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Accounting work

By Name

Course

Tutor

University

City, State
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Date
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Assessments Activities 1 and 2

This project entails assessment activity 1 which covers Risk Management plan and

assessment activity 2 which is evaluation of risk management plan for SmarTech.

ASSESMENT ACTIVITY 1 MANAGING RISKS

Risk management is the process of identifying risks, assessing risks and coming up with

strategies to manage risks.

Scope

The risks management plan and impartial analysis of a business are important for its continuity

plan. It is important to understand the potentials to ones business so as to minimize their

impacts.

Stakeholder Analysis

For the risk management plan to succeed, stakeholder management is critical for SmarTech. The

engagement of the right people correctly in this offers high chances of success. A business has

both internal and external stakeholders. These different stakeholders have different impact on the

organization and this understanding is important because it determines their impacts.

Shareholders Managers Our Team Customers The public

Role Owners Managing Carries daily Buys Stewardship

SmarTech activities SmarTech

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products and

services
Internal Internal Internal Internal External External
Interests Financial reputational reputational reputational emotional
Contribution capital skills skills market environment
Level of High High High High Medium

importance
Level of High High High Medium Low

interest
Priority 1 1 1 3 4
Method of General Official Official Formal / non- Non-formal

communication meetings formal

Frequency Regularly Regularly Regularly
Issues if not Risk Risk Risk Risk Risk

solved
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Industry analysis

This looks at the competitive nature if the general industry and how different players relate with

one another. For this part, we will conduct the industry analysis for SmarTech in order to study

the items in risk management plan. This will make use of this table.

Dimension Details
Social Changes in population as a result of increased population are an indication of

increased customers and markets for SmarTech. This growth is an indication of

future increased market.

Technological The increase in the use of technology in carrying out most of the duties that used

to be undertaken manually is an avenue for SmarTech to innovate and increase

its market share.

Technology is an expectation to reduce the cost of doing business and

discovering friendly ways of doing things.

Economic A health economy is important for SmarTech to operate properly. The economic

environment creates appealing opportunities to get the expected goal. In most

states in the country, economy and employment have improved.

Legal Increased laws regarding on how technology can be used and transferred affects

the performances of SmarTech. For example legislation regarding the use of

electronic device in times of security threats affect the companys operations.

Legislation regarding compliance on the training courses.

Political - Changes in government, political and government stability

- Tax policies, labour law, environmental law (also in environmental), trade

restrictions and tariffs

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- Government to have strong influence on the nation's health, education and

infrastructure
Policy - Energy prices are impacted on the cost of transporting goods and bills which

will impact the total cost of products and services (also in economical)

- Consumers paying more attention to green products and recyclable goods (also

in social)

- More investments in renewable energies = higher product and service costs

(also in economical)

- Strict government regulations on environmental protection (also in political)

Strengths and Weakness of current arrangements

Critical Success factor

Section 2: RISK IDENTIFICATION

Identification of risks

Risk is any event that could make to go against the way it was planned,

Risks can be recognized from various distinctive sources. Some might be entirely evident and

will be distinguished preceding undertaking kickoff. Others will be recognized amid the venture
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lifecycle, and a hazard can be distinguished by anybody connected with the venture. Some

hazard will be characteristic to the venture itself, while others will be the aftereffect of outer

impacts that are totally outside the control of the venture group. The Insert Project Name Here

Project Manager has general duty regarding overseeing venture chance. Extend colleagues might

be appointed particular zones of obligation regarding answering to the extend chief. All through

all periods of the venture, a particular theme of talk will be hazard recognizable proof. The aim is

to teach the venture group in the requirement for hazard mindfulness, recognizable proof,

documentation what's more, correspondence. Risks considerations requires that each venture

colleague know about what constitutes a hazard to the venture, and being touchy to particular

occasions or variables that could conceivably affect the extend in a positive or negative way.

Hazard recognizable proof comprises of figuring out which dangers are probably going to

influence the venture and archiving the attributes of each.

Risks Analysis and Evaluation

All the risks that have been identified will need to be reviewed to get their intensity and likely

return of the firm. Using qualification, we will determine the top risks so as to pursue and reply

to which one can be ignored.

Risks Treatment and Action Plan

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Every key risks that SmarTech is exposed to can be allocated to the respective management

centre for monitoring process so at to ensure that such risk does not negative affect the

operations of SmarTech beyond the expected level. It is important to always apply the following

principles in risks managements.

1. Avoid try to eliminate the treats of the cause

2. Mitigate looks for ways lowering the likelihood

3. Accept nothing to be done

4. Transfer

ASSESMENT ACTIVITY 2 IMPLEMENTATION, MONITORING, AND

EVALUATION

The key to risk risk management is that the strategies and efforts employed should be

equal to the extent of the risk the firms faces as stated by the size, nature and complexity of the

organization and should be related to the corporate activities and should be dynamic because the

future of the organization is largely uncertain.

This project is exposed to numerous risks as illustrated in the appendix three. Potential

risks are connected with the projects and are expected to emerge at various stages of

implementation. For this project, the major risks are time constraints and overall execution

process. Although the researcher have conducted vast researches prior to the development of the

project plan, which has allowed them to gain detailed understanding or the project, it is still

expected that they could face the issue of time constraint in the course of undertaking the project

due to unpredictability issues that might be associated with the project. Secondly, the project is a
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novel idea in the company, which has not been tried or implemented in the past with reference to

ALIAN gas. Thus, its overall success presents a huge risk as failure will result to total waste of

all resources that have been pushed into the project execution
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References

Arizon, C., (2013). Project Management Methodology & Step-by-Step Guide to Managing

Successful Projects. Retrieved from

http://www.chandleraz.gov/Content/PM000PMMethodologyGDE.pdf

Chard, D., (2009).Performance Measurement Baseline Reviews and Project Risk. Retrieved from

http://www.apm.org.uk/sites/default/files/APM-IRM_090709_Chard.pdf