Different Perspectives for Risk Management

Different Perspectives for Risk Management 1 Purpose Risk this is defined as the combination of the probability of an event and its consequences. In all types of undertaking, there is the potential for events and consequences that constitute opportunities for benefit (upside) or threats to success (downside). Risk Management is increasingly recognised as being concerned with both positive and negative aspects of risk. Therefore this policy considers risk from both perspectives. Risk management is a central part of the B W Plant Hire and Sales Ltd strategic management. It is the process whereby we methodically address the risks attaching to their activities with the goal of achieving sustained benefit within each activity and across the portfolio of all activities. The focus of good risk management is the identification and treatment of these risks. Its objective is to add maximum sustainable value to all the activities of the organisation. It marshals the understanding of the potential upside and downside of all those factors which can affect the organisation. It increases the probability of success, and reduces both the probability of failure and the uncertainty of achieving our overall objectives. 2 Process The risks facing an organisation and its operations can result from factors both external and internal to the organisation. Risk identification is the process whereby B W Plant Hire and Sales Ltd sets out to identify its exposure to uncertainty. Risk identification is approached in a methodical way as part of the annual strategic review process to ensure that all significant activities within the organisation have been identified and all the risks flowing from these activities also defined. All associated volatility related to these activities is identified and categorised. Business activities and decisions are classified as: Strategic These concern the long-term strategic objectives of the organisation. They can be affected by such areas as capital availability, sovereign and political risks, legal and regulatory changes, reputation and changes in the physical environment. Operational These concern the day-today issues that the organisation is confronted with as it strives to deliver its strategic objectives. Financial These concern the effective management and control of the finances of the organisation and the effects of external factors such as availability of credit, foreign exchange rates, interest rate movement and other market exposures. Knowledge Based These concern the effective management and control of the knowledge resources, the production, protection and communication thereof. External factors might include the unauthorised use or abuse of intellectual property, area power failures, and competitive technology. Internal factors might be system malfunction or loss of key staff. Compliance These concern such issues as health safety, environmental, trade descriptions, consumer protection, data protection, employment practices and regulatory issues. As part of the annual strategic review each identified risk is described in a structured format is necessary to ensure a comprehensive risk identification, description and assessment process. Risk estimation is assessed as high, medium or low using the guidelines shown in the tables below. Risk identification Categorisation 1. Name of Risk 2. Impact of Risk Qualitative description of the events, their size, type number and dependencies 3. Quantification of Risk Probability and Significance 4. Potential Action for Improvement Recommendations to reduce risk Risk Consequences Threats and Opportunities High: Financial impact on the organisation is likely to exceed  £250,000 Significant impact on the organisations strategy or operational activities Significant stakeholder concern Medium Financial impact on the organisation likely to be between  £150,000 and  £350,000 Moderate impact on the organisations strategy or operational activities Moderate stakeholder concern Low Financial impact on the organisation likely to be less that  £150,000 Low impact on the organisations strategy or operational activities Low stakeholder concern

Elevator

Hey Gaby, I just started my class online with the University of Phoenix, let me tell you a little bit about it because I know you were interested in going back to school as well. Online courses are also known as distance learning, which means that you are earning your education via online. Instead of being in a traditional classroom setting and having that face to face contact with your teacher, distance learning is student centered instructional format that allows you to take courses without having to commit to a regular campus attendance. I personally enjoy doing distance learning; so far I have been able to easily concentrate on my work. The reason why I chose to do distance learning is because I really have a hard time attending regular face to face classes due to my work schedule, very much similar to the situation you are in Gaby. Just like your goals I want to continue to pursue my degree further and I didn’t want to stop attending school so I chose this avenue. Distance learning is a field where instructional systems are designed to deliver education to students who are not able to physically be in classroom site. In my opinion I think you would enjoy distance learning and you would be able to focus a lot easier. I really enjoy doing it because I love working with computers, some people say that they do not like it but most people that I have spoken to say that they really enjoy it as well. You should really try it I truly recommend it; I was scared at first because I was concerned about having questions that I would like to ask my teacher in person and via online you do not have that opportunity. The method used to communicate with your professor and or classmates is through forums and thread discussions. In these forums and threads you post your questions and responses to other posts as well, somewhat like a live chat room. This is referred to as asynchronous communication; because you are not receiving feedback onsite like you would in a regular face to face classroom. To be honest with you it was a little frustrating learning how to navigate thru everything but once I had spoken to my advisors and they explained to me how everything worked things went so much smoother. As the time has gone by I have gotten the hang of it and I think you would pick up the process pretty easily too. Hope that this information has shown you that there is a way for you to continue your education just like I am.

Marketing Mix at Dell Inc

Marketing can be viewed as a set of functions that include product development, packaging, pricing, advertising, selling, distribution and customer service.  Marketing tactics are referred to as the â€Å"4Ps†: product,  place, promotion, and price. (Kotler, 2003). The marketing mix is probably the most famous phrase in marketing. It was James Culliton, who coined the expression Marketing Mix and it was Jerome McCarthy, who described the variables of marketing mix in terms of the four Ps. The product variables include: 1. Product line and range, 2. Design, quality, features, models, style, size and warranty, 3. Packaging, type, materials, label, 4. Branding and trade mark, 5. Service, pre-sale and after-sale, 6. New Products. The place variables are: 1. Channels of distributions, types of intermediaries, channel policy and design, location of outlets, channel remuneration, and dealer-principal relations, 2. Physical distribution, transportation, warehousing, inventory, order processing, etc. The price variables are: 1. Pricing policies, levels of prices, levels of margins, discounts and rebates, 2. Terms of delivery, payment terms, credit terms and installment facilities, 3. Resale price maintenance. Promotion variables are: 1. Personal selling, objectives, quality of sales force, cost level, level of motivation, and level of effort, 2. Advertising, media mix, budgets, allocations, and programs, 3. Sales promotional efforts, display, contests, trade promotions, 4. Publicity and public relations. The application of marketing mix in the case of Dell Inc. can be illustrated as follows: About Dell: Dell Inc. supplies PCs to business and domestic customers across the globe using direct marketing approach. In addition, Dell supplies a range of IT products and services to businesses, including powerful servers, storage, workstations, notebooks, and desktops. Dell employs approximately 47,800 people worldwide. Total sales currently exceed $43.5bn per annum. Product: Dell places product quality as one of the main criteria. Recently Dell voluntarily recalled certain Dell-branded batteries with cells manufactured by Sony and offered free replacements for these batteries.   This is because it has been found that under rare conditions, it is possible for these batteries to overheat, which could pose a risk of fire. This measure shows how much importance Dell places on product quality. The main part of Dell’s success is its strategy of offering consumers ‘choice and control’ when it comes to product purchase. Buyers can click through Dell and assemble computer system piece by piece, choosing components like hard drive size and processor speed based on their budgets and needs.   This direct contact with consumers gives Dell a competitive advantage. Dell's approach to innovation is customer driven. Moreover, Dell has returned to one year standard warranties on all its products. Dell builds computers on a just-in-time (JIT), build-to-order (BTO) basis. Therefore, if a new technology emerges it can be included immediately. Promotion: By catering to customers across nations from the internet and through regional centers, Dell has acquired the location strategy advantage. From 1999, Dell has engaged in extensive marketing campaigns. The â€Å"Be Direct† promotion campaign has changed the way consumer view Dell. The campaign focus on consumer benefits of new technology rather than comparing its products with other rival products or company. Dell advertises in the national newspapers, computer magazines, on the Internet and TV and by placing inserts in newspapers and magazines. Dell's advertising campaigns are designed with one central objective – to get a potential customer to ring up or go online and order a computer. Dell measures the impact of each individual marketing campaign by assessing the volume of calls to sales representatives and the number of clicks to the Dell website. The company also uses direct mail. Dell publishes various 24-page monthly catalogues, describing available product ranges. Different catalogues are geared to separate Dell markets – one for the small businesses and the other for domestic customers. This is sent to a selected group of customers who are on Dell's mailing lists. The Internet offers many advantages to a direct marketing company. Products can be shown and described in detail on a website. Customers can browse at their leisure without leaving their home or office (Business2000, 2005). Dell has long been using rebates and discounts as part of its promotion campaign. This helped it to survive competition in the industry. Dell often used to offer brief promotions such as extra memory or a free flat-panel display that might not have remained available if a consumer took a day or two to make a purchasing decision. Rebates have long been popular with electronics retailers, because they allow for higher list prices and because many customers never bother filling out the forms. Price: Dell is able to offer competitive pricing mainly because it uses the JIT – Just in time inventory model. The JIT/BTO approach means that Dell does not have to keep stocks of components or readymade computers. At Dell Inc. usually no component is in the factory for more than three days (Business2000, 2005). Stock, which is also called inventory, costs money. Dell does not have these costs and, therefore, can sell to the customer at a lower price. Further, by having regionalized production centers, Dell has diversified the risk of concentration of labor, production costs, and transportation costs. When production and transportation costs are cut down, the pricing can be competitive. For example basing plants in Xiamen, China Dell has been able to provide products and services at the local prices. By following a business model that allows a consumer to design his own computer cost of carrying inventory is minimized. This allows the company to offer its products at competitive rates. Place: The company manufactures its computer systems in six locations: Austin, Texas; Nashville, Tenn.; Winston-Salem, North Carolina; Eldorado do Sul, Brazil (Americas); Limerick, Ireland (Europe, Middle East and Africa); Penang, Malaysia (Asia Pacific and Japan) and Xiamen, China (China). Dell sells its products and services worldwide†¦ By catering to customers across nations from the internet and through regional centers, Dell has acquired the location strategy advantage. The company's strategy of selling over the Internet — with no retail outlets and no middleman — has been as discussed, admired and imitated as any e-commerce model.   Dell's e-commerce website, www.dell.com, is one of the busiest in the world. The site is distributed across 86 countries, using 28 languages or dialects and 29 different currencies (Business2000, 2005). On the website, customers can review, configure, and price computer systems for themselves. They can place an order online and then track the order from the manufacturing stage to actual delivery. This gives greater market reach to the company. Conclusion: Dell is one of the most successful companies in the world. Though we may study the marketing mix in order to understand the success of Dell Inc., it must be mentioned that the Dell combination of direct marketing and just-in-time, build-to-order manufacturing brings the benefits of low cost and high quality to each and every customer. It is this focus on customer value that is truly responsible for Dell's market leadership position. Bibliography: Annual Report, Dell Inc., 2005 Official Website, Dell Inc., 2006, http://www1.us.dell.com/content/topics/global.aspx/corp/background/en/facts?c=us&l=en&s=corp&~section=000 Philip Kotler, Marketing Management, 2003. Business2000 (2005). Dell- Directly from Dell to the Customer. http://www.business2000.ie/cases/cases_8th/case1.htm   

Project Management Of The Project - 1246 Words

The proposal writing process is multifaceted, encompassing both the actual submission of a request for proposal as well as the management of the implementation of received funds. Through class lectures and assigned readings, we’ve discussed the various aspects that make up the process of grant writing. Through this essay, I will explain this process as it leads up the management of the project once funded. Furthermore, this essay will explain how to ensure that the proposal submitted addresses key aspects necessary for the project to be implemented in line with best practices for project management. A grant is a monetary award of financial assistance (Neitzey, 2016). Grants are typically awarded for the purpose of providing a recipient,†¦show more content†¦Provided the fact that proposals are the gateway to grant funding, there are a few keys to ensuring that an organization submits a successful proposal. The first step is to document an unmet community need that the grant seeker is in a position to address (Neitzey, 2016). By demonstrating that a problem exists, organizations are more likely to explain who will benefit should the project be funded. Furthermore, by highlighting the problem, the organization is more capable of articulating the overall impact the project will have on those who are negatively impacted by the lack of a project addressing the problem. The second step is to demonstrate a clear plan for the program (Neitzey, 2016). Once developed, the plan successfully articulates the organization’s ability to identify themselves as a unique, yet impactful organization. Essentially, the plan is to show that the organization has the necessary resources to successfully end or minimize the problem discussed earlier in the proposal. The third step is to thoroughly research funders, competitors, and potential partners (Neitzey, 2016). Perhaps this is the most important step, due to the fact that without the funding there will still be a need in the community. However, when organizations are seeking funding, they should rely on funding that align with their mission. By doing so, they are not mission drifting, and they are applying for funds