Network. Haenlein, O. (2015, November 4). Worldwide infant formula sales set to rocket as China ends one-child policy. Retrieved from Dairyreporter.com: https://www.dairyreporter.com/Markets/Worldwide-infant-formula-sales-set-to-rocket-as-China-ends-one-child-policy Huang, Y. (2014, July 16). The 2008 Milk Scandal Revisited. Retrieved from Forbes.com: https://www.forbes.com/sites/yanzhonghuang/2014/07/16/the-2008-milk-scandal-revisited/#14c08bf74428 Kong, D. (2012). Does corporate social responsibility matter in the food industry? Evidence from a nature experiment in China. Food Policy, 37(3), pp. 323-334. Lynch, J., Wen, P. (2016, April 14). China tightens infant formula regulations. Retrieved from The Sydney Morning Herald: https://www.smh.com.au/business/china-tightens-infant-formula-regulations-20160413-go5x5g.html Medline Plus. (2015, November 05). Infant formulas - overview. Retrieved from Medline Plus Medical Encyclopedia: https://medlineplus.gov/ency/article/002447.htm Ni, H. G., Zeng, H. (2009). Law enforcement is key to China's food safety. Environmental Pollution, 157(7), pp. 1990-1992. Osawa, J., Carew, R. (2015, November 15). Chinese Baby-Goods Market Grows Up Fast. Retrieved from The Wall Street Journal: https://www.wsj.com/articles/infant-formula-baby-business-in-china-is-growing-up-fast-1447619404 Sevenich, R., Kleinstueck, E., Crews, C., Anderson, W., Pye, C., Riddellova, K., . . . Knorr, D. (2014). Highà ¢Ã¢â€š ¬Ã‚ Pressure Thermal Sterilization: Food Safety and Food Quality of Baby Food Puree. Journal of food science, 79(2), pp. M230-M237. Sim, A., Yang, Y. (2016, April 19). China: An Overview of the New Food Safety Law. Retrieved from Foodsafetymagazine.com: https://www.foodsafetymagazine.com/enewsletter/china-an-overview-of-the-new-food-safety-law/ U.S. Food and Drug Administration. (2015, May 06). Questions Answers for Consumers Concerning Infant Formula. Retrieved from People At Risk of Foodborne Illness: https://www.fda.gov/Food/FoodborneIllnessContaminants/PeopleAtRisk/ucm108079.htm#1 Whitehead, R. J. (2015, November 30). China drives global baby food growth. Retrieved from Foodnavigator-asia.com: https://www.foodnavigator-asia.com/Markets/China-drives-global-baby-food-growth

Risk Management Process and Strategies for Risk - myassignmenthelp

Question: Discuss about theRisk Management Process and Strategies for Risk Types. Answer: Introduction Risk can be any event that occurs unplanned and results into positive or negative impacts on a project. Risks result from uncertainties in outcome of project activities. In risks, there are possibilities of facing losses or undesirable outcomes. Uncertainty and risks are often used interchangeably but the two are somewhat different uncertainty is the case where possible outcomes of a situation are known but their probabilities of occurrence cannot be judged while in the case of risk , risk impacts can be quantified as well as their probabilities can be known. Risk may not always lead to a loss but it is an outcome which is unfavourable to the project in some way. This favourability is relative to what a stakeholder is expecting from the project as an outcome. Two stakeholders can have different views on the same risk. Thus, their objective are required to be integrated which presents complexities on projects. A project needs to have appropriate strategies in place to ensure that these risks are managed well otherwise, the gap between expectations and actual outcomes would keep on increasing on the project. There are several tools and strategies that are available for reducing risks but these strategies may differ from industry to industry. In a manufacturing unit set-up project, risks may be managed through the use of appropriate contract arrangements with equipment and machinery vendors. Risk management is the process using which the risks can be minimized any reducing its probability of occurrence and reducing the severity resulting from its of occurrence in least possible time. Risk management is an iterative process that involves cycles of three steps including risk identification, risk analysis, risk response, and risk control. Risk Sources Types There could be many sources of a project risk and the impacts of these risks can have infinite possibilities. However, there are certain sources of risks that are more frequently seen and thus, can be categorized as the primary sources of project risk. These include: Client Characteristics: There are certain factors related to clients that can affect the outcomes of the project such as nature of business, form of business, track record of the client on managing manufacturing development projects, availability of funding, modes of compensation, attitude towards professional services, and the history of litigation or claims. These characteristics are important as they help in identifying the risks that can occur on a project as well as defined the impacts of those risks on the project. In the current case, the client is the manufacturing organization that have sufficient funds available for establishment and has a clean record of paying companies that they outsource their services to. Project Nature: Certain project related factors such as relationships between program budget and schedule, project site, political profile, project type, and applicable laws or regulations, can also affect the types of risks and their impacts on a project. Professional Services: Many projects involve services from a third party companies including equipment suppliers, contraction contractors, and architects which makes the project dependent on the availability and experience of these third parties. Project delivery Method: Modes and methods of delivery of a project can be different with different types of projects. For instance, a construction project can be delivered through one general contractor handling all sub-contractors or through involvement of multiple prime contractors who would be delivering the project directly. Moreover, with the level of complexities and size of the project, the familiarity with the contractors and sub-contractors can vary which would affect the speed of approvals and construction. Others: There can also be other parties to contract or project that can affect the risk portfolio of a project based on their involvement and influence on the project. These parties can include employees, project team, regulatory bodies, public communities and more such internal and external stakeholders. For instance, in case of a manufacturing unit establishment is a design professional involved in a product development then the skill, experience, and the compensation offered to the contractors involved in factory set up and implementation of the manufacturing equipments would affect the wooden factory establishment. Risks can be mainly of two types that include endogenous and exogenous risks. Endogenous risks arise from the shocks within an organization while exogenous risks result from shocks received from outside the company(Danielsson, 2012). Exogenous factors can include marketing plans of an organization, its market reputation(Milhaud, 2012), Risk Assessment Once risk sources are identified, the risks that are likely to occur on a project can easily be identified and then, the next step is to assess these risks. This assessment involves understanding of the probability of the occurrence of the risk and the impact of the risk event on the project. Certain risks can have very low probability of occurrence but if they occur, they can be catastrophic in nature while some risks occurring more frequently can have very minor consequences that can be avoided on a project. Considering these two aspects, the severity of the risk can be determined by considering both the measures. A common method of facilitation for risk management is the use of risk matrix and filtering. It gives a sharper view of the risks faced a company by exploring a large set of risk scenarios that are complex in nature. The filtering breaks down risks into their sub-components such that they are individually evaluated to assess their contribution to the overall project risk. Risks are prioritized based on certain risk factors and criterias of evaluation and risk scores are calculated accordingly(SORNETTE, et al., 003). The steps followed in this method of risk assessment include: Defining risks and system scope: First step in any risk management practice involves identification of a risk question answer to which would make the goal for risk assessment. For instance, if the question is if the raw materials would be sufficiently available in the market to produce furnishing products as per the market demand, then the goal of the risk management would become assurance of appropriate selection of products for manufacturing that can be produced from the raw materials that are easily available with the suppliers that are nearby and in good quantities. The scope of the risk management practice and the system must be clearly defined at this stage such that the boundaries of project are clearly identified. Project teams can also narrow down on the scopes by using qualitative filtering techniques. For instance, a company can filter out products based on their level of returns such that products giving low returns because of less profit margins are ruled out. Defining Risk Topics: Once the risks and project scope are clearly identified, a cross-functional team on a project can go deeper down these risks to identify head topics and subtopics. Head topics are those risk factors that are directly connected to the risk question while subtopics are those factors that can impact the risk which is associated with the head topic. These topics can be seen as the sources of project risks and these are evaluated and given risk scores. The risk sources or topics in case of factory establishment projects are production plans, quality measures, regulatory requirements, raw materials, products, and industrial procedures. Sub-topics that can come under various risk sources include: Workcentres under production units, unit operations under workcentres, and process steps under operations. Product quality under quality measures, production quality under product quality, and process quality under production quality Furniture types under products, raw material mixes under furniture types, quality under raw material mixes While it is essential to identify risk sources, it is also important to identify who would be responsible for these risks which is an outcome of mutual discussions between key stakeholders. Trade-offs has to be made between the accuracy of these details and the resources including time and human capital. Depending on the nature of a situation, the level of detail required and the quantity of resources to be used can be decided. One way to identify required level of detail is by making a comparison between the risks at different levels of details with the need for resources for risk mitigation at these levels. The severity of risk would decide the level of efforts that must be put for managing or mitigating risks. Another factor that would play a key role in determining the level of detail to be obtained is the target time that would be consumed in the assessment of specific risk component(PQRI, 2015). Evaluation Criteria: Once risk categories are sufficiently identified, an evaluation criteria has to be established which must address the concerns of probability of occurrence and severity of a risk. This criteria should be able to bridge any gap that exists between various risk components and the risk questions. A question can be asked to do this such as How can we understand the contribution that this risk component gives to the overall project risk? In the stage of evaluation, a balance has to be created between the level of details and the level of efforts required. Most simple evaluation model identifies likelihood of the component causing harm to project and the severity of the impact caused. These evaluations are mostly subjective and thus, level of details is sacrificed for attaining simplicity and speed of decision. Another model uses these two criterias for evaluation by forming a risk matrix such that both probability of risk occurrence and its impact are related to the p otential project failures(Roy Brahma, 2012). For instance, in the case of check on the quality of products produced in the furniture manufacturing unit, a risk matrix can be prepared as shown below: Figure 1: Risk Matrix A more complex and detailed evaluation method is multi-factor evaluation in which a degree of objectivity is used along with the level of details for the assessment of project risks. This would involve multiple factors that can be used for evaluating risks at the same time with additional criterias defined adding to the overall justification of severity or probability of risk occurrence. This probability may relate to the capability of the risk component to detect a defect or deviation from normal. Some of the criterias that can be used for assessing risks in a manufacturing site include last occurrence of defect, strength of quality controls, adequacy of staffing levels, and ability of audit to detect a deviation. Scoring Models: After evaluation criteria are clearly defined, a scoring model can be developed including all the identified risk criteria to arrive at a single score for each risk(Smaga, 2014). This score can be calculated using multiplication or addition of the weightages of different criteria based on their importance. Some examples of scoring models include Risk matrix that reflects scores on either side of zero to represent low and high risks. Table A: Risk Assessment Assessment criteria Scoring Score Potential for harm to project -10 to +10 +6 Non-conformance level -3 to +3 -3 Ability to detect defects -5 to +5 +4 Staff adequacy levels -3 to +3 -2 +5 Multifactor multiplicative scoring which involves multiplication or divisions between individual scored to calculate the total score Table B: Multifactor multiplicative scoring Assessment criteria Scoring Score Potential for harm to company reputation 0 to 10 8 Non-conformance to quality level 0 to 3 2 Ability to detect defects in furnitures 0 to 5 4 Staff adequacy levels 0 to 3 1 15 Weighted scoring method gives a weightage to each criterion such that these scores are added or averaged to calculate the final score which is represented using percentages. Table C: Weighted scoring Assessment criteria Score Weight Weighted score Potential for harm to company reputation 8 50% 4 Non-conformance to quality level 2 20% 0.4 Ability to detect defects in furnitures 4 30% 1.2 Staff adequacy levels 1 10% 0.1 +5 Score for Risk Components: After deciding on the risk scoring model between the project team, scoring can start. Most often, the scoring model is first pilot tested and reviewed by stakeholders to get their buy-in and later team rules are developed through multiple scoring sessions that would lead to standardization. Subtopic Filtering: Risk matrix can also be narrowed down to the subtopics such as shown in the figure below where warehousing and plant maintenance are chosen two subtopics that are identified in the matrix as producing low risk while packaging, complaints, and product release are some of the subtopics posing high risk to the project. Figure 2: Risk Probability vs Severity Ranking and filtering can help develop reviews of project risks such that based on the cumulative scores of risk components, priorities can be defined for establishing control over those risks. For instance, a low cumulative score of risk can be respondent to with lower level of control and thus, would be given a lower priority as compared to high risk topics. In the current example of manufacturing unit risks, risk control can be enhanced for the high risk categories such as release and QC lab while it can be reduced for low risk categories like warehousing and maintenance. When control over the low risk categories is eliminating, it results into reduction of the scope of risk management. Also, elimination of the products that can lead to high risks can further reduce the project portfolio size. High focus on the high risk areas can also help in evaluating the mitigation options. Risk Review: The results can then be revaluated through the scoring model to identify best mitigation options. For this cross-system scores can be gathered on topics for evaluation for re-scoring. An operational feedback would further confirm if the risk control strategies are sufficiently addressing the risk question. The feedback would also ensure that assumptions about the residual risks hold true. Residual risks are those risks that remain even after the risk control procedures have been applied. In the process, new risks can also appear that may not have been identified earlier in the control measures in which case, the control measures have to be updated based on the feedback Risk Communication: The risk ranking and filtering output has to be communication sufficiently to decision makers who are authorized and a standard operating procedure has to be documented which would provide a way to implement the decided control measures. This can be useful not only in controlling specific project risks but also the portfolio of risks for enhancing control Project risk management strategies Risk management is not just about elimination of risks but it plays a more crucial role by strengthening the management practices which is fundamental to any organization. This could be a reason why organizations have started to give more value to the risk management practices. A 2011 survey conducted by McKinsey found that boards only take reviews and approve proposed risk management strategies as per 44% of the survey respondents. Only 14% of the respondents in the survey had observed companies using risk management practices or were having a complete knowledge of risks faced by an organization. Many directors still felt that the information they received through reviews was only short term. Different types of risks that can be identified on the manufacturing unit establishment project include financial risks, equipment risks, outsourcing risks, environmental risks, and safety or health related risks. For managing most risks, companies adopt a governance framework that provides some risk management principles, standards, codes, and incentives. Most times, risk governance falls into a state level or national level practice with codes defined by commissions for establishing an internal control over risks in an organization. COSO has a guidance published for risk assessment which gives guidance on certain risk related issues(Pasztor, 2011). International Organization for Standardization gives guidance on implementation of the risk management practice. ISO 31000 is a de facto standard used for risk management guidelines which has a variety of different methodologies and practices defined in it. One of the risk governance practices defined includes thematic peer reviews which are defined by a Financial Stability Board. . However, organizational heads still feel that there is a lack of guidance on risk management which is adequate for specific project purposes. There are certain gaps in frameworks and risk governance codes making it difficult for companies to create a strong risk management structure with effective appetite for risks. However, use of sound risk governance practices can still help companies regulate their project resources. The rules and agreements are defined for specific jurisdictions following specific laws such as company laws of Germany and Austria and stock exchange laws of Mexico. These governing laws mostly deal with the issues of project audits. Turnbull guidance is a specific audit guidance provided by UK government while risk governance guidance has been provided for the listed boards by the Corporate Governance council of Singapore (OECD, 2014). At the organizational level, there can be four strategies to respond to risks including ignorance of risk, transfer of risk to a third party, avoiding of risk and its mitigation(Alfiana, et al., 2016). Depending on the risk score, the severity of risk is assessed and appropriate response strategy is selected. For instance, in case of risks posing high severity, the risk is best avoided through appropriate control measures. There would be certain residual risks that would still occur despite all control measures taken and these risk impacts have to be mitigation by identifying appropriate method chosen from unlimited possibilities. Most endogenous risks can be avoided as the probabilities are better known while exogenous risks that occur because of external factors have to be respondent with a mitigation strategy or through transfer of the risk to the external party(Shogren Crocker, 2000). Conclusions The objective of this report was to explore how risk management practices are used in a manufacturing unit establishment project including the different steps involved such as risk definition, risk source identification, risk assessment, risk scoring, and risk management strategies development for risk minimization their risks. Some common risk sources were identified including client characteristics, project nature, professional services and project delivery methods. The exploration of risk management process lead to the discovery of some risk management steps that are used in organizations risk definition, risk topics identification, risk evaluation, scoring, subtopic filtering, risk review, and risk communication. The report also identified some scoring models such as risk matrix, multiplicative scoring, and weighted scoring. It was found that companies can use risk control strategies that are given priority based on risk score for avoiding the risks but there can still be some re sidual risks for which mitigation plan has to be made. References Alfiana, E., Sule, T., Sutisna Masyita, D., 2016. Impact Of Exogenous And Endogenous Risks On Systemic Risk In Indonesian Banking. INTERNATIONAL JOURNAL OF SCIENTIFIC TECHNOLOGY RESEARCH, pp. 77-82. Danielsson, J., 2012. Endogenous Risk , s.l.: Hyun Song Shin. Milhaud, X., 2012. Exogenous and endogenous risk factors management to predict surrender behaviours, s.l.: HAL. OECD, 2014. Risk Management and Corporate Governance, s.l.: OECD. Pasztor, J., 2011. Endogenous Risk and Dangers to Market Stability , s.l.: College of Financial Planning. PQRI, 2015. Risk Ranking and Filtering, s.l.: PQRI. Roy, S. K. Brahma, R., 2012. RISK MANAGEMENT IN PROJECT AN INSIGHT, s.l.: Nalco. Shogren, J. F. Crocker, T. D., 2000. Endogenous Risk and Environmental Policy, s.l.: Iowa State University. Smaga, P., 2014. The Concept of Systemic Risk , s.l.: LSE. SORNETTE, D. et al., 003. Endogenous versus exogenous dynamics and scaling laws in Cyber-risks , Zurich, Switzerland: ETH.