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Scope of the Project Question: Discuss about the Risk management project of organisation. Answer: Strengths The main strengths of this company that will in getting back its business in the market are, It provides Standard style clothing -It provides clothing for men and women - It has well respected designer label - Additionally it has its reasonably priced at outlet stores throughout the country. -Its clothing collections appeals to a variety of customers from different age groups - The organization is able to compete well in the high middle class range and up - The clothing also attracts traditionally conservative consumers. Weaknesses From this clothing business organization it is important to provide low cost products, this products and prices of the product needs to be balanced. The company needs to efficiently communicate with its customers as well as ask for feedback to improve its business performance. External Factors Affecting the Business Political factors: As the change in the political scenario and government of the country can change the business policies which may adversely affect the business of this organization. Economic factors: As the economic policies such as taxation policies, inflations rate in the country affects the whole structure of the industry, thus leads to different adverse economic effects on the business organization. Technological factors: The automation of numerous incompetent tasks and operations can enable organizations to help human workforce in production lines with completely machine ones. This can diminish costs for producers, merchants, grocery stores, and numerous other diverse organizations. SCOPE The scope of this project includes the prioritization of the risks in this acquisition project for the business (Bowers and Khorakian 2014). Risks with higher priority should be mitigated and planned for before lower priority risks. This project also assess the impact to the business if the risk occurs. It also build a scale appropriate for the business. Goals and Objectives of the risk management plan The goals and objectives of this risk management plan includes the following, In order to recognize and organize potential risks that may affect the business. Create and develop risk administration techniques and monitoring techniques. Use predetermined risk administration strategies, instruments and procedures to help the organization. In the examination and announcing of distinguished risk occasions Find approaches to recognize and assess risks. Develop methodologies and plans for enduring risk administration procedures Scope of the Project Deliverables Related Goals Critical Success Factors Assessing and prioritizing the risks according to different contexts Avoiding the risks in future so that the adverse effects can be eliminated or minimized. Proper use of the risk assessment tools and procedures. Assessing the impact of different risks on different parts of the organization and aligning the strategies accordingly. Minimization of the impact of the risks so that future occurrences can have lowest impact on the organization. Efficient risk mapping according to their impacts. Risk assessment report For the future referencing by the organization in order to manage the similar risks efficiently. Proper documentation of the taken strategies to manage and minimize the impact of the risks. Stakeholders Stakeholder Internal / External Role in process Stake in process Project manager Internal To manage the whole risks management project. Expand and efficient management of the business. Employees Internal Providing input to the mitigation plans and improve the risk mitigation strategies. To be able to manage their tasks without the adverse effects of different risks in business. Suppliers External To provide external business data that are related to the different risks in the business due to external factors. Improved supply chain with better communication among the both parties. Customers External Helping the business in improving the services and products Having better products and services. Creditors External To improve the strategies and align them as per the needs of the business. To have better return on their investment. The relationship between each group of the stakeholders and the identified CSF Critical Success Factors Stakeholders Responsibility and contribution Project manager Managing the responsibilities and assigning resources to complete the project. Employees To complete the different tasks in the project so that risks can be effectively evaluated and managed. Customers Asses and provide input against the implemented risk management strategies. Suppliers To manage the supply chain operations and mitigate the risks. Communication With relevant parties who can support Relevant Parties for support Methods to communicate Kind of support required from Each Employees and project manager Mails and weekly meetings Reports on assessment Employees and suppliers Face to face meetings Input against the risks. Suppliers and project manager. Mails Environmental Analysis SWOT Analysis: Strengths : As the business organization is one of the oldest business organizations thus ca easily acquire Competitive advantages against other traders in the terms of user satisfaction and believe.in addition to that experience and knowledge in the field also helps the organization. Innovative designs from the organization also helps in getting better market share in the market. In addition to that, the stores throughout the country also helps to have batter revenue and customer reach. Weaknesses: The business organization lacks of Continuity, supply chain robustness, Effects on core activities. In addition to that it also lacks of effective leadership and Management cover, succession for better performance of the business. Opportunities Market developments and Competitors' vulnerabilities provides better opportunities for this organization (Bowers and Khorakian 2014). In addition to that, changing Industry or lifestyle trends, technology development and innovation, entry to new markets and Niche target markets also help this organization to grow its business. Threats Some of the threats that may affect the business of the organization is day by day increasing competitions from the rival companies, changes in the trade laws etc. Pest analysis Political The business environment for the organization depends on, future legislation, international legislation , regulatory bodies and processes, government policies , government term and change , trading policies, home market pressure- groups Economical The economic trends, general taxation rules taxation on specific to product/services market/trade cycles, specific industry factors, distribution trends by the suppliers, customer/end-user drivers, international trade and monetary issues will also have significant impact on the business. Social The following factors can have a significant impact on the risks management plan as wells as on the business of the acquired business (Bowers and Khorakian 2014). This are, demographics, consumer attitudes and opinions, business and economic law changes, buying access and trends, advertising and publicity by the organization. Technological The technological issues such as competing technology development, manufacturing maturity and capacity, information and communications, consumer buying mechanisms/technology, innovation potential Global communications also affects the business. Risk Diagrams Risk Management process Flowchart at the business Stage Two Analyzing the risks Risk assessment table Associated Risks Likelihood Impact Increasing Competition from the competitors Almost certain Moderate Change in the business and taxation laws. possible Minor Lack of critical resources Rare Extreme Risk Assessment Matrix Risk Matrix Likelihood (1)Rare (2)likely (3) possible (4)Likely (5)Almost certain Consequences (1) Insignificant (2) Minor (3) Moderate (4) Major (5) Extreme Risk Rating and treatment options Risk in the order of Priority Treatment options 1. Lack of critical resources a) Maintaining a resource pool in order to mitigate the risks. b) Implementing an effective employee retention policy in the organization. 2. Change in the business and taxation laws. a) Aligning the business operations according to the new rules so that impact on the business can be minimized. 3. Increasing Competition from the competitors a) Use of business diversification strategy. b) Improving the supply chain for better performance in the market. Team Feedback Report What are the hazards? Who might be harmed and how? What are we already doing? Do we need to do anything else to control this risk? Action by whom? Action by when? Done Change in the business and taxation laws. The Sales department and the performance of the organization. Aligning the business operations to make them compliance with the new rules. . Sales manager [please fill] Lack of critical resources The Production line of the business organization. Hiring new employees. Implementation of Employee retention policy. Executive managers. [please fill] Increasing Competition from the competitors The customers. Getting new products from the other emerging business organization. Automating the total production line of the organization. Improving the supply chain of the organization. Production manager [please fill] Stage Three Identifying measures to treat the risks Description of Risk Assess Risk (Low, Medium , High , extreme) Controls (treatment options) / Mitigation Action Monitoring tools Timeline (Date of Review) Individual/Group responsible for mitigation action Changing business environment and competition Low Taking new measures to and strategies Risk register [please fill] Employees and managers. Change in the legislation and taxations rules High Aligning the strategies and modify the strategy to cop up with the change. Risk register [please fill] Project manager Lack of critical resources Low Hiring employees and providing training to them. Risk register [please fill] Top level management and employee. Action plan Finding a way to decrease the likelihood of an antagonistic risk happening might be more compelling and less expensive than repairing the risk after adverse effects of the risks has happened (Bowers and Khorakian 2014). In any case, some risk mitigation options may just be too exorbitant in time or cash to consider. Mitigation actions ought to be reported in the Risk Register, and assessed all the time. They include: Identification of potential effect focuses for each risk mitigation actions. For every point, archive the occasion that would raise alerts demonstrating that the occasion or factor has happened or achieved a basic condition. For every risks occurrence, give contrasting options to adjusting the impact due to this risk. Monitoring and Evaluation of Risk Management Plan To evaluate the adequacy and efficiency of the Risk Management Plan, it is important to set up measures and furthermore standards for the desired performance. The measures can be might be contrived in-accordance with Government Regulations or the industry leading standards. Once sensible models are built up, the arrangement can be measured, through an assessment process, ceaselessly after some time against them with an end goal to: measure the actual execution outcome against the built up standard for the performance of the plan. Alter the plan for at least average performance by the developed plan. As the risk mitigation process includes two stages: Identifying the different exercises, or methods, to lessen the likelihood or potentially effect of a negative risk. Creation of a Contingency Plan to manage the risk when it ocurs. Stage Four Implementing and monitoring the risk treatment plan Report on Ongoing implementation of the Risk management Action Plan Risk management plan Development The top level management and the project manager will create and set up a risk to oversee operational risks, including insurable risks, at these levels following a similar centre process as above and coordinating with arranging and administration exercises. Risk Identification Workshops Workshops will be booked and encouraged by the office, to recognize, survey and assess risks utilizing the hazard reference tables. Risk Aggregation and Prioritization Risks recognized will be amassed into organized records as per organization structure and masterminded in sliding level of risks and ampleness of existing controls rating with chance acknowledgment choices. Treatment of Risks Risks will be dealt with as per needs, existing administration forms and by the officers showed by the level or hazard. Treatment designs will be created and actioned by needs. Developing Risk Register A register will be made to hold the hazard postings, choices and treatment outlines including vital dangers. References Bowers, J. and Khorakian, A., 2014. Integrating risk management in the innovation project. European Journal of innovation management, 17(1), pp.25-40. Carvalho, M.M.D. and Rabechini Junior, R., 2015. 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Pritchard, C.L. and PMP, P.R., 2014. Risk management: concepts and guidance. CRC Press. Power, M., 2016. Defining and Managing Risk: A Study Investigating Critical Success Factors Relating to Client Expectation and Associated Risk Management in Design and Construct Projects. Bucero, A. and Englund, R.L., 2015, October. Project sponsorship: Achieving management commitment for project success. Project Management Institute.