Development and Validation of ACAT Risk Management Styles Scale (ARMSS)
Background: In rehabilitation sciences, risk management is emerged as an important distinct field which focuses on preventive measures well-before an unexpected threat results in potential losses. In managing risk, risk management style is considered most important. Thus for the first time in the world, the study has focused to construct an instrument to assess risk management styles at workplace by using the typology of US Department of Defense.
Objectives: The present study aimed to develop an instrument for measuring risk management styles..
Method: On the basis of Risk Management Styles Model of US Ministry of Defense named as ACAT Model, 20 items self-report scale was constructed which was later administered on 300 managers for empirical evaluation.
Results: EFA (Principal Component Factoring) was carried out which resulted in a four-factor measure including risk acceptance, risk control, risk avoidance and risk transfer. Each factor explained greater than 9% variance and comprised of 5 items with each item having greater than .30 factor loadings and greater than .30 values for all items was also confirmed in corrected item-total correlation. Besides factorial validity, reliability and construct validity was also ensured.
Conclusion: The present study confirmed the four styles theoretical model of risk management styles through empirical data. The scale will open new research domains in the field of risk handling in general and rehabilitation through risk management in particular.
Keywords: Risk management, risk acceptance, risk control, risk avoidance and risk transfer