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How Reinsurance Companies are Taxed?
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How to Build an Agile Business ?
Constant change is a norm in today’s fast-paced business environment. It’s become important for companies to respond almost immediately, in order to sustain in a business world where: Geographical boundaries are continually diminishing; Technology is rapidly advancing; Customer expectations are ever changing; and The whole world is 24/7 connected. Agility is one of the most […]
The Behavioural Approach and its application in Management field
The Behavioural Approach came into existence during early twentieth century as a response to the then much discussed about Psychoanalytic theory. Since, Psychoanalytic theory lacked scientific approach and could not be subjected to experimental techniques for making predictions. On the other hand, behaviourists reckoned that different behavioural predispositions can be explained scientifically. Behavioural approaches have […]
Team Management in Agile and Automated Organizations
How does Top Down Management Work and how does Flatter Management Work? Traditionally, managers were used to the Top Down Hierarchical and Command and Control organizations where orders were sent from above and the managers had to implement them with little autonomy or agency for their individual decision making abilities. Further, team management in such […]
Any project immaterial of the size of the same carries a lot of risks, which may be financial, non-financial, legal or physical.
Having an effective risk management plan is first and foremost to the success of any project. The task is to anticipate these risks well in advance before the project takes off.
A good risk management plan carries number of tools and strategies to mitigate risk. The strategy may be to avoid risk or transfer a component of it another project so that the impact is reduced.
Other risk management strategies may suggest the acceptance of the risk. This is decided after a thorough cost/benefit analysis. The risk management plan also depends on how the risks are prioritized by the organization.
Based on relative priorities risks are given weightage, for example a certain organization may be more concerned about the physical and legal risks, whereas another organization may be focusing on operational or strategic risks.
Risk priority defines the strategy and finally the plan.
Besides keeping the risk management cycle in mind; before the final draft, an effective risk management plan may traverse through following:
Enlist the categories of the project and then evaluate each for risks. For example there may be a cost category; determine the factors that may increase cost and make a list.
The formulation of the plan is in tandem with the risk management cycle which acts as the basic guideline. Both work in sync, in fact the interventions in step 3 discussed above cannot be without a thorough understanding of the cycle.
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