I’m studying for my Management class and need an explanation.
https://www.mindtools.com/pages/article/newTMC_07….
http://www.maxwideman.com/pmglossary/PMG_R05.htm#R…
Risk terms explained here: http://iveybusinessjournal.com/publication/the-rol…
Instructions: Read the material at the sites listed in the Week 4 Lessons folder to help guide you assess the risks and rewards related to the solution(s) to the management problem you are exploring. Complete a 2-4 page paper discussing the risks and rewards to your client as they relate to the management problem are exploring during this course.
Then reflecting on business risks for the identified solutions, here are some things to consider for your client:
What changes of roles and responsibilities would be required with personnel changes?
What is the succession plan?
What new systems or skills will employees need to gain?What is the financial cost?
What interdepartmental changes need to be made (manufacturing, sales, delivery, financial and IT)?
Would communication barriers increase or decrease?
How would the proposed solutions impact clients?Would it increase their engagement level?
Would the changes impact the brand or reputation in the industry?
While these are not all-inclusive questions, they can provide guidance and clarity when developing the Risk Assessment.Risk analysis should be completed for each proposed solution.
