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Risk Management

By Name

Course
Tutor
University
City, State
Date
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Assessments Activities 1 and 2
This project entails assessment activity 1 which covers Risk Management plan and
assessment activity 2 which is an evaluation of risk management plan for SmarTech.

ASSESMENT ACTIVITY 1 MANAGING RISKS

Risk management is the process of identifying risks, assessing risks and coming up with
strategies to manage risks.
Scope
The risks management plan and impartial analysis of a business are necessary for its continuity
plan. It is important to understand the potentials to one's business so as to minimize their
impacts.
Stakeholder Analysis
For the risk management plan to succeed, stakeholder management is critical for SmarTech. The
engagement of the right people correctly in this offers high chances of success. Business has both
internal and external stakeholders. These different stakeholders have a different impact on the
organization, and this understanding is essential because it determines their results.

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
communication meetings Non-formal
Frequency Regularly Regularly Regularly
Issues if not Risk Risk Risk Risk Risk
solved
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Industry analysis
This looks at the competitive nature if the general industry and how different players relate with
one another. For this part, we will conduct the industry analysis for SmarTech to study the items
in risk management plan. This will make use of this table.
Dimension Details
Social Changes in population as a result of increased population are an indication of
increased customers and markets for SmarTech. This growth is a sign of future
expanded market.
Technological The increase in the use of technology in carrying out most of the duties that used
to be undertaken manually is an avenue for SmarTech to innovate and increase
its market share.
Technology is an expectation to reduce the cost of doing business and
discovering friendly ways of doing things.
Economic A healthy economy is important 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 use 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
- Tax policies, labor 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
Risk is any event that could make to go against the way it was planned,
Risks can be recognized from various distinctive sources. Some might be entirely evident and
will be distinguished preceding undertaking kickoff. Others will be recognized amid the venture
lifecycle, and a hazard can be distinguished by anybody connected with the venture. Some
hazard will be characteristic to the venture itself, while others will be the aftereffect of outer
impacts that are totally outside the control of the venture group. The Insert Project Name Here
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Project Manager has general duty regarding overseeing venture chance. Extend colleagues might
be appointed distinct zones of obligation regarding answering to the extend chief. All through all
periods of the venture, a particular theme of the talk will be hazard recognizable proof. The aim
is to teach the venture group in the requirement for hazard mindfulness, recognizable proof,
documentation, what's more, correspondence. Risks considerations require that each venture
colleague knows about what constitutes a hazard to the venture, and being touchy to particular
occasions or variables that could conceivably affect the extend in a positive or negative way.
Hazard recognizable proof comprises of figuring out which dangers are probably going to
influence the venture and archiving the attributes of each.

Risks Analysis and Evaluation

All the risks that have been identified will need to be reviewed to get their intensity and the
likely return of the firm. Using qualification, we will determine the top risks so as to pursue and
reply to which one can be ignored.

Risks Treatment and Action Plan

Every key risk that SmarTech is exposed to can be allocated to the respective management center
for monitoring process so at to ensure that such risk does not negatively affect the operations of
SmarTech beyond the expected level. It is important always to apply the following principles in
risks managements.
1. Avoid try to eliminate the treats of the cause
2. Mitigate looks for ways lowering the likelihood
3. Accept nothing to be done
4. Transfer

ASSESMENT ACTIVITY 2 IMPLEMENTATION, MONITORING, AND

EVALUATION
The key to risk management is that the strategies and efforts employed should be equal to
the extent of the risk the firms faces as stated by the size, nature, and complexity of the
organization and should be related to the corporate activities and should be dynamic because the
future of the team is largely uncertain.
This project is exposed to numerous risks as illustrated in appendix three. Potential
hazards are connected with 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 in the course of 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
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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