A Comparative Study of Strategic Risk Assessment Techniques in Small vs. Large Businesses: A Case Study of Kano State
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- NGN 5000
Background of the Study
Strategic risk assessment is a key process in identifying, evaluating, and managing potential risks that can affect an organization's objectives and performance. The techniques used for risk assessment may vary depending on the size, structure, and resources available to a business. Small businesses often rely on informal risk assessment methods due to limited resources, while large businesses are more likely to use structured, sophisticated techniques to manage risks (Olaniyan & Aliyu, 2024). In Kano State, businesses of varying sizes are exposed to a range of risks, including financial, operational, and market risks. However, the approaches used by small and large businesses to assess and manage these risks have not been adequately compared.
This study aims to compare the strategic risk assessment techniques employed by small and large businesses in Kano State, focusing on how these businesses identify, evaluate, and mitigate risks. The findings will provide insights into the challenges and opportunities that businesses of different sizes face in managing risks and improving resilience (Zubair & Usman, 2023).
Statement of the Problem
Small and large businesses in Kano State are both exposed to a variety of risks that can affect their operations and strategic objectives. However, due to differences in size, resources, and organizational structure, small businesses often employ less formal risk assessment techniques, while larger businesses tend to adopt more structured and comprehensive methods. This study seeks to compare the risk assessment techniques used by small and large businesses in Kano State, exploring their effectiveness in identifying and managing risks (Kazeem & Odu, 2023).
Objectives of the Study
- To compare the strategic risk assessment techniques used by small and large businesses in Kano State.
- To evaluate the effectiveness of these techniques in identifying and managing risks in different business contexts.
- To identify the challenges faced by small and large businesses in conducting strategic risk assessments.
Research Questions
- What strategic risk assessment techniques are used by small businesses in Kano State?
- What strategic risk assessment techniques are used by large businesses in Kano State?
- How do the risk assessment techniques employed by small businesses differ from those used by large businesses in Kano State?
Research Hypotheses
- Large businesses in Kano State use more sophisticated and formal risk assessment techniques compared to small businesses.
- The strategic risk assessment techniques used by small businesses in Kano State are less effective in identifying and mitigating risks than those used by large businesses.
- Small businesses in Kano State face greater challenges in conducting effective risk assessments than large businesses.
Scope and Limitations of the Study
The study will focus on comparing the strategic risk assessment techniques employed by small and large businesses in Kano State. Limitations include the challenge of accessing sensitive risk management data from businesses and the difficulty in comparing risk assessment practices across industries.
Definitions of Terms
- Strategic Risk Assessment: The process of identifying and analyzing risks that could affect an organization's strategic goals and objectives.
- Small Businesses: Enterprises with limited resources and operations, typically with fewer employees and lower revenues.
- Large Businesses: Enterprises with more extensive resources, larger workforce, and greater market presence.
- Risk Management: The identification, evaluation, and mitigation of risks to reduce their potential impact on an organization.
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