Project Risk Management Assignment Homework Review Analysis :: Australian wide taxation solutions :: PESTLE, SWOT & Risk Management Techniques

Project Risk Management Assignment Homework Review Analysis :: Australian wide taxation solutions :: PESTLE, SWOT & Risk Management Techniques

Question??

Activity based questions

Solution the Activity frame is::

 

1. Risk: Risk term used to define the probability of loss or situations and events that have no assure outcomes. In other word risk is probable quantified outcomes that associated with an activity or event. It’s indicated or symbol of the return or outcomes that is less than the expectation. Each and every event has some certain risk associate that can occur in controllable and uncontrollable situations. Some risk can be control through special attention whereas some risk cannot be control.

Project risk, inflation risk, currency risk, marketing risk, financial risk, functional risk and many other risk can be control through numerous approaches whereas environmental risk like natural disasters and many other risks cannot be control are the example of uncontrollable situations. (Glyn, 2004)

Risk management: Risk management is a scientific, systematic and structured procedure which involves activities of identifying, observing, analyzing and prioritizing the different types of risks that associated with the events. Many people involve managing and controlling the risks and also defining numerous strategies to address these risks successfully. This is very important part of business and this concept is introduced to manage, control, reduce and eliminate the risks. (Whatisriskmanagement.net, 2011)

Risk Appetite: Risk appetite is a tool or technique that used to define the overview that provides key information about the associated risks and risk management approaches within organization. This help to identify the scope of opportunity and scope of improvement areas. Normally the risks that an organization define or assume before an activity and also develop a action plan to control or reduce it in this situation this tool represent a balance between perspective benefits and associate threats or risks that can happen if any unwanted situation will come.

Risk Capacity: Risk capacity defines the level of risks that organization can able to take. All the resources use numerous tools and techniques to identify the risks associated with the action in organization. Risk capacity indicates the maximum capacity or level of risk that organization can able to face. (Barfield, 2012)

 2. The statement “Organizations that fail to plan, plan to fail’ is very true because planning is an important element for every organization. Today the competition is very strong and planning needs to be appropriate. Planning helps in diversifying the strategy for the future perspectives. If the organization fails to do planning appropriately, they go in trouble situation. Planning can help the organization to grasp through huge number of opportunities and also through the competitor’s analysis and their strategy to remain competitive and stable in the market place.

Activity 2

This company deals in the service industry that provides Australian taxations solutions to numerous segments. As the company size is 1500 employees and offering financial Australian taxation solutions to their clients so, it required high level of taxation and financial skill, ability and knowledge within employees to provide their services successfully. As government amendment their taxation plan and policies with time to time so, in this situation to perform with accuracy and successfully employees required update. To addresses the challenges, issues and risks and use the risk management process the organization have following advantages, difficulties and challenges mentioned below:

 Advantages:

–      Proper pre plan to addresses the issues and challenges on the basis studied past data.

–      Identification of risks that associated with the activities that organization has to complete.

–      Pre planning and post analysis will provide scope of improvement and scope of opportunity areas that helps to define the success path.

–      Organization can able to introduce the control and checks points that control, reduce, minimize and eliminate the possible risks.

 Difficulties and challenges:

–      As this organization required experts and high expertise to provides their services to the target groups because the organization deals in regulatory sectors that needs strong and structured controls and checks points because small error will be cause to lose client.

–      Involve high level financial and manpower in terms of expertise risks.

–      Challenges to define the suitable plan and implement and execute the plan in the organization that addresses the risks associated with tasks.

In the above paragraphs consists information about the nature of company and different benefits, difficulties and challenges that can be address through the risk management procedures. The service provider organization is providing its services in the area of Australian taxation solution that carries lots of regulation and policies. These policies and regulations are quiet strict. To provide the services successfully and minimize the risk or achieve the expected outcomes the risk management needs to identify the areas that require control and improvements. Through audit team, expert team, numerous training sessions the organization can reduce the different risks that associated with the activities. A part of these to provide services in the area of taxation require through and update knowledge of taxation policies within employees.

 Activity 3

It is advantageous to consider the stakeholder’s issues throughout the risk management process design because it helps in finding out the problems and also helps to understand the stakeholder’s expectations. Risk management has to be disciplined and also it should focus on influencing to reach through the destination successfully. (Brown, 2012)

Activity 4

             As considering the own organization’s risk profile, the influence/ impact on each of the following factors has on it with respect to certain factors such as:-

◦                        Political: The political factor that impacts the organization is because of political forces that might affect the organization.

◦                        Economic: The economic factor that impacts the organization is because of the competition in the nature and also because of the financial resources availability in the economy.

◦                        Social: The social factors that impacts the organization is due to the fact that the organization meet with demographic changes, the new trends in the market and so on other possibilities.

◦                        Legal: The legal factors include the laws and regulations, rules and policies from the government’s side.

◦                        Technological: The technological factors that impacts the organization is the new approach and the new ways and equipments of tacking the problems.

◦                        Policy: Thus new laws, rules and regulations creates problem for the organization. (Healthknowlegde.org, 2012)

 Activity 5

 The Swot Analysis for the current risk management practices of an organization with which the researcher is familiar is known as:-

 SWOT analysis

Name of organization: The chosen organization is Wal-mart for the analysis of the same.

The brief description of core function of the organization:

 Strengths

ü  Core competence and use of information technology ü  Support of international logistics system ü  Focused strategy for human resource management and development ü  Investment in time and money ü  Training and retaining the employees ü  Wal-mart has experienced global expansion	Weaknesses ü  No flexibility in terms of competitors ü  Facing competition in North America such as Kmart. ü  Weak in some areas of control
Opportunities ü  To take over with strategic alliances with other global retailers ü  Tremendous opportunities for future perspectives. ü  Expansion of consumer markets opportunities	Threats ü  The target market or the competition. ü  The global retailer and political problems.

 The summaries and the findings of the SWOT of the described organization i.e. Wal-mart is that the company’s major strengths describes about the core competence of the company, this also focuses on international logistics management and the company is producing the strategy of human resource management. The company also believes in investment of time and money and they are experienced global expansion. The Wal-mart is facing huge competition with different target segments and targets. Wal-mart has huge competition with respect to Kmart and it also lacks in terms of information technology and other advantages. They can expand and increase the opportunities and it will bring about the increase in number of consumer markets. Thus there are threats associated with the competition and the target market. (Bhasin, 2010)

 The current arrangements are not adequate because the company should focus on expanding its markets and increasing its competitive edge.

 Activity 6

Goals:

–      To introduce or expand the business in the right direction with experts and required resources.

–      Use and conduct research plans to address the actual issues and challenges that exist in the business.

–      Select tools and techniques that minimize reduce and eliminate the risks.

–      Define the new strategies that address the issues and challenges.

 Objectives:

–      Increase the market share through expend the business size and customers

–      Increase the share value.

–      Create benefits for the organization and stakeholders.

 Activity 7

1.
Getting people on board and keeping them engaged are a key part of managing risk. Thus the importance of getting support for risk management plans and processes is associated with financial, legal, ethical and social as well as physical risks. This will increase the commitment and it will also support and enhance the activities associated with the part of operations. This will create the safe environment and also it will focus on experience. Thus it will measure and prioritize the accurate risk. (Vicsport.asn.au, 2012)

 2. The checklist for the qualities of a risk management champion is as follows:-

Activity 8

 Nautilus Boat Hire:

 Stakeholder group

	Interests	Communication methods	Key messages	Expected contributions
Family owned and operated	Hire aluminum youth groups, tourists	Business planning’s	Houseboat clients getting lost and stuck on sandbanks	Business planning
Aluminum runabouts	Conduct the number of overseas	Sharing of information	Help with guide assessment	Business structure
Young adults	Knowledge of local waters and weather conditions	Dealing with noise and complaints	Create proper planning and structure of the business	Help the clients not to lose the way

 Activity 9

 Person or groups to be consulted

	Reason for consulting	Involvement mechanism
Security guard	Banks, hospitals, local universities related risks and issues	To help the clients with proper and correct information while using the services at bank, while reaching the university for the first time for admissions or going to the hospital for any emergency.
Armed guard	Transport related information	To help the member with proper information in terms of transport related queries or information’s.
Security patrols	Schools and industrial premises issues	To help in knowing about the information associated with school or other premises.
Administrative staff	To know about the issues related with dusts and other problems in the work place or premises	Proper guidance and training with respect to cleaning

  Activity 10

 1. Risk is probabilistic outcomes that associate with each and every activity and event. These risks may be occur or may not be occur after complete of a task. All the past and futuristic data provides some probabilistic risks that can be control through introduce and implement of proper plan. Research activities provide the complete information about the activities that required key steps to complete within time and with accuracy. To analyze the risks and to control those risks in appropriate manner required high level and structured research. Without research will create lots of challenges to manage the risks that are as following:

 –      Unable to identify the risks associate with the particular task.

–      Challenges to execute the plan with risks free.

–      Unable to distribute the work within team to reduce and minimize the risks.

–      Probability of risks will be high.

–      Challenges and criticality will be increase for organization.

 2. To define the 8 factors this section covers and provides information of a research that introduced to study     two important areas of information systems risk and examine the identified risks that associated with the information systems and established relation with auditors’ system risks and audit test plan. The factors are as followings:

–      Regulatory environment ( External policies)

–      Competitors (Old and new entrants) that exist in the same industry

–      Internal management structure

–      Skill, knowledge and abilities of all the human resources

–      Internal rules, regulations and policies

–      Reporting structure of Information system within organization

–      Budgeting

–      Documentations. (Bedard, 2003)

 3. Common methods of researching risk is an approaches that consists numerous key steps that focuses on the outcomes and associate risks that organization want to address to minimize and reduce. These methods are as followings:

–      Identification, observation as per characterized attributes and assessing the threats

–      Analysis of critical factors that associate of an action

–      Determination of the risks types and categorized them and prioritized

–      Focuses on factors that reduces and control the risks.

–      Introduce and plan for measurement tools and techniques that help to reduce the risks.

Activity 14

1. The severity and likelihood matrix that has been created for Nautilus Boat Hire defines the risks in priority order with proper reasons according to the rankings is as discussed below:-

 There are different types of risks associated with the project with respect to customer risks, process risks, system risks, structure risks and also with the weather related risks. These risks are prioritized with respect to three different categories such as low probability, high probability and medium probability according to the rankings and other possibilities.

The risk that people are not swimmers especially the children might occur sometime due to likely related risk and this can count in the probability and chances of about 41-80% and this can occur again. If the client’s houseboats are getting lost or stuck in sandbanks, it describes the risk about the very low probability and one cannot believe this might happen again and this carry the percentage of about 0-5% that is rare and cannot happens again. The difficulty in houseboats finding by the clients in high winds carries the very low very risk and it is not likely to happen thus it do not expect it to happen but it might be possible. Therefore it carries the ranking among 6-20% chances to happen. This risk could also describe as the damage related risk and causes. Weather related risks could possibly or occasionally happen and there are chances of this risk in between 21-40%. Thus the noise related risk that is created by the customers is really expected in a high volume of number with the percentage of about 80% and this is likely to happen in a regular manner.

 2. Some of the problems that might encounter when trying to determine the priority of risks is as follows:-

The use of risk planning to identify the potential problems that could cause problems or trouble for the project to analyze the likeliness to occur and to take the action to prevent the risks that can be avoided and minimized with the help of useful and important information and also with the help of proper techniques and data collection methods such as the brainstorming that is the first thing that could be done properly with the team. The teams will get together to meet together for the purpose of ideas and this might help to understand the risks effectively.

There are always an unexpected problems and unexpected questions in the management strategies. The issue arises with respect to the outcomes of the project. These risks are expected quickly and effectively with the process of risk management strategies and also with the help of resolution of issues. Some of the problems that might encounter when trying to determine the priority of risks through the help are effectively known as suppliers and staff related risks, technical issues, material shortages risks, other issues. This also creates unnecessary conflicts and issues and also the risk that could be prioritized with the help of products deliverables. The issues and risks are associated with the same thing. Thus the risk is also related with the useful framework to prioritize the risk. This will also create the issue associated with the unexpected issue. The issue also associated is with the gaps or conflicts. The need to provide the tool for reporting and communicating deals with the issues that are raised and investigated or resolved quickly. They have a safe and reliable method to raise the issues discussed in the team. The tracking and assigning of responsibilities also is the issue related with the people.

 Activity 15

 1. The word ALARP stands “As low as responsibly possible”. ALARP is a principle that is associated with design and development of numerous program that address and focuses on risks associated with an individual, society and environment to reduce and minimize it as low as responsible possible.

 Example of ALARP Principle:

The HSE (Health and Safety Executive) divides its risks into three categories:

 Intolerable region: Chance of death is greater than 1 in one thousand, not acceptable situation.

Acceptable region: Risk reduction not likely to be required

ALARP: Risk to be broadly acceptable after take each action that is practical to minimize.

 (A)  Avoid the risk: Situation where use not to proceed or continue activity that likely to generate the risk. In this case tester test the testing activity to avoid the risk , Using the temporary staff for testing activity or using the temporary staff to fill the requirement of permanent staff. (Lever, 2008)

(B)  Reduce the risk: Situation where reduce the factors and harmful consequences occur the risks that already going on with an activity that performing in the project, in manufacturing industry to continue the manufacture process maintains the inventory.

(C)  Share the risk: In this case risks associated with one party whereas it’s bear by another party. Example: Insurance policies.

(D)  Retain the risk: in this situation the risk team accept the risks and use numerous strategies to manage the risks successfully. Business performance in economic cycle.

 3. The discussed experience came from situation when business expend business and with expansion its required marketing about the services to capture more and more customers. This was services Providers Company that deals in the area of computer maintenance and also provides in house or door to door services. As with expansion this carried high investment that had certain financial risks. To reduce the financial risks the company used fund management strategies and also define well structured marketing plan to create awareness among the target potential and existing customers with excitement offers. At the time of define a marketing plan the organization focuses specifically on the mediums, integrated marketing communication tools and techniques that used to approach the target groups.  Marketing research was also very important part that provided the blue print about the marketing plan. In this whole activities involves two types of risks that were financial and marketing risks and to take care of these risks the organization used numerous strategies as per the requirement and situation.

The two chosen risks are as follows:-

The strategic and operational risk assessment and the human resources risk are the two major identified risks focused by the researcher in this activity.

 Risk 1:

 Human resources risk

(Source: Utas.edu, 2006)

 2. Risk management is an integral part of any planning process. The sorts of things should risk recovery plans encompass will be as follows:-

The prepared cost and the strategic assets protect the entire company to encompass the thing. To manage the wastes and also to manage the money of the company, thus to save the time and money and also to increase the recovery plan is the major thing in the recovery plan. (Roe, 2010)

 3. The 3 key components of a solid risk recovery plan are to plan the recovery, publishing the plan and also to test the plan.

 4. There should be the involvement of the project management team in the design and development of risk recovery plans for a project because of the proper communications and because of the following appropriate strategies. (Egeland, 2009)

 5. The 3 areas of risk that the business will develop a contingency plan will be based on the determination of the main risks to the business, the preparation of the evacuation plan and also the communications fan-out systems. (Ward, 2012)

 Activity 17

 The action plan is to be communicated to the senior accountant management and its associated details, needs to be communicated to the accounting department as well and this could be best achieved by the help of proper insurance details and proper warranty of the laptop.

 Activity 18

 The policies, associated procedures and person/s responsible for completing the record-keeping that the organization has in place for risk management is to create the documents on a routine basis and there are proper legal and regulatory frameworks for keeping and creating records. The record management policies and procedures must be promoted on the basis of mechanisms of training sessions, management briefings and other examples. (Records.nsw.gov, 2012)

 Activity 19

1.
It is important to monitor an action plan once it has moved into its implementation phase because it helps in clear goals and visions for the ambition that needs to be achieved. It also helps to achieve the immediate goals and immediate objectives. Thus it also supports the enormous amount of data that could support the staff members as well as the administrative ones to support the activities of the project. (Acestools.or.at, 2012)

 2. With the help of review scope and frequency triangle, the 2 examples of activities that could be performed at each level is to design something very quickly and in a high standard but it is not cheap. It designs something quickly and cheaply and also it takes a very long time.

 3. The monitoring aspect of a risk management plan and factors that includes in the plan is as follows:-

Proper planning, proper collection of data and proper evaluation and implementation so as evaluation

Activity 20

Written / Oral Questions

 (1) The risk management standard known as “AS/NZS ISO 31000:2009” is coding by the international organization for standardization. The rationale to define the standard coding by the international organization for standardization is to provide the essential important guidelines and principles that determine and define the risk management activities and concepts. The role of this standard in the organization is very important because it provides generic guidelines in the areas of risks management process in terms of required designs, implement programs and maintenance activities in organizations.  The purpose of this standard to make it applicable and acceptable for the entire public, private or community enterprises , individual or group and association to minimize and reduce their risks that associated with their day to day activities.

 (2) The working knowledge of legislation is highly important that are involve in the business. To run business successfully in terms of business operations, managements and day to day activities required and involve numerous supportive set of actions and activities that helps to complete the tasks. To ensure that about the activities and business that run in the market follow all the law and provide safety from the possible harsh and consequences required working knowledge of the legislation. Laws are defines to protect the customers, manufactures, buyers, suppliers or in conclude an individuals’ rights. So, to achieve and run the business successfully in the market require working knowledge of legislation.

A duty of care is a day to day plan or duty that used to take reasonable care in the ongoing activities, tasks and actions to avoid, reduce and minimize the omission and errors that associated with activities, tasks and actions. This is one kind of tactics that individual or group, organizations and many other communities use to addresses the challenges. (Raniolo, 1997)

 (3) Risk management is systematic approaches and methods that used to addresses the issues and challenges in terms of risks that associated with an action, activity and task  used by the management in the organization. As in each and every project carry certain probabilistic outcomes risks that occurs due to used approaches to complete the task. Some risks are controllable and some risks are uncontrollable. Risk management used to reduce, minimize and eliminate the risks that associate with an action.

As the definition of the risk management provides complete and sufficient information about the importance of it within the organization. In the definition talked about risks management is systematic approach that consist numerous steps and a structured procedures that need to follow if organization wants to minimize, reduce and eliminate the risks. So, to achieve desired outcomes or expected result with error free the management must follow the procedure of risk management.

 (4) Risk assessment activity important to ensure the about the planned and predefined precaution that defined to provide protection from the risks that associated with an action or task. Risk assessment assures that all the precaution action or steps are in place that protects the organization from the risks.

 Advantage:

 –      Provide scope of improvement and scope of opportunity areas

–      Determine the risks status that will be minimizing through different possible approach.

–      To measure the difference between possible/expected outcomes and actual outcomes

  Disadvantage:

–      Time consuming activity

–      Required investment to analyze and research activity

–      Focuses on new scope that required time and cost. (Safeworkersco.uk, 2010)

 The risk assessment activity carried out on the basis of occurred events and activities, past data and already complete activity that provide and indicate the gaps between expected and actual outcomes. This activity carried out on the basis of available resources and outcomes that come from the predefined actions and tasks. (Research.uci.edu, 2008)

(5) There are number of acts introduced to provide special care for the disable people in the organization.

Acts involves followings rights:

–      No direct and indirect discrimination, in case of discrimination with disability employees there will be strict termination action for non-compliance

–      Equal opportunities to grow in the organization

–      Eligible to gets all the benefits

Adjustment:

–      Develop different plan to provide training and educate the disable people as per requirement.

–      Use both writing and verbal communication to communicate them.

–      Provide special care in terms of job support and other curriculum activities that organize in the organization

–      Provide all the necessary equipment to them that helps to work in efficient manner like with computer provide speaker and other essential tools.

–      Provide modified safety equipment and trainings to face the critical situation.

–      Organize and arrange the medical camp for them.

–      Special criteria to measure the performance. (Hreoc.gov.au, 2012)

 (6) Business can take out variety of insurances that will provide additional benefits to their employees, employers, customers and members. There are numerous insurances services businesses or organizations provides to its stakeholders. These services also impact on the organization. This service provides direct and indirect benefits to the stakeholders. Some of the insurances are as following:

A)   Health insurance,

B)    Accidental insurance

C)    Insurance for employees and employers and life and health insurance from family.

Project 1

Part 1 – Plan for enterprise risk management:

 The organization’s that is chosen is Wal-mart and the current risk management policies, procedures and processes and comment on the strengths and weaknesses of these arrangements

The visible management commitment is an important factor in case of the establishment of risk related factors. The risk management is identified from the performance and the helps to lead through the advantage.

The existing information controls includes strengths of system. There is high level of dependence in the business that is the major weakness of the business. (Qgcio.qld.gov.au, 2002)

 The scope for risk management process that will conduct for the risk is as follows–

 To understand the framework of the risk management, the scope will be to define and to identify the objectives of risk management processes and activities. This establishes the proper scope of the project and also it helps to include the specific activities. (Enisa.europa.eu, 2012)

 The impact that each of the following has on the organization’s approach to risk management:

 Political environment: The political environment includes the risk with the perspectives of governmental laws, rules and regulations. The funding related issues also create the approach to risk management.

Economic climate: The economic factors include employment, income, inflation, interest rates, wealth and productivity, the buying behavior of the consumers and also the institutions creates the economic factors. This is the risk related approach to the management.

Social factors: The factors include cultural aspects, health and safety related consciousness, population growth rate and demographics profile.

Legal factors: This factor includes the rules and regulations, legislations from one country to other country.

Technological advancements: This factor includes innovation and technologies related factors.

Policy context: This creates issues with respect to change of climate and other variations.

 The document critical success factors, goals or objectives for area included in scope are to understand the organizational background and to define the goals and objectives and to achieve it.

 Each of the internal and external stakeholder groups and the list of their issues are related with planning and the business part. The internal stakeholders groups are known as the board members, the staff members, the volunteers and many others. The external stakeholders groups are known as clients, community partners and the members in the organization and many others thus the issue is associated with the key individuals with respect to the desires and destinations.

 To communicate with each of these stakeholder groups, the details are as follows:

Key messages: The key message will be based on creating the awareness and providing appropriate messages.

Delivery strategies: Through the best communication plan and promotion techniques

The input/ participation will be encouraged by the help of proper timelines and proper delivery.

 The level and type of support that need in order for risk management plan to be effective will imply with the help of proper and accurate strategic plan and the strategies that will be used in order to obtain that support provides extraordinary incentives and gains. (Strategiestactics.com, 2006)

 Part 2

 With the help of SWOT diagram, the risks that face the company most is the environmental risk and HRM related risks.

 

Strengths ü  Core competence, information technology ü  International logistics system ü  Investment in time and money ü  Training and retaining the employees ü  Wal-mart has experienced global expansion	Weaknesses ü  No flexibility in terms of competitors ü  Facing competition in North America such as Kmart. ü  Weak in some areas of control ü  HRM Issues
Opportunities ü  To take over with strategic alliances with other global retailers ü  Tremendous opportunities for future perspectives. ü  Expansion of consumer markets opportunities	Threats ü  The target market or the competition. ü  The global retailer and political problems.

 The HRM issues in this organization build the cultural and the environmental risks that ascertains through many challenges.

 Part 3 – Analyze the risks

 The likelihood of the risks occurring is associated with the HR risks that creates the low cost workers, creates inflexibility and long working hours in the organization. This also creates the employee’s biasness. Thus the environment does not remain healthy and friendly.

 The impact or consequence if risks occur impacts the overall goals of the business along with the reputation.

 Risk matrix

Likelihood

	High	HRM issues	Cultural issues
	Medium	People related issues	Structure (Management issues)
	Low	Reputation lost	Goals unable to met
		Low	Medium	High
	Impact

 The major risk is associated with the human resource department that depicts no change and this increase the working hours, decrease in flexible shift timings and also the pay related issues exists in the work place that de-motivates the employees.

 Part 4 – Selection and implementation of treatments:

The most appropriate option/s for treating the top 3 risks that you have identified is HR risks, people related risks and systems risk.

 The action plan for implementing those risk treatments is as follows:

 Risk 2:

 

The action plan will be communicated with the sharing of proper and accurate information to the relevant parties so that no miscommunication can exist in the plan or purpose.

The documentation that is needed will be based on the management and it will be completed and stored by the help of senior level of management.

The steps that will take to implement the risk management action plan are the identification of the work, then the allocation of the work and control and checkpoints etc. It also requires completing on time with proper cost.

To monitor the action plan and to ensure that it meets its identified goals is with the help of various tools and techniques especially with the help of information technology.

To evaluate the process that has been used to manage these risks is required proper planning, proper tools and proper strategies and actions.

 MH59

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