Partial Title

Manage Risk

By Name

Course

Tutor

University

City, State

Date
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Assessments Activities 1 and 2

In this project, two events will be assessed. The first event will look at Risk Management

plan while the second activity involves assessment of the risk control plan for SmarTech.

ASSESMENT ACTIVITY 1 MANAGING RISKS

Risk management is a procedure by which risks are identified, assessed and methodologies of

controlling them drawn.

Scope

For a business to continue running efficiently, it is imperative for the management to

come up with a risk management plan. The impartial analysis is a well vital in enhancing the

continuity of business. Understanding the possible threats and risks that a company is exposed to

is very crucial as it helps business owners minimize the detrimental effects of those risks.

Stakeholder Analysis

To come up with a successful risk management framework, SmarTech must embrace

stakeholder management. Engaging the key partners in any plan provides a solid foundation for

business success.

Each company is made up of both private shareholders as well as the external ones. All of

them impact differently in a company. Comprehending their roles well assists in the

determination of their effects on business.

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Shareholders Managers Our Team Customers The public

Role Owners Managing Carries daily Buys Stewardship

SmarTech activities SmarTech

products and

services

Internal Internal Internal Internal External External

Interests Financial reputational reputational reputational emotional

Contribution capital skills skills market environment

Level of High High High High Medium

importance

Level of High High High Medium Low

interest

Priority 1 1 1 3 4

Method of General Official Official Formal / Non-formal

communicatio meetings Non-formal

Frequency Regularly Regularly Regularly

Issues if not Risk Risk Risk Risk Risk

solved
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Industry analysis

Industry analysis focuses on the competition in the whole industry and the relationship

between the players in the said industry. It is important to carry out SmarTech industry analysis

as it will enable us to find the competitors and as well the issues in the risk control framework.

The table below table will be helpful in the analysis.

Dimension Details

Social Changes in population because of increased population are an indication of

increased customers and markets for SmarTech. This growth is a sign of future

expanded market.

Technologica The increase in the use of technology in carrying out most of the duties that

l used to be undertaken manually is an avenue for SmarTech to innovate and

increase its market share.

Technology is at an expectation to reduce the cost of doing business and

discovering friendly ways of doing things.

Economic A healthy economy is essential for SmarTech to operate properly. The

economic environment creates appealing opportunities to get the expected

goal. In most states in the country, economy and employment have improved.

Legal Increased laws regarding on how technology can be used and transferred the

performances of SmarTech. For example, legislation regarding the utilization

of an electronic device in times of security threats affect the company's

operations. Legislation regarding compliance on the training courses.

Political - Changes in government, policy and government stability

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- Tax policies, labour law, environmental law (also in environmental), trade

restrictions and tariffs

- Government to have strong influence on the nation's health, education and

infrastructure

Policy - Energy prices are impacted by the cost of transporting goods and bills which

will affect the total cost of products and services (also in economic)

- Consumers paying more attention to green products and recyclable goods

(also in social)

- More investments in renewable energies = higher product and service costs

(also in economic)

- Strict government regulations on environmental protection (also in political)

Strengths and Weakness of current arrangements

Critical Success Factor

Section 2: RISK IDENTIFICATION

Identification of risks
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Risk refers to any unanticipated occurrence that would adversely affect the set plans. A

risk can be realized from different sources. Some risks can be unavoidable and anticipated before

a start of a project. Others are recognized in the middle of a project by those involved in the

process of implementing the venture. Some risks are internal and unique to the investment, while

others are because of external effects of the project. The SmarTech Project Manager is the one

mainly responsible for ensuring the success of any project the company undertakes. Other people

may be employed in specific departments. They ought to exclusively report to the manager and

carry out their duties as per his expectations. Throughout the period a project is being

undertaken, the possible risks are identified. Those making the venture are trained on the

importance of risk awareness, how to recognize the potential hazards, how to document them,

and the mitigation procedures. Risks identification demands that all project workers and partners

identify themselves with the constituents of a risk. These individuals should also be sensible to

specific events or variables that may affect the project either positively or negatively. Hazard

identification entails finding out the risks that may probably have an impact on a business

venture and coming up with ways of controlling each of the risks.

Risks Analysis and Evaluation

The identified risks out to be looked at keenly to find out their intensity and probable

effect on the project. By use of the qualification plan, we are going to see the priority risks to

analyse well and do an evaluation of the ones that can be overlooked.

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Risks Treatment and Action Plan

All the hazards that SmarTech is vulnerable to may be placed under the liable management

centre to be able to monitor to make sure that they do not negatively influence business at

SmarTech past the anticipated degree. The following strategies are very crucial in risks

managements.

1. Avoid refers to elimination of the cause of the risk

2. Mitigate it is important to find out methodologies of lessening the probability

3. Accept the risk is unavoidable and no mitigation procedures can prevent it

4. Transfer

ASSESMENT ACTIVITY 2 IMPLEMENTATION, MONITORING, AND

EVALUATION

All the methods and efforts employed in managing risks must be in equal measure with

the extent of the hazards faced by the company as shown by the kind and structures of the firm

and can be related to the group's activities and should be dynamic because the future of the

organization is largely uncertain.

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This project is exposed to numerous risks as illustrated in appendix three. Potential

hazards relate to the projects and are expected to emerge at various stages of implementation. For

this project, the significant risks are time constraints and overall execution process. Although the

researcher has conducted vast researchers before the development of the project plan, which has

allowed them to gain detailed understanding or the project, it is still expected that they could face

the issue of time constraint during undertaking the project due to unpredictability issues that

might be associated with the project. Secondly, the project is a novel idea in the company, which

has not been tried or implemented in the past concerning ALIAN gas. Thus, its overall success

presents a huge risk of failure will result in total waste of all resources that have been pushed into

the project execution.References

Arizon, C., (2013). Project Management Methodology & Step-by-Step Guide to Managing

Successful Projects. Retrieved from

http://www.chandleraz.gov/Content/PM000PMMethodologyGDE.pdf

Chard, D., (2009).Performance Measurement Baseline Reviews and Project Risk. Retrieved from

http://www.apm.org.uk/sites/default/files/APM-IRM_090709_Chard.pdf