Has eden identified strategies to mitigate identified risk

Assignment Help Financial Management

Reference no: EM13738800

PART 1:

To assess candidates' ability to create contingency plans and to analyse contingency plans to ensure that they meet organisational requirements and mitigate risks to the business.

ASSESSMENT DESCRIPTION

Identify risks associated to the business and develop a contingency plan that provides appropriate strategies to deal with the risks.

PROCEDURE

1. Identify potential risks to the business.

2. Develop strategies to minimise those risks.

3. Identify who might need to be consulted as part of the plan.

4. Identify a dollar value for an activity that might incur a cost.

5. Use the template provided.

Create contingency plans for the following scenarios:
• One of your highly qualified consultants has given three months notice and is planning to move to a competitor after this time.
• There has been a 34% increase in production; however a decrease of 22% in sales has been recorded.
• The rental for the offices your company currently occupies is being increased by $1750 per month. There is no available space for additional employees.

PART 2: PLAN ANALYSIS

Read the following Contingency plan developed by Eden Black for Proactive Management Consultants Pty Ltd. Your task is to analyse the strategies that have been developed to mitigate the risk and answer the questions below.

Contingency plan Company name: Proactive Management Consultants Pty Ltd. Name of person developing the plan: Eden Black Who was consulted as part of this plan? Name Position David Grey Financial controller Brianna White Operations manager Angie Brown Senior accountant Shankar Singh Marketing manager Jordyn Gee Sales manager
Risk identified: Strong possibility of a new competitor moving within close proximity to our company within six months. The current date is the 1^st of July 20____.
Strategies/activities to minimise the risk	By when	By whom
Work out a possible lower fee schedule to entice new customers and remain competitive.	1/08/201X	AB/DG
Increase the advertising budget and work on a new marketing strategy.	15/08/201X	SS/DG
Work with sales to extend current contract periods and offer discounts as incentives for customers.	1/09/201X	JG/AB
Enter into an agreement with existing firms for referral to each other complimenting for services.	15/09/201X	DG
Looks at ways of outsourcing to extend client base.	25/09/201X	BW
Make six people redundant to compensate for future losses.	20/10/201X	BW/JG

1. Has Eden identified all strategies to mitigate the identified risk? Justify your response.

2. Has Eden correctly identified the correct people to consult in the development of the strategies? Justify your response.

3. If you believe Eden has not identified all the strategies or people to be consulted, what would your recommendations be?

4. Are the timelines that Eden has created achievable? Justify your response.

Reference no: EM13738800

Questions Cloud

Briefly describe how each one influence selection : List factors that typically influence carrier selection and briefly describe how each one influence the selection

Business overview for new planning team members : As a member of Harley-Davidson's strategic planning team, you have been asked to create a five- to six-slide Microsoft PowerPoint presentation titled "Harley-Davidson Today: A Brief Overview of the Business" to orient members who have been newly a..

Understanding of the reading assignments : The Final Project should demonstrate an understanding of the reading assignments, class discussions, as well as your own research and application of new knowledge. It must contain the following elements below and be re-written in your own words (y..

What is meant by health promotion : What is meant by "health promotion" and why is it such a key element of programming for community health today

Has eden identified strategies to mitigate identified risk : Has Eden identified all strategies to mitigate the identified risk - has Eden correctly identified the correct people to consult in the development of the strategies? Justify your response.

Issues that affect the overall quality : The U.S. health care system has numerous known issues that affect the overall quality, access, and cost of services available. For your Final Paper, you will create an eight- to ten-page proposal (excluding the title and reference pages) on your s..

What are the four key health behaviors : What are the four key health behaviors which can improve the quality of later life for Americans? Why are these so important? Provide specific examples

Implications of new knowledge : The Reflective Paper should demonstrate understanding of the reading assignments as well as the implications of new knowledge. The eight-page paper should integrate readings and class discussions into work and life experience. It may include expla..

Organizational culture and the use of performance criteria : Describe how the organizational culture and the use of performance criteria could affect the introduction of a union. Discuss why you believe Wal-Mart has not been effectively unionized over the years.

User Account

All Pages