...Risk Management process- Comparison with Individuals and Corporate Entities:Literally speaking, risk management is the process of minimizing or mitigating the risk. It starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same.Risk generally results from uncertainty. In organizations this risk can come from uncertainty in the market place (demand, supply and Stock market), failure of projects, accidents, natural disasters etc. There are different tools to deal with the same depending upon the kind of risk.Ideally in risk management, a risk prioritization process is followed in which those risks that pose the threat of great loss and have great probability of occurrence are dealt with first. Refer to table below: | | IMPACT | ACTIONS | SIGNIFICANT | Considerable Management Required | Must Manage and Monitor Risks | Extensive Management essential | MODERATE | Risk are bearable to certain extent | Management effort worthwhile | Management effort required | MINOR | Accept Risks | Accept but monitor Risks | Manage and Monitor Risks | | LOW | MEDIUM | HIGH | | LIKELIHOOD | The above chart can be used to strategize in various situations. The two factors that govern the action required are the probability of occurrence and the impact of the risk. For example a condition where the impact is minor and the probability of occurrence is low, it is better to accept the risk without any interventions. A condition...
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...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 identified risks, including the...
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...1st draft Do Thi Ha Phuong 18249037 RISK MANAGEMENT 641 - ASSIGNMENT NO 1 TOPIC: PROJECT RISK MANAGEMENT PROCESS PART A – APPLICATION About the company and its functions. Joint Stock Company BT20 is established in 28/03/2012. The company operates in road construction areas. The company is implementing a restoration, renovation National Highway 20 project in Vietnam, Required main tasks of company are: clearance and compensation, the basic construction work, mine clearance, leveling, construction of roads, drainage and wastewater treatment systems, trees, power supply system. As well as any other investment, construction investment is likely to encounter risks to be inefficient investment as originally planned. Type of risks | Sub risk | Sub-Sub risk | Financial | Cost increases | Unreasonable Estimated costs.Weak Project Management | Natural | Unfavorable weather | - Raining- Storm | | Disaster | - Blood- Earthquake- Flooding | Safety | Accident in construction site | - Delay the construction- Reducing on reputant of company. | Time | Project duration is extended | - Cost for material increase- Lack of employee’s skills- Wrong estimate on cost- Lack of skill on project management. | 1. RISK IDENTIFICATION The effectiveness of the project is determined by three factors that are quality, cost and time (Saladis and Kerzner 2011). For the before and during the construction of NH20, the cost is considered to be one of the serious issues because...
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... PROCESS IMPROVEMENT Process improvement refers to making a process more effective, efficient, or transparent. It is a continuous process. Process improvement helps an organization to view process value through the eyes of the customer. It helps to define, manage, and measure a process in order to regularly evaluate it using data-driven information. It reduces unnecessary business costs. The primary goal is to identify and understand issues in order to recognize solutions and implement improvements to stay aligned with customer needs and expectations. The Process Improvement Methodology serves as a common framework for understanding the ongoing nature of a process. It provides a set of phased activities for analysis of an existing process for the specific purpose of identifying improvement opportunities. Finally, it provides direction as to appropriate process management and periodic process review and evaluations geared toward ongoing improvement. The recommended tools you use will vary depending on scope of effort or size of process. Process improvement is an ongoing effort. Why is Process improvement important? All companies need to improve all their processes all the time. The ideal outcome is that jobs can be done cheaper, quicker, easier and most importantly safe. Experience also confirms that process improvement brings a significantly positive return on investment ROI and improvement in key business indicators. Process improvement is important...
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...Managing Business Activities to Achieve Results Yuvraj Minawala Rims International School Of Business And Technology BBA Second Year: Higher National Diploma (HND) HND - ASSIGNMENT BRIEF LEARNER NAME ASSESSOR NAME QUALIFICATION Yuvraj Minawala Shweta Singh 5 Managing Business Activities to Achieve results UNIT NUMBER AND TITLE J/601/0946 08.04.2013 10.05.2013 HAND OUT DATE HAND IN DATE RULES & REGULATION Plagiarism is presenting somebody else’s work as your own. It includes copying information directly from the Web or books without referencing the material, submitting joint coursework as an individual effort, copying another student’s coursework, stealing coursework from another student and submitting it as your own work. Suspected plagiarism will be investigated and if found to have occurred will be dealt with according to the procedures set down by the College. ASSIGNMENT TITLE The aim of this unit is to provide learners with the understanding and skills to manage their activities in the business workplace to improve their effectiveness and efficiency. . MBAAR Yuvraj Minawala 2 Outcomes and assessment requirements Outcomes Assessment requirements To achieve each outcome a learner must demonstrate the ability to: Evidence On successful...
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...Background The resource I have chosen for this Library assignment is “Why software fails: Quality implementation and testing”. The author provides a look into the main factors for a system failure and the goals and the importance of testing in a SDLC process. The authors of this article are Heather Taylor, Heather and Stephens, Charlotte. Executive Summary Information systems projects frequently fail and it’s a reality that is often not talked out. When undertaking a large, complex, systems project, the realistic expectation should be that the there will be complication with the production of the software. In particular, business process reengineering (BPR) projects have an even higher failure rate because of their expanded scope. Hiring a large, established consulting company is no guarantee of success; neither is buying packaged software and implementing it. Projects are frequently built using a strategy that almost guarantees failure. Software engineering is a kind of engineering. With this in mind, “the industry has become serious about adopting various standards, process improvements, and "silver bullet" tools. However, in spite of the growing trend toward process improvement and Total Quality Management (TQM) for software many companies are finding themselves without the quality and productivity improvements they were hoping to gain”. The author portrays testing as the most important factor in a quality product. He lays emphasis on testing to discover faults...
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...shareholders, and ourselves. Notice the clear alignment when you compare Domtar’s mission, goals and pillars. The key component is what Royer meant by “ourselves.” He meant tapping into and motivating ALL employees in the organization. Royer knew that he and his executive team could not create the turnaround that Domtar’s balance sheet so desperately needed. Royer himself knew nothing of the pulp and paper industry before coming into the Domtar CEO position. But what he did know was how to create an organizational culture of empowerment, knowledge sharing and process improvement. And that’s exactly what he did through Kaizen events, transparent communication tactics and ongoing training that went beyond the typical job skills training. Armed with this new way of thinking, employees started to feel more like experts providing value. In order to keep the momentum going, and solidify the “Domtar Difference,” a performance management and incentive program were put in place, complete...
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...centered around providing safe, quality care. Organizations are surveyed every 3 years and are scored on compliance and non-compliance. Hospitals are required to meet TJC standards to receive reimbursements from Medicare and Medicaid and all information collected is visible to the public. Total Quality Management: TQM is one of the philosophies in continued process improvement. It’s a customer-focused tool that uses team members of an organization to collaborate using data and strategy to build process improvement into the everyday culture. TQM, very similar to lean manufacturing, drove an effort to focus on processes and problem solve from beginning to end for more streamlined, efficient and effective processes. Malcolm Baldridge award: The Baldridge award is an annual award given by the US Government for organizations that exemplify quality excellence. More than half of the organization is evaluated on leadership and the other half is evaluated on performance with a focus on continuous process improvement efforts. In addition to leadership, performance and CPI, the organizations are evaluated on strategic planning, customer satisfaction, human resources, process...
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...document: http://dx.doi.org/10.1108/09544780710828421 Downloaded on: 16-08-2012 References: This document contains references to 20 other documents Citations: This document has been cited by 10 other documents To copy this document: permissions@emeraldinsight.com This document has been downloaded 12014 times since 2007. * Users who downloaded this Article also downloaded: * François Des Rosiers, Jean Dubé, Marius Thériault, (2011),"Do peer effects shape property values?", Journal of Property Investment & Finance, Vol. 29 Iss: 4 pp. 510 - 528 http://dx.doi.org/10.1108/14635781111150376 Hui Chen, Miguel Baptista Nunes, Lihong Zhou, Guo Chao Peng, (2011),"Expanding the concept of requirements traceability: The role of electronic records management in gathering evidence of crucial communications and negotiations", Aslib Proceedings, Vol. 63 Iss: 2 pp. 168 - 187 http://dx.doi.org/10.1108/00012531111135646 Charles Inskip, Andy MacFarlane, Pauline Rafferty, (2010),"Organising music for movies", Aslib Proceedings, Vol. 62 Iss: 4 pp. 489 - 501 http://dx.doi.org/10.1108/00012531011074726 Access to this document was granted through an Emerald subscription provided by UNIVERSITY OF MANCHESTER For Authors: If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service. Information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more...
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...------------------------------------------------- Business process reengineering From Wikipedia, the free encyclopedia Business Process Reengineering Cycle Business process re-engineering is a business management strategy, originally pioneered in the early 1990s, focusing on the analysis and design of workflows andbusiness processes within an organization. BPR aimed to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service, cut operational costs, and become world-class competitors.[1] In the mid-1990s, as many as 60% of the Fortune 500 companies claimed to either have initiated reengineering efforts, or to have plans to do so.[2] BPR seeks to help companies radically restructure their organizations by focusing on the ground-up design of their business processes. According to Davenport (1990) a business process is a set of logically related tasks performed to achieve a defined business outcome. Re-engineering emphasized a holistic focus on business objectives and how processes related to them, encouraging full-scale recreation of processes rather than iterative optimization of subprocesses.[1] Business process re-engineering is also known as business process redesign, business transformation, or business process change management. Contents [hide] * 1 Overview * 2 History * 2.1 Reengineering Work: Don't Automate, Obliterate, 1990 * 2.2 Development after 1995 * 3 Business process reengineering topics * 3...
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... Lillie Nephew Service Process Management The workplace that I work at is a federal grant program, with about three hundred employees. The problem that we are experiencing is lack of communication with the employees from the administration department that the whole program is suffering and causing a decrease in production. Today companies are trying to make the most of every dollar to increase their competitive edge. Even a small decrease in overhead costs or increase in productivity can make big difference. Because our grant is allocated and ear mark based on our annual performance, there has to be a proposal management organization plan in place. If the Operations Consulting Process and the five Ps of production are not applied (Chase. 2008. p. 379 - 383), there is no doubt that going into fiscal 2014, the market will be different. Sequestration and continuing resolutions will take their toll on the federal budget, resulting in less procurement. The net result is that competition for the remaining government dollars will be stiller as companies’ battle for market share. Because we want the company to succeed, someone needs to step up and take the lead. Since organizations are ultimately shaped by human behavior, effective task management depends upon organizing workers into the most economically and strategically beneficial model. Relationships among...
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...increase changeover times, lower effective capacity - Human – Training, Skills, Experience - Planning & Operational - # of shifts per day, bottlenecks, inventory decisions, quality control, procedures, late deliveries, defective purchased material - External – Products standards (Quality & Performance), pollution standards, paper work required by government agencies Strategic Capacity Planning – deals with long term overall capacity levels - Process: Forecast demand 1-5 years ahead -> Determine capacity requirements -> Measure the capacity now and decide how to bridge the gap: (A) Generate feasible alternatives (b) Evaluate alternatives considering economic and non-economic aspects (c) choose best alternative & implement - Growth Patterns: Growth, Decline, Cyclical, Stable - Math – Calculate Annual Capacity, Total Processing Time needed/ Annual Capacity Break Even Analysis - P=TR-TC=Q*r-(FC+Q*v) - Q = (P+FC)/(R-v) – BEP is when P=0 Choosing Between Two Systems - Q(BEP) = [FC(1)-FC(2)] / [v(2)-v(1)], less = 1, greater = 2 Management of Quality Quality – the ability of a good or service to consistently meet or exceed customer expectations Quality Control – Monitoring, testing, and correcting quality problems after they occur Quality Assurance – Providing confidence that a product’s quality will be good by...
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...Optimization 1 “Sustainable Improvements” The Company: At Taurus Concepts, we are focused on helping organizations realize the business process improvements needed to stay competitive. This white paper explores Taurus Concept’s unique approach to process improvements and how its philosophy enables the company to offer an unmatched cost reduction guarantee. Today’s world leaves little room for inefficient or poorly running organizations. The economic environment is unforgiving and margins are eroding in the face of relentless pressure and shaky markets. Under these circumstances, companies are more interested than ever in productivity optimization, with particular emphasis on implementing improvements quickly, and reaping benefits immediately, as well as over the long haul. A recent study1 conducted by the Aberdeen Group reveals there is little doubt business process improvements carry tangible benefits. The study found best-in-class companies obtained a weighted average 26% year-over-year reduction in operating cost by leveraging process management strategies, tactics, and tools. Taurus Concepts understands your need for bottom line improvement, not lengthy presentations and fancy charts, and that’s why we focus on delivering measurable, sustainable financial results. Our practical, pragmatic approach minimizes organizational distraction and risk, and maps the shortest route to reduction in production costs and improvement in productivity. The Approach: Our approach is framed by...
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...a flurry of book, articles, and seminars; others have been completely discredited. Businesses have realized that there is a need to restructure their business practices and become more customer-focused. All recent business approaches and techniques have generally aimed at improving performance, increasing profits, gaining market share, and most importantly satisfying the customer who has become more educated and more demanding than ever. In the last two decades two organizational development models have dominated the business world for a considerable period of time namely Total Quality Management (TQM) and Business Process Reengineering (BPR). Statement of Objective This paper aims to shed a novel light on the two most recent and prominent management approaches, namely TQM and BPR. In an attempt to examine the interaction between radical BPR and incremental TQM with respect to change management, I shall briefly discuss the two constructs and contemplate the roots and basic tenets that underlie each. BPR has been referred to in the literature as “the successor” of TQM and has been treated as an equal. I shall treat the similarities and common grounds among the two, as well as the differences between them. Next, I shall touch upon the weaknesses and highlights that distinguish each, and then move on to construct an integrated model in an attempt to reconciliate the two “opposing camps”. In this model, BPR cannot withstand, but be an integrated part of the more comprehensive TQM...
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...of small scale and large scale business. e- business also plays a vital role in business concepts. References: * Small Business Management and Entrepreneurship by David Stokes and Nicholas Wilson Chapters /topics: * Understanding small business and entrepreneurship * Creating entrepreneurial small business * Managing the entrepreneurial small business * Case studies * The Small Business Start-up Workbook: A Step-by-step Guide to Starting the Business You've Dreamed of by Cheryl D. Rickman Chapters and topics: * Where to begin-What the big idea? * What to do and sell-Opportunities, products and services * Researching your Market ,Target Audience and Opportunity * Defining your brand * Figuring Out the Finance: Costs, Funding, Grants and Loans * Marketing and Selling your products and Services * The importance of good customer Services * Planning and creating a website that works * Launching and Promoting * How to manage and grow * Entrepreneurship and Small Business Management by Steve Mariotti and Caroline Glackin Chapters/Topics: * Sources/funds debt & equity * right location & layout * Global aspects of entrepreneurship in global economy a competitor six time zones away is potentially a serious threat as the competitor . * Planning for management succession * e-commerce and entrepreneurship * Managing Projects Large and Small: The Fundamental Skills for Delivering on...
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