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Risk Management Strategy

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For this assignment, select a project. Prepare a risk management strategy in the form of a paper of approximately 5,000 words for the project you selected, using the outline below as a guide. Risk Management Strategy Section 1: Identification of Risk Sources (1,500 words) You should select a project large-scale enough or complex enough that it would involve many risks, potential issues and stakeholders. Describe your selected project. In your description, include specifics on what the project is producing or accomplishing. List specifics such as budget, timeline and schedule. Provide an analysis of the broad strategic business context of your selected project. Include details about the departments, stakeholders, location and area of business that may influence uncertainty, risks and issues related to this project. Explain why analysis of the business context is important in project risk appraisal. Identify potential risks associated with your chosen project. For each risk, identify the major stakeholders that should be included and consulted throughout the risk management identification and analysis for your selected project. Provide a rationale for your selection of each risk and the relevant stakeholders. Section 2: Assessment and Planning (1,500 words) Identify strategic management tools that could be used to analyse risk associated with your selected project. Explain the impact of each of these tools on your project and how effective they are. Prepare a detailed response plan for the selected risk area. Your response plan should include a probability and impact assessment, prioritisation and identification of early warning indicators. In your response plan, also describe qualitative and quantitative tools that could be used to analyse risk associated with your selected project. Explain the impact and effectiveness each of these tools may have on your project. Explain how you considered stakeholder risk tolerance. Would your planning for individual risks change depending on a stakeholder’s tolerance for risk? If you had to prioritise the stakeholders depending on their risk tolerance, how would you still reassure those who were more risk tolerant? Section 3: Implementation (2,000 words) Prepare an outline of your strategic risk plan for your chosen project based on the findings from your selected risk register. As a conclusion to your outline, explain how this outline can inform your regular project reviews in order to build the project’s risk profile. In your explanation, explore the following questions: Where in the life cycle of projects should risks be identified? What processes should be used to ensure that risk registers and other elements of a risk response plan are updated to reflect an accurate risk profile throughout the entire project? What role should stakeholders play in the development of risk registers? expand your work and do the following: Provide your rationale for the following question: Given that risk registers are commonly used tools to manage and control risks, why do many projects fail? Prepare an outline of a strategic risk plan for your chosen project based on the findings from your selected risk register. Explain how this outline can inform your regular project reviews in order to build the project’s risk profile. In your analysis, explore the following questions: Where in the life cycle of projects should risks be identified? What processes should be used to ensure that risk registers and other elements of a risk response plan are updated to reflect an accurate risk profile throughout the entire project? What role should stakeholders play in the development of risk registers?

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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MGT0091 Small Business Management and Entrepreneurship

Task Assignment 1 – Due at beginning of Class Value: 10% of final grade Please note: This Assignment (electronic only) is to be submitted via Brightspace via the Turnitin facility provided. Sorry, no paper versions will be accepted. Grades on late assignments at the end of class of due ...

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Identify and analyse the implications for managing strategic change in supporting organisational transformation.Analyse the organisational management challenges faced during the transformation and changes experienced by the organisation.Analyse and evaluate the significance of strategy employed in t ...

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Management

Part A: Written Questions  What are the four stages of transformational change in an organisation? How can these stages be managed? Write your answer in 200-250 words.    Explain the role of organisational design and building in responsiveness of operations to change in customer o ...

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