Managing operational risks in Small- and Medium-sized Enterprises (SMEs) engaged in manufacturing – an integrated approach
by Md. Ariful Islam, J.D. Tedford, E. Haemmerle
International Journal of Technology, Policy and Management (IJTPM), Vol. 8, No. 4, 2008

Abstract: Small- and Medium-Sized Enterprises (SMEs) engaged in manufacturing continuously encounter daily internal and external disturbances to their operations that detract from their business performance. Some disturbances create risks to the organisation in terms of production, manufacturing capability, human resources, market share and economic losses. In essence, the smooth running of SMEs is a significant challenge, irrespective of the technological and human resources an SME may have at its disposal. To deal with these disturbances effectively, SMEs need a systematic approach along with an appropriate set of tools to identify and treat their potential effects. The authors develop a theoretical framework, linked to typical disturbances, for risk management appropriate for SMEs to achieve this. The research in this paper addresses two questions: How should SMEs manage the risks caused by potential internal and external disturbances more effectively? What are the typical disturbances encountered by SMEs? The first question is addressed by a conceptual framework, and the second question is dealt with using the findings of an empirical investigation carried out in New Zealand. This paper presents and describes the framework along with its systematic working principles. In addition, it presents 14 internal and six external disturbances identified by the empirical investigation.

Online publication date: Wed, 03-Sep-2008

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