...large multinational and small to medium, should take the threats and risks they could face seriously. Security Risk Management (SRM), Business Continuity Management (BCM) and Emergency Planning (EP) assist in achieving this by putting in place effective risk identification and management measures. Effective management of risk can make the difference between success or failure of business operations during and after difficult events. Threats can include man made threats, such as terrorist attacks, or naturally occurring threats such as earthquakes. Effective risk identification and management is essential to any business, especially with the current uncertainty in the world’s economic climate. In order for businesses to survive, during times of increased strain on business operations, it is essential that an alignment between security and business operations can be achieved. This can be achieved by the security department not only widening the remit to cover more risks, but changing how the department works and relates to the rest of the business; including shared responsibility for things such as Corporate Governance, Information Assurance, Business Continuity, Reputation Management and Crisis Management. The problem is security departments now have more responsibilities in an increasingly complex and fast moving world. Security Risk management is no longer an activity just for companies who work in high-risk areas or with exposure to significant security threats. Therefore,...
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...RISK MANAGEMENT GUIDE FOR DOD ACQUISITION Sixth Edition (Version 1.0) [pic] AUGUST, 2006 Department of Defense Preface The Department of Defense (DoD) recognizes that risk management is critical to acquisition program success (see the Defense Acquisition Guidebook (DAG), Section 11.4). The purpose of addressing risk on programs is to help ensure program cost, schedule, and performance objectives are achieved at every stage in the life cycle and to communicate to all stakeholders the process for uncovering, determining the scope of, and managing program uncertainties. Since risk can be associated with all aspects of a program, it is important to recognize that risk identification is part of the job of everyone and not just the program manager or systems engineer. That includes the test manager, financial manager, contracting officer, logistician, and every other team member. The purpose of this guide is to assist DoD and contractor Program Managers (PMs), program offices and Integrated Product Teams (IPTs) in effectively managing program risks during the entire acquisition process, including sustainment. This guide contains baseline information and explanations for a well-structured risk management program. The management concepts and ideas presented here encourage the use of risk-based management practices and suggest a process to address program risks without prescribing specific methods or tools....
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...“Risk Management on a Satellite Development Project” Case Study #3 Tammie Y. Harris Professor Dr. Mary Hair Collins Managing Human Resource Projects- HRM517004VA016-1128-001 December 8, 2012 | 1. Suggest the issues that could have developed had the team not had a risk plan. The main factor for not completing the project is team failure which is because of poor overall initial planning. When there are unrealistic goals being set, creating a chaotic working environment there is bound to be nothing but pure failure of the project and its success in the near future. There can be two major causes for the team project failures; overdue or missed time standards, and going beyond set financial plans. With the interpretation of day to day basis risk assessments into team developed projects, there is a more realistic set of guidelines, and procedures put into place. The definition of a risk assessment states , “ that it is the identification, evaluation, and estimation of the main levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk”. With set risk assessment techniques, the team may further eradicate all possible liabilities or future occurrences within the project team. The essential of having a successful project management team is very important. Having strategic risk management techniques is essential. When planning a project team, it is sometimes...
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...Market. Starbucks has always offered the world’s best fresh-roasted whole bean coffees. The name, Starbucks was inspired by Moby Dick. According to Starbucks Coffee Company (2012), “Howard Schultz joined Starbucks as the director of operations and marketing, and Starbucks began selling coffee to restaurants and baristas in 1982.” Once 1988 came around Starbucks operated about 33 stores and today Starbucks operates about 17,651 stores in 55 countries. Team B will discuss the relationship between strategic and financial planning. The subject of this report is Starbucks, and there are several topics we have touched on. First, Team B will describe a strategic planning initiative for Starbucks. Secondly, Team B will explain how the initiative will affect the financial planning at Starbucks. Team B will also explain how the initiative will affect costs and sales. Finally, Team B will explain the risks associated with the initiative and the financial effects these risks may have. Starbucks Strategic Plan Strategically, Starbucks has increased the drive through retail portion of the stores to better serve their loyal customers through convenience and by continuing to provide the Starbucks experience. Through the implementation of the Starbucks card, which can be used globally, and the growth of the healthy additional...
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...1. Go online and conduct research on business continuity planning (BCP). 2. In 600 words, write a APAv6 formatted paper which discusses the following: ◦ What does this term mean? ◦ What practices or procedures does it include? ◦ Why should IT personnel be concerned with business continuity planning? Business Continuity Plan Before businesses were involved in contingency management, disaster recovery and contingency planning were predominantly IT driven responses to the increased attacks of Mother nature and terrorist events in the late 80s and early 90s (Tangen & Austin, 2012). It became apparent to business owners the link between events and profit loss which led to the establishment of business led processes. These processes were developed and planned to address the types of threats that could occur and affect business operations. The discipline became known as business continuity management (BCM). Business continuity management is about identifying and understanding the risks to the everyday running of a business and planning how business will be maintained if an incident actually happens (Business Bolton, n.d.). When a business is disrupted, it suffers financially. A business continuity plan (BCP) is a collection of procedures and information which is developed, compiled and maintained in prep for use in the event of an emergency or disaster. of any kind. Types of incidents identified addresses IT system crashes along with , natural...
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...Guidelines for Risk Management Process Review The purpose of risk management is to identify potential problems before they occur so that risk-handling activities may be planned and invoked as needed across the life of the product or project to mitigate adverse impacts on achieving objectives. Risk management is a continuous, forward-looking process that is an important part of business and technical management processes. Risk management should address issues that could endanger achievement of critical objectives. A continuous risk management approach is applied to effectively anticipate and mitigate the risks that have critical impact on the project. Effective risk management includes early and aggressive risk identification through the collaboration and involvement of relevant stakeholders. Strong leadership across all relevant stakeholders is needed to establish an environment for the free and open disclosure and discussion of risk. Although technical issues are a primary concern both early on and throughout all project phases, risk management must consider both internal and external sources for cost, schedule, and technical risk. Early and aggressive detection of risk is important because it is typically easier, less costly, and less disruptive to make changes and correct work efforts during the earlier, rather than the later, phases of the project. Risk management can be divided into three parts: defining a risk management strategy; identifying and analyzing risks; and handling...
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...of the current project risk management Procedure followed by the Spanish Business Unit of an automotive multinational company, which manufactures steering wheels and airbag modules. Different changes are established in the current procedure for the purpose of defining and implementing a project risk management procedure more useful and efficient. Introduction In the competitive business environment, organizations are seeking to get and stay ahead of the competition by making significant advances in the products and services, and operating as efficiently as possible. Many businesses use projects as vehicles to deliver that competitive advantage. Clearly each organization wishes to move ahead as quickly as possible, and that involves taking risk as the business exposes itself to a range of uncertainties that could affect whether or not it achieves its desired aim. Risk can be broadly defined as the probability of variation surrounding an anticipated outcome. Risk has been examined across multiple Disciplines, including economics and management. Within the project management context, the important thing is not keep risk out Projects, but to ensure that the inevitable risk associated with every project is at a level which is acceptable, and it is effectively managed. A project risk management includes the processes concerned with identifying, analyzing and responding to project risk. It includes maximizing...
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...Retirement Ceremony Keller Graduate School of Management PROJ 595 – Project Risk Management Phillip Thatcher October 24, 2014 Edward Yerington TABLE OF CONTENTS Project Risks for Planning a Military Retirement Ceremony Course Project Part I ………………………………………………………………………………………….3,4,5,6,7,8,9 Introduction……………………………………………………………………………………………………………………………10 Decision Tree Analysis……………………………………………………………………………………………………………11 Discussion of Decision Tree…………………………………………………………………………………………………..12 Fault Tree……………………………………………………………………………………………………………………………….13 Discussion of Fault Tree………………………………………………………………………………………………………..14 Conclusions…………………………………………………………………………………………………………………………….15 Works cited…………………………………………………………………………………………………………………………….16 Introduction The Project Manager or the Commanding Officer of this project is responsible for the implementation of the Project Risk Management Plan. A formal detailed plan is required for these large complex and high-risk projects. These projects require a specified treatment plan to monitor and control risk. However, for smaller less complicated projects the risk plan is usually combined into the daily operations of the project tasks. In which I will assign to the appropriate sections. Such was the case for the planning a Military Retirement Ceremony. This report will discuss how risk were identified, prioritized and monitored for the project of planning of the Military Retirement Ceremony. I will...
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...References………………………………………………………………………………… 8 Appendix A.……………………………………………………………………………… 14 CASE REVIEW ANALYSIS OF THE DENVER INTERNATIONAL AIRPORT Summary of Findings 3 There has been considerable controversy documented through case study over the inadequacy of project and risk management structure associated with the Boeing Airport Equipment (BAE) automation design technology for a new baggage transport system at the Denver International Airport (DIA). Research background conducted by Kerzner (2011) under Case 23 revealed a documented tenyear history of this complex project with inherent risks. In another case study conducted by Montealegre, Keil, and Robinson (2000), a risk practice methodology was presented through “lessons learned” for improved implementation of the project’s risk management structure. Unfortunately, analogy comparisons for this type of project to incorporate past lessons learned did not exist prior to its inception since its technological innovation was breakthrough in design and concept. The city and DIA staff thought that they would be able to meet project budget and deadline, but in retrospect caused the project to be rushed beyond cost and schedule control due to inadequate risk processes. According to Kerzner (2011, p. 125), “better risk...
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...Q 1: Advantage: 1. Risk identification: If all the risks have been identified at the beginning of a business project, the outcome and the solution of the risks can be considered before start and reduce potential lost. 2. Reduce compliance costs: The unprofitable part of the business can be eliminated or outsourced after risk analysis so that the risk is transferred. Reducing the areas of responsible business will allow the company to devote resources to the most profitable parts and eliminate the risks that were associated with those abandoned segments. 3. Enhance quality of product or service: The chance of emergency cases have been reduced so that the quality of product or service can be ensured at a certain level. 4. Increase efficiency and productivity: All risks have been figured out so that staff can be easily to distributed at suitable position and thus increase the efficiency. The productivity will be strengthened by practical division of labour and specification. 5. Improve relationships communication with stakeholders: Each identified risk can be discussed among various stakeholders to eliminate or minimize the risks assessed. This brings the various views onto the table and in the process of finalizing potential solutions as all stakeholders (including clients, employees, suppliers and contractors, etc.)are involved. 6. Enhance business planning and achievement of objectives and goals: Each risk is described along with its attributes such as...
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...Project Risks Project risk involves understanding potential problems that might occur on the project and how they might impede project success. According to Fuller et.al (2008), “Project risk is an uncertain event or condition that, if it occurs, has a positive or a negative effect on a project objective.” There are many sources of risk that a project may come upon during the project whether it was foreseen or not. Some of the more common sources of risk are those that often overlooked in most projects; lack of determining the project scope, unforeseen costs estimates, unrealistic timelines, and lack of leadership overview. Risk management is the main solution to protect against risks. The goal of project risk management is to minimize potential risks while maximizing potential opportunities. Risk management can be broken into six categories; Risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control. * Risk management planning is deciding how to best approach and plan the risk management activities for the project * Risk identification determines which risks are likely to affect a project and documenting their characteristics * Qualitative risk analysis characterizes and analyzes risks and then prioritizes their effects to project objectives * Quantitative risk analysis is measuring the probability and consequences of risks * Risk response...
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...Little booklet of Risk Management Terminologies Babou Srinivasan, PMP Little booklet of Risk Management Terminologies I dedicate this booklet to all Risk Management Gurus & Project Managers who takes risk management a serious stream in managing their projects 2 Little booklet of Risk Management Terminologies Contents Project Risk.................................................................................................................................................... 5 Risk Management Processes......................................................................................................................... 6 Known Risks - Unknown Risks ....................................................................................................................... 8 Risk Category............................................................................................................................................... 10 SWOT Analysis............................................................................................................................................. 12 Risk Response Planning Strategies.............................................................................................................. 14 Contingency Plan & Fallback Plan ............................................................................................................... 16 Residual Risk ..........................................................................
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...Risk management in the health care in the past risk management and quality improvement job was separate in the health care organization. Even though, the job function may have been different the goal was the same. As up today they have close the gap to provide a better, and safety quality patient care. Rationale What is risk management any way not everyone has the same meaning. It can be define as such Risk management is a process for identifying, assessing, and prioritizing risks of different kinds. Once the risks are identified, the risk manager will create a plan to minimize or eliminate the impact of negative events. A variety of strategies is available, depending on the type of risk and the type of business. Outline Risk Management and Patient Safety: The Synergy and the Tension Integrating Risk Management, Quality Management, and Patient Safety into the Organization Benchmarking in Risk Management Risk Management Strategic Planning for a Changing Health Care Delivery System Using Never Events to Reduce Risk and Advance Patient Safety Governance and Board Responsibility to Assure Safety in Health Care Organizations 1. Introduction What is the goal or the idea behind risk management one of their focus is to reduce the financial risk other areas that may seem not important is the regulation. One of the principal issues facing health care risk management is governmental regulation. Over the last few decades, there has been a growing public...
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...The Importance of Risk Management to a Business All organizations encounter uncertain events when trying to achieve their objectives. These uncertain events may arise inside or outside the organization. Each individual uncertain event that would impact one or more objectives is known as a risk. If the risk would have a negative impact on the business if it occurred, then it is a threat. If it has a positive impact then it is known as an opportunity. The combined effect of risks to a set of objectives is known as risk exposure, and is the extent of the risk borne by that part of the organization at that time. Risk has always been an inherent feature in any undertaking therefore risk management is not a new concept for organizations. The earliest application of risk management within organizations tended to focus on insurance management in terms of establishing financial capacity for the negative effects of adverse events. During the 1970s a broader view started to emerge whereby organizations began to develop a better understanding of the nature of the risks being faced and looked at alternatives to insurance. There remained, however, a focus on the negative effects of risk. Only in recent years have organizations begun to recognize that risk management, in its broadest sense, applies to both negative threats and positive opportunities. In each case a proactive approach is required, which seeks to understand the size of the possible threats and opportunities so that a decision...
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...[pic] Records Management Disaster Planning Guideline June 2007 Version 1.1 Table of Contents Acknowledgments 5 Foreword 5 Introduction 6 Background 6 Scope of this guideline 6 Related Documents 6 Reference to the Adequate Records Management Standard 7 Variation to this guideline 7 Records and Disasters 7 Disasters affecting records 8 Disasters affecting Australian organisations 8 Counter disaster management for records 9 Disaster review of your agency 10 Risk Assessment 10 Establish the context 11 Identify the risks 11 Critical needs determination 13 Analyse the risks 14 Assess the risks 15 Treat the risks 15 Monitor and review 16 Planning 16 Project Planning 17 Project team responsibilities 18 Content of the plan 18 How to prepare the response and recovery plan 19 Components of the response and recovery plan 20 Lists and supplies 22 Insurance and emergency funding arrangements 23 On-site equipment 23 Implementing the plan 24 Maintaining the plan 24 Distribution issues 25 Plan maintenance responsibilities 25 Training and testing 25 Post disaster analysis 27 Vital Records Protection 28 Identifying vital records 29 Protecting vital records 31 Preventative measures 31 Recovery and restoration 33 Critical data...
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