Introduction
Organizations, companies, educational institutions, and governments, face different challenges and threats every day, and the need to plan for undesirable future events is a critical requirement for any organization (Berg, 2010, p.80) There are times when the risk factors are unforeseen, catching the organization by surprise. Other instances are beyond human control, like disaster strikes and natural phenomena. In most cases, however, the risk areas are known, and management carries out the task of planning for the risk by creating contingency plans or determining ways to avert the risk. In extreme cases, the organization might choose to absorb the ...