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Partnering to manage risk and disaster

Utkarsh Shukla
Roll no. 974

Submitted to
Mrs. Shivani Mohan
Asst Professor (Economics)

Rough draft for partial fulfilment of project work on
Economics- I

September 2014


Risk management is the identification, assessment, and prioritization of risks followed by
coordinated and economical application of resources to minimize, monitor, and control the
probability and/or impact of unfortunate events or to maximize the realization of
opportunities. Risks can come from uncertainty in financial markets, threats from project
failures, legal liabilities, credit risk, accidents, natural causes and disasters as well as
deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.
Several risk management standards have been developed including the Project
Management Institute, the National Institute of Standards and Technology, actuarial
societies, and ISO standards. Methods, definitions and goals vary widely according to
whether the risk management method is in the context of project management,
security, engineering, industrial processes, financial portfolios, actuarial assessments, or
public health and safety.
Disasters often follow natural hazards. A disaster's severity depends on how much impact a
hazard has on society and the environment. The scale of the impact in turn depends on the
choices we make for our lives and for our environment. The United Nations defines a
disaster as a serious disruption of the functioning of a community or a society. Disasters
involve widespread human, material, economic or environmental impacts, which exceed the
ability of the affected community or society to cope using its own resources.
Object of Study
The project research work on the title Partnering to manage risk and disasters will aim at
studying how to manage risks and disasters through economic activities and sanctions. Role
of insurance, government grants and annual budget would also come into play over here.
Research Methodology
The research work will be based upon Doctrinal mode of research.
Doctrinal research or traditional research involves analysis of case laws, arranging, ordering
and systematizing legal prepositions and study of legal institutions, but it does more it
creates law and its major tools through legal reasoning or rational deductions.

Tentative chapterisation
1. Introduction
2. Role of economics to manage risks and disasters
3. Insurance policy
4. Government grants
5. Role of annual budget
6. Conclusion, criticism and suggestions

Books on economics, disaster management and risk taking ability, articles and write ups
related to the management of risks and disasters.