Introduction to Business Operations and Services - Risk Management Strategies and Operational Strategy of Toyota
Added on 2023-06-16
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INTRODUCTION TO
BUSINESS
OPERATIONS AND
SERVICES
Contents
BUSINESS
OPERATIONS AND
SERVICES
Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
What is risk management strategies and how Toyota should implement risk management
strategy that can minimize or withstand such shock when it occurs again ?...............................3
TASK 2............................................................................................................................................7
Explain the operational strategy and the tools and techniques used by the company.................7
CONCLUSION..............................................................................................................................11
REFERENCES:.............................................................................................................................15
Books and Journals:...................................................................................................................15
MAIN BODY..................................................................................................................................3
TASK 1............................................................................................................................................3
What is risk management strategies and how Toyota should implement risk management
strategy that can minimize or withstand such shock when it occurs again ?...............................3
TASK 2............................................................................................................................................7
Explain the operational strategy and the tools and techniques used by the company.................7
CONCLUSION..............................................................................................................................11
REFERENCES:.............................................................................................................................15
Books and Journals:...................................................................................................................15
INTRODUCTION
Risk management may be define as the process which not only help in understanding the
overall risk but also help in managing and optimise the risk so that an individual can minimise
their threat and maximise their outcomes. With the help of risk management an organisation can
identify, analyse and evaluate the risk which is associated with the different functions of the
management. Due to this they can minimise their losses and enjoy the different opportunities
(Kubala and et .al., 2020). The following report is based on the case study of the Toyota. The
Toyota motor corporation is a multinational automotive manufactures. The headquarter of the
company was located in the Aichi, Japan and the company was founded in august 28, 1937 by
Kiichoro Toyoda. This report is going to give the advice to the Toyota about the different risk
management strategics and how they can implement these strategies to minimise the risk. This
report also cover the different types of risk which are faced by the company. Furthermore, this
report covers the improvement in the risk management strategy to introduce the company all
across the globe with the different tools and techniques.
MAIN BODY
TASK 1
What is risk management strategies and how Toyota should implement risk management
strategy that can minimize or withstand such shock when it occurs again ?
Risk management strategy may be define as framework which provide an structure to
identify and manage the risk in the business functions. The risk occurred in the Toyota is baout
to winding up of the company (Malik, Mizuno and Bodek, 2020). By identifying the risk an
individual is able to face the uncertain events which came in future and make proper steps to
protect the company people and asset risk manage. The strategies has been discuss below:-
Risk Acceptance:- this is also called as risk retention. In this approach an individual
acknowledged and identify the potential losses that can be happen from a risk. These risk
has not a great impact on the working and there is no need to spend the money to avoid it.
These approaches are commonly found in the investment field. In context to the Toyota,
the company must have to focus and their money in these small risk, so that in future
these risk can't be turned into the big risk which cannot be handle by the company.
Risk management may be define as the process which not only help in understanding the
overall risk but also help in managing and optimise the risk so that an individual can minimise
their threat and maximise their outcomes. With the help of risk management an organisation can
identify, analyse and evaluate the risk which is associated with the different functions of the
management. Due to this they can minimise their losses and enjoy the different opportunities
(Kubala and et .al., 2020). The following report is based on the case study of the Toyota. The
Toyota motor corporation is a multinational automotive manufactures. The headquarter of the
company was located in the Aichi, Japan and the company was founded in august 28, 1937 by
Kiichoro Toyoda. This report is going to give the advice to the Toyota about the different risk
management strategics and how they can implement these strategies to minimise the risk. This
report also cover the different types of risk which are faced by the company. Furthermore, this
report covers the improvement in the risk management strategy to introduce the company all
across the globe with the different tools and techniques.
MAIN BODY
TASK 1
What is risk management strategies and how Toyota should implement risk management
strategy that can minimize or withstand such shock when it occurs again ?
Risk management strategy may be define as framework which provide an structure to
identify and manage the risk in the business functions. The risk occurred in the Toyota is baout
to winding up of the company (Malik, Mizuno and Bodek, 2020). By identifying the risk an
individual is able to face the uncertain events which came in future and make proper steps to
protect the company people and asset risk manage. The strategies has been discuss below:-
Risk Acceptance:- this is also called as risk retention. In this approach an individual
acknowledged and identify the potential losses that can be happen from a risk. These risk
has not a great impact on the working and there is no need to spend the money to avoid it.
These approaches are commonly found in the investment field. In context to the Toyota,
the company must have to focus and their money in these small risk, so that in future
these risk can't be turned into the big risk which cannot be handle by the company.
Risk Transference:- risk transference may be define as the process of controlling the
risk by making the agreement between the two parties (Nagy and et. al., 2018) This
simply involve the shifting of pure risk from the one part to another party. This doesn't
means that the risk is not exists. Risk is exists but only the responsibility of the risk is
transfer from one organisation. In context to the Toyota, they must have to focus on
transferring the risk from them this not only help them managing the different business
functions but also help them in expanding their business all over the globe.
Risk Avoidance:- this approach may be define as the process of completely eliminating
the possibility of happing the risk. This is also called as eliminating the risk. With the
help of risk avoidance an organisation can eliminate the any risk which posses a potential
loss in future. This approach not only deal in eliminating the losses but also help an
organisation in eliminating the threat from the workplace. In relation to the Toyota, if
company focus on follow this approach to manage the risk then they have to face a big
consequences. If the company always avoid or eliminate the risk which they face while
performing their different business function then they don't be able to take the advantage
of the opportunities attach with the different risks (Rosen and et .al., 2018 ) .
Risk reduction:- Risk reduction is the most common strategy which are followed by
different types of organisation for the treatment of risk. This is also knows as lowering
the risk. By choosing this approach by an organisation, they have to work on different
measures and take out some actions. These measures and action not only help an
organisation in managing the risk but also help them in reducing the effect of risk on the
different business functions. In context to the Toyota, the company can use this strategy
to reduce the effect of risk. By analysing the risk with different measure and actions, this
help the firm not only in enjoying the advantage of the opportunities attached with the
risk but also help them in mitigate the risk.
In response to Toyota company the risk can be minimized with the help of risk reduction
strategy. As Toyota is multinational brand in the automotive industry and the deals in the
manufacturing of the cars. So there is a risk which generally face by the company and that is the
production of good with the incorrect specifications. By using the risk reduction strategies in
their production line, they can reduces the chance of happing this again and by doing this they
can reduces the risk.
risk by making the agreement between the two parties (Nagy and et. al., 2018) This
simply involve the shifting of pure risk from the one part to another party. This doesn't
means that the risk is not exists. Risk is exists but only the responsibility of the risk is
transfer from one organisation. In context to the Toyota, they must have to focus on
transferring the risk from them this not only help them managing the different business
functions but also help them in expanding their business all over the globe.
Risk Avoidance:- this approach may be define as the process of completely eliminating
the possibility of happing the risk. This is also called as eliminating the risk. With the
help of risk avoidance an organisation can eliminate the any risk which posses a potential
loss in future. This approach not only deal in eliminating the losses but also help an
organisation in eliminating the threat from the workplace. In relation to the Toyota, if
company focus on follow this approach to manage the risk then they have to face a big
consequences. If the company always avoid or eliminate the risk which they face while
performing their different business function then they don't be able to take the advantage
of the opportunities attach with the different risks (Rosen and et .al., 2018 ) .
Risk reduction:- Risk reduction is the most common strategy which are followed by
different types of organisation for the treatment of risk. This is also knows as lowering
the risk. By choosing this approach by an organisation, they have to work on different
measures and take out some actions. These measures and action not only help an
organisation in managing the risk but also help them in reducing the effect of risk on the
different business functions. In context to the Toyota, the company can use this strategy
to reduce the effect of risk. By analysing the risk with different measure and actions, this
help the firm not only in enjoying the advantage of the opportunities attached with the
risk but also help them in mitigate the risk.
In response to Toyota company the risk can be minimized with the help of risk reduction
strategy. As Toyota is multinational brand in the automotive industry and the deals in the
manufacturing of the cars. So there is a risk which generally face by the company and that is the
production of good with the incorrect specifications. By using the risk reduction strategies in
their production line, they can reduces the chance of happing this again and by doing this they
can reduces the risk.
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