Provide a graduate-level response to each of the following questions:
1. What are some examples of internal drivers of an organization’s risk culture? Resource allocation, risk attitude, risk appetite, risk tolerance, employee records
2. What are some examples of external drivers of an organization’s risk culture? Political, social, economic, and technological
3. How can an organization’s risk management function create organizational value?
2. Explain what a Pareto chart is – what the related philosophy is – and what they are commonly used for.
In the light of the current virus situation, build a Pareto Chart based on the following data relative to medication issues and explain its meaning.
Wrong Patient – 52
Overdose – 59
Wrong Drug – 76
Unauthorized drug – 1
Wrong IV – 4
Technique Error – 3
Wrong Time – 83
Dose Missed – 92
Under Dose – 7
Duplicated drug – 9
Wrong Route 27
Wrong calculation – 16