Change Management: Theory, Cost-benefit Analysis, Risk Analysis

Change management

TABLE OF CONTENTS
Part A...............................................................................................................................................3
Cost-benefit analysis....................................................................................................................3
Risk analysis................................................................................................................................4
Part B...............................................................................................................................................6
Stakeholder management.............................................................................................................6
Communication plan....................................................................................................................9
Education/training plan (knowledge and ability)......................................................................10
Reporting plan...........................................................................................................................12
References......................................................................................................................................14

PART A
Change Management Theory
Change management is referred as the procedure of evolving the extent of the project in manner
by which it can satisfy the change in goals and requirements. It is engaged with the
implementation of the structured methods and a structure that is pre-planned to keep up with the
changes (Burke, 2017). One of the most significant theories of change management that is
majorly used in the modern era is Lewin’s three phase model it engages a movement from one
fixed state by a stage of activity and again to other fixed state. The three phases are namely;
unfreeze, change and refreeze.
Cost-benefit analysis
Option Cost Risk Benefit F/ MF
/ NF
Employee
motivation
$10000 Disruption in operating
activities Well motivated personnel
can come up with various
benefits inclusive of better
productivity, low
absenteeism, low staff
turnover, improvised
relations in industry,
improving business
reputation in delivering in
F

quality of products(Carnall,
2018).
Resistance to
change
$15000 Delay in attaining
schedules targets, overrun
in budgets, higher costs
due to insufficient
communication, human
resource and technology.
Unavailability of resources,
impact on customer as well
as suppliers and stress.
There are multiple benefits
of better change
management; it helps in
responding quickly to
employee issues and
customer demand (Hayes,
2018). In addition, it aids
business by
organizationaleffectiveness,
less possibility of
unexpected and
unsuccessful change and
risks. This change
management facilitates
communication, smooth
operation of HR, better
management of
stakeholders and optimal
training and development.
F