You are still not addressing stakeholders. This is the second week I have explained the need to address your top three stakeholders. You need to share how each group sees the solutions. They will not all be the same.
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.
Submission Instructions: Upload the paper to your Week 4 Assignment folder.
hen 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.
This week’s readings focus on Risk Assessment. These readings will provide you with examples of assessing the risks of solutions. Business risk is the potential of gaining or losing something. When deciding which solutions could yield greater results, it is best to analyze the potential risks. When a Risk Assessment is conducted, the goal is to identify what the potential risks could be if the solution is implemented. Analyzing risks help predict what could happen if the solution is implemented.
Good leaders need to analyze each solution to anticipate what could happen. Assumptions are made when analyzing risks, so it important to avoid false solutions. A false assumption is something that it does not appear to be. For example, just because we identify that there is a need for high-quality training, we cannot make the assumption that employees will be excited to attend the training. So how do you minimize false assumptions? In the article by Carol Stephenson, there are three considerations leaders should take when assessing risks.