Geography Student Name

Institution Name
The search for cheap labor in this context appears to be human decisions
with a high scale inherent risk of losses. Measuring the risks of
occurrence of the collapse in terms of probability and impact, there are
precisely five possible scales. Both the probability and the impact is
rated from 1 to 5.
Probability
Scale Description Probability
1 Remote Chances 0 to 10 %
2 Not likely to occur 10 to 20 %
3 Likely 20 to 40 %
4 Highly likely 40 to 60 %
5 Expected 60 to 100%
Impact
Scale Description Impact
1 Minor Less than US $ 5000
2 Low Between US $ 5000 and $10000
3 Moderate Between US $ 10000 and $ 20000
4 High Between US $ 20000 and $ 30000
5 Critical Above US$ 30000
Since the collapse led to a loss of more than US $ 21 Billion, the
losses are highly critical considering the amount of saving that the
factory was attempting to protect from losses. The probability of this
loss was three while the impact is critical. It therefore means the
scale is 3-5. This is indeed one of the consequences of misplacement of
priorities, which countries are randomly feeling around the world.
This serves as a lesson to the countries that disregard industrial
advice, against disregarding the plight of workers. They ought to be
given priority to acquisition of qualified professionals and motivate
them to do quality work. As it is seen in the Bangladesh case, this
example teaches the wealthy countries that as long as workers are not
motivated, cheap labor can cost the entire company to fall (Dunford &
Greco, 2011). Geographical knowledge in this can assist other countries
both wealthy and weak, to conduct reasonable risk assessment during
decision-making.
Resources
Dunford, M & Greco, L. (2011). After the Three Italies: Wealth,
Inequality and Industrial Change. New York: John Wiley & Sons.

Close Menu