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Measure of the extent to which a company’s benefits are achieved is known as value and this should be at optimum cost. As a manager of the battery manufacturing company, Bart Erry Ltd, I would employ risk management and assessment for evaluation of risks in order to take remedial actions in line with achieving these benefits and minimising loss of value to hazards and uncertainties.
Risk profile is a defined set of risks that an organization is exposed to and describes when a risk should be considered acceptable as well as how the risk is affecting decisions of the organization and corporate strategy (Woodhead, 2001)1. Risk profiling involves outlining the risks according to priority and can be developed during risk analysis and used for the management of these risks. It enables the company to measure the likelihood of the threats occurring and the extent of disruption that can be caused by each type of risk. Profiling hence involves identification and quantification of risks where identification is simply finding or recognizing a particular risk that could affect the organization in achieving its goals. While in quantification the identified risks are evaluated and a data developed to help in outlining a disaster recovery plan.
The battery manufacturing company, Bart Erry Ltd are currently facing a number of risks such as legal suit may be filed against them by the local community because of the chemical effluent which found its way into the river and killed fish. They also face relocation from their current location by the government. They as well face health hazard risk not only to the local community but to the company too because they may also depend on water from the contaminated river for several uses. The company may also face destruction of property by the angry local fishing community whom have been affected because the effluent from the company caused the death of fish that they
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Businesses grow and become profitable by carrying out projects. A project is a temporary endeavour, the aim of which is to create a new product, service, or result (Schwalbe 2008, p. 39). It is a sequence of unique activities that are complex and connected to each other, with one aim, which must be accomplished within a specific time period, within budget and according to specification (Wysocki 2009, p. 2).
I will conduct a literature review to answer this question and assess the major reasons behind project failure. This research will outline some of the important aspects which can cause project failure. However, some of the important reasons of project failure can include, project cost increase, or project fails to meet the established deadlines, cost, time and/or performance objectives etc.
In this project Janet implemented all the types of communication methods and technologies to discuss the status, technical issues, and responsibilities of the project. In this scenario one of the main techniques she could use is the project status reports.
Irrespective of the significant time project management has been around, confusion is still persistent concerning the exact definition of a project. Any form of outcome that necessitates the need to incorporate multiple action items, in a sequential order, can be referred to as a project.
In accordance with the process of project management, it entails five major proceedings to attain the successful conclusion of the project. ‘Initiation’, ‘Planning’, ‘Execution’, ‘Controlling’ and ‘Closure’ represent the processes that frame the lifecycle of a project (Artech, 2003).
It is a critical issue in management and must be dealt with effectively and competently otherwise, it might be the of a company’s downfall. Thus every organization must ensure that they incorporate risk assessment into their project management processes for achievement