6 tips to help you study better at home

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It is so easy to get distracted when studying or working from home. There are so many things to distract you – from your better half asking (some might say nagging) you not to eat unnecessarily to children wanting to play, from your neighbours knocking on your door asking for some sugar (again) to someone unexpected ringing the doorbell.

Studying from home. Photo by Chris Montgomery on Unsplash

Now that you have decided to do an online master’s degree programme, you must be prepared for the challenges that studying at home entails. Most people don’t take these challenges seriously, and by the time they realise they have fallen behind in their programme, it may be too late to recover. So, tackle these challenges from the start.

In addition to all the “normal” challenges of studying at home, COVID-19 has forced some of us to isolate and work from home and forced children to stay home all day too.

How do you stay on top of your schoolwork? What can you do to help yourself study better at home?

Here are 6 tips to help you get started:

1. Location, Location, Location

Have a dedicated area at home for your study. Photo by Jonathan Borba on Unsplash

The first thing you need to do is have an area at home dedicated to your study. Make the space comfortable; add a few personal items to this area that give you ownership. And finally, make sure all the study materials you require are with you in the study, so you have no excuses to get distracted. Remember, when you work in silence, success does all the talking! Set up the study in a place where the external distractions will be minimal.

2. Organise like a pro

Use organisers to increase efficiency. Photo by Estée Janssens on Unsplash

People who use a calendar know how useful it can be to increase efficiency. The organiser/calendar is a tool that can be far more useful than to remind you of your next meeting. Create a calendar that contains every minutia of your daily activities for the week/month/quarter (however long you can go), from household chores to study/work deadlines. Then populate the calendar with the schedule of your family. This will give you a good idea of your schedule, inform you when to expect distractions from your family, and help you plan for it.

3. Chewing Gum

Photo by Pete Alexopoulos on Unsplash

According to an article published by the National Center for Biotechnology (NCBI), chewing gum can enhance attention and promote well-being and work performance. The impact of chewing gum is said to be more than that of coffee, the catch being that the effects of chewing gum will last for only about thirty minutes. So, make sure you use the thirty minutes of heightened focus wisely and stock up on sugarless, flavourless gum.

4. Cutting the noise and setting boundaries

Having your family and friends around can get a little noisy. Getting your family, especially kids and pets, to understand that you are studying and not just sitting back and relaxing while reading your favourite LITRPG novel (Gnomes Rule!) might be difficult and, at times, heart-breaking (I know it is hard to say no to kids). But once they understand your schedule and that you are not to be disturbed when you are at your study, they will learn to give you your space.

Another way to reduce the noise is music. Put on an over-the-ear headset and, in low volume, listen to some classical music. It will also have the added advantage of keeping you calm.

5. Engage all your senses

Photo by Solstice Hannan on Unsplash

You are already listening to online lectures and reading articles, so why not make notes and ask questions? One of the best ways to learn is by being engaged in your studies, so try to increase the number of ways you can be involved with what you are studying.

Another good way to learn and retain more information is to teach, so once you have a handle on a subject, start by pretending to teach it to someone. Prepare for questions you might get asked by students, maybe join a study group with your fellow students and have a go at teaching them.

If you are not the teaching kind, then doodle. According to an article by Harvard Health Publishing, during an experiment on memory and retention, it was found that people who doodled were better at paying attention to the message and recalling the details. They recalled 29% more information!

6. Celebrate the accomplishments

Celebrate your success with a couple of squares from that bar of chocolate. Photo by Keriliwi on Unsplash

When you have successfully completed a task, realise that you have, and acknowledge this fact! Stand up and dance like nobody’s watching! Have a couple of squares from that bar of chocolate. You will find that celebrating your success will lift a weight from your shoulders that you did not even know you carried, which will help you focus better and remain motivated.

If you have been thinking about doing a master’s degree, and are ready to challenge yourself, look at our list of programmes and see if we have anything you are interested in earning your master’s degree.

You can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programme that is right for you, the application process, and for information on discounts we might be offering at this time.

Should you consider a career in International Business? Here are 3 reasons why you should!

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I dislike starting a blog using a cliché, let alone one the is well worn. The world today is really small. One could even call it a “global village”. There are several reasons for this: cheap, quick travel across the world to clear, instantaneous, and secure audio and video communication and conferencing. Decisions can be made from across the world, data and finances can be transferred securely and instantaneously to execute decisions, and human resources, if required, can be flown in overnight.

Small world/global village. Photo credit: Bill Oxford on Unsplash

As the result of all this globalisation and economic barriers disappearing, businesses, even small businesses, have become multinational.

Having said that, there are still several barriers businesses must overcome to be genuinely international or multinational such as language, culture, local labour laws, politics, economy, and geographical distances, to just name a few. A business will have to overcome at least as many difficulties as there are countries to truly operate internationally.

There are several ways companies overcome these challenges, from recruiting locally to creating or recruiting specialists in international business who are familiar with the local laws, culture, etc., and who can learn and adapt quickly. These specialists will not only be familiar with the working of the company but will also be familiar with the expectations of the company from their local subsidiaries, partners, and vendors. 

These international business specialists will have to work closely with their local agents communicating the company’s policy and expectations. They will, in all probability, have to travel to the new country of operation as a representative of the company and spend a substantial period in-country to ensure the processes are set up correctly. 

More prominent companies will also set up an international office with the primary purpose to troubleshoot any issues that might arise from operations in any country. 

Here are 3 reasons why YOU should consider a career in International Business

Salary and Demand

Photo by Alexander Mils on Unsplash

As per the National Center for Education Statistics (NCES), in the U.S., only about two thousand students graduate with a master’s degree in International Business every year. To give you an estimate of the earning potential of a career in international business, according to data published by PayScale Inc., in the United States, the approximate early career pay for someone with a bachelor’s degree in International Business is about USD 52’000. I can infer from this that there is an opportunity to get in on the ground floor for a career in international business as the number of graduates is still very low. The salary offered is competitive, and depending on the company and job profile, there is the potential to earn more from the get-go itself. 

Job Satisfaction 

Find a job you enjoy doing, and you will never have to work a day in your life.

Mark Twain

Job satisfaction is very subjective. You might hate to do the work that I love, and vice-versa. So, before you take up a job in international business, ask around, find out what the job entails, how much travel is involved, what kind of job security is being offered? According to a survey by PayScale Inc., about 40% say that a career in international business has “meaning”, here “meaning” means they feel their work makes the world a better place. Whereas about 70% say, they are satisfied with their work. So, the potential of having a satisfying career is relatively high, and maybe even a meaningful career. 

Future-proof 

International business is a people-oriented job. It is dependent on people-to-people interactions, decisions, and analysis made by managers, understanding the cultural nuances of (a) people. As a result, international business cannot be automated. Even if the process you are involved in does get automated, something new will get created just above your current profile in the value chain. So, a career in business in general and in international business in particular will, in general, be future-proof, and unless something goes drastically wrong at your company, you need not worry about losing your job.

If you are ready for great career opportunities, professional growth, traveling and exploring new cultures, then a career in international business might be for you. Robert Kennedy College offers several programmes in International Business. Chat LIVE on WhatsApp with one of our Education Advisors for more information.

Attribution, to avoid retribution: referencing and citations for academic writing

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In my previous blog, I wrote a step-by-step guide on how to write an effective abstract for academic papers. Continuing further in the same direction, this week I would like to discuss referencing and citations. As I mentioned earlier, writing an abstract is not rocket science, and neither are referencing and citating.  

Now, referencing is an important academic practice. But it becomes even more important when you are studying at University level. It is thus imperative to understand the correct way to reference and cite your sources in your master’s degree assignments, academic papers, or dissertation. This blog is your one-stop shop about what, how and where, style guides, and examples of referencing and citations.  

PC: Canva.com

Let’s begin! 

So, first things first, what is the difference between referencing and citations? 

While undertaking your masters’ studies, you will constantly hear from your professors to reference your work and cite the sources of your research and ideas.  

Referencing 

As the name suggests, referencing refers to the source of work that you used in your paper. The readers should be able to find and read for themselves the original source of information that one has read or considered in their academic piece.  

Citations 

Citations, on the other hand, are brief mentions of the author or the external source used in writing the paper. A citation is, in other words, an abbreviated reference. While both inform the reader of the sources of information used, there is a fine difference between a reference and a citation.  Here are some key differences between references and citations: 

Scope  

A reference is a complete record of the source that has been sought or cited in the paper.  

A citation is disclosing the source within the main body and thus is also referred to as an ‘in-text’ citation. It provides just basic information such as the authors’ names, year of publication, and perhaps the page number if a sizeable quote is provided.  

Placement  

References are listed at the end of the document, on a page having its own title (“List of references”, “References”, “Works cited”). 

Citations are presented within the body of the document where we speak of the ideas or results of the source we are citing..  

Format  

References provide the reader with information such as the authors’ names, the publication date, the title (of the book or article), page numbers, publisher and place of publishing, etc. 

A citation provides less information, such as the last names of the authors and the publication year, such that it does not disrupt the reading flow. 

Both references and citations give credit to the authors whose ideas have been discussed in your work, in addition to supporting or criticizing an argument. This is additionally critical to avoid plagiarism in academic writing (topic for another blog!). 

PC: Canva.com

Different styles of referencing and citating 

Different academic disciplines prefer specific referencing styles. In business programmes (such as the MBAs, MSc’s), you will often be asked to use Harvard or APA styles, whereas in Law programmes (LLM, LLB) you will most often be asked to use Oxford or OSCOLA. You should always check the programme handbooks and assignment briefs, and in doubt, with your instructor what referencing style they expect for the assignment or academic paper you are writing.   

The references should be regrouped on a new page at the end of the paper. This list gives the complete information to identify and locate all sources used in the paper. There should be a corresponding entry in the list of references for all in-text citations that were used. References typically follow an alphabetical order of authors’ last names but under certain styles the order of appearance will rather be used. 

Among the different styles used by different disciplines, here are the 6 most frequently used styles in writing academic papers, each with a very specific purpose they fulfil: 

  1. APA (6th or 7th Edition) 
  1. Harvard 
  1. Oxford (OSCOLA) 
  1. Chicago 
  1. Vancouver  
  1. MHRA  

The style guides specify the kind of information and how it should be displayed for different types of sources (books, articles, websites, images, ebooks, etc.) – ensuring consistency across not only your work, but across the entire field of study that uses that style. 

At first look, these may all seem complicated, and daunting, but there are tools that can help you manage your sources, references, and citations. 

Graphical user interface, application, Word Description automatically generated

For example, Word has a tool called “Citations & Bibliography” which allows you to enter your sources in a database (“Manage Sources”), to insert in-text citations that are automatically updated if needed (“Insert citation”), and to generate your list of references (“Bibliography”) according to the specific style you need (“Style”). 

External tools also exist, such as Zotero, Mendeley, EndNote, or CiteThemRight – which have pretty much the same functionalities – managing your references with one of these tools will save you a gigantic among of time and effort, so by all means, pick the one that works best for you and run with it. 

Examples 

I promised you some examples, so here goes: 

Harvard / APA styles 

In-text citation 

Saunders, Lewis and Thornhill (2019), or Saunders et al. (2019), when the author’s names are part of the sentence, or (Saunders, Lewis and Thornhill, 2019) or (Saunders et al., 2019) when they are not. 

Reference list entry 

Saunders, M. N. K., Lewis, P. and Thornhill, A. (2019) Research methods for business students. Eighth Edition. New York: Pearson. 

Oxford style (OSCOLA) 

In-text citation 

OSCOLA uses numeric references, with the full reference given in a correspondingly numbered footnote. So, in your text, you would simply put a superscript number by inserting a footnote1 and then the footnote would contain the reference as: 

Mark NK Saunders, Philip Lewis and Adrian Thornhill, Research Methods for Business Students (Eighth Edition, Pearson 2019). 

Reference list entry 

Saunders MNK, Lewis P and Thornhill A, Research Methods for Business Students (Eighth Edition, Pearson 2019) 

Note the difference between the footnote reference and reference list entry – in the footnote, you give the author names in “firstname, lastname” format, whereas in the reference list you give it in “lastname, f.” format. 

If this looks complicated, it is! 😊 Which is why I reiterate my advice to use a reference management tool – whichever one works for you. 

Hope this prepares you well for writing your academic paper or assignments.  If you are stuck or have any questions, our highly qualified, world class faculty will guide you through using the correct methods and techniques for referencing and citations.  

Celebrating Motherhood: Is it possible to be a working mom and be a master’s student at the same time? The answer will (hopefully) NOT surprise you!

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Motherhood is unique for every woman. It’s full of joy, love, challenges, despair, anguish, fun, responsibility, selflessness, and sacrifice.  As it is rightfully said,  

A Mother is an epitome of love, strength, and sacrifice.

A mother makes many sacrifices while raising her family and children. The instinctive selflessness and dedication of a mother make her go to extraordinary lengths to care, protect, and provide for her children. Yet, while tending to the needs of her family, a mother commonly puts her career and further education on the back burner. According to a survey conducted by LinkedIn and Censuswide, nearly half of the working mothers consider a career pivot and prefer not returning to work after maternity leave in the US. And 63% of working mothers who opt to take a career break do so to spend more time with their children.    

Now, if being a career woman, juggling between the roles of a wife and a mother is hard already, then deciding to enhance your career with a master’s education will make life much more challenging. But does it mean a mother cannot pursue her dream of having a job and family together? Should she not be allowed to advance her career?  

The answer lies in what my mother always tells me:  

I can do anything; I am a mother!

That’s right. You can do anything! Being a mother does not mean that you have to sacrifice your career and education goals. On the contrary, achieving that perfect work-life-study balance is very much possible (check out our blog and a short video about work-life balance) and realise your long-awaited dream. All it requires is a mix of planning, dedication, and clear focus on your ultimate goal.  

Here are five tips that can help you better in the transition to a master’s students’ life:  

Find your motivation 

There could be several reasons for continuing education, such as updating your skills, gaining advanced qualifications, adding new knowledge or specialities, career pivot, financial enhancement, or the personal challenge of finally getting that university degree! First, find your motivation, as this motivation will keep you fueled and focused all through your journey of master’s for the next 1 to 2 years. Should you deviate, or lose focus, your motivation will always get you back on track and remind you of your ultimate goal.  

An RKC alumni, Meg Plooy, a mother, a wife, a friend and a (foster) mother of Pitbulls, found her motivation in two things: First, to be an inspiration for her young children and be able to show them that if you work hard, anything is possible. The second was to advance her career opportunities.  

Another master’s alumni, Manal Al-Khaled, shares her motivation, “In 2013, my daughters were only 4 and 5 years old when my husband lost his job due to political unrest in the region (Middle East). There was never a right time to do my Master’s degree. There were always other financial priorities, and with two little kids and a full-time job, time was a luxury I didn’t have much under my control. So I kept postponing it for all the reasons in the world. Then it hit me – it’s now no matter what”.  

Develop and maintain a support network  

One of our students, who is also a mother, suggests reducing personal commitment, waking up early, and staying up till late at night. While this arrangement may not always be possible for everyone, it is necessary to have a cushion, a support system to help you cope with any stressful situation you might face, or in case of emergencies. Do not hesitate to ask for help from your husband, siblings, parents, employer, or even neighbour!  

Don’t be shy and ask for help when needed

Make a plan and work on a schedule  

90% PLAN + 10% EXECUTION = 100% SUCCESS  

Before you even enrol for a master’s, the first focus should be on how you will manage work, home, and studies. Plan a schedule and follow it religiously.  Formulate a 30-60-90 plan according to the number of modules you register yourself for in a given quarter. A 30–60–90-day plan details the targets you plan to accomplish in the first 30, 60, and 90 days of your studies. Set concrete goals and a vision for your abilities at each stage of the plan, that will act as a guiding rope and will constantly move you towards the goal.

Planning your study space at home or work, away from distractions, is also essential. Again, self-organisation is critical to be able to plan efficiently and to be able to execute it successfully.  

Most of RKC’s working mothers planned their days and weeks to strike an optimum balance; they would usually be working during the day on weekdays and allocate study hours to night-time and weekends.  

Meg again: “A good routine and sticking to a schedule [are a must]. The best time to complete my studies was after the kids were in bed, which gave me anywhere from 2 to 2.5 hours each night. In addition, I used Monday through Thursday as “school nights”, which ensured I was still getting downtime over the weekends. This helped me to stay focused and manage time effectively”.  

Find a study buddy  

Trust that you are not alone in this situation. Getting back to being a student and coping with an online learning environment can be pretty daunting. Having a study buddy will help to relieve your stress and keep tabs on the OnlineCampus class discussions and assignments. For online education students, if you can look for a study partner in the same time zone, it will be more convenient for your interaction.  

Having a study partner can help relieve the study stress and help in class discussions and assignments

Believe in yourself!  

As one of our students suggests, have the confidence to believe in yourself and not procrastinate. Obtaining a master’s degree is a life-changing experience for most, and you must believe in yourself that you can achieve this goal.  

Naomi, an MA Leading Innovation and Change (now MBA LIC) graduate, gave herself this pep talk: “Yes, women face issues with their husbands, childcare, and the fact that society doesn’t expect too high an education from women. My friends think having a bachelor’s degree should be enough for me, especially because I own my own business. To the society around me: “what else are you looking for in life”? Also, challenges with workplace issues, especially when women are working for other employers. Lack of funds to sponsor oneself to school, tight work schedules, and traffic to get back home are all challenges. Eiiii!! Naomi, everything is possible. Don’t think of your tight schedule at your office, the needs of your staff, or the number of employees under you. Don’t even think your husband or your three children would be hindrances. Remember, Naomi, that with determination and hard work, you can make it”.  

I agree the journey may not be a walk in the park, but taking one step at a time will bring you closer to your ultimate goal – attaining the Masters’ qualification. So many working mothers have successfully achieved their educational goals, and so can you.  

Happy mother’s day to all of you out there, and if you have a story about being a working mother and a master’s student you would like to share, the floor is yours!

#DILO (A day in the life of) a master’s student – Nicole

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Through the #DILO series of blog posts, we have been bringing you insights into the life of our master’s students, sharing their thoughts and opinions, ups and downs, and key learning points during their online studies. The whole idea behind this series is to make you aware of the realities of online studies, and aid you in decision making.  

This week we take a look at a day in the life of one of our master’s degree students – Nicole. Here are a few insights and some words of wisdom that Nicole had to share from her experience:

An Introduction 

“I am still learning about who I really am” – Nicole

Who are you, really? 

Nicole Weiner, a lifetime learner with a family and a job, but I am still learning about who I really am 

Which Uni are you studying with? 

University of Cumbria 

Which programme did you choose and why? 

The MBA in Public Health Management program. Being a nurse, I am interested in helping people live better, healthier lives through prevention. 

Being a nurse, Nicole is dedicated towards helping people live better and healthier lives

The Study Plan 

How did you plan to study each module, and what was the reality? How many hours did/do you have to put in each day/or in a week? 

When I do something, I do not think about “the how” so much. I decide and I do. Thankfully my responsibilities at home are minimal and I was able to carve out some time from my work agenda, since I am an occupational health nurse, I took about 2.5 hours from my work schedule each week since the two are related. Plus, I worked at home as well, especially the weekends.

But it was not difficult to participate in the forums on a regular basis. In one sitting: sometimes an hour, sometimes 6 hours. In my opinion, your work agenda should allow some time for master’s, if the two are related.

What part of the day did/do you find most suitable to study? (e.g. early mornings, lunch break, evenings, weekends?) 

Anytime. If I have to do something, I can do it just about any time of the day, but after 7 pm I do like to just relax, so usually not in the evenings. During my thesis this will change because I have changed jobs and in this new job, I will not be able to carve out time to write or study during work hours.

Relating to my above answer, my next job will be as a research nurse, therefore I cannot study during work hours because I am not caring for a whole population group and there will be more technical duties to do. As an OHN, I was one nurse to 650 people. That’s significant, but the company was great and gave me space for balance. 

How much time did you devote for each assignment? 

“Try to start working on assignments early on” – Nicole

Depends. Like I said earlier, forums usually half an hour to an hour. Assignments I dedicate a lot of time but I cannot put a number on it. But one thing I can say is that I try to start working on it very early, so that I am not rushed in the end. 

Travelling and Communication 

“As long as I had my computer I could study if I wanted to while travelling”- Nicole.

How did travelling impact your ability to study? 

No problem, as long as I had my computer I could study if I wanted to. 

How were you able to interact with peers and/or professors given the time differences? 

In my personal case, there is no time difference between the UK and Switzerland. 

A typical day as a master’s student 

What does a typical day as an Online Masters’ student look like for you? 

School is just an extension of my other activities. I can say that definitely, the program being online makes life a bit less complicated. 

Any advice? 

Do a little bit every day, with a day off every now and then, or vacation even. If you work on your assignments regularly, you can afford to take time off and not stress it. And please advise your professors of your absence. 

Well indeed, incredibly helpful advice from Nicole. A contingency plan not only saves you from an unpredictable situation but also helps you follow your study plan with confidence. To get you through the master’s studies we have great faculty who are subject-matter experts, who guide and encourage the students to achieve their potential.  

If you have been dreaming of joining master’s programme or have had this personal goal to gain higher education, now is the time! Take the valuable advice from our current students, gain from their experience, add your own unique study strategy, and make your own success story!

Chat LIVE on WhatsApp with one of our Education Advisors for more information on all the programmes we offer, the application process, and information on discounts we might be offering at this time. 

Getting ready for 2021

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Phew! It is 2021! 2020 is finally over and behind us. After having an incredibly unique (and for many a traumatic) 2020, I am a little sceptical and at the same time joyous and hopeful of welcoming the new year.   

Well, let me first extend my warmest wishes to you, our readers, happy new year! One of the greatest joys of this season is the opportunity to say thank you and to wish you the very best for the New Year.   

‘Tis the season…  

So, what do you think 2021 will look like? Are you ready to embrace the new year as it still encapsulates certain uncertainties? Have you set any personal goals, professional goals, or academic goals for yourself? Because it is that time of the year when we sulk on unfinished resolutions or celebrate their achievement (I fall more in the former category than the latter 🙁) and look forward to new ones!   

In my opinion, it will be much more than just resolutions this year. People are frustrated with unfulfilled wish-lists, lockdowns, and fear of the pandemic. Emotions are running high; there will be no holding back, it could turn out to be a year where you tick off all the boxes (or most of).  

Here are the five trends you must watch out for in 2021:  

1. Shoppable TV and social media influencers   

Consumers will be able to buy anything they like, on the go and instantly!

With worldwide lockdowns, the retail industry saw a categorical change with the brick-and-mortar stores shutting down. Shoppers had to move online, and the businesses capitalised on every opportunity to grab consumer’s attention. Consumers will be able to buy anything they like, on the go, instantly, as they watch the advertisement on their favourite streaming channels, or a product recommended by their favourite social media influencer. I have personally experienced this; a tik-tok video made the CeraVe skincare products fly off the shelves within days. That is a powerful sales tool.   

2. Big data becomes bigger  

Big data is inexhaustible

As we rely more and more on online platforms for almost everything, from groceries to banking, to buying cars to education, the data is building up exponentially and is inexhaustible. There will be an increasing new need for data analysis and customer personalisation.  

3. Artificial Intelligence (AI)  

2021 will see more sophistication in machine learning algorithms

AI is predominantly the most significant trend to watch out for in 2021. With bigger data, better interpretations will be required to understand the world and the changing patterns of the consumers. In 2021, we are likely to see further sophistication in machine learning algorithms and tools.  

4. E-Sports  

Gaming is in line to become a multi-billion-dollar industry

Gaming is one of the sectors that was positively impacted by COVID-19. While other industries suffered losses, gaming has been trending and is in line to become a multi-billion-dollar industry by 2023. It is one of the top entertainment activities that people engage in, kids and adults alike.  

5. eLearning  

Flexible schedule and quality education are few of the many benefits of Online Education

With the sudden closure of schools and universities owing to social distancing and self-isolation requirements in an attempt to flatten the COVID-19 curve, online learning became a necessity overnight and is here to stay. There are several benefits of online education, such as flexible learning and quality education offered at affordable prices.

Robert Kennedy College has been a pioneer in online education since 1998. When you decide to study with us, we promise you an excellent course curriculum, British education, Swiss quality, highly qualified faculty and a variety of Online master’s programmes to choose from. Start early and talk to our education advisors to find out how you can make the most of the new year 2021 though learning.

Risk Management – 5 steps to better manage risks

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If this year, 2020, has taught us anything, it is that risk is a part of life for humankind. The sooner we come to terms with it, identify the cause, plan and strategise to arrive at effective counter-measures, the greater our chance to survive and prosper!

What is risk?

Organisations have a number of internal and external factors that make it uncertain to meet their vision, missions, values, goals and objectives. These uncertain conditions that persist are collectively termed “risks”. 

In general, our tendency is to try avoiding risks as a lot of these instances can lead to negative outcomes, but there can also be positive ramifications of risk. The positive results are an outcome of companies being able to capitalise on the opportunities presented by the risk.

Identifying negative risks and avoiding them, while at the same time being able to take advantage of the opportunities presented by positive risks can be a daunting task for a manager, as a wrong call might result in great loses or a missed opportunity for greater growth.

Risk is a future uncertain event and being able to predict the event and putting in place solutions or strategies to either avoid or take advantage of the event is what risk management is all about. But every organisation’s appetite for risk is different and that is usually directly dependent on the tolerance an organisation might have towards risk.

So, what are risk appetite and risk tolerance?

We have all heard the saying “no risk, no reward”. Taking big risks could lead to big losses, or conversely, could lead to greater rewards. 

The risks which are identified as opportunities should be low hanging fruits to deal with and to reap their benefits. 

Risk appetite is the willingness of an organisation to take risks, while risk tolerance refers to how much risk an organisation can bear. 

Risk Management

According to Douglas Hubbard (The Failure of Risk Management: Why It’s Broken and How to Fix It) – Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

Risk management can and should be implemented across any industry or vertical, such as project management, operations, finance, military, medical, etc. Like any other department in an organisation, the risk management team should ensure that it is able to justify its costs by first creating value for the organisation by becoming an integral part of the strategy and decision-making process of the organisation. The team should be responsive to changes (both internal and external), systematic and process oriented about their analysis, transparent about their processes, and capable of adapting and growing. 

Effective implementation of risk management will provide an organisation with

  • Early warning to potential risk due to uncertain events
  • Better decision making through a good understanding of risks and their likely impact
  • Effective allocation of resources
  • Reassuring stakeholders

Risk management can be broken down in five basic steps

  1. Plan –  A risk management plan specifies the management’s intent, systems, and procedures required to manage risks, roles and responsibilities, and tools to be used in identifying risks. The plan will specify how the following four steps are to be executed by the organisation. 
  2. Identify – Identify the potential risks, their causes and their potential consequences. This is usually done by a team of subject matter experts  using methods such as brainstorming and tools like SWOT analysis, flow diagrams, Ishikawa diagrams, etc.
  3. Analyse – Once you have identified the potential risks, analyse them using either qualitative (a subjective analysis that is quick and easy to implement using tools like matrices probability and impact matrices) or quantitative (a detailed and time intensive analysis of risk using tools such as expected monetary value analysis, Monte Carlo analysis, decision tree, etc.) methods to classify them as high, medium, and low priority risks. Organisations may not have the resources to plan for all the risks and might be able to accept some risks without action, some with only periodic monitoring, and finally, some with a detailed action plan to take advantage of or to all together avoid the risk event. 
  4. Plan a response – Depending on the priority of the risk, a strategic response needs to be planned, and resources allocated with the goal of reducing the impact of negative risks, and capitalising on the impact of positive risks. Some of the strategies are avoid/transfer/accept/exploit.
  5. Monitor and control – Nothing in this world is static, change is the only constant. Risk monitoring and control should be an ongoing and continuous process. A change in external or internal conditions might result in a low priority risk evolving into a high priority risk or a high priority risk devolving into a low priority one. By monitoring them you will not be caught unprepared!  

This is why, not only is risk management an important module in a number of our online master’s degree programmes, but we also offer a couple of 100% online master’s degree programmes in Risk Management.

If you are interested or have any questions, you can also chat LIVE on WhatsApp with one of our Education Advisors for more information on the programmes we offer, the application process, and for information on discounts we might be offering at this time.

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