Description of Assignment Task A well-written report would contain the following
ID: 348234 • Letter: D
Question
Description of
Assignment Task
A well-written report would contain the following elements:
required to develop a Risk management plan or contingency plan to manage risk effectively in an organization. You may choose to work on any one of the following areas:
a. Hospitals
b. Real Estate
c. Chemical Industry
d. Manufacturing Unit
e. Energy plant
f. Enterprise
The Risk management plan should cover in detail
Risk Identification, Risk Analysis, Risk Response Planning, Risk monitoring and control.
Course Learning Outcomes Assessed
Apply different strategies, models and tools to assess and response associated risk
Quantify and analyse the significance of business corporate hazards so that appropriate actions can be taken in advance
Description of
Assignment Task
A well-written report would contain the following elements:
required to develop a Risk management plan or contingency plan to manage risk effectively in an organization. You may choose to work on any one of the following areas:
a. Hospitals
b. Real Estate
c. Chemical Industry
d. Manufacturing Unit
e. Energy plant
f. Enterprise
The Risk management plan should cover in detail
Risk Identification, Risk Analysis, Risk Response Planning, Risk monitoring and control.
Course Learning Outcomes Assessed
Apply different strategies, models and tools to assess and response associated risk
Quantify and analyse the significance of business corporate hazards so that appropriate actions can be taken in advance
Explanation / Answer
Assignment Task:
One area of risk management plan is “Manufacturing Unit”
“Manufacturing Unit” is the leading department in the organization, any organization who are leading today with a height and ruling the industry because of its decorated manufacturing management system. The manufacturing unit is the most sensitive department in the organization which is required to be always monitored for the purpose of making the effective production status in the organization; the production is the valuable aspects of the manufacturer side, the complete end products are delivered to the customers directly after the production from manufacturers.
There is an ample of risk factors which are necessary to be fixed in the manufacturing side for structuring the better manufacturing process, the major risk factor is to identify the risk, the risk is required to be identified in the research and by monitoring each process involved in manufacturing. Likewise, the major risk factor analyses are required to be done from the sources at the time when the production is beginning. The supply chain management is required undertaking many quality checks process before handing the goods to the manufacturing departments, several other resources like dealing of effective suppliers and ease of the seamless delivery of the product are quite necessary to be analyzed. Sometimes because of improper quality of the raw materials production quality degrades which is the major risks that are required to be avoided as this may hamper the reputation of the organization and it leads to the major downfall of the organization. Proper risk planning is required to be formulated and a controllable approach to quality for checking the process with the seamless flow of service is highly desirable for the purpose of the better manufacturing process. The process of manufacturing is required to be monitored in each and every stage as it is necessary to avoid any risk and proper planning is required to make it even better to cover up the threats so to make the organization functions effectively.
Learning Outcomes Assessed:
Strategies:
1. Complete knowledge of the all the area’s leading supply chain
2. Need to identify risk factor in the supply chain by formulating strategies
3. Assessment of suppliers risk in the raw products
4. Techniques for mitigating of supply risks before the process for manufacturing
Models and tools:
1. SWOT analysis to identify the organization's strengths, weakness, opportunities, and threats
2. Following the path porters five force model for leading the critical planning methods in the organization
3. Mind maps for strategic planning
4. Balance scorecard for monitoring the implementation of effective strategies
The business corporate hazards are the insufficient decision-making plans which the organization takes to conduct the manufacturing process, the manufacturing process is required to be analyzed properly for the growth of the effective business process. As, if the organization needs to manufacture better and maintains a quality then it will also benefit for its business making purpose. It is required analyzing the constraints and uncertainties which will guide the organization to make planning prior to avoid any hazard or destruction.