Risk Management and Mitigation Strategies

The assignment provides a comprehensive analysis of risk management and mitigation strategies for running a successful business at the market place. It identifies five key risks: physical injury, theft and loss of data, ethical misconduct, lack of relevant information, and lack of interest among participants. To mitigate these risks, the researcher proposes various measures such as setting passwords in laptops and USB devices, informed consent, referencing text material properly, communicating the importance and scope of research to participants, and carrying out work in a proper manner. The main objective is to earn maximum profits by expanding business in international markets with the help of joint ventures.

Managing a Successful
Business Project

Table of Contents
TASK 1 PROJECT PLAN...............................................................................................................1
1. INTRODUCTION.......................................................................................................................1
2. AIM AND OBJECTIVES............................................................................................................1
3. SCOPE AND LIMITATIONS.....................................................................................................2
4. RESOURCES AND COST.........................................................................................................4
5. PROJECT PLAN, GANTT CHART OR WORK BREAKDOWN STRUCTURE....................4
6. RISK REGISTER........................................................................................................................5
REFERENCES................................................................................................................................7

TASK 1 PROJECT PLAN
1. INTRODUCTION
Globalisation is the movement of goods and services, people across the boarders. It is
possible only after globalisation that organisation is moving across the border and start selling
goods and services. This helps in selling of products and services at worldwide or international
market. The assignment has covered concept of globalisation and their impact on function of
business in an effective and efficient manner. The organisation chosen for report is Adam's
Restaurant which is operating business in United Kingdom. It is serving food in respective area.
Adam's Restaurant is going to enter into international market with help of joint venture with
Ultraviolet Restaurant existing in Asia country that is China. Here, International joint venture is
occurring when two businesses bases in two or more nations form a partnership and stars doing
businesses (Bernstein and Brass, 2016). A joint venture can be for a singular purpose or can be
an on-going purpose. Joint Venture is one of the entry strategies that is used to enter into global
markets. Globalisation has raised the popularity of joint venture at regional, local and
international level. The key trends of Joint Venture are funding obligations, commonly used
structures, decision making and governance processes, deadlock breakers, transfer restriction,
dispute resolution etc. In this current research, researcher will use effective methods and
techniques to identify the risk and benefits associated with joint venture to enter into
international market. The main reason for choosing topic is to know more about other market and
their requirement. This can also helps in earning high profits and enhancement of market at
different places.
2. AIM AND OBJECTIVES
Aim:
“To identify the risks and benefits associated with joint venture to enter into international
market using Adam's Restaurant as a case study”.
Objectives:
 To identify the trends of globalisation in context of entry strategies.
 To determine the benefits of joint venture entering into international market.
 To articulate the risk associated with joint venture in international business environment.
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 To provide effective strategies for expansion of business in international market through
joint venture.
3. SCOPE AND LIMITATIONS
With help of joint venture, small organisation get opportunity to do business with large
venture at international market. This provide different benefits to both firm in terms of enhancing
sales and profits. As per scenario given in report, Adam's Restaurant is doing joint venture with
Ultraviolet Restaurant at China market. Though it is very difficult to enter into international
market as they have to face various types of risk and issues. With help of joint venture, resources
and money can be formed to success launch business in other place. Before enter into foreign
market, it is very important to analyse market and their requirement so that product can be
provided as per their requirements. The scope and limitation of project work are described
below:
Scope:
Scope is the extent of its usage of the research. The scope of this present research is very
broad as it is used in both corporate sector and academic sector (Binder, 2016). This present
research will be used by students who are studying as they will get knowledge and understanding
of globalisation international joint ventures, the risk and benefits as well as the process of
research. On other hand, this research is also very helpful for the corporate sector as it will
organisations identify the key trends in Joint ventures as well as it advantages and risk. The
researcher is going to use Primary data collection through survey via questionnaire. The
participants for this research will be 30 customer who are selected on basis of random sampling
method in order to collect data and information regarding joint venture and their risk and benefits
to organisation. The time period this research will focus on will be between 23.09.2019 and
05.12.2019. This can helps in future time period for other organisation who want to expand their
business in same country. The data and information are collected for first time as before none of
these restaurant business has done joint venture with other country.
Limitations:
It is defined as shortcomings which are not in hand of researcher. In order to do joint
venture with other company and place, there are different types of limitations which has faced by
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respective organisation to achieved better outcomes. In this present research, there are various
types of shortcomings which are faced by researcher as follows:
Cost Limitation: It is the total amount of money incurred during the research (Silva,
Torres, and Morellato, 2017). Researcher will plan the budget and allocated cost to all the
research activities. But there is some condition where cost will be exceeding like in taking
permission for websites an incurred various expense like stationery, travelling cost and some
other expenses too. This create problems for researcher as all cost are decided in advance
regarding entering into international market. This is the limitation which should be managed for
positive outcomes.
Time Limitations: Time limitation is also one of the shortcomings that are unable to
control by researcher when it exceeds. If research is not completed on time it will affect the
outcomes of the research. So, in order to overcome the limitations, researcher have made a
schedule for that. For that they can prepare time framework for completion of project on given
time period. This can help in achievement of goals and objectives.
Quality of data: This is the biggest limitation because the researcher doesn’t have access
to get all information needed to them. The quality of data can provide negative results to
business for achievement of set targets.
Detail level alignment of data from different sources is another limitation. There are
different types of sources from where they can collect data and information but it is not sure that
they will provide accurate and authenticate information required to them. It is the biggest
limitation for both researcher and organisation while doing joint venture with other organisation
at different place.
Geography: The place which respective organisation has chosen for joint venture is
China where need and demand of people are different from UK people which create problem for
better results. Some of the target participants are outside China.
Lack of proficiency in English Language: English is not the first language of the
researcher and this will cause some difficulties understanding some literature and interpreting it.
Business is going to be expand in China market where language is totally different from UK
market. This can create problem for organisation to expand business in other market.
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4. RESOURCES AND COST
In order to come into joint venture, various types of resources and cost are required which
are mentioned below:
Resources:
Resources are the materials which are needed to carry out the research in successful way.
Without the availability of research, it is not possible to carry out the research in a profound
manner (Said and et.al., 2017). The resources required to conduct this present research will be
financial and human resources. Researcher needs staff members, stationery items, USB, laptops
for executing the research study.
Cost:
The total amount which is required to carry out the research is called cost. For this
present research, researcher will plan the budget and distribute the cost to each task so that cost
cannot be exceed from that amount. Currently this research will be completed in approximately
12 weeks. In order to cost research, cost required is £15000 for carrying out different activities.
5. PROJECT PLAN, GANTT CHART OR WORK BREAKDOWN
STRUCTURE
GANTT CHART:
ACTIVITIES
23.09-
29.09
30.09-
06.10
07.10-
13.10
14.10-
20.10
21.10-
27.10
28.10-
03.11
04.11-
10.11
11.11-
17.11
18.11-
24.11
25.11-
01.12
02.12-
08.12
09.12-
15.12
Selection of topic
Framing aim and
objectives
Conducting
literature review
Selection of
research methods
Completion of
research proposal
Collection and
Analysis of Data
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Drawing
conclusion and
framing
recommendations
Final submission
WORK BREAKDOWN STRUCTURE:
TASK START DATE END DATE DURATION
Selection of topic 23.09.2019 29.09.2019 7 DAYS
Framing aim and objectives 30.09.2019 06.10.2019 7 DAYS
Conducting literature review 23.09.2019 03.11.2019 42 DAYS
Selection of research methods 14.10.2019 10.11.2019 28 DAYS
Completion of research proposal 04.11.2019 10.11.2019 7 DAYS
Collection and Analysis of Data 25.11.2019 01.12.2019 7 DAYS
Drawing conclusion and framing
recommendations
02.12.2019 08.12.2019 7 DAYS
Final submission 09.12.2019 15.12.2019 7 DAYS
6. RISK REGISTER
Risk Register is the document or tool that is used for risk management and project
management. Researcher will formulate the risk register in order to take corrective actions so
that it cannot able to affect the outcomes of the research. For doing joint venture with other
company and country, risk has to be faced by business. The risk can be low and high depending
upon various situations and circumstances. There are five types of risk which are associated with
this present research are as follows:
RISK
IDENTIFIED
LIKELIHOOD IMPACT RESPONSIBILI
TIES
MITIGATING
ACTIONS
Physical injury
like accidents,
illness or
Low High Researcher Researcher
must take
proper
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disease. medicines and
if happen that
research work
can be
delegated.
Theft and loss
of data.
High High Researcher and
Staff Member
Set password in
Laptops and
USB.
Ethical
Misconduct.
Low High Researcher Informed
Consent
Lack of
relevant
information
High Medium Researcher In text
referencing
Lack of
interest of
participants
and low
response rate
High Medium Researcher By
communicating
the importance
and scope of
research.
Therefore, these risk has to be minimized for running business successfully and
effectively at market place. The researcher has identified risk while conducting research at
market place which includes physical, theft of data, ethical misconduct, lack of information and
lack of interest. These have mitigated through different ways in order to get solution for arise
problems. If these can be minimized then work can be carried out in proper manner. The main
objectives is to earn maximum profits by expanding business in international market with help of
joint venture. Thus, it is very essential to identify risk and mitigated it in proper manner.
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REFERENCES
Books and Journals
Bernstein, H. and Brass, T., 2016. Globalisation and Restructuring in the Indian Food Industry.
In Agrarian Questions (pp. 199-218). Routledge.
Binder, J., 2016. Global project management: communication, collaboration and management
across borders. Routledge.
Hillson, D. and Murray-Webster, R., 2017. Understanding and managing risk attitude.
Routledge.
Said, S.S., Kasuma, J., Yacob, Y., Kassim, S.A., Sarkawi, I.M. and Shahrinaz, I., 2017.
Managing Risk, Networking and Managing Finance and the Successful Of Sarawak
Bumiputera Entrepreneur.
Silva, T. S. F., Torres, R. S. and Morellato, P., 2017, December. Potential and Limitations of
Low- Cost Unmanned Aerial Systems for Monitoring Altitudinal Vegetation Phenology in the
Tropics. In AGU Fall Meeting Abstracts.
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