Cafe Management Decision-Making Analysis

This assignment delves into the realm of cafe management, focusing on decision-making processes and associated risk management techniques. Students are tasked with examining various cafe management alternatives and evaluating their potential impact. The analysis should encompass decision-making frameworks relevant to the cafe industry and incorporate insights from risk management principles. Drawing upon provided research papers, students will synthesize knowledge to develop a comprehensive understanding of effective cafe management strategies in the context of contemporary challenges and opportunities.

Running head: MANAGE RISK
Manage Risk
Name of the Student:
Name of the University:
Author Note:

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Table of Contents
Assessment Task 1...........................................................................................................................5
Question 1........................................................................................................................................5
Part A...............................................................................................................................................5
Goals............................................................................................................................................5
Stakeholders.................................................................................................................................6
Analysis...........................................................................................................................................7
PEST Analysis.............................................................................................................................7
SWOT Analysis...........................................................................................................................9
Research.........................................................................................................................................10
Describe.........................................................................................................................................10
Question 2......................................................................................................................................11
Question 3:.....................................................................................................................................11
Risk management process for communicating with stakeholders:................................................11
Summary of discussion with managers:........................................................................................11
Communication plan for dealing with stakeholders:.....................................................................12
Development of risk management profile:....................................................................................13
Question 1:.....................................................................................................................................13
Establishing the contexts:..............................................................................................................13
Structure of risk management and criteria against which risks are measured:..............................13

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Question 2:.....................................................................................................................................14
Identifying and describing risks:...................................................................................................14
Question 3......................................................................................................................................15
Conduct risk evaluation.................................................................................................................15
Question 4......................................................................................................................................16
Conducting risk evaluation............................................................................................................16
Question 5......................................................................................................................................17
Developing and implementing proposed risk treatments..............................................................17
Question 6......................................................................................................................................18
Monitor, report, update and manage risks.....................................................................................18
Assessment Task 2.........................................................................................................................19
Risk Analysis.................................................................................................................................19
Likelihood..................................................................................................................................19
Consequences............................................................................................................................20
Priorities.....................................................................................................................................20
Options.......................................................................................................................................20
Risk management plan...................................................................................................................22
Risk management objective.......................................................................................................23
Qualitative risk analysis.............................................................................................................23
Probability impact matrix..........................................................................................................23

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Risk register...............................................................................................................................24
Risk management strategies for Hurley’s café..............................................................................25
Assessment Task 3.........................................................................................................................27
Question 1......................................................................................................................................27
Part A.............................................................................................................................................27
Part B.............................................................................................................................................28
Part C.............................................................................................................................................29
Part D.............................................................................................................................................30
Question 2......................................................................................................................................31
Assessment 4.................................................................................................................................32
Answer to Question 1....................................................................................................................32
Answer to Question 2....................................................................................................................34
Answer to Question 3....................................................................................................................34
Answer to Question 4....................................................................................................................35
Answer to Question 5....................................................................................................................35
Answer to Question 6....................................................................................................................36
Answer to Question 8....................................................................................................................37
References......................................................................................................................................39

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Assessment Task 1
Question 1
Part A
Scope
The main scope of risk manager is to work with companies for assessing as well as
identifying the potential risk that may hinder safety, reputation, security and financial prosperity
to the business enterprise (Harrison & John, 2013). In this case, the risk manager will be
assessing the potential risk of MacVille cafes that have developed chain of cafes in different
places. To this, Hurley Café is an existing café shop where risk manager need to predict the risk
associated and then plan for opening a new store at Toowoonda. It is the responsibility of the
risk manager or assessor to make sure that client is fully prepared to deal with any of the
potential threats. The client here is MacVille cafes that need assistance from the risk manager on
what are the risk associated with existing café (Hurley) and new opened café store (Toowoonda).
Goals
Factor 1: Commitment and support from top management- It is important to consider
the factor that communication as well as support from the top management plays major
role in the risk management procedures (Sroufe, 2013).
Factor 2: Communication- Communication is a vital factor where risk can be managed
through transparent communication between lower level manager and upper level
Executives.

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Factor3: Culture- Culture can be termed as essential factor that directly links with the
risk management process.
Factor 4: Organizational structure- Organization structure directly affects the working
of any business enterprise and any problem will deal with management of risk.
Factor 5: Training- Training is important where employees can be continuously
evaluated and trained with any innovative techniques introduced.
Factor 6: Information Technology- Information Technology is one of the major factors
that are used at the time of risk management procedures.
Factor7: Trust- Trust is one of the major factors that are used at the time of risk
management procedures (Nadiri & Gunay, 2013).
Stakeholders
Stakeholder Internal/external Role in process Stake in process
Customers External Customer’s plays a
role in expansion of
business as they help
in providing relevant
information associated
with establishment of
café.
Customers have higher
stake within
organization as they
determines business
success.
Suppliers External They have a role in
improving operational
effectiveness of
organization.
Suppliers have less
stake as compared to
customers.
Investors External Investors are able to Investors has high

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provide funding that is
required for opening
of new stores and
providing with
necessary funding for
rebranding.
level of stake in
organization.
Employees Internal Employees would
support organization
in achieving
organizational goals
and objectives. They
would help in building
awareness about
expansion of business
and re branding of
Hurley’s brand.
Employees are
responsible for
handling the
procedures of meeting
all the business as
requirements (Van et
al., 2015).
Analysis
PEST Analysis
Political factors- From the case study on MacVille cafes, several political factors are
recognized as these café chains had decided to open a new café store at Toowoonda and
expanding Hurley café. The risk will be associated as there are trade restrictions and tariffs
charges in Australia. There are excessive environmental regulations, tax law, employment law
that prevails at the time of opening a new café store at Toowoonda (Hang, 2013).

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Economic factors- From the case study on MacVille cafes, several economic factors are
recognized as these café chains had decided to open a new café store at Toowoonda and
expanding Hurley café (Hou, 2013). Economical factors such as inflation rate, exchange rates,
taxation and interest rates influences external environment at Toowoonda in Australia.
Social factors- From the case study on MacVille cafes, several social factors are
recognized as these café chains had decided to open a new café store at Toowoonda and
expanding Hurley café. Social factors include health, safety, and rate of population growth as
well as division of wealth in society that influences external environment at Toowoonda in
Australia.
Technological factors- From the case study on MacVille cafes, several technological
factors are recognized as these café chains had decided to open a new café store at Toowoonda
and expanding Hurley café. Technological factor include automation, rate of technological
change as well as innovation and current technological development that influences external
environment at Toowoonda in Australia (Wu et al., 2013).

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SWOT Analysis
Strengths Weakness
Loyal clients
Market leader or large market share
Knowledgeable staff members
Strong brand reputation
Talented and experienced top management
Hiring right candidate for right position
Low bench strength
Reliant upon single staff member
Negative publicity because of failures
Low recognition in the current marketplace
Opportunities Threats
Understanding the need of customers
Under-served markets
Termination of competitors product line
Increased competition
New regulations introduced because of non-
compliance

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Research
On researching the business plan on MacVille cafes, it is understood that the café chain
aims at serving competitively-priced as well as high quality coffee and gourmet food in a safe
and comfortable café-style environment. It is important for the risk manager to identify potential
risk that arises from existing café and opening a new café store (Hisrich & Ramadani, 2017).
Describe
Category- Customer Risk
Source of risk Ideas for risk reduction
Meeting customer expectations
Using customer mapping techniques for
organizing ways to know about the customer
organization
Obtaining samples of previous work that need
to be taken into consideration as a benchmark
for meeting the level of expectations
Meeting regularly with the acceptor
Holding regular Steering Committee meetings
Managing Senior Management perceptions Active involvement of Steering Committee
Customer management
Political risk Accessing organizational readiness where the
Senior Management are committed that ensure
that it need to get appropriate priority
Changing requirements Defining the scope in terms of horizontal

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scope, vertical scope as well as other
estimating assumptions and the acceptance
criteria
Lack of user commitment Ensuring user awareness for resolving all
issues through use of reports
Obtaining executive commitment that aims at
providing adequate user participation
User training and acceptance Developing a training programs
Installing a training infrastructure
Question 2
After assessing the above listed steps, it is now required to meet with the mangers and
discuss the critical success factors. The findings that should be communicated to the manager
will be risk assessment strategies that need to be adopted by MacVille cafes so that they can
attain the future goals and objectives of business enterprise (Grugulis & Haynes, 2014).
Question 3:
Risk management process for communicating with stakeholders:
Summary of discussion with managers:
Meeting with managers revealed fact that there were several opportunities for opening
more cafes. Opening of business in areas such as Wilston and K-mart plaza are backed by

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support of government by formulation of legislation that are concerned with efficient usage of
water (Peppers & Rogers, 2016). Prerequisites of opening café is also discussed with managers
that provided information about requirements of opening café shop. It was also mentioned that
many international chain of coffee shops are enquiring for opening such store in the area.
After discussion with risk managers, it was ascertained that the existing Hurley’s coffee
outlet face some issues and there was apprehension that similar issues would be faced in new
brand to be established at Toowoomba. Some of risks that would pose threat to opening of store
at Toowoomba that there were lack of written policies that would guide staffs for carrying out
their duties, lack of professional culture of business, incapability of meeting compliance
standards and failure to monitor external environment. It has been recommended that it is
essential for mangers to manage risks by development if appropriate risk plan that would help in
mitigating any evolving and related issues. A proactive management is required to control,
evaluate and managing risks at all organizational level (Carvalho et al., 2014).
Communication plan for dealing with stakeholders:
All the relevant stakeholders of MacVille would be communicated through online
newsletter, websites, brochures and advertising. Communication plan of stakeholders would
outline various aspects of opening coffee stores in Toowoomba and rebranding of Hurley’s
stores. This would involve prioritizing and designing key stakeholders. Particular group of
stakeholders would involve employers, customers, suppliers and investors. Business would
employ a proper mechanism for communicating with their relevant stakeholders. Some
stakeholders are required to be communicated using phone calls or fax for discussing the matters
and risks related with opening of coffee store. Investors would be communicated by organizing

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meeting with senior management teams and directors. Customers would be communicated by
distributing pamphlets and brochures and they would be informed about rebranding of Hurley
store and expansion of store at Toowoomba. Communication draft prepared for investors and
suppliers would invite them to provide discussion on identification of risks related with opening
of store. Effective communication approached would be adopted by organization that would
assist in understating proposed business (Baron & Frattaroli, 2016).
Development of risk management profile:
Question 1:
Establishing the contexts:
Risk management framework would be developed for rebranding Hurley’s café along
with new store to be opened at Toowoomba. Operating environment in Toowoomba is risky and
therefore, there has been development of policies that are designed to evaluate, identify, control
and monitor risks. It would help in properly assigning roles to staff members, senior management
and directors concerning risk management. Management of MacVille would be able to determine
what types of risks should be accepted and preparing accordingly (Yuan et al., 2014). In regard
to conduct, standards would be set for meeting expectations of customers and staffs.
Structure of risk management and criteria against which risks are measured:
Risks faced by MacVille business can be identified by adopting collaborative approach
involving stakeholders’ cross section. Business expansion would also considered scenario that

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are worse. Identification of risks would help business to assess the likelihood and consequences
arising from such risks and arriving at options for managing such uncertain risks.
Number of elements are encompassed in the structure of risk management of MacVille
that would enable them to respond to commercial, financial, operational and strategic risks.
Internal control procedures would be underpinned by series of policies that are implemented and
communicated to all staff members by senior management team. Policies for managing risks
would be developed for different departments (Borrella et al. 2015). Such policies involve
financial policies, human resources policies and corporate governance policies.
Question 2:
Identifying and describing risks:
Evaluation of risks are done by adopting three types of process. Managers would prepare
what if questions, perform brainstorming and analyse the worst case scenarios. It has been
analysed from the case study that opening store at Toowoomba would face accessibility issues,
as mangers would require long time to travel from Brisbane to Toowoomba. In this context,
location would act as hurdle in opening coffee shop at Toowoomba. In the worst scenario, it is
possible that location would be financially unsustainable. Furthermore, there can be creation of
ineffective layout of customer flow. Improper layout of customer flow would arise when
business does not take into account different aspects of customers and this would hamper their
experience with business. The ability of coffee shop to reach and provide satisfaction to
customer would be hampered (Anwar et al., 2014). Risk management profile of MacVille would

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also addressed some other uncertainties such as overcapitalizing preparation of food, inefficient
workstation building and carrying out inappropriate agreement for financial requirements.
Question 3
Conduct risk evaluation
Evaluation of risk includes identification, assessment as well as prioritizing important
risks of business. This in turn helps in validation as well as prioritization of significant risks to
monitor and highlight any kind of opportunity for enhancement to present actions utilized as
controls in the business (McNeil et al., 2015). Assessment of risk helps in gaining a deep insight
regarding important inherent risk from a perspective of practice and links these to the objective
of the corporation Mac Ville. The identified risks can be assessed using the following:-
-likelihood
-consequence (Glendon et al., 2016)
-rating of risk and
-evaluation of control
Thus, the first step involves assessment of inherent possibility, assessment of inherent
consequences and determination of the entire inherent risk ranking (Lam, 2014). Following step
also involves identification and analysis of controls and evaluation of residual risks. Therefore,
risk manager can undertake the following steps:
-Evaluate different inherent risks

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-Identify and analyze controls
-Evaluate the residual risks (Hopkin, 2017).
Question 4
Conducting risk evaluation
Evaluation of business risk of Mac Ville essentially involves critical assessment of the
business. This necessarily comprises of understanding critical business actions undertaken by the
corporation, counting important services, key resources along with staff as well as things that can
have an effect on business activities, such as failure of power, natural disaster as well as illness
(Bromiley et al., 2015). Assessment of risks that is likely to happen in the business, identification
of both internal as well as external risks and identification of individuals who might possibly get
affected in case of recognition of the risks. Process implemented for conduction of analysis of
risk include undertaking a process of asking “what if” questions, undertaking brainstorming,
analysis of other events, assessment of other processes and taking into account the worst case
scenario (Cagliano et al., 2015).
Analysis of operations of the firm Mac Ville is carried out from the standpoint of a
member of the finance, audit and risk management (FARM) and assistant manager of flagship
store of Mac Ville in Queensland. in this case, the task of risk management also involves
evaluation of the business function of expansion of function in Toowoomba. Detailed analysis
using asking “what if” questions can help in understanding that location of the café in
Toowoomba can pose the risk of accessibility. Particularly, attending meeting on a weekly basis
by managers and travelling from Toowoomba Brisbane can be considered to be a very difficult

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task (Pritchard & PMP, 2014). Again, acquiring company branded supplies is also a difficult
aspect in Toowoomba as compared to Brisbane. In addition to this, risks are also involved in the
process of authorization of wages along with endorsement of deliveries. Thorough brain
storming can also help in understanding and setting policies, detecting risks and averting the
risks for written directives over and above procedure and manuals (Hopkin, 2017). Again,
computerized processes of maintaining details of employee and improper security of financial
records maintained in computers might also pose risk. In addition to this, unavailability of safe in
the store might pose risk to the business as it might not be possible to do banking on every day
basis. Furthermore, fit out parts looked well and at the same time unappealing and can hamper
the business of the firm (Sadgrove, 2016).
Question 5
Developing and implementing proposed risk treatments
Analysis of the risk of operations can also help in detecting the business risks that might
be involved in the business operations. Detailed analysis reveals the fact that important problems
that can be recognized in the business operations include inadequacy of internal controls,
specifically over handling of cash, monitoring as well as recording (Eckles, et al., 2014). In
addition to this, failure to adhere to compliance standards such as WHS, Privacy along with laws
of industrial relations can help pose risk to business operations. Again, inadequacy in written
policy as well as procedures to guide members of the staff in carrying out the duties also
hampers business and bears risk. Furthermore, inadequacy of professional culture in the family
runs business along with malfunction of the entire business to scrutinize the external
environment and come across opportunities along with threats to the business (Glendon et al.,

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2016). Risk manager can reduce risk by treating the risk properly. Risk manager can lessen risk
by dropping the possibility of negative incidents or increasing the possibility of opportunities for
the business. An IT solution corporation can be hired for maintaining privacy of financial data of
the company. In addition to this, plans can be developed for emergency situations. Risk manager
might consider development of an exclusive product design, protection of intellectual property in
order to enhance expected gains. Moreover, it is also important to recurrently verify risks, update
plans and regularly check different risks (Pritchard & PMP, 2014).
Thus, the risk treatment plan involves
-specification of treatment options selected
-Documentation of treatment plan
-Assignment of owner
-arrangement of target resolution date
Question 6
Monitor, report, update and manage risks
Risk manager might consider assessment of risks detected in the risk register of the firm.
The risk management team can document different activities or else events that can change the
overall status of risk. Therefore, risk manager can change to a specific risk assessment owing to
the enhancements in controls. In addition to this, violation in the control as well as near miss also
needs to be logged during the time of the incident. Again, a new risk can also be acknowledged.
Therefore, partners need to assess risk register on a regular basis that includes meeting of

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partners on a monthly basis and determine any kind of remedial activities that can be undertaken
on an immediate basis (Hopkin, 2017). Subsequently, efficiency of framework of management of
risk can help in implementation of the same in the company Mac Ville. This needs to be
periodically assessed to make certain continuous enhancement of risk management in the
corporation. Again, this can be analyzed based on the violations as well as near misses,
efficiency of communication, assessment of different lessons that can be learnt and remedial
activities can be undertaken. In addition to this, structure is also said to be efficient in case if the
context remains pertinent to the business of the firm Mac Ville, since this sets the range for
management of risk. Furthermore, the framework is also effectual and this makes certain
establishment of practice objectives, internal as well as external context for management of risk
in the business of existing operations with expansion business (Eckles et al., 2014).
Assessment Task 2
Risk Analysis
Likelihood
The likelihood of the risk can be judged depending upon the degree of risk pertaining to
that risk and how far it can be controlled at the same time (Sadgrove, 2016). In case of banking
risk, the risk assessed is high for the Hurley café as the company was facing problem on matters
relating to inadequate internal controls as well as difficulty in handling cash and recording the
cash as and when required. In order to carry out any new business, there are many risks that the
business needs to suffer. Here comes the role of risk managers who identify the risk, assess it and
suggest control measures so that risk can be minimized as far as possible. The next risk identified

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from the case study is traveling risk of managers (Brindley, 2017). It becomes difficult for the
managers to travel from Brisbane to Toowoonda for business purpose. It is a very serious
problem that will pose a threat of opening a new store at Toowoonda. Location was a major
concern for the business as Toowoonda is risky place. The third risk evaluated from the case
study is compliance risk where the business failed to adhere by compliance standards like WHS,
privacy along with laws of industrial relations and procedures that are used for guiding staff
members at the time of carrying out duties that hampers business and poses risk (Moffett,
Stonehill & Eiteman, 2017).
Consequences
The business risk had occurred as the business could not mange with the available cash
and internal related activities. The other risk was traveling risk of mangers that had taken place
as it is of utmost importance for any manager to travel at other offices as well to look after the
working. The place Toowoonda was also a major drawback as it is risky and lack development
expansion. The business was not adhering by the rules, norms and regulation that give risk to
compliance risk (McNeil, Frey & Embrechts, 2015).
Priorities
Each risk identified from the case study need to be prioritized as to which risk to be
mitigated first and then the next one to be precise. The vital risk that need urgent attention if
banking risk, then the travelling risk of managers and lastly compliance risk factor
Options
Proper risk management will be likely effective option that should be adopted by the
business to mitigate inventory and working capital problems (Bromiley et al., 2015). It is of great

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important for any business to have adequate working capital requirements to meet day-to-day
expenses of business for smooth functioning of business enterprise. In order to the mitigate the
second risk, it is important to hire experienced and talented manager for the new store
Toowoonda as that manager will look after the operations and will be staying there only and
hence this option will be likely effective for given span of time. The last risk identified is the
compliance that can be mitigate by the risk managers by adhering by the laws, rules, norms and
regulations (Lam, 2014).

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Risk management plan
Risk Assess risk Controls Monitoring Timelines Responsible
Banking risk High Inadequacy of
internal
controls
Over handling
of cash
monitoring as
well as
recording
Proper risk
management as
well as internal
control of
Hurley café
will help in
understanding
the risk that are
exposed and
lead to meeting
further
objectives.
2 to 3 years Risk manager
or assessor
Travelling
risk of
managers
Medium Time
consuming
affair
Expensive
Location being
one of the
drawback for
this café, it
need rethinking
of any other
location or
recruiting
managers who
2 to 3 years Risk manager

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can manage the
new café at
Toowoomba
Compliance
risk of the
company
High Financial
stability
Documentation
Concentration
Legal or
regulatory
Continuous
monitoring is
needed by the
risk mangers to
look at the
stability of
existing café at
Toowoomba
2 to 3 years Risk manager
Risk management objective
The main purpose of risk management plan is to highlight the risks that are present at
Hurley’s café and developing strategies to mitigate or avoid such issues that are outlined in the
table (Hopkin, 2017).
Qualitative risk analysis
Probability impact matrix
Probability impact matrix
Project
objective
Very low Low Moderate High Very high

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Cost Increase in
cost
insignificantly
Less than 10%
cost increase
10 to 20%
increase in cost
20 to 40% of
cost increase
More than
40% cost
increase
Time Increase in
time
insignificantly
Less than 5%
increase in
time
5 to 10% of time
increase
10 to 20% of
time increase
Less than
20% time
increase
Scope Negligible
decrease in the
scope
Minor areas of
scope that
affects
Minor areas of
scope that
affects
Reduction in
scope that is
unacceptable
by the sponsor
Project end
item that is
effectively
useless
Quality Barely
noticeable
quality issues
Vary
depending
upon
requirements
Quality
reduction that
need approval
from the
sponsor
Quality
reduction
unacceptable
by the sponsor
Project end
item that is
effectively
useless
Risk register
It is the responsibility of project manager and project team to come up with numerous
options for each of the identified risk that was associated to Hurley’s café (Green, 2013).

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Risk management strategies for Hurley’s café
It is difficult to open café as the businesses need to offer fresh ingredients, dishes,
mocktails and coffee to their clients. At Hurley’s café, it is essential that the staff members are
given required training on how to behave with customers, enhancing the quality of food and
other essential factor. Equipment at Hurley’s café should be properly maintained as well as
training sessions for the staff members plays major role that help in mitigating the risk as far as
possible (Gollenia, 2016). The most vital part for Hurley’s café is to meet customer expectations.
The present case study emphasis on two main factors, rebranding Hurley’s café and opening
stores at Toowoonda
Some of the risk management strategies are suggested to mitigate the issues that are faced
by Hurley’s café. The risk is already mentioned above in the table that includes business risk,
travelling risk of managers and compliance risk. These are some of the risk that need proper
evaluation by the risk manager and come with strategies that can help the café attain more
profits, success, and growth in the upcoming financial years.
The first risk management strategy is to train the staff members as they are the real assets
for any business enterprise (Carroll & Buchholtz, 2014). Training staff members can help in
mitigating potentially disastrous situations where the staff members can handle it all by
themselves. Training includes equipment handling, safety procedures, safety procedures as well
as customer service. Here, equipment handling means staff members working at café should
know how to handle the equipment in the required way. Rather than saying not to use equipment
in certain way, it is suggested to explain the staff members about the reason for the rule or
rationale behind a rule that boosts compliance. The next training that is needed for the staff

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members at café is explaining the safety procedures like how to handle equipment, preparation of
food items as well as what to do when there is any case of robbery or fire. The next training
session should be regarding customer service. Staff members who are coming in direct contact
with the customers at café should be well-behaved and has smile on their face while serving
them (Fadun, 2013).
The second risk management strategy that should be used by Hurley’s café is use of
technology. Running a business in the digital age in real comes up with own set of risks. In order
to prevent the security, the café should consider using anti-virus software that will keep malware
and viruses with necessary firewalls and software. In addition, they should consider using
password protection for their Wi-Fi network that offer the café as an internet hotspot that is good
way to attract customers and keep their network safe as well. They should use secured networks
as well as give passwords at the register. Use of security cameras will solve a lot of problems
such as any potential criminal activity or theft at café (Choi, Chan & Yue, 2017).

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Assessment Task 3
Question 1
Critical Review of Implementation of risk management plan
Part A
Summary of the initial risk and the plan implemented to manage it
Based on the report on identified risks, the board of the firm has detected several risks in addition
to different options for lessening the levels of risk. Mac Ville primarily faces the banking risk
stemming from risk of theft of cash from the store premises, travelling risk of manager cropping
from possibility of physical injury. Moreover, there is probability of by-law conformity risk that
might damage the reputation and brand equity and lead to payment of fine. The management of
the firm intends to maintain a timeline for taking into consideration the level of risk priority
(Chan & Wong, 2015). The board of the corporation as part of risk management plan can
identify, evaluate and plan to mitigate risks throughout the life cycle of the projects of Mac Ville.
The board of the firm has undertaken a plan of delegating different duties to different members
of the company for breakdown of work structure. For example, financial controller for
overseeing financial, insurance as well as banking issues, Mac Ville Board to control the
expenditure, store manager for management of operation on site, Goldsmith Partners for
handling legal concerns, CEO for external audit and alterations to operations of Queensland.
In addition this, the company also intends to aptly introduced certain measures for addressing the
risks faced by the concern. The management intends to change the banks and select the ones

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located nearer to the café to avert long walks and avoid banking risks. The identified problem
related to usage of water in the Toowoomba location is also expected to be solved by the plan of
installing various native plants to reduce water use, implementing a water tank, introducing new
procedures on usage of water and conservation of water, establishing new policies as well as
procedures for usage of water in Toowoomba, installing water graph, replacing dishwasher.
Moreover, the risk management plan sketched out also includes installation of teleconferencing
system, completion of management meet by 3 o’clock in the afternoon and shift the assistant
management times to the morning that can help in lessening the travel risk of managers of the
company. Again, the action plan for management of risk of the firm also include bringing in
Goldsmith partners for good and monitoring the legal and compliance issues of the firm that can
help in elimination of the legal issues.
Part B
Actions that are undertaken till date to manage the identified risks include adoption of specific
work processes for identification, analysis as well as analysis of risks throughout project and
development of budget for monitoring the costing of the project. The company has also
maintained risk register for critically reviewing the risk attached to operations frequently. In
addition to this, the management also delegates roles as well as accountabilities to different
members so that at the time when different projects faces an issue with specific risks attached to
it, this plan can allow the members of the project know people in-charge of specific
responsibilities. In addition to this, the company also categorized risks and slated correct
organization of requisite information. Specifically, the company has taken insurance cover worth
$5000 for mitigating the banking risk and risk of theft of cash from store premises. A bank
located only two shops in the down street and was selected for banking and for averting long

29MANAGE RISK
walk to banks. Teleconferencing system was also installed and weekly management meetings are
also getting by the management of the firm. In addition to this, weekly management meetings are
also finishing by 3 o’clock as part of ease of the business process. Furthermore, the board as well
as CEO of the firm also included new policy as regards compliance with the by-law of the
Towoomba on conservation of water as designed. Again, the plants have also been altered to
natives that require minimal water as intended. Furthermore, installation of dual-flash toilets is
also ordered and is in stock owing to the backlog of work by different district plumbers. In
addition to this, 5 star rated dish washer is also installed by the supplier within 6 months planned
time schedule. The implementation to make good is also carried out by the Goldsmith Partners
for Mac Ville and this was accepted by the Toowoomba City Council. Nevertheless, the training
on regular banking also appears to have successfully concluded as designed. Again, audit of
various deposits of bank of the last 6 months is also carried out properly for management of risk.
In addition to this, internal audit is also undertaken by the store as designed for monitoring the
operations of the firm. Moreover, training is also conducted on different water saving procedures
as is directed by the policy (Calomiris & Carlson, 2016). Again, water tank is also built in
particularly the courtyard; however, the plumbing has not yet been joined.
Part C
Comparison with of the outcomes of the risk management plan can help in identifying with the
reduced risks.
Insurance cover that involves a premium payment of $2500 is used by the company for
addressing the risk of banking and theft of cash withheld by the firm. This refers to the fact that
the banking risk gets lessened due to this specific action by the management. In addition to this,

30MANAGE RISK
the bank account of the firm is also maintained at a bank located nearby the outlet of Mac Ville.
However, the company faces problem in receiving the same level of service that the outlets
receive in Brisbane and encounters banking risks even after implementation of the measure for
risk management. In addition to this, non–execution of the teleconferencing system also
encounters also leads to risks of management of operations of business in the Toowoomba.
Furthermore, plants that have been transformed to national ones call for the need of minimal
water as intended by the firm (Rampini & Viswanathan, 2016). The company also faces
difficulty in the process of installation of dual flush toilets owing backlog of work by different
district plumbers. Thus, this leads to the problem of water usage. Again, verbal illustration of the
guidelines on training on water saving procedures also adversely affects the effectiveness of the
training program and hampers the entire process. Water tank developed in the courtyard is not
linked and the and there remains a gap in the business functionalities that hampers the business
functions and increase the risk of functional failure.
Part D
Critical evaluation of the effectiveness of the risk management plan can be carried out by
appropriately comparing the process of implementation with the outcomes of the risk
management plan of Mac Ville. Analysis of the outcomes of the risk management plan reveals
the fact that the reveals the fact that action plan of using insurance cover involves insurance
premium payment of $2500 every year. Again, the bank account opened in a nearer location two
shops down the street is faced with difficulty as the company could not receive the same level of
service as it could get from the Brisbane outlet. Again, the management of the company has also
failed to install the teleconferencing system even after six months of planning. Furthermore,
weekly management meetings although get completed by 3 pm, sometimes the manager also

31MANAGE RISK
need to stretch at the demand of the team in the head office. Moreover, the manager has also not
yet received any kind of excusal letter by particularly the CEO and feels that they do not have the
ability to just leave at 3 pm. Again, the board as well as the CEO also incorporated new policy as
regards compliance with the Toowoomba as per plan but the particular procedure has still not
been written. In addition to this, the plants have also been altered to natives that call for minimal
water as per plan. Installation of dual flush toilets was designed after settlement and although the
dual flash toilets are ordered they are not yet installed owing to backlog of work by different
district planners. Internal audit conducted by the firm is also faced with difficulty (Soin &
Collier, 2013). Essentially the store manager states that that travel managers need to travel a
particular distance and there is overload of work of the managers in the Brisbane stores. This can
also be cited as a reason for the infrequency of internal audit of operations of the corporation. In
addition to this, written policies on training on water saving procedures is not yet carried out
although it is verbally explained as a part of the action plan of risk management. Analysis of the
risk management plan reflects that a water tank had been developed; however, plumbing has not
yet been linked. Although the weekly monitoring of the water usage is carried out, information is
not updated for the last few weeks.
Question 2
Evaluation of Risk Management Plan
This current segment presents an Analytical evaluation of risk management plan of the
corporation Mac Ville. The analysis of the plan can help in understanding the extent of
effectiveness of the actions undertaken by the corporation for addressing the identified risks
(Lam, 2014). Detailed comparison of the outcomes of the plan talks about the success of the

32MANAGE RISK
implemented actions. Proper monitoring as well as review procedures that encompass diverse
aspects of risk management procedure helps in ensuring that the controls undertaken by Mac
Ville are effective as well as efficient in terms of both design as well as operation. Acquirement
of further information on plan of action aids in assessment of the improvement of risk
monitoring process. Evaluating and learning lessons from different risky incidents. Detection of
alterations in both the external as well as internal context counting the alterations to risk criteria
as well as to the risks which might call for the need of revision of the risk treatments as well as
priorities (Rampini et al., 2014). Furthermore, identification of different emerging risks is also a
significant part of the process of monitoring and reviewing the risk management plan.
Part A
Assessment 4
Answer to Question 1
Three ways in which research can be undertaken for risk related issues
Qualitative Analysis: This technique can be undertaken as a process of initial screening to
recognize if further analysis of risk is necessary, when the assessment is fitting for decisions and
in case when numerical data or else resources are not enough (Haimes, 2015).
Semi-Quantitative Analysis: This technique establishes value to diverse risks in a bid to create
a more expanded ranking range than the one which is normally attainable from qualitative
evaluation.

33MANAGE RISK
Quantitative Analysis: This technique of risk utilizes numerical values to evaluate both the
consequences as well as likelihood of risk (Sadgrove, 2016).

34MANAGE RISK
Answer to Question 2
Fishbone checklists and brainstorming for risk management
Fishbone Diagram: Fishbone diagram is also known as a cause and effect diagram that is used
as a visualization tool for classification of probable causes of an identified problem in abid to
recognize the root causes (Bromiley et al., 2015).
Checklist: The checklist of risk serves as a thinking device or discussion prompt that can help in
making it certain that the team has looked at the project and the environment from different
angles at the time when they sign off on the list of risk.
Brainstorming: It can be solely utilized for generation of ideas; however, it does not include
analysis. Brainstorming can also be utilized to develop a wide variety of ideas during a short
period of time. Brainstorming techniques that can be utilized include the following:
- Structured brainstorming
- Silent brainstorming (Howes et al., 2015).
- Brainstorming in free form
Answer to Question 3
Five stages of risk likelihood
1) Almost Certain: Highly likely to occur
2) Likely: Will occur probably but cannot be considered as a persistent matter of concern
3) Possible: May occur occasionally
4) Unlikely: Not anticipated to take place but is definitely a possibility

35MANAGE RISK
5) Rare: Very much unlikely and this will ever occur (Haimes, 2015).
Answer to Question 4
Five levels of consequence for risk
-Extreme Consequences (this essentially has an adverse influence on the important areas let’s
say, huge loss or else decrease in enrollment of number of students in a specific educational
institution)
-Major Consequences (loss of government financing owing to loss of enrollment that again can
be controlled by improved process of management) (Lam, 2014).
-Moderate Consequences (damages for short period of time that can also be repaired)
-Minor Consequences (moderate reduction in the enrolment and registration of students)
-Insignificant Consequence (minor decrease in the overall enrolment of students) (Haimes,
2015).
Answer to Question 5
Three treatments of risk
1) Modification of the possibility of the risk to enhance probable beneficial outcomes (Chan
& Wong, 2015).
2) Attempting to influence probable consequences to enhance the anticipated gains
3) Distributing the risk with other parties that might contribute by delivering additional
resources that might increase the overall likelihood of specific opportunity or else the
anticipated gains.

36MANAGE RISK
4) Maintaining the residual risk
Answer to Question 6
Risk Action Plan (Key inclusions)
Important things that can be included in the risk action plan are as follows:-
-Identification of Risk: Ranking of the risk under consideration (Calomiris & Carlson, 2016).
- Rating of risk: proper rating of the identified risk in different classes such as low level,
moderate level, medium level, high level and the extreme level)
-Treatment action or control- Specification of the treatment action or else the controls that can
be undertaken for treatment of the recognized risk (Rampini & Viswanathan, 2016).
Answer to Question 7
Way principles as well as guidelines assist corporations to lessen risk
International Risk management Standard that is essentially (AS/NZS ISO 31000-2009) delivers
principles as well as guidelines for management of risk. Again, the organization also adopts
important principles of management of risk as laid down in the standard and actively operates
towards compliance with the principles in order to make certain that management of risk is
effectual (Howes et al., 2015).

37MANAGE RISK
Answer to Question 8
Legislation listed and the way it can affect the process of management of risk
a. Privacy law
Privacy law can be regarded as an Australian law that regulates the overall process of handling of
different personal information about individuals. In essence, this comprises of collection, usage,
storage, admittance to information and rectification of information along with disclosure of
specific personal information (Howes et al., 2015).
b. WHS regulations
WHS legislation comprises of a model such as WHS Model, specific Codes of Practice as well
as national compliance along with enforcement policy. In essence, Work Health and Safety is the
foundation of the WHS Act that is enacted across the nation Australia to harmonize the health of
operation as well as safety regulations (Bromiley et al., 2015).
c. Contract Law
Contract law encompasses all kinds of regulations that are directed towards enforcement of
certain promises ( Soin & Collier, 2013). Particularly, in Australia, the contract law is mainly
regulated and controlled by the “common law”, but more and more statutes are supplementing
the common regulation of agreement-specifically in relation to protection of consumer. This
contract law is widely categorized into five different classes:-
-Contractual Formation
-Scope as well as content of agreement/contract

38MANAGE RISK
-Evasion of contractual obligations
-Performance and termination of agreements/contracts and
-Remedies for violation of agreement/contract (Soin & Collier, 2013).
Answer to Question 9
Three adjustments that can be made in the workplace to help a person with a disability
The three different adjustments that can be carried out in the place of work to assist a person with
disability include providing facilities of mobility impairment (counting dexterity impairments
that include ramps, automated doors, vehicle modifications, hand rails, stair lifts and many
others). Management can also provide facilities for an individual who is primarily deaf or faces
difficulty in hearing such as hearing loops, video phones, and visual alarms among many others
(Lam, 2014). In addition to this, management can also deliver facilities to individuals who are
blind or has impaired vision that include screen magnification, Braille machines, CCTV
magnifiers and many others.
Answer to Question 10
Categories of insurance
Two categories of insurance a particular corporation can be taken into consideration before
process of purchasing and for each category of the insurance and the benefit that is enjoyed by
the entire organization. Property insurance can be considered irrespective of the fact whether a
business owns or else leases a certain space (Sadgrove, 2016). Professional liability insurance
can also be taken into consideration in order to cover a specific business against claims of
negligence and these results from faults or failures to perform.

39MANAGE RISK
Case study 1
Convenience Store-growth and diversification
Question 1
Advising John on how barcode systems work and lusting the advantages of barcode system
Barcode system is often viewed as an approach for cutting cost as well as saving a lot of
time. It is advisable to John in implementing barcode system for his convenience stores as the
system is both cost-effective and reliable at the same time. Some of the advantages of
implementing barcode systems are listed below with proper justification:
John should implement barcode systems in his convenience stores as it eliminates the
possibility of human error. Manual entered data lead to error and this can be avoided by
using barcode systems. This system is fast, reliable and takes less time than entering each
product by hand.
John should implement barcode system in his convenience store as it reduces
employment training time. This system takes only minutes to master the hand-held
scanner for reading the barcodes.
Barcode systems are not so expensive to design or print
Barcode system are extremely versatile by nature
Improvement in the inventory control by using barcode system

40MANAGE RISK
Question 2
Sample chart of accounts for John’s convenient store
Figure: Sample chart of accounts for John’s convenient store
Question 3
Listing few advantages of franchisee system over stand alone forms of business
Planning and research- As a standalone forms of business, it is needed for an
entrepreneur to first write a detailed business that include location, type of products and
financials needed for opening and running the business. On the other hand, as a
franchisee, it is needed to research for different franchise opportunities to see if there is
any opportunity that fit with the business goals and philosophy. It needs proper

41MANAGE RISK
consideration of all the aspects of franchise business such as financials, track records of
existing franchise as well as growth of the parent company over a passage of time.
Preparing to open- As standalone forms of business, the entrepreneur need to start from
the scratch and gain lot of experiences that sometimes may be good or bad. The
entrepreneur need to hire and train staff members and need to find suppliers for the
business established. On the other hand, in case of franchisee system, the business
functions similar like any other franchisee units that exist in some or other place.
Question 4
Advising John about various short-term and long-term finance available to John’s new
business and their merits and demerits
Bank loans- Traditional bank convenience store loans are mostly preferable as the best
option for any convenience stores. A traditional bank loan also known as bank term loans
prove to be great option if the convenience store has good credit as well as well-
established and generates consistent business profits. The rate of traditional bank loan is 5
to 10% and for 1 to 25 years.
SBA Loans- John can even consider SBA loans as it is one of the great options for the
small convenience store business activities. The SBA loans help convenience stores with
affordable financing working capital, purchase of property as well as equipment leasing. .
The rate of SBA loan is 6 to 8% and for 7 to 25 years
Alternative business loans- There are many convenience store owners who have good
credit as well as generate decent profits but are not eligible for traditional bank

42MANAGE RISK
convenience store loan or SBA loan. It is the time when convenience store owner should
opt for alternative business loans where the rate if 9- 20% and term is 1 to 5 years.
Question 5
Discussing the negotiations John likely to carry out in order to attract an investor as a
partner into his new business venture
John needs to negotiate on several vital terms with investors while discussing on the
venture capital money. In order to start any business, it is vital to have access to venture capital
so that all the expenses are met and carried out in smoother terms. The existing business of
convenience stores of John is earning profits but lack proper accounting system where they failed
to record accounting transactions by using correct software. After that, John decided to start a
new business as well as he was having a vacant place leftover. In that case, John needs to take
into consideration different forms of financing options that are already mentioned in the above
question with proper justification. Investors need to be explained with a presentation where each
of the business need are mentioned with proper detailing staring with product offering, financing
structure and management aspects.

43MANAGE RISK
Question 6
Modifying the sample chart of accounts that include appropriate coding for the Fuel
Station, car Wash and Motor Accessory business
Budgeted Convenience Store Purchase:
1st Year 2nd
Year
Particulars 1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
TOTAL 1st
Quarter
Projected Conveniance Stores
Revenue
$450,00
0
$472,500 $496,125 $520,931 $1,939,5
56
$546,97
8
Average Cost of Sales (in %) 85% 83% 82% 80% 80%
Projected Cost of Sales $382,50
0
$393,593 $405,007 $416,752 $1,597,8
51
$437,58
9
Add: Closing Stock $59,039 $60,751 $62,513 $65,638 $65,638
$441,53
9
$454,344 $467,519 $482,390 $1,663,4
89
Less: Opening Stock $57,375 $59,039 $60,751 $62,513 $57,375
Total Convenience Store
Purchase
$384,16
4
$395,305 $406,768 $419,878 $1,606,1
14

44MANAGE RISK
Question 7
Budgeted Fuel Sales:
1st Year
Particulars 1st
Quarter
2nd
Quarter
3rd
Quarter
4th
Quarter
TOTAL
Projected Unleaded Regular Petrol
Sales Volume (in ltr.)
11250 12375 13612.5 14973.75
Average Selling Price per ltr. $1.14 $1.16 $1.19 $1.21
Total Unleaded Regular Petrol
Sales
$12,825 $14,390 $16,145 $18,115 $61,475
Projected Unleaded Premium
Petrol Sales Volume (in ltr.)
9000 9900 10890 11979
Average Selling Price per ltr. $1.19 $1.21 $1.24 $1.26
Total Unleaded Premium Petrol
Sales
$10,710 $12,017 $13,483 $15,128 $51,337
Projected Leaded Regular Petrol
Sales Volume (in ltr.)
4500 4950 5445 5989.5
Average Selling Price per ltr. $1.06 $1.08 $1.10 $1.12
Total Leaded Regular Petrol Sales $4,770 $5,352 $6,005 $6,737 $22,864
Projected Leaded Premium Petrol
Sales Volume (in ltr.)
6750 7425 8167.5 8984.25
Average Selling Price per ltr. $1.16 $1.18 $1.21 $1.23
Total Leaded Premium Petrol
Sales
$7,830 $8,785 $9,857 $11,060 $37,532
Projected Deisel Sales Volume (in
ltr.)
22500 24750 27225 29947.5
Average Selling Price per ltr. $1.10 $1.12 $1.14 $1.17
Total Diesel Sales $24,750 $27,770 $31,157 $34,959 $118,63
5
Total Fuel Sales $60,885 $68,313 $76,647 $85,998 $291,84
3
Question 8

45MANAGE RISK
In case of any contingency situation, what will be the strategies that will be available to
John for overcoming the contingencies?
In order to mitigate any contingency situation, John should plan a contingency plan in
their business approach. Here, planning is vital in every aspect life but when the case is that of an
entrepreneur, they need to plan ahead of time. Planning should be done by John for:
Better preparation
Better flexibility
Mitigate problems
No last minute comprehension

46MANAGE RISK
Question 9
INCOME STATEMENT:
Particulars Amount
Revenue:
Convenience Stores Sales $1,939,556
Fuel Sales $291,843
Other Fuel Station Sales $321,028
Car Wash Service $335,620
Total Revenue $2,888,047
Cost of Sales:
Convenience Stores $1,597,851
Fuel Sales $459,653
Car Wash Service $201,372
Total Cost of Sales $2,258,876
Gross Profit $629,171
Other Operating Expenses:
Staff Wages $86,641
Manager's Salary $57,761
Electrcity $72,201
Telephone & Internet $14,440

47MANAGE RISK
Cleaning Charges $17,328
Repairs & Maintenance $21,660
Store Supplies $43,321
Depreciation of Furniture &
equipments
$57,761
Insurance $12,500
Total Operating Expenses $383,614
Net Operating Profit $245,557
Less: Interest on Bank Loan $47,500
Net Profit before Tax $198,057
Less: Income Tax $55,456
Net Profit for the period $142,601
BALANCE SHEET:
Particulars Amount
Current Assets:
Cash on Hand $288,805
Accounts Receivable $15,884
Inventory $143,196

48MANAGE RISK
Total Current Assets $447,885
Non-Current Assets:
Land $500,000
Furniture & Equipment $350,000
Accumulated Deprecation on
Furniture & Equipment
($105,000)
Total Non-Current Assets $745,000
TOTAL ASSETS $1,192,885
Current Liabilities:
Accounts Payable $112,944
Accrued Expenses $19,254
Income Tax Payable $55,456
Total Current Liabilities $187,653
Non-Current Liabilities:
Bank Loan $500,000
Total Non-Current Liabilities $500,000
TOTAL LIABILITIES $687,653
NET ASSETS $505,231

49MANAGE RISK
Owner's Capital:
Capital $350,000
Retained Earnings $155,231
TOTAL EQUITY $505,231
Case Study 2
Particu
lars
Amo
unt
Particulars Amou
nt
Particulars Amo
unt
Total
Cost of
Main
Ingredi
ents
$4,24
8
Total Actual Direct
Labor Cost
$5,92
0
Total Production (in
Units)
200
Actual
Unit
Price
of
Main
Ingredi
ents
$2.95 Actual Unit Price of
Direct Labor
$16 Standard Fixed
Overhead Rate p.u.
$10
Actual
Usage
of
Main
Ingredi
ents
1440 Total Actual Direct
Labor Hours
370 Standard Fixed
Overhead
$2,00
0
Actual Fixed
Overhead
$2,14
0
Total
Cost of
$1,79
4
Standard Unit Price
of Direct Labor
$15

50MANAGE RISK
Additi
ve
Actual
Unit
Price
of
Additi
ve
$9.20 Fixed Overhead Total
Variance
$140
Direct Labor Rate
Variance
$370 Adve
rse
Actual
Usage
of
Additi
ve
195 Adver
se
Standa
rd Unit
Price
of
Main
Ingredi
ents
$3
Standa
rd Unit
Price
of
Additi
ve
$9 Particulars Amou
nt
Total
Cost of
Direct
Materi
al
$6,04
2
Total Production (in
Units)
200
Standa
rd Cost
of
Actual
Usage
$6,07
5
Standard Hours p.u. 2
Standard Unit Price
of Direct Labor
$15.0
0
Direct
Materi
($33)

51MANAGE RISK
al Price
Varian
ce
Favorable Total Standard
Labor Cost
$6,00
0.00
Total Actual Direct
Labor Hours
370
Particu
lars
Amo
unt
Direct Labor
Efficiency Variance
($450)
Standa
rd Unit
Price
of
Main
Ingredi
ents
$3 Favorable
Standa
rd Unit
Price
of
Additi
ve
$9
Actual
Usage
of
Main
Ingredi
ents
1440
Actual
Usage
of
Additi
ve
195
Total
Standa
rd Cost
of
actual
Usage
$6,07
5

52MANAGE RISK
Standa
rd
Quanit
y of
Main
Ingredi
ents
1400
Standa
rd
Quanit
y of
Additi
ve
200
Total
Standa
rd Cost
of
Standa
rd
Usage
$6,00
0
Direct
Materi
al
Usage
Varian
ce
$75
Adve
rse
Particu
lars
Amo
unt
Budget
ed
Usage
of
Main
Ingredi
ents
p.u.
7

53MANAGE RISK
Budget
ed
Usage
of
Additi
ve
1
Total
Budget
ed
Usage
p.u.
8
Actual
Usage
of
Main
Ingredi
ents
1440
Actual
Usage
of
Additi
ve
195
Total
Actual
Usage
1635
Standa
rd Mix
of
Main
Ingredi
ents
1431
Standa
rd Mix
of
Additi
ve
204
Standa
rd Unit
Price
$3

54MANAGE RISK
of
Main
Ingredi
ents
Standa
rd Unit
Price
of
Additi
ve
$9
Direct
Materi
al Mix
Varian
ce
($56)
Favorable
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