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Baderman Island Resort Risk Assesment - Article Example

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For Baderman, the aim of risk assessment is to analyze possible risks and threats, weaknesses and outcomes of the proposed solutions. Risk assessment will begin with identifying variables relevant to a firm's strategic situation, along with their causal interrelationships…
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Baderman Island Resort Risk Assesment
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Download file to see previous pages It is also time consuming. The implementation of information systems to achieve a competitive advantage is a perfect example of a situation in which firms and governments find themselves investing a lot to enjoy a marginal ROI. If achieving a competitive advantage were easy, then a firm's competitive advantage would be no advantage. There are also risk and uncertainty in the implementation of information systems (Grey, (1995).
One approach to strategy selection is the "Z" model of strategy assessment. In table 1 (see appendix), the arrows illustrate an increasing degree of risk as they follow a z-shaped path. That is, starting with existing services and clients, there is increased risk in attempting to cultivate new clients; there is even greater risk in attempting to develop new services; and there is the greatest degree of risk in attempting to develop new services for new clients. In the case of a strategic issue for economic development, the dimensions might be cost versus return on investment (Grey, (1995). If a new software is being installed, it has a high cost and low return on investment. If a small amount of expenditure encourages improvement in performance and productivity leading to improved service and customer satisfaction, , C might be the best alternative. t is important to use objective criteria to assess competing strategies so as to determine their individual cost/benefit and to gain some information about their potential risks. The purpose of this analysis is to provide alternative approaches to use for making such assessments (Grey, 1995).
In addition to this mode, a traditional rank possible strategies to address key strategic issues along certain dimensions. This risk analysis will consist of four steps: The first step is to identify a treat. Traditionally, managers prefer to maintain the status quo rather than subject their firms to the downside risk of failure, even at the expense of losing market share. Gaining market share is the upside potential of investing heavily in IT. New information technology results resolutely from changes in strategy. Reducing resistance to change again requires investing in human, financial, and time resources (Grey, (1995). At this stage, a special attention will be given to such possible weaknesses as time of installation and limitations of the proposed software, its weaknesses and possible breakdowns. Also, the management will calculate budget expenditures required for additional services and additional training of staff.
The second step is to identify who might be harmed and how. Fortunately, the global business environment and fierce overseas competitors now focus managers' attention on computer and information resources. Firms and governments that challenge their managers to tap the potential of these resources are gaining a competitive advantage. These successes press status quo champions to change their attitude (Grey, (1995).
The third step is to analyze risks and develop contingency plans. Contingency planning provides a course of action for unplanned events. Contingency plans are preparations to take specific action(s) when an event not planned for in the formal planning process takes place. As the definition states, events in the business, political, or even personal worlds of employees and decision makers can have an effect upon ...Download file to see next pagesRead More
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