final
2
Safe Working Environment, Managing Urgency and Risk Management Documentation
Student name: Naldo Saby
Course:PET4401
QUESTION 2
One way to create a safe work environment is by allowing open and regular discussions with employees. Open meetings will help workers open up and express themselves concerning their safety and discuss ways to improve the environment and workstations. Employees tend to keep details of the surroundings; therefore, allowing open discussions will let employees look for better ways. Another way is by conducting regular inspections and maintenance on the business premises (Policy Sweet, 2023). Physically, all building needs to be in good condition, and therefore, there is a need to maintain and upgrade work buildings. The inspections will help identify any tears and wear. Taking safety measures such as de-icing pathways and installing rubber mats will help prevent medical and legal issues and expenses. The third way is by providing proper equipment and work uniforms. The high-quality gear and accessories will protect employees from any injuries, thus keeping employees safe. Employees need the appropriate training on how to use equipment to avoid any injuries (Policy Sweet, 2023). Other ways include preventing psychological stress from employees.
Creating a safe environment for employees is critical; therefore, employees need to feel safe. Stress can be mitigated and controlled by creating a supportive and encouraging work culture and discouraging toxic behavior and comments. It is also crucial that employees have a voice when feeling overwhelmed, and providing feedback on time is paramount. Conducting training is critical to creating a safe environment, and new employees must receive training (Forbes Council Member, 2023). The movement will need to be updated regularly, and therefore, the management should develop programs that fit the employees. Establishing an educational platform is paramount to ensure that all employees comprehend the safety laws and codes that apply in businesses or companies. These safety plans should be incorporated into development plans, and preventative measures and risk evaluation are vital in creating safe working environments (Forbes Council Member, 2020).
Creating a safe working environment improves the employee’s performance. It starts with the management developing strategies on how to ensure that its employees feel safe at the workplace. The organization, including the top leaders, must show commitment to creating a safe working environment through mission statements and developing policies that emphasize employee safety (Human Rights, 2023). The management should also make a managerial commitment to having a healthy and safe environment to reduce mental problems. Identifying contributing factors to stress in the workplace is crucial. Stress can result from work overload, poorly defined roles, lack of recognition, and lack of support from co-workers and managers. Businesses should, therefore, take note of bullying and harassment in the workplace, such as unfair criticism, rumors, and abusive language. In such cases, implementing nondiscriminatory policies will help create a safe working environment (Human Rights, 2023).
Regarding creating a safe working environment, supporting the mental well-being of employees is critical. It includes putting measures, strategies, and systems in place to ensure that employees experience good mental health. It includes creating a work-life balance and reducing workplace bias. Creating checks and balances will help eliminate workplace harassment, discrimination, and bias based on religion, age, race, and ethnicity (Seth, 2023). It starts by creating mutual respect among employees and developing and implementing policies that prevent power dynamics in the workplace. By setting these strategies, the organization or business is at the right step in creating a safe working environment. It is also paramount that businesses adopt remote working schedules, allow flexibility in schedules, and develop systems in which employees can check in and report to supervisors (Seth, 2023). In the modern workplace, the issue of cyber security is becoming rampant as businesses and organizations are losing data and experiencing cyber attacks and phishing attacks daily, which are a result of a lack of digital awareness and the use of insecure cloud networks. Strengthening digital security measures and investing in resources will ensure that the business is aware of the attacks and reduce vulnerabilities. Risk assessment should be conducted often and accompanied by training, constant communication, and maintaining confidentiality (Seth, 2023).
QUESTION 3
Managing urgencies in businesses is paramount to avoid stressing employees. Creating urgency in business is crucial because it helps employees meet project deadlines, plan, and increase productivity among employees. One way of creating urgency in business is by creating a culture of urgency instead of determining the deadlines. This strategy requires that supervisors and managers prioritize urgency and create a team culture in which employees need to meet deadlines and respond to issues on time deadlines (Indeed Editorial Team, 2023). The second strategy is explaining the positive results of working and planning. Employers must explain to the workers the importance of working with an urgent mindset. Developing reward systems for groups and individuals will encourage personalized motivation from every participant on the team. On the other hand, supervisors can explain the repercussions of getting behind project deadlines (Indeed Editorial Team, 2023).
Leaders are responsible for maintaining communication with their employees. Supervisors need to understand the reality of the task to make the right decision and judgment. Clarifying the task will facilitate communication in relation to the leader/follower relationship. Therefore, establishing confidence with employees is vital in instilling a sense of urgency (Demarco, 2017). Leaders must clarify the questions asked by employees who show the level of understanding among employees and the ability to interpret situations. Another way to manage urgency is by recognizing employees who have a sense of urgency. Teams and individuals who exhibit a sense of urgency should be rewarded to act as an example to the rest (DeMarco, 2017). For businesses with competitive new product development work environments, managing urgencies is critical. Deploying or creating special teams that can deal with urgent projects or tasks will help in accomplishing the tasks on time (Hass, 2022). These tasks are usually innovative and creative; therefore, setting aside a particular team will need support and funding, if necessary, from top leaders in the organization. Maintaining regular face-to-face meetings will be essential in making quick decisions in times of urgency in the business. These meetings are an alternative to traditional meetings. Instead, it will be a regular stand-up meeting with frontline employees and top managers to make decisions and make oral commitments (Hass, 2022).
QUESTION 4
Companies are constantly seeking ways to reduce risk, and one of them is to have the correct documentation. Risks can disrupt or benefit an organization’s processes and operations. There are different types of documentation used in risk management, including risk registers, risk management plans, contingency plans, mitigation plans, risk reports, risk response strategies, and risk assessment matrices (Essential Data Corporation, 2023). The first documentation, the risk register, acts as an inventory used in identifying the different risks in an organization with detailed information on how to prevent the risks. It is also known as a risk log. The document helps in maintaining records and monitoring the probability of the risk (Essential Data Corporation, 2023). The document also includes the priority of the risk identified and the likelihood of it occurring. Small and large projects use the risk register and may look different based on the scope of the project. The log identifies risks, which are low priority, medium priority, and high priority. Low-priority risks include communication and scheduling mistakes; medium-priority risks are additional work, while high-priority risks are data security threats (Asana, 2023).
A risk management plan is a document that outlines how a business can identify, analyze, and respond to risks that arise in a project or business process. The employees and employer must agree on specific issues, which will help foster collaboration and maintain open communication (Essential Data Corporation, 2023). The document is usually prepared by stakeholders such as senior management and departmental managers who need to tackle high-level risks. The top leaders are responsible for identifying and prioritizing the risks. The document is essential because it will help the business reduce the risks and their impact. It can help businesses and organizations allocate the necessary resources to reduce and monitor risks (Risk Optics, 2023). Contingency plans and mitigation plans are also documents used in risk management. The difference between the two documents is in its implementation. A mitigation plan is enforced by businesses before an event or risk happens, thus helping businesses to identify potential risks and determine the right action, while a contingency plan takes place after an event has happened. It helps organizations rectify the situation and is a safe transition into a new phase of operations (Essential Data Corporation, 2023).
A risk report is a document that gives a summary of potential risks that a company may experience. It addresses critical risks which have adverse effects and emergency risks which may become a problem in the future. The report includes the effectiveness of a business handling the risk, what policies are insufficient, the changes needed to keep the risk at an acceptable level, and current updates on the corrective actions (Indeed Editorial Team, 2022). The document also communicates the progress of the risk management plan and provides information to employees and leaders regarding future decision-making. Risk response strategies refer to a set of actions on how people can handle risks. It is also known as risk treatment. It offers information on different types of strategies that can be used, such as avoidance and transference (Essential Data Corporation, 2023). The avoidance strategy involves quitting a particular action when handling risks to avoid legal issues and other risks that will damage the company’s fortunes. The transfer risk involves delegating the risk to a third party through contractual agreements. Reducing the risk involves taking steps to lessen the impact of the risk, which reduces the risk to a certain acceptance level (Strategic Decision Solutions, 2021).
The last document used is risk assessment risk. It is a diagram that helps assess and evaluate the likelihood and impact of potential risks. It helps businesses visualize the risks and prioritize accordingly (Essential Data Corporation, 2023). It is usually a 5*5 risk matrix that is represented by a grid or table. Organizations use it during risk assessment in project planning and operations management, which helps to identify the probability and impact of the levels of injury or risk exposure (Safety Culture, 2023).
References
Asana. (2022, December 5). What Is a Risk Register: A Project Manager’s Guide with Examples • Asana. Asana. https://asana.com/resources/risk-register
DeMarco, P. (2017). Leader Time: 6 ways to increase the sense of urgency on your team. Bizjournals.com. https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2017/03/leader-time-6-ways-to-increase-sense-of-urgency.html
Essential Data Corporation. (2021, July 1). Risk Management Documentation | EDC. Essentialdata.com. https://essentialdata.com/technical-documentation-risk-management/#:~:text=Risk%20reports%20are%20documents%20that
Forbes Councils Member. (2023). Council Post: 15 Processes To Have In Place To Ensure A Safe And Healthy Work Environment. Forbes. https://www.forbes.com/sites/forbeshumanresourcescouncil/2023/05/05/15-processes-to-have-in-place-to-ensure-a-safe-and-healthy-work-environment/?sh=362d87251efd
Hass, K. B. (Kitty). (2022). How to Manage the Complexities of Urgent Projects. Www.modernanalyst.com. https://www.modernanalyst.com/Resources/Articles/tabid/115/ID/1380/How-to-Manage-the-Complexities-of-Urgent-Projects.aspx
Human Rights. (2023). 4. Creating a safe and healthy workplace for all | Australian Human Rights Commission. Humanrights.gov.au. https://humanrights.gov.au/our-work/projects/4-creating-safe-and-healthy-workplace-all
Indeed Editorial Team. (2022). What Is a Risk Report? (With Types and Steps To Write One). Indeed Career Guide. https://www.indeed.com/career-advice/career-development/risk-report
Indeed Editorial Team. (2023). How To Create a Sense of Urgency Without Causing Stress. Indeed Career Guide. https://www.indeed.com/career-advice/career-development/how-to-create-sense-of-urgency-without-stressing-team-members
Policy Sweet . (2023). How Businesses Can Create a Safe Work Environment. Default. https://www.policysweet.com/news/article/how-businesses-can-create-a-safe-work-environment
RiskOptics. (2022, March 21). What is a risk management plan? Reciprocity. https://reciprocity.com/resources/what-is-a-risk-management-plan/
SafetyCulture. (2022). 5x5 Risk Matrix: Importance and Examples. SafetyCulture. https://safetyculture.com/topics/risk-assessment/5x5-risk-matrix/
Seth, M. (2023). People Matters - Interstitial Site — People Matters. Www.peoplematters.in. https://www.peoplematters.in/article/hr-technology/how-to-create-a-safe-work-environment-29540
strategicDecision Solutions. (2021, June 28). 5 Risk Response Strategies You Will Have to Consider After Assessing Risks. Strategic Decision Solutions. https://strategicdecisionsolutions.com/risk-response-strategies/
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Microsoft_Excel_Worksheet.xlsx
Sheet1
| BUSINESS PLAN BUDGET-WEARABLES | ||||
| USD | ||||
| Start-up Funding | ||||
| Start-up Expenses to Fund | 132,800 | |||
| Total Funding Required | 132,800 | |||
| Assets | ||||
| Non-cash assets from start-up | - | |||
| Cash requirements from start-up | 15000 | |||
| Additional cash raised | - | |||
| Cash balance on starting date | 15000 | |||
| Total assets | 15000 | |||
| Liabilities and Capital | ||||
| Liabilities | ||||
| Current borrowing | 132,800 | |||
| Long-term liabilities | 0 | |||
| Accounts payable | 200,000 | |||
| Other current liabilities | 0 | |||
| Total Liabilities | 332,800 | |||
| Capital | ||||
| Planned investment | ||||
| Owner | 132,800 | |||
| Investor | 0 | |||
| Additional investment requirement | 0 | |||
| Total Planned investment | 132,800 | |||
| Loss at Start-up (Start-up Expenses) | -42,800 | |||
| Total Capital | 90,800 | |||
| Total capital and liabilities | 90,800 | |||
| Total funding | 132,800 | |||
| Statements | ||||
| Projected Profit & Loss | ||||
| FY 2023 | FY 2024 | FY 2025 | ||
| Revenue | 1005000 | 1963000 | 3337000 | |
| Direct Costs | 100000 | 150000 | 200000 | |
| Gross Margin | 905000 | 1813000 | 3137000 | |
| Gross Margin % | 90.00% | 92.00% | 94.00% | |
| Operating Expenses | ||||
| Salaries | 50000 | 65000 | 80000 | |
| Marketing expenses | 40000 | 44000 | 49000 | |
| Packaging materials | 30000 | 34000 | 34000 | |
| Others | 20000 | 20000 | 25000 | |
| Total Operating Expense | 140000 | 163000 | 188000 | |
| Operating Income | 765000 | 1650000 | 2949000 | |
| Interest incurred | 80000 | 90000 | 120000 | |
| Total Expenses | 320000 | 403000 | 508000 | |
| Net Profit | 685000 | 1247000 | 2441000 | |
| Net Profit/Sales | 68.00% | 64.00% | 73.00% | |
| Proforma Cash Flow | ||||
| Starting Balances | FY2023 | FY2024 | FY2025 | |
| Cash from operations | ||||
| Cash sales | 1005000 | 1963000 | 3337000 | |
| Subtotal cash from operations | 1005000 | 1963000 | 3337000 | |
| Additional cash received | ||||
| Sales Tax | 0 | 0 | 0 | |
| New Current borrowing | 0 | 0 | 0 | |
| New other liabilities(interest-free) | 0 | 0 | 0 | |
| New long-term liabilities | 0 | 0 | 0 | |
| Sales of other current assets | 0 | 0 | 0 | |
| Sales of long-term assets | 0 | 0 | 0 | |
| New investment received | 0 | 0 | 0 | |
| Subtotal cash received | 1005000 | 1963000 | 3337000 | |
| Expenditures | Year 1 | Year 2 | Year 3 | |
| Expenditures from Operations | ||||
| Cash spending | 240000 | 313000 | 388000 | |
| Bill payments | 80000 | 90000 | 120000 | |
| Subtotal spent on operations | 320000 | 403000 | 508000 | |
| Additional cash spent | ||||
| Sales Tax Paid out | 0 | 0 | 0 | |
| Principal repayment of current borrowing | 0 | 0 | 0 | |
| Other Liabilities Principal Repayment | 0 | 0 | 0 | |
| Long term liabilities Principal repayment | 0 | 0 | 0 | |
| Purchase other current assets | 0 | 0 | 0 | |
| Purchase long-term assets | 0 | 0 | 0 | |
| Dividends | 0 | 0 | 0 | |
| Subtotal cash spent | 320000 | 403000 | 508000 | |
| Net cash Flow | 685000 | 1500000 | 2829000 | |
| Cash Balance | 700000 | 2200000 | 5029000 | |
| Pro Forma Balance Sheet | ||||
| Assets | ||||
| Current Assets | ||||
| Cash | 700000 | 2200000 | 5029000 | |
| Inventory | 150000 | 180000 | 210000 | |
| Other Current Assets | 0 | 0 | 0 | |
| Total Current Assets | 850000 | 2380000 | 5239000 | |
| Long term Assets | 0 | 0 | 0 | |
| Long-term Assets | 0 | 0 | 0 | |
| Accumulated Depreciation | 0 | 0 | 0 | |
| Total Long-Term Assets | 0 | 0 | 0 | |
| Total Assets | 850000 | 2380000 | 5239000 | |
| Liabilities and Capital | ||||
| Current Liabilities | ||||
| Accounts Payable | USD 200,000 | USD 210,000 | USD 220,000 | |
| Current Borrowing | 0 | 0 | 0 | |
| Other Current Liabilities | 0 | 0 | 0 | |
| Subtotal current liabilities | 200000 | 210000 | 220000 | |
| Long-term liabilities | 0 | 0 | 0 | |
| Total Liabilities | 200000 | 210000 | 250000 | |
| Paid-in capital | 100000 | 100000 | 100000 | |
| Retained earnings | -32,000 | 120,000 | 160,000 | |
| Earnings | 685,000 | 1,247,000 | 2,441,000 | |
| Total Capital | 756,000 | 1,367,000 | 2,601,000 | |
| Total Liabilities and Capital | 850,000 | |||
| Net worth | 756,000 | 2380000 | 5239000 | |
| Break Even Analysis | Wearables | |||
| Monthly Units Break-even | 200 | |||
| Monthly Revenue Break-even | 30000 | |||
| Assumptions | ||||
| Average Per-Unit Revenue | 150 | |||
| Average Per-Unit Variable cost | 1000 | |||
| Estimated Monthly Fixed-Cost | 70000 |