Integrating behavioral science into operational risk management: A new paradigm for the FMCG sector DOI Creative Commons

Onyeka Franca Asuzu

World Journal of Advanced Research and Reviews, Journal Year: 2024, Volume and Issue: 21(3), P. 263 - 273

Published: March 6, 2024

This paper explores the rationale for integrating behavioral science into ORM within FMCG sector, examines key principles relevant to risk management, and proposes practical frameworks implementation. By adopting this new paradigm, companies can enhance their resilience, adaptability, overall performance in an increasingly complex dynamic business environment. Operational management (ORM) is paramount ensuring stability success of businesses, particularly fast-moving consumer goods (FMCG) sectors where operational disruptions lead significant repercussions. However, traditional approaches often overlook human element, focusing solely on systems, processes, external factors. advocates integration ORM, recognizing pivotal role behavior shaping risks offering strategies effectively mitigate these risks. The sector explored, emphasizing need understand influence resilience adaptability. Key are examined, including decision-making biases, social dynamics, cognitive heuristics. These insights provide a foundation developing implementation, encompassing areas such as demand forecasting, compliance, employee engagement. Integrating enables anticipate address factors that contribute risks, leading more effective improved outcomes .In conclusion, represents paradigm shift recognizes importance understanding influencing mitigating incorporating practices, better navigate challenges, capitalize opportunities, ultimately, achieve sustained today's competitive marketplace.

Language: Английский

Wealth promotes generosity? The role of individual wealth on children’s allocation decisions DOI
Qingfeng Peng,

Mei Li,

Hong Li

et al.

International Journal of Behavioral Development, Journal Year: 2025, Volume and Issue: unknown

Published: Feb. 17, 2025

This study explores the development of children’s equity behaviors in context resource inequality. A total 181 Asian children (50.8% female) aged 6–8 years and from medium socioeconomic backgrounds were randomly assigned to either resource-advantaged (rich) or resource-disadvantaged (poor) conditions. The acted as allocators distributed additional resources recipients both first- third-party allocation scenarios. results showed that 8-year-olds, but not 6- 7-year-olds, demonstrated a tendency prioritize need-based when they wealthier, allocating greater share poor recipients. Even distribution tasks, engaged more because their advantages. These findings emphasize how social comparison influences behavior have theoretical implications for understanding charitable human early childhood within economic

Language: Английский

Citations

0
The effect of childhood socioeconomic status on youth investment risk tolerance: Based on the life history theory perspective DOI
Pan Zhang, Jing Wang, Gongxing Guo

et al.

Personality and Individual Differences, Journal Year: 2024, Volume and Issue: 225, P. 112679 - 112679

Published: April 20, 2024

Language: Английский

Citations

2
Integrating behavioral science into operational risk management: A new paradigm for the FMCG sector DOI Creative Commons

Onyeka Franca Asuzu

World Journal of Advanced Research and Reviews, Journal Year: 2024, Volume and Issue: 21(3), P. 263 - 273

Published: March 6, 2024

This paper explores the rationale for integrating behavioral science into ORM within FMCG sector, examines key principles relevant to risk management, and proposes practical frameworks implementation. By adopting this new paradigm, companies can enhance their resilience, adaptability, overall performance in an increasingly complex dynamic business environment. Operational management (ORM) is paramount ensuring stability success of businesses, particularly fast-moving consumer goods (FMCG) sectors where operational disruptions lead significant repercussions. However, traditional approaches often overlook human element, focusing solely on systems, processes, external factors. advocates integration ORM, recognizing pivotal role behavior shaping risks offering strategies effectively mitigate these risks. The sector explored, emphasizing need understand influence resilience adaptability. Key are examined, including decision-making biases, social dynamics, cognitive heuristics. These insights provide a foundation developing implementation, encompassing areas such as demand forecasting, compliance, employee engagement. Integrating enables anticipate address factors that contribute risks, leading more effective improved outcomes .In conclusion, represents paradigm shift recognizes importance understanding influencing mitigating incorporating practices, better navigate challenges, capitalize opportunities, ultimately, achieve sustained today's competitive marketplace.

Language: Английский

Citations

0