Monarch PLC Airlines Essay Example | Topics and Well Written Essays - 2500 words

Monarch PLC Airlines - Essay Example Monarch Airline operates in an environment that has appreciated the advantages of technology, innovation, and rapid changes in their trading environment (Doganis 2006). Its customers have diverse interests and satisfaction levels hence serving as the main drive for change. In addition, the airline faces a lot of competition from other airlines operating within the same locality and destinations. With such a diverse and demanding environment, the airline has had to make major improvements to continue meeting the market demands. For example, to continue meeting the high demands on bookings by customers, the organization had to change from making bookings over the internet to using open skies by Navitaire. This has seen the company grow to handle large systems of operations within small timelines. It has also favored the company in protecting its information while changing swiftly to the ever-changing demands in the airline market. The survival of any business depended on how the manage ment will handle the risks since they are inevitable but manageable. Challenges and opportunities keep on changing making it hard for any company to operate in a highly competitive area. Therefore, for any business to grow, risk taking is a practice to embrace (Flouris & Yilmaz 2011). Monarch airline is not exempted in this and thus has had to face many risks. Overcoming and managing the risks has seen the company grow to where it is today. Managing risks involve balancing between rewards and losses. It entails minimizing bad outcomes and enhancing good outcomes (Thomas 2002). It comes with a preparedness to handle any misfortunes that will take place in the cause of operation. It has been proved that everybody would play on the safe side of life. This provides a shield against unplanned events that endanger the running of a company or any part in the society (Flouris & Yilmaz 2011). However, some risks are inevitable and uncertain to happen. When they happen, it is only prudent to learn how to cope with them. Uncertainties and ignorance stands as major challenges in coping with the situations. Through the authorities, the balancing act should be approached from an open point of view that will accommodate all parties involved. Risk management in any organization is perceived to be the responsibility of specific individuals. However, this should not be true since every human being by nature is a risk manger. Every person by nature is responsible to handle the nature of risk created by his or her behavior (Douglas & Wildavsky 1983). The only thing that the authority can do is to ensure that every individual within the operations of the organization are well informed of the risks involved and the possible ways out of the risks. In every organization, risk experts and safety regulators stands out as very important part in the daily running of the institution. They identify risk issues early before everybody else does that (Thomas 2002). Risk authorities estimate t he magnitude of risk and therefore advise the parties involved accordingly. However, there has been cases where many people insist in taking much risk than can be handled (Douglas & Wildavsky 1983). One could be because of ignorance and two could be lack of knowledge on how much such risks could cost the organization. Risk is