Importance of Proper Risk Management Approach for Retaining Existing Customers

This assessment defines the importance rather necessity of utilizing proper risk management approach for retaining the existing customer of a business organization. Learn about successful improvement strategies to create a supportive business environment. Lessons learnt from gathering and documenting lessons are also discussed.

TERM 2 ASS_3
LESSONS LEARNT
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Student Number Insert student number
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1. INTRODUCTION
This assessment defines the importance rather necessity of utilizing proper risk
management approach for retaining the existing customer of a business organization. In
order to incorporate successful risk management in any business organization needful
documents should be gathered and analysed in a sophisticated manner. After
developing the frameworks proper improvement strategies for the respective situations
are also being developed in the below section. It has been found that, successful
improvement strategies will help to create supportive business environment considering
all those risks that may interrupt the companies to retain consumers and to grab new
clients also.
2A. LESSONS LEARNT: FRAMEWORK
2.1 How I planned to gather and document lessons learnt
When I planned to
identify and collect
lessons learnt
Who I planned to involve
in the process of
gathering lessons
How I planned to
document lessons
During the development of
an assigned course
project, I have realized that
without proper knowledge
and understandings it is
difficult for me to create
risk management
strategies that time I
planned to identify as well
as collect needful lessons
learnt from the previous
studies and other effective
resources.
I have planned to involve
my batch mates, class
mates and supervisor also
to involve in the process of
gathering lessons.
Basically we use two
different types of data
sources such as primary
and secondary. However,
for this specific case I have
planned to document
lessons considering the
secondary sources. I have
gone through different peer
reviewed journals, blogs,
real life case articles and
from that I prepared the
document.
2B. LESSONS LEARNT: FRAMEWORK (CON’T)
2.2 What actually happened?
When I identified and
collected lessons learnt
Who I involved in the
process of gathering
lessons
How I documented
lessons
Before I started collecting
data I had few plans and
programs regarding that.
I have planned to involve
the assessment group
mates and some business
All collected data are
documented using an
Excel sheet.

After collecting all required
data I started comparing
them with the planned
strategies. That time I have
realized that though there
was no such huge
difference between the
planned and actual data
collected but some flaws
were identified regarding
the root cause of the
organizational risks. On the
other hand, for some cases
I have found that the
reasons of the risks are
identified but the
respective mitigation
strategies are not learnt.
professionals in this
process of gathering
lessons
3.1 LESSON 1
1. Situation 2. The situation made me
feel…
3. What I learnt from
reflecting on the
situation
During data collection
stages I have realized that
lack of time was one of the
conflicting situations. Due
to lack of time we failed to
identify all the mandatory
sources and accordingly
failed to gather data from
those sources.
The situation turned me
extremely confused.
I have learned that in order
to tackle such situation the
first thing that I should
possess is patience. In
order to reduce confusion
expert’s advice will also
stand helpful. Therefore, I
think that positive support
from the supervisor and
friends to manage the
provided time will help me
to handle this kind of
difficult situations.
3.2 LESSON 1: IMPROVEMENT STRATEGY

1.
Improvement
strategy
2. How to
measure if the
strategy works
3. Why the
strategy is
achievable
4. Relevance
of strategy to
address the
lesson
5. When the
strategy will
be
implemented
In order to
handle these
kinds of tricky
and confusing
situation the
improvement
strategy which I
have planned to
execute is
attending
workshop and
training and
development
program. I think
that training and
learning
courses will
help me to
improve myself.
In order to
measure that
whether the
strategy is
working or not
is self-
assessment.
Personnel
assessment will
help me to
identify the
strength and
weaknesses.
This is
achievable
because I think
I am keen to
learn new
things and
apply them on
real world case
scenarios.
This specific
strategy is
relevance to
the lesson 1 as
it will help me
to address my
weaknesses
and faults.
I will implement
this strategy by
(12/09/2018) or
sooner.
4.1 LESSON 2
1. Situation 2. The situation made me
feel…
3. What I learnt from
reflecting on the
situation
While collecting the data I
have not got enough
support from the people
whom I have involved to
the data collection. The
reason behind this was
internal team conflict.
This situation made me
feel extremely frustrated.
I have learned that, not
only team management but
leadership and motivation
is another important part
which is necessary to
make and support people
work as a team.
4.2 LESSON 2: IMPROVEMENT STRATEGY
1.
Improvement
strategy
2. How to
measure if the
strategy works
3. Why the
strategy is
achievable
4. Relevance
of strategy to
address the
lesson
5. When the
strategy will
be
implemented

In order to
resolve the
identified issue
the specific
improvement
strategy which I
have realized
needs to be
incorporated is
leadership and
motivation.
This
improvement
strategy is
working or not
can be
measured
through
evaluating the
performance of
the team
members whom
I have involved
initially.
This strategy is
achievable for
me because I
have a
leadership
qualities
This strategy is
relevant to the
lesson learnt
because it will
help me to
resolve the root
causes of
internal team
conflict.
I will implement
this strategy by
(12/15/2018).
5.1 LESSON 3
1. Situation 2. The situation made me
feel…
3. What I learnt from
reflecting on the
situation
This is the most
comfortable situation that
had happened within
PPMP20008 which is
accurate time management
quality of the people
involved to the data
collection.
This situation made me
feel relieved.
I have learnt that, time
management is beneficial
for any purpose. It helps to
become a punctual
personality and successful
professional as well.
5.2 LESSON 3: IMPROVEMENT STRATEGY
1.
Improvement
strategy
2. How to
measure if the
strategy works
3. Why the
strategy is
achievable
4. Relevance
of strategy to
address the
lesson
5. When the
strategy will
be
implemented
Though, the
time
management
quality of the
involved
members were
impressive but
still in order to
support them
the
improvement
strategy that
The
performance of
the team will
help to
measure
whether it is
successful or
not
This is
achievable
because I have
am capable of
gather other
resource with
my
communication
skills.
This strategy is
relevant to the
situation
because it will
help me to
leverage the
team spirit.
The strategy
will be
implemented by
(12/26/2018).

can be
incorporated is
addition of
some other
guiding
resources
(human
resource).
6. CONCLUSION
From the overall discussion it can be concluded that with the help of proper improvement
strategies the challenges that may interrupt the expected outcomes can be completely
resolved and accordingly the risk management strategies can be developed to retain
existing consumers and to grab new consumers as well.
7. REFERENCES
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project
management. Project Management Institute.
Harrison, F., & Lock, D. (2017). Advanced project management: a structured approach.
Routledge.
Hornstein, H. A. (2015). The integration of project management and organizational change
management is now a necessity. International Journal of Project
Management, 33(2), 291-298.
Joslin, R., & Müller, R. (2015). Relationships between a project management methodology
and project success in different project governance contexts. International Journal
of Project Management, 33(6), 1377-1392.
Kerzner, H., & Kerzner, H. R. (2017). Project management: a systems approach to
planning, scheduling, and controlling. John Wiley & Sons.
Marchewka, J. T. (2014). Information technology project management. John Wiley & Sons.
Mir, F. A., & Pinnington, A. H. (2014). Exploring the value of project management: linking

project management performance and project success. International journal of
project management, 32(2), 202-217.
Todorović, M. L., Petrović, D. Č., Mihić, M. M., Obradović, V. L., & Bushuyev, S. D. (2015).
Project success analysis framework: A knowledge-based approach in project
management. International Journal of Project Management, 33(4), 772-783.