Essay about Critical Success Factors in Business

Essay about Critical Success Factors in Business

Length: 1550 words (4.4 double-spaced pages)

Rating: Powerful Essays

Open Document

Essay Preview

Critical Success Factors
The critical success factors are certain components that are applied for the success of a certain project or task. For the risk management strategies to work successfully it must be applied in an organization on a continuous base, and the best way to achieve this is to incorporate critical success factors that ensure that the strategies are implemented using a structured approach. The critical success factors help an organization and its workers to identify certain reference points that will direct them towards the goal and objective, and measure the success of the project or business. The four critical success factors that help to develop a structured approach for implementation of strategies are supportive organization, appropriate supporting infrastructure, competent people, and a detailed process document (Yaraghi & Langhe, 2011).
The critical success factor of supportive organization has clear goal and objective for risk management, has adequate resources available to implement risk management strategies, buy in from stakeholders, has a culture that recognizes uncertainty, accepts the need for change, and has a suitable framework to support risk strategies. Analyzing the company in the case, Flayton Electronics, it has sufficient resources to implement risk management as the firm had spent considerable time and money on the new payment card industry (PCI) standards for data protection. The company’s vice president of loss prevention anticipated the risk for data theft; showing that the firm recognized that uncertainty was inevitable.
Having competent people results in successful risk management strategies; the employees and other stakeholders need to be trained and made competent for the risk pro...

... middle of paper ...

...ed to the project risk as the company may be exposed to several lawsuits and legal actions. The public perception of the brand image may change considerably, resulting in additional requirements to be incorporated into the project risk management for Flayton Electronics.

Works Cited

Govori, A. (2012). Measuring and Managing the Impact of Risk on Organizations: The Case of Kosovo. Journal of Advanced Research in Management, III (1), 17-26.
Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd Ed.). Vienna, VA.: Management Concepts.
Jugdev, K. (2012). Learning from Lessons Learned: Project Management Research Program. American Journal of Economics and Business Administration, 4(1), 13-22.
Yaraghi, N., & Langhe, R. G. (2011). Critical Success Factors for Risk Management Systems. Journal of Risk Research, 14(5), 551-58

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Critical Success Factors for Small Business Enterprises in Saudi Arabia Essay

- The overall objective of this research is to study which the critical success factors that are necessary for achieving success for a small business in Kingdom of Saudi Arabia. Small Business Enterprise or Small-Medium Enterprise (SME), in today's business environment, faces a lot of daily major challenges. Balancing the SME’s effort to address these challenges can be an intimidating task, unless a systematic approach is identified and followed. Recently, SMEs started moving towards the utilization of business success which enables SMEs to learn how to continuously improve the utilization of resources to achieve better productivity and performance....   [tags: Business Management ]

Powerful Essays
852 words (2.4 pages)

Measuring the Impact of Critical Success Factors of Project on Project Success in the Telecom Firms

- Measuring the Impact of Critical Success Factors of Project on Project Success in the Telecom Firms Introduction: Project success is one of the ambiguous concepts in project management. As each person or group of people who are involved in a project have different needs and expectations from the same project, it is very common that they take project success in their own way, as per their own understanding (Cleland & Ireland, 2004). Research on project measurement deliverables and focus on the main project management practices (time, cost and quality) shows that it is not possible to have a ubiquitous success criterion that is suitable for all projects....   [tags: Business Management ]

Powerful Essays
2532 words (7.2 pages)

Model of Critical Success Factors and Success Criteria for Project and project Management Success in a Developing Country

- Regression Analysis Five independent variables which are factors related to project (FRO), factors related to leadership/manager (FRL), factors related to team members (FRT), factors related to project organization (FRPO) and factors related to environment (FRE) are regressed with four dependent KPIs which are iron triangle, organizational benefits, benefits information system and stakeholder’s benefits. Out of five, four independent variables show association with at least one dependent variable, the independent factor that does not show any association was FRE....   [tags: Business Management]

Powerful Essays
1707 words (4.9 pages)

E-business - Furniture Mart Essay

- ... Doing this all how comfortable for the consumer to invent website which will give all the related information and provide a variety of service offered by the seller with plenty of options and help them to selecting the competitive outlet the best deal provided and where customer will get value for money. In New Zealand almost consumer are avail and have enough knowledge in online buying by local and most popular website like eBay, Amazon and Trade me it shows that consumer will have less hesitation in adopting the service mode and operation....   [tags: business analysis, sucess factors]

Powerful Essays
3151 words (9 pages)

Essay on Factors of Success

- Introduction and objectives The overall objective of this individual assignment is targeted in two separate, yet strongly interrelated sections. Our first task is concerned with one inspiring entrepreneurial story and its reasons for success. Furthermore, other factors for success will be discussed, in the light of relevant literature. Additionally, I will identify the personal takeaways I can take from it. To support this, I also intend to explain the logic used to identify these takeaways. Other interesting details of this entrepreneurial story, but not relevant for the main critical analysis, will be placed in the appendix....   [tags: Entrepreneurial Characteristics, Business Growth]

Powerful Essays
2327 words (6.6 pages)

Management Critical Thinking Questions Essay

- Question 1 Joan is an accountant who opposes the introduction of a new financial control system. For 15 years she has worked with the old, manual system. Now the firm is introducing a new, computer based system. How would you attempt to change Joan’s attitude about the new system. Gibson, Ivancevich, Donnelly & Konopaske (2012) explain that managers often need to take action to change the attitudes of employees because those attitudes are having an adverse impact on job performance. In order to promote positive attitude changes, managers need to have trusting relationships with subordinates, effectively convey why the change is important, and try to make changes a pleasant experience....   [tags: Critical Thinking Essays]

Powerful Essays
2200 words (6.3 pages)

Exploring Business Intelligence Systems Essay

- Implementing a BI system will not automatically provide successful decision making. There are many factors that contribute to the success of BI systems. The following studies and report reveal the factors that contribute the success of BI systems. Key Factors of BI Success Overview. Adamala and Cidrin (2011) performed a study to discover the BI factors that contributed to BI success. The study was conducted based on a new model for BI success that Adamala and Cidrin (2011) created after analyzing different BI success models and elements....   [tags: Business Intelligence Success]

Powerful Essays
3413 words (9.8 pages)

Essay about Factors for Success in the Workplace

- Factors for Success in the Workplace Thesis Sentence This paper will examine the Base Central Test Facilities ability to meet the Four Critical Success Factors while operating under USAF Downsizing and Force reduction initiatives. INTRODUCTION We have all seen the TV commercial from New York Life of the man in the office who has his life turned upside down as a result of being laid-off by a company undergoing Downsizing or Re-structuring. Just like that individual many military workcenters have been turned upside down by Downsizing or Force reductions....   [tags: GCSE Business Marketing Coursework]

Powerful Essays
3175 words (9.1 pages)

Critical Thinking: What It Is and Why It Is Necessary Essay example

- Critical thinking is associated with various methods and the definition will vary. A business student will look at critical thinking differently from a psychology student. The definition has changed quite a bit over the years; it can be simple and direct, as looking at a situation and asking specific questions and coming up with a conclusion. Educator Diane Halpern’s definition, “Critical thinking is the use of those cognitive skills or strategies that increase the probability of a positive outcome.” Critical thinking is used to describe thinking that is purposeful, reasoned, and is goal directed - the kind of thinking involved in problem solving, formulating inferences, calculating l...   [tags: Critical Thinking Essays]

Powerful Essays
1971 words (5.6 pages)

Essay on Critical Thinking

- The concepts of critical thinking and creative thinking are both gaining increasing importance in the world today. Critical thinking allows people to understand difficult concepts in a manner that is clearer and more defined. They can more readily understand those concepts if they employ critical thinking. In all portions of everyday life, a person is expected to make independent judgments. Those judgments are based on experience and knowledge. Without the ability to think critically, every situation that a person comes across would have to be considered in isolation from all other situations....   [tags: Critical Thinking Essays]

Powerful Essays
1255 words (3.6 pages)