Effect of Risk Management in Oil and Gas Industry
ABSTRACT
Firms that operate in the oil and gas industry experience a number of risks in the supply chain of oil and gas and petrochemical as by products. These risks are inherently inculcated into the supply chain of oil and gas and related products ranging from the exploration, production, and marketing of oil, gas and related products. Quantitative and qualitative research will be conducted into the effects of these risks has revealed a strong relationship between the concepts of risk management and other risk management strategies on the product and service quality. Organizational executives use the concept of risk management (RM) techniques to design tailored RM strategies to integrate the concept into their enterprise risk management frameworks. Typically, that characterizes BP’s risk management approaches including its reputational risk management strategy. Reputational risks in the oil and gas industry are the key driving forces behind the risks that influence the relationship between the RM concept, enterprise risk management, and product and service quality. These risk components typically characterize the exploration, production, refining, and marketing of oil and gas and petrochemical products in the supply chain. A hypothetical analysis of the effects of risk management has been formulated and analyzed on a probabilistic model to reinforce the qualitative research was conducted to crystallize the effect of risk management on product and service quality, culminating in the discussion of findings with a conclusion and recommendations on the way forward.
TABLE OF CONTENTS
I. Abstract.............................................................................................................ii
II. Table of Contents.............................................................................................iii
III. Introduction.......................................................................................................1
IV.
Firms that operate in the oil and gas industry experience a number of risks in the supply chain of oil and gas and petrochemical as by products. These risks are inherently inculcated into the supply chain of oil and gas and related products ranging from the exploration, production, and marketing of oil, gas and related products. Quantitative and qualitative research will be conducted into the effects of these risks has revealed a strong relationship between the concepts of risk management and other risk management strategies on the product and service quality. Organizational executives use the concept of risk management (RM) techniques to design tailored RM strategies to integrate the concept into their enterprise risk management frameworks. Typically, that characterizes BP’s risk management approaches including its reputational risk management strategy. Reputational risks in the oil and gas industry are the key driving forces behind the risks that influence the relationship between the RM concept, enterprise risk management, and product and service quality. These risk components typically characterize the exploration, production, refining, and marketing of oil and gas and petrochemical products in the supply chain. A hypothetical analysis of the effects of risk management has been formulated and analyzed on a probabilistic model to reinforce the qualitative research was conducted to crystallize the effect of risk management on product and service quality, culminating in the discussion of findings with a conclusion and recommendations on the way forward.
TABLE OF CONTENTS
I. Abstract.............................................................................................................ii
II. Table of Contents.............................................................................................iii
III. Introduction.......................................................................................................1
IV.
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