An Evaluative Study of the Attitude of Ayurvedic Pharmaceutical Industries in Nagpur Division towards Risk Management

Effective risk management strategies allow a firm to carry out its business activities in a sustainable way. The risk characterization is often done to identify a project’s strengths, weaknesses, opportunities and threats. By planning for unexpected events, companies can be ready to respond if they arise. To ensure company’s project’s success, it is necessary to define how it (company) will handle potential risks so it can identify, mitigate or avoid problems when it needs to do. Moreover, successful project managers not only in a specific sector but all the sectors, including the Ayurvedic medicines sector, recognize that risk management is important, because achieving a project’s goals depends on planning, preparation, results and evaluation that contribute to achieving strategic goals. In view of this a systematic study was carried out to know the attitude of ayurvedic pharmaceutical manufacturing companies of Nagpur region towards risk management. In this study, data was collected from ayurvedic pharmaceutical industries of Nagpur region by using a standardized research instrument i.e. a questionnaire. The study indicates that the ayurvedic pharmaceutical manufacturing companies of Nagpur region have a favaourable attitude towards various aspect of risk and risk management. More specifically, it is evident that majority of companies give high importance to risk management to achieve company’s objectives and also company’s performance.