[SOLVED] Risk Management and Data Analysis for Business Venture

The assignment requires a comprehensive risk management plan, including identifying risks, creating a risk register, setting targets, keeping notes, ensuring sufficient primary research, staying within budget, and completing the project on schedule. Literature research, online research, project objectives, survey design, data validation, analysis, report writing, and finalizing the report are also essential aspects of this assignment.

Table of Contents
Introduction..............................................................................................................................1
Brief explanation of the proposed topic and Rationale............................................................2
Aims and Objectives................................................................................................................. 3
Brief discussion of the scope and limitations of the project.....................................................4
Resources and cost considerations.......................................................................................... 4
Gantt Chart: Project Timeline...................................................................................................5
Risk register covering the main risks with the proposed research...........................................6
References................................................................................................................................7
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Introduction
Globalisation is a big part of our society and culture within the 21st century.
Globalisation is a process where the world becomes more and more
interconnected due to big levels of trade and cultural exchange. Because of
globalisation the levels of trade and goods production has increased creating
multinational companies and pushing out local trade (BBC, 2019).
This research project aims at delving deeper into the risks and benefits of
shared. The research for the project will be done through secondary as
primary research methods.
Brief explanation of the proposed topic and Rationale
The assignment will focus on the newly joint venture between Tata Steel and the German
company Thyssenkrupp to create Europe’s second largest steel company. This agreement was
made in mid 2018 despite the uncertainty of Brexit deal in the UK (KPMG 2018).
I have chosen this topic for the research as Brexit is a big concern in the UK at the current
moment. All the joint ventures in UK are looking for options to keep up their agreements
with their European partners in case of a hard Brexit and the UK leaves the customs union.
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Aims and Objectives
Project Aim:
To investigate some existing situation or problem in international joint ventures and further
explain the new phenomenon during current world economic turmoil.
Project Objectives:
 To explore the joint venture agreement between Tata Steel and Thyssenkrupp
 To find out the risks and benefits of a joint business venture during Brexit
 To ratify a strategic plan for businesses to enter an international market
Brief discussion of the scope and limitations of the project
The scope of the project consists of the following:
 Investigation on the positive and negative aspects of going into a joint venture in the
UK at this moment.
 Investigating the problems surrounding Globalisation
 Comparing the joint venture between Tata Steel and Thyssenkrupp
 Recommendations for international joint ventures
The research project will cover important aspects of the situation the UK is in at the moment,
especially from the point of view of international markets and how businesses can proceed to
make investments and contracts during political and economical instability.
The joint venture between the two steel industries not only addresses the challenges of the
European steel industry but touches on important issues for many businesses. The two
companies have managed to find a solution to create significant relationship for both
Thyssenkrupp and Tata Steel due to joint synergies which cannot be realized in a stand-alone
scenario. (H. Hiesinger, 2018).
From this the research project will look closer into other problems surrounding globalisation.
Resources and cost considerations
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Performance:
 Planning a survey for the students studying in the David Game College on their
thoughts on globalisation and the UK
 I will create 20 questionnaires in the hope to receive 10 to 15 back
Cost
 My budget will be quite low since I will not need to travel for my survey. The project
should not exceed £50
Budget
particular Amount ( £)
Budget 50
expenses
primary research 10
wages 5
legal fees 10
risk mitigation tool 10
secondary research 5
resources and equipment used 10
 Tata Steel and Thyssenkrupp research will be done online and through magazines and
articles so will not require funding.
Time
 I am planning to finish my secondary research throughout the next 6 to 7 weeks. In
these 7 weeks I will also plan the appropriate questions needed in my survey.
 By using the Gantt chart, I will be able to plan my tasks by week and tick them off as
I go along.
Gantt Chart: Project Timeline
Breakdown of project tasks in order to provide timeframes and stages for
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completion.
TASK WEEKS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 1
9
20
project
initiation
Decide topic
primary
research
Secondary
research
Define aims
and objectives
Project strategy
Literature
research
Online
research
Project
objectives
Tata Steel and
Thyssenkrupp
agreement
Risks and
benefits of a
joint business
venture
Design survey
Hand out
survey
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Collect
questionnaire
Validate data
Analyse data
Write report
Draft report
feedback
Final report
Submit report
Risk register covering the main risks with the proposed research
A Risk Register is a tool for documenting risks, and actions to manage each risk. As
risks are identified they are logged on the register and actions are taken to respond to
the risk.
With this project there are few risks because I only need to rely on my own work and
the quality of the data I gather.
I recommend for my success in the project that I do as follows:
 Set targets for myself daily and weekly
 Keep note that I finish my targets on time
 Keep a risk register book or log book
 Make sure I have enough people in my primary research
 Ensure I don’t go over budget
 Finish the project by the scheduled date
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References
 BBC Bitesize (2019). Globalisation. [Online] Available at:
https://www.bbc.com/bitesize/guides/zxpn2p3/revision/5 [Accessed on
9/01/19]
 H. Hiesinger (2018). The Indian Express, Tata Steel clinches JV with
Thyssenkrupp, to launch new European steel giant. [Online] Available
at: https://indianexpress.com/article/business/companies/tata-steel-
clinches-jv-with-thyssenkrupp-to-launch-new-european-steel-giant-
5240071/ [Accessed on 10/01/19]
 KPMG (2019). Brexit opens Pandora’s box of legal issues for
international companies. [Online] Available at:
https://assets.kpmg/content/dam/kpmg/xx/pdf/2017/05/brexit-article-
gls.pdf [Accessed on 12/01/19]
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