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OHSE3740 Risk Management

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OHSE3740 Risk Management

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Course Code: OHSE3740
University: The University Of Newcastle

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Country: Australia

Question:
Case Study A
In 2008, xyz corp., clothing Retail Company from NSW, launched into the Queensland and Victorian markets simultaneously. The company had conducted its own risk management process, which was minimal. A one time process with very limited scope that included only the financial aspects of competition and was not evaluated. The company continued to struggled against competition and local government issues in Victoria, that led to the stores closing and XYZ corp. withdrawing from the market in that state. The case highlights a lack of understanding of the risk context faced in Victoria, but may have also been a case of over-exuberance on behalf of the management where perhaps the risks of moving into two markets simultaneously were too great when combined.
1. what steps in the process should have highlighted to senior management that there may be higher risk in the Victorian market? 
 
2. Explain what senior management could have done or set in place at the outlet to ensure a better understanding of the risks In both markets.
 
3. What could be the potential economic and social factors failed by xyz corporation in Victoria that lead to the closing of stores in that state.
Case Study B
Emergency management queensland(EMQ) fir service personnel have conducted a risk assessment for fire risk at a westen Brisbane distribution center that is adjacent to chemical plants and virgin bushland on two sides. The process is handled to new staff as an exercise to help their learning and understanding of the assessor’s roles.
The scope of the assessment is to determine health and safety risks to workers within the distribution centre should a bushfire come through the area.
4. What personnel should the EMQ staff invite to participate in the risk identification and research process?
 
5. What research methods could be applied?
 
6. What appropriate methods could be used to ensure all possible risk have been identified?
Case Study C
In analyzing risk at general motors(GM) for the upcoming 2007 model range(in late 2005) risk menegement specialists had become somewhat blasé about the American automobile buyer. Suv-type trucks and pick-ups remained big-sellers, as did inefficient fuel guzzing v8 sedans and sports cars. The likelihood of sales lost to hybrid and fuel-efficient vehicle(even though these had just been released to the market and were already making an impact) was assessed as very low, as were the consequences of these lost sales. This was exacerbated by the lack of appreciation of the looming financial trouble.
7. Knowing now that GM suffered massive losses as a result of badly misjudging the mood of the US consumer and the impact of the global fianacial crisis, what basic rule of thumb for assessment of consequence should been have applied by GM in this case?
8. With rising oil prices, falling confidence in the finance markets and raised environmental concerns among the general public, what likelihood and consequence would you assign to this situation, and what resultant overall risk priority would you generated?
D. Selecting and implementing risk treatments
i. What risk control options might you select for the following risk

Increased competition
Decline in demand for the organisations services
Expenditure exceeds budget forecast
IT system doesn’t meet company requirements
High staff turnover

ii. Research what type(s) of the risk reduction or sharing strategies may be applied or are available if you are looking to address the risk of litigation from the actions or inactions of you or your staff.
 
iii. Why risk management documentation must be accurate in the organization?
 
iv. List the information you would include in your risk management action plan and explain the purpose of this information.
 
v. Explain the role a manager plays in monitoring and evaluating their risk management action plan and storing the information.
 
vi. In one or two sentence, describe why you need to maintain communication with stakeholders and or participants throughout the risk management process.
 
vii. What difficulties do you think might arise when implementing the plan? Provide solutions to the difficulties you have identified.
Answer:  
Case Study A
1. The steps that would have indicated the presence of a higher risk in the Victorian market would have been a thorough analysis of the market situation in the particular business environment. Checking the nature of consumer preferences and types of products in the Victorian market would also help the management to ascertain the extent of risk.
2. The management ought to have established the nature of products and the price regulations in the market zone surrounding the outlet. The management also ought to have put in place the right strategies to counter the government policies which affect business operations in the area.
3. The economic factor that led to the closure was the ability to maintain its financial strength based on the losses that occurred due to poor market experience. The return on investment kept diminishing yet the company had no effective alternatives. The social factor was the company’s inability to adequately address the needs of the consumers who are important stakeholders. This could have been done through product and price variation to fit the market.
Case Study B
4.

The personnel should include:
An expert in project management
An expert in cost estimation
A specialist in environment management and conservation
A financial auditor

5. The research methods include:

Brainstorming
SWOT analysis
Information gathering techniques
Documentation review
Checklist analysis
Root cause analysis 

6. Carrying out a SWOT analysis would be an effective approach in the holistic identification of the involved risk causes. This is because the form of analysis covers a wide area and the analysis is deep enough hence identifying the various risks is easy. Root cause analysis would also be an appropriate approach since identifying the cause of the current situation enables the company to come up with the best counter strategies. Lastly, brainstorming can also be applied. This would involve making consultative interactions with various stakeholders as well as individuals within the environment in a bid to obtain their opinions on the best steps that would be taken to ensure minimal risk.
Case study C
7. As an assessment of consequence or perhaps to prevent the occurrence, GM ought to have conducted an in depth market research to be able to project how the product would perform in the US market. This research ought to have factored in the elements of financial implications, consumer preferences and the dynamic nature of the motor vehicle bearing in mind that other industries are equally fighting for a segment in the market.
8. The factor to be assigned to this situation would be the issue of fuel prices and rising environmental concerns. First, the oil prices are rising; as a result, it would not be a good idea to release into the market a car which uses a lot of fuel. Consumers are likely to dump this for cheaper alternatives hence affecting the market performance. This places the company at risks of losing its grip on the market. Secondly, the rising environmental concerns ought to be a point to consider. An inefficient vehicle whose operations fail the standards for environmental conservation is unlikely to perform well in such a market (Flyvbjerg, 2010). 
Part D
Risk control options
Increased competition
Substituting the product or varying its forms to increase the scope of client’s needs and satisfaction. Price control is another control measure
Decline in demand for the organizations services
Eliminate the current services and establish more effective alternatives which are result oriented and efficient towards achievement of company objectives.
Expenditure exceeds budget forecast
Minimize the size or volume of expenditure ensure a balance in the utilization of resources
IT system doesn’t meet company requirements
Improve the system through acquisition of more technologically enhanced equipment and trained personnel
High staff turnover
Eliminate the portion of the human resource whose functions are minimal, can be performed by a machine or another worker.
Research what type(s) of the risk reduction or sharing strategies may be applied or are available if you are looking to address the risk of litigation from the actions or inactions of you or your staff.
The risk reduction measures that can be applied include eliminating the cause of risk, substituting the object that places the organization at risk and training of staff on risk management strategies.
Why risk management documentation must be accurate in the organization?
Documentation provides the necessary records which can be used in future during evaluation procedures after the risk management strategy has been implemented.
List the information you would include in your risk management action plan and explain the purpose of this information.
Definition of the risk: Indicates a good understanding of the risk and enables the establishment of an appropriate objective (Ashforth & Kreiner, 2010).
Risk breakdown plan: assist in identifying the areas of priority hence addressing the most essential components
Accurate estimates: outlines the financial scope of the plan and helps in estimation of the resources that would be required.
Explain the role a manager plays in monitoring and evaluating their risk management action plan and storing the information.

Oversees the progress of the project right from implementation
Coordinates the procedures involving each case with the help of the supervisors
Conducts meetings involving updates especially on areas for improvement
Provides recommendations for improvement based on evaluation outcomes

In one or two sentence, describe why you need to maintain communication with stakeholders and or participants throughout the risk management process.
Communication can be maintained through constant interaction via the most effective platforms and by receiving the responses of the stakeholders on a periodical basis.
What difficulties do you think might arise when implementing the plan? Provide solutions to the difficulties you have identified.
Financial constraints: This can be countered by using a budget that falls within the financial scope of the company
Time constraints: Can be managed using an effective event schedule and strictly adhering to its elements
Poor services: Can be countered through the incorporation of trained and qualified personnel in the whole project
References
Ashforth, B. & Kreiner, G. (2010). How can you do it? Dirty work and the challenge of constructing a positive identity. Academy of Management Review, 24(3), pp. 413-434.
Flyvbjerg, B. (2010). Megaprojects and Risk: An Anatomy of Ambition. Cambridge University Press.

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