Risk management in Business Operations Under the Economic Crisis in the Society 5.0 of Small and Medium Enterprises in Thailand

Abstract

This research aims to study 1) The level of risk management under the economic crisis in the society 5.0 of Small and Medium Enterprises in Thailand. 2) the level of business operations under the economic crisis in the society 5.0 of Small and Medium Enterprises in Thailand, and 3) The risk management in business operations under the economic crisis in the society 5.0 of Small and Medium Enterprises in Thailand. The data collected by questionnaires, testing with 400 respondents who was Small and Medium Enterprises in Thailand (Legal entity types). The research sampling was accidental sampling. The index of item-objective congruence (IOC) was 0.778 and reliability value of 0.823. The statistical analyzed data were frequency, percentage, mean, standard deviation and one-way analysis of variance

Results of the research showed that Overall, risk management under the economic crisis in the society 5.0 of Small and Medium Enterprises in Thailand was at a high level ( = 4.104, S.D.= 0.521) and overall, the business operations under the economic crisis in the society 5.0 of Small and Medium Enterprises in Thailand was at a high level ( = 3.807, S.D.= 0.687). The hypothesis testing revealed that the difference of risk management all of 8 aspects; internal environment, objective setting, event identification, risk assessment, risk response, control activities, information and communication and monitoring did different significant the business operations under the economic crisis in the society 5.0 of Small and Medium Enterprises in Thailand all of 4 aspects; customer, internal process, learning & development and financial aspects at level 0.05 statistical.