After evaluating risks, one can choose a path of risk avoidance or risk mitigation and management. If we understand the risks on a project, we can decide which risks are acceptable and take actions to mitigate or forestall those risks. If our project risk assessment determines risks are excessive, we may want to consider restructuring the Project to within acceptable levels of risk. Risks that do not offer the potential for gain (profit? )should be avoided.
By effectively dealing with your stakeholders, you will be better ready to keep a cover on extension, guarantee project prerequisites are adjusted, comprehend resistance for danger, and solve the issues that would some way or another delay the project. Great stakeholder administration is an affirmation to your impact in an association, and a key segment to a proper undertaking environment. The objective of an effective correspondences methodology is to oversee desires and minimize surprises. However much as could reasonably be expected, you are attempting to deal with the data that individuals get, their perceptions, and clear up the sort of criticism that you require keeping in mind the end goal to be successful in conveying the project. Plan approach to stakeholders.
It is recommended that vendors should anticipate and avoid conflict by: • Agreeing to how important an issue is and if it is worth the conflict • Being truthful about their expectations the inadequacies of people and situations • Communicating openly and being honest. There should be a clear definition of expectations by vendors (Conflict Resolution) Informal conflict resolution Vendors should try one of the following methods to resolve conflict: • Take a moment and retrospect into situations • At all times, put yourself in other people’s positions • Negotiate a compromise. Mostly, people are good trying to get most of what they want or partially, than trying to get everything • Talk to someone you trust about your options to get a feedback if you are reasonable or honest. Keep confidentiality at all times. • Get a mediator to negotiate for you if you are emotional or too close to the situation.
While correctly recognizing problems, there are more on the verge and it is up to management to mitigate potential problems. Sometimes managers need to realize that the answers they seek are right before they eyes; they only simply need to look in a mirror. INTRO: “Good mangers anticipate change, exploit opportunities, correct poor performance, and lead their organizations” (Robbins & Coulter, 2009, p. 45). Also, managers should also recognize that an organization’s success or failure is directly related to them (Robbins & Coulter, 2009, p. 45). There are many key elements that must be formulated towards one’s management philosophy.
Effective solution to this situation is to reduce the performance demands on system. Sometimes requirements have to be reduced to the stabilization only of the most important parts of the system. During occurence of the fault of one actuator the entire system and its performance depends on rest of actuators and their performance li, etc. and its performance depends on component limits. Therefore it is important to avoid excessive load of actuators and thus the risk of failure of the system.
This will be done by determining where the mistakes occur and preventing it so that it will not occur next time. Furthermore the concept is that improving your system is not enough, you should find ways to improve it further. The company should also share the concept to its suppliers and
A risk is a possibility that an uncertain process could create losses in an operation. The risk of not meeting the objectives may cause loss of focus on achieving success and discouraging them to reach their objectives. The Standards on Internal Audit (SIA) defines risk as a possibility of occurrence of an event that has an impact on reaching the objectives. The risk has to be identified and they should be minimized as small as possible. In order to meet their objectives, the company needs to ensure that its risk management process is properly applied and operated.
If performance is within the acceptable area of the defined benchmarks then the solutions executed should continue. If performance is below the acceptable benchmarks the solutions plan should be reevaluated and adapted as needed. Conclusion It is imperative that company management address current sales decline in an open, inclusive and constructive manner. In order to do this, it is critical that the company adopt the recommended problem solving strategy. This will assist management in clearly defining the problem, getting a broad source of productive solutions, create a plan to implement the remedy and evaluation process to ensure success.
If there is an inconsistency between the objectives and real situation, there will a need for action. Reliable information is very crucial in this step whereas wrong information will lead to unnecessary decisions in an organization as stated by Griffin and Moorhead (2010). For an example, the organization members should consider doing a need analysis to identify the difference between desired and actual achievements according to their current situation. When a manager diagnose and analyze the problems carefully, a problem can be identified obviously. When individual or the organization make a decision, there is important to take note more irretrievable the solution once appliance; they more concern about the real decision.
Here leaders will have a clear view on the success or failure of the change and the small changes that are needed to be made if the change does not work as expected. As with any change, failure may occur and leaders must be prepared for it as well. If the change does not improve the company 's success then more changes are needed to be evaluated and even a necessity of seeking outside help would be