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Implementing the Risk Management Process in New Kitchen Heaven Retail Store - Essay Example

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The study provides suggestions on the various options and solutions of managing the risks to help provide the way forward for NKHRS. The various processes of monitoring, updating and reporting risks for effective operations of the retail store will also be examined…
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Implementing the Risk Management Process in New Kitchen Heaven Retail Store
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Implementing the Risk Management Process in New Kitchen Heaven Retail Store

Download file to see previous pages... The intention of this study is risk as the probability that a chosen action or activity including the choice of inaction might result into a loss or undesirable outcome. This implies that a choice has an element of influence on the outcome. Risk management process is therefore the systematic application of the policies, methods and practices of management to the tasks of establishing the context, analyzing, evaluating, monitoring, treating and finally reviewing the inherent risks. Risk management process is therefore an ongoing process that aids in identifying potential problems that could emerge when new projects are undertaken within a business. A solid risk management process facilitates the smooth running of a project. By identifying and addressing a list of project risks which are also part of the larger project or business management system, many disclosures and roadblocks are eliminated. Consequently the risk management process is an essential factor that should be considered in an organization so as to enable its business to effectively run. It ensures that a well structured a framework for more effective strategic planning to enable maximization of opportunities and minimization off losses is put. It equally promotes greater openness in decision making and improves communication in an organization as well as providing an effective and systematic approach which enhances the management focus on areas of risk concentration in their operations. Moreover, risk management widens the management’s perspective and encourages initiative and proactive behavior that improve the level of accountability in an organization. Identifying the Risk Factors Considering the compilation lists of the NKHRS project risks, it is realized that the major risks are concentrated in three sections, that is, in areas of Information Technology, Facilities and Retail. In the area of Information Technology there is the risk of getting a professional contractor to install the Ethernet so as to enable effective operations. Similarly, there is the risk of getting the Point of Sale and server hardware in time for the smooth operations .In the area of facilities it is noted that there is a risk in obtaining the right and desirable location bearing the right price range This location might as well be risky in terms of the availability of the goods and the products accessibility to the consumers. In this case a plan should be developed to decide on whether to find the right location for a high producing store to avoid great loss in sales or to consider a different alternative that can generate good profits (Culp, 2006). Consequently, in the Retail category there is the risk of the availability of the products at the right time to the customers and that the shipment date for the ...Download file to see next pagesRead More
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