... the new system or even not being included in the new system. From the management point of view it is heightened by the uncertainty in estimating the risk and return on the investment due to the limited knowledge. However, an investment should never be judged based only on the risk, but also on the return. There are two elements of risk: (1) the expected risk of the investment; and (2) the expected return relative to the risk (Spaulding, 1997). There is no doubt that the potential benefits of BPR effort are huge, thus relatively the risk involved can be high. Risk assessment has been researched in various areas; for example, finance/investment, conservation biology, insurance business, and so on. Rowe (1977) defines risk assessment as the process of obtaining quantitative or qualitative measures of risk levels. Many risk-assessing methods have been developed in different research areas, especially in the finance/investment domain. These methods range from simple ...

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