need help with making an action plan

1

Running Head: ASSIGNMENT

ASSIGNMENT 6

Assignment

Student name

Professor Name

Course Name

Date

Risk Assessment

Risk assessment is a detailed assessment of your workplace to identify those factors, conditions, processes, and other factors that may contribute to the risk. After you have made the diagnosis, you will need to read and evaluate how big and big the risk is. After you have made this decision, you can proceed to decide what steps should be taken to effectively remove or reduce the damage (Kho, Gillespie, & Martin-Khan, 2020). According to the SWOT Analysis, there are two major risk factors, and the causes of weakness that need to be addressed are, the competitors, due to the success of these competitors they may want to underbid for contracts. Or the market price could increase the material prices in the future. There is a lack of training and a huge turnover ratio. And lastly, there are no operating procedures that are very important for a business to run efficiently.

Risk Factors

There are certain risk factors that can put the whole company at risk. One of them could be competitors, and prices in the market.

The steps to resolve such risk factors are as follows:

Any risk assessment should start with a high-level goal that is divided into performance indicators (KPIs) and objectives. This is an important step in ensuring that disaster risk management understands the financial thinking behind each objective and helps to focus on risk assessment. As the need to keep the market price in consideration keeps growing over time. While it should be the responsibility of management to identify and analyze risks, the economic realities of your firm can force the management team to take the lead in conducting risk assessments on strategic objectives.

Decision-makers must use a strategic document, financial model, business model, or budget model to determine critical thinking taken by leaders when organizational plans are broken down into manageable, manageable pieces (Bundy, Vogel, & Zachary, 2018). Many beliefs are accompanied by a degree of uncertainty, which requires a risk assessment. Since the competitors have gained more and more success over time, it seems near to impossible to overcome that gap. Decision-makers should have a set of expectations for managers when they reach the end of this step. Account Managers should work with business analysts, audit committees, and a wide range of data sources to explain the range of probability values and their distribution scenarios in each of the management assumptions (Rausand, 2013). The effect of risk assessment tools in determining risk adjustment opportunities to achieve strategic objectives and major risks that may have a positive or negative impact on their success.

Risk management should consult with the management team to assess whether the risk assessment results are acceptable, valid, and valid. Management may be required to update or update the entire system or parts thereof based on the results of the risk assessment. It is one of the reasons why disaster analysis should be done before a decision is made. (Kho, Gillespie, & Martin-Khan, 2020)

The risk manager must co-operate with the subsequent audit staff to assess whether the identified risks, particularly during risk assessments, are fully controlled and agreed on risk mitigation measures.

Stakeholder Conflicts

In addition to all such drastic changes taking place, there are some challenges that are faced by the company as well. For example, the uncertainty and doubts of the stakeholders. Some stakeholders might cause issues with the new ways of the company as they are so used to the old ones. Thus, the company needs to know how to deal with them as well.

To build relationships with senior management, competent project management should focus on stakeholder completion, but also discuss and engage with project stakeholders.

Involve participants before starting a new project, listen to their suggestions, and post their suggestions where possible. Whenever someone else opinion is chosen, keep it informed and explain why. Make every effort to keep them happy, but do not make the most of their time. Ask for their ideas on major decisions, and make sure they see how your efforts will benefit them. Once you have defeated them, they will be awesome winners (Rausand, 2013).

Keep in touch with them and keep them up to date with any good new ones. Because your work can have a positive impact on them, they are more likely to enjoy their team and help you. If you don't like what you're listening to, don't close the communication lines. To better understand the challenges and aspirations of participants, try to understand where they come from or put them in their place. Make an effort to understand their point of view.

Change Management Policy

People are less likely to make a change and fully see the results you want and the results when they try to deliver change without using good change management. Costs and risks will be added if these changes do not reflect the goals and outcomes you want, due in large part to our failure to address the human aspect of change (Ronnenberg, Graham, & Mahmoodi, 2011).

Costs would not be reduced, and efficiency would not be increased. Income will not rise, and profits will not be available. There will be no waste minimization, and regulations will not be able to comply. The change management policy needs to be implemented along with considering the competitors, market price, turnover ratio, training, etc. As change management policy plays a huge role in helping the new revolution of the company in a smooth and efficient way (T., 2005).

Implementation of the Change Management Policy

The organization is needed both socially and culturally in order to seek and implement solutions. Before going into practice, all sorts of preparation are required. The manager focuses on assisting employees in recognizing and understanding the need for change. They raise awareness of the various challenges or problems of the organization, acting as agents of change and causing dissatisfaction with the current situation. Prompt procurement from staff who will assist in achieving change can help reduce ongoing conflict and opposition (Ronnenberg, Graham, & Mahmoodi, 2011).

Following the procedures outlined in the organization to bring about the desired change for the rest of the process. Details of the plan will determine whether a change in the company's operations, purpose, technology, procedures, personnel practices, or other components are required or not. Transformation leaders must focus on enabling their employees to take appropriate action to achieve the goals of the program. They should also try to anticipate problems and, once diagnosed, avoid, remove or reduce them. Throughout the implementation of the project, it is important to communicate with the company’s goals to remind team partners why change is needed. Transformation managers should avoid going back to the past or the situation where the transformation work has been completed. This is especially true when it comes to processing, productivity, thinking, and transformation within an organization. Employees can return to the "traditional way" of doing things if they do not have the existing strategies, especially in times of change (Bundy, Vogel, & Zachary, 2018).

Going back is very difficult to achieve when changes are incorporated into a company’s policy and practice. Change management tools such as new organizational structures, processes, and reward systems should all be addressed. Completion of a change proposal does not mean it has been successful. Analyzing and reviewing the transformation work, sometimes known as the "project post mortem," can help company leaders realize that it was a victory, a loss, or a mixed outcome. It can also provide useful information and experiences that can be used in future transformation efforts (Kho, Gillespie, & Martin-Khan, 2020).

References Bundy, J., Vogel, R. M., & Zachary, M. A. (2018). Organization–stakeholder fit: A dynamic theory of cooperation, compromise, and conflict between an organization and its stakeholders. Strategic Management Journal, 39(2), 476-501. Kho, J., Gillespie, N., & Martin-Khan, M. (2020). A systematic scoping review of change management practices used for telemedicine service implementations. . BMC health services research, 1-16. Rausand, M. (2013). Risk assessment: theory, methods, and applications. John Wiley & Sons. Ronnenberg, S. K., Graham, M. E., & Mahmoodi, F. (2011). The important role of change management in environmental management system implementation. International Journal of Operations & Production Management. T., R. (2005). Organizational change management: A critical review. Journal of change management, 5(4), 369-380.