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Risk Management Plan of SmarTech

   

Added on  2020-07-23

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Manage Risk
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Table of ContentsINTRODUCTION...........................................................................................................................1Section 1...........................................................................................................................................1Risk management Plan...........................................................................................................1Section 2: Risk Identification..........................................................................................................4Section 3: Risk Analysis and evaluation..........................................................................................6TASK 2..........................................................................................................................................10Evaluation report..................................................................................................................10REFRENCES.................................................................................................................................13
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INTRODUCTIONRisk management is important for an organisation in order to manage all task with in aswell as outside firm. It is refers to identification of potential risk in advance, analysis and takeaction to reduce hazard which helps to manage all work in future in an effective manner.Through effective risk plan enterprises are able to gain high market share as well as reduce issues(Hillson and Murray-Webster, 2017). In this report SmarTech firm are select to analysis impactof risk on an organisation performance and productivity. It is a Australian technology firm andthey produce smartphone, tablets and many more. They are manufacturing their good form chinebecause of low production cost. It is established in the year of 1980. In in this report includesmanage future risk and identify its factors. Assignment covers risk analysis as well as evaluationand treatment. Section 1Risk management PlanScope of Risk management planRisk management is a very important aspect for any business. It is very essential thatbusiness manager manages risk in an efficient way. Risk as well as uncertainty is inevitable andit can not be underestimated by any firm. Every specific project contains various types of riskand uncertainties in it and there is a need to include as well as determine all the major risks andfactors properly so that chances of getting a positive and favourable result becomes even more.The onus is on project manager that a suitable plan is formed for effectively managing the risk ofprojects. The scope of Risk Management is quite wide and a management will have to make surethat various risks that are involved in both external and internal environment are properlymanaged. The risk can be divided into two parts External Context and Internal Context (Haimes,2015).External Context: This would include the social environment that prevails outside the businesslike the demand of consumers, their preferences, cultural risk and the risk of demographicchanges etc. and Risk in Business environment like risk of high cost of obtaining raw material,Gap in demand and supply etc. Internal Context: This would include the risk that prevails within the organization like what arethe objectives that needs to be achieved by SmarTech for future and where company stands right1
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now. The governance structure of the company also plays a important part in assessing risk.Recording those risk in a paper form is essential and thus a company or an organization usuallyuses a risk register as a source of documentation for the purpose of recoding various types of riskthat are involved in execution of certain projects. Policies of a company can also be framed byassessing various risks.Internal and External Stakeholder AnalysisInternal stakeholders are those people who are directly have a stake in success and failureof an organization on the other hand external stakeholders would include people who affects theorganization externally and can decide the fate of organization, if there will a significant changesin external environment. It is very important to understand the various objectives of stakeholders.It is quite crucial that a proper analysis of both the stakeholders is done way before so that thelevel of risk from both and how these can affect business functions are properly identified waybefore (Glendon, Clarke and McKenna, 2016). This analysis would include, getting familiar withlegislation, getting up to date regarding the trends of industry etc.Industry Analysis of SmarTech Proper analysis of the industry in which the company is prevailing is necessary and thus aanalysis of various elements of the industry for SmarTech is done as follows:Social:It includes changes in demographics like population growth, age profile etc. It alsoincludes the cultural differences among people in a region etc.Technological: This would include the various techniques and technology that can be adoptedby management of SmarTech for improvement in its manufacturing distribution as well aslogistics.Economic: The health of economy in which the company is operating also plays a important indeciding the future of company. Whether the growth is on rise, decline etc. Proper analysis ofexchange rate that are prevailing is also a matter of importance for company as it want to growglobally through exports. Whether it is profitable for company to operate in current economicscenario (Hoyt and Liebenberg, 2011).Legal and Political policy: The legal regulations that prevails in the country and various lawsframed by political people will have a direct impact on SmarTech and its policy framing.Expectations of changes in regulations and laws in the future etc.Strengths and Weaknesses of Current Arrangements2
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