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Life is full of risks for example risk is involved in simple things like turning on the gas at  home or when dealing with life threatening medical emergency decisions. Risk plays an  important role in the way we manage our economy, organization or our family. Risk can  be rather complex when household money is involved; such as for individuals or families  - for example, mums and dads stand to either gain or lose large sums of money. The types of risks involved influence decisions on how to manage or invest money in shares, bonds  or property. When faced with risks, the challenge is how well prepared are we to  overcome risks. Risk awareness may be limited in which case there is a high likelihood of  risk turning into hazard -leading to disastrous outcomes. Successful businesses make  constant efforts to change or update their in house administrative polices and frameworks  to allow for possible risks in their business requirements. Some decisions that are likely to  have been factored into the component of risk are: rigid corporate governance  requirement, human resource planning, succession planning, training and development,  merger and acquisitions, adapting to different cultures, foregoing or discontinuing some  existing products, outsourcing, new market development etc. No matter how important a  decision is made, strategic alignment is critical in business decision making. New ideas  should be implemented according to the business needs a company. The introducing of  novel ideas should involve all personnel particularly during the decision making  processes of development and setting of targets. A well-managed business is also well  prepared one and thus able to confront challenges of the modern dynamic business  environments.Griffith Sciences, Griffith School of EnvironmentFull Tex

Importance of Risk Analysis and Management – The Case of Australian Real Estate Market