logo

Leadership and Management - Sample Assignment

   

Added on  2021-06-14

19 Pages4786 Words19 Views
LEADERSHIP AND MANAGEMENT 1Leadership and managementNameCourseInstitutionProfessorDate

LEADERSHIP AND MANAGEMENT 2Leadership and management Every firm seeks to manage risks associated with its business operations. Risk management ensures that an organization can progress in its business activities by having prior preparation on uncertainties that may affect its performance. The management of the MacVille Café must understand the new environment of venturing before embarking on the journey. The new location, Toowoomba store might have different requirements when compared to the home company thus making it necessary to understand the operating and business environment. To ensure that the new venture becomes successful, the management of MacVille will have to make a research and perform an analysis that will make it easy to identify the main challenges thus designing methods to mitigate them (Chee, 2014, p. 35). The risk management process will only become successful where the parent company will work with the new venture to ensure that business operations focus on the achievement of similar goals and objectives. The MacVille Company focuses on expanding its business operations by broadening its customer base. The risk management department in the company should ensure that it has an analysis of the challenges facing the new venture and implement measures and strategies that will have a long-term impact. Based on the principles and guidelines provided by the risk management standard AS/NZS ISO 31000:2009, the MacVille Company will have an opportunity to develop its risk management framework which will make the new venture successful. The company has a risk management policy which aims at achieving success which will also facilitate improvement in performance in its industry of operations (Bosch, 2001, p. 168). The application of the risk management standard will have a positive impact on the business risk management framework which the organization will develop. The standard will also ensure that there is the application of its principles in the development of the risk

LEADERSHIP AND MANAGEMENT 3management framework. Some of the elements that will facilitate the introduction of a successfulrisk management framework will include the principles outlined, attributes and objectives of a risk management plan. The principles will aid in developing the right risk management plan which will make the new venture success. Some of the principles will include creating and protecting value, integration of the risk management plan with the organizational goals and objectives, considering the cultural factors and embracing transparency and inclusion. The consideration of the strategic objectives will also play a vital role in the development of the risk management platform. In the role of risk management in the new venture, the scope of the activity will revolve around the business operations. The internal and external factors surrounding the business operations will also become vital in determining the nature of the risk management. The risk management framework will cover areas including the working environment, internal business operations, customer service, form of business and the legal requirements of the government. The risk management plan will, however, have to align with the overall goals and objectives of the corporation. The strengths, weaknesses, threats, and opportunities of the business will also fall under part of the determining factors for the business risk management plan. The factors that will contribute to the success of the business risk management plan will include the availability of resources, support by the management and the cooperation of the staff members of the company. The application of these critical factors will ensure that there is a success in the delivery of the required risk management plan that will see to it that the firm becomes successful in the long term (Pidgeon, 1991, p.136). Focusing on objectives that aim at improving the success of the business operations and achievement of long-term goals will also ensure that the risk management activity will become successful in the future of business

LEADERSHIP AND MANAGEMENT 4operations. Where the risk management plan receives the required support from the management and other stakeholders, it will become essential in eliminating cases of failure. Alignment of the risk management plan goals and objectives with those of the company will also ensure that there is the long-term success of the risk management plan as well as the business activities. For the success of the risk management plan, the involvement of both internal and external stakeholders will have an opportunity to contribute. The internal stakeholders will include the employees of the company, shareholders, and the management. The external stakeholders will include the customers, suppliers and the community within which the business operates. The table below indicates the stakeholders and their role in the process of risk management;StakeholderInternal/ ExternalRole in processStake in processEmployeesInternalAssisting in performing various activities that would make the process successfulUsing their skills in developing the right and effective strategies for success of the risk management planSkills and expertiseCustomersExternalExpress their dissatisfaction and Complaints, comments, and

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Risk Management Assessment PDF
|16
|3802
|82

Managing Operations - Risk Management Framework, PEST and SWOT Analysis
|11
|1976
|466

Risk Management and Assessment for MacVille Pty Ltd
|28
|5513
|99

Risk Management at MacVille Pty Ltd
|14
|2707
|329

BSBRSK501 Risk Management Assignment - Desklib
|16
|3463
|331

Risk Management for MacVille Cafe
|11
|953
|321