Entrepreneurship managing risk
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How to manage risk upside and downside. What are the risks in a start up business? Steps to take to manage your business risk.
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Chapter 10: Operations and Risks
Overview
Operations Management
Risk Management
Operations Management
Key Activities
These are the activities that are important in producing the company’s value proposition.
Examples:
Consulting
Designing
Web development
Driving
Key Resources
Key resources include everything needed for the business model to succeed and the value proposition to be delivered.
It includes strategic resources needed to launch, maintain, and improve the business, product or service.
Examples:
Intellectual property
physical and financial assets
Office space
Computers
People (staff)
Internet connection
Car
Electricity
Key Partnerships
Key partners are external people or organizations that support your business.
Examples:
Partnerships
Suppliers
Joint ventures
Operating Plans and Critical Paths
Operating plans identify major processes and critical paths needed to complete a project. One method that can be used to monitor a project is a Gantt chart.
Gantt charts are a project planning technique used to present the timing of each task required to complete a project.
Benefits of a Gantt Chart
Helps in planning tasks that needs to be completed.
Demonstrate task schedules.
Allows to plan the allocation of resources needed to complete the project.
Helps to manage the dependencies between tasks.
When undertaking a project, Gantt charts are useful to monitor the progress of the project and take actions when needed.
How to Develop a Gantt Chart
List all the tasks needed to complete the project.
Note the duration for each task.
List all task dependencies, if any. A task dependency is when one task cannot start until another one has been finished. Example: Task B cannot start until Task A is complete.
By completing the chant chart, you will be able to identify the longest and shortest tasks needed to reach the end of the project without impacting the project schedule.
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Risk Management
Introduction
Preparing a risk assessment gives a better understanding of the kinds of risks that the company might face and its possible consequences.
Risk management is an ongoing process that involves identifying, assessing, mitigating and monitoring the impact of the risk event.
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Risk Management Process
Training Session
Victor Allen
April 3, 2012
1
What are risks?
Project Management Institute definition of risk:
“an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective“ (i.e. scope, time, cost, quality, safety, etc…)
2
What are risks?
My Definition of risk:
“A negative risk event is something that has not yet happened on your project, but if it did happen it would negatively impact your project to the extent that it would be worthwhile to reduce the likelihood that it will occur or reduce the negative impact if it occurred”
“A positive risk event is something that has not yet happened on your project, but if it did happen it would positively impact your project to the extent that it would be worthwhile to increase the likelihood that it will occur or increase the positive impact if it occurred”
3
Risk/Issue/Action?
4
(Risk)
An undesirable event that has not yet happened
(Issue)
An undesirable event that has happened and needs attention
(Action)
Work that needs to be done
Which of the following are risks?
The project may go over budget
I ran over a pot hole coming into work today and my tire is flat
Decisions in the site engineering area are not being made in a timely manner
Using unproven technology may require frequent re-design work resulting in a schedule delay
Which of the following are risks?
The project may go over budget
This is more of an impact than a risk. There are many reasons why a project may go over budget. The real question is what are the things that would cause you to go over budget? The answer to this question is the risk. Here are some examples of a better way to write this risk statement:
It may take more time than planned to secure internal employees to work on this project which will require us to hire consultants resulting in a cost overrun on the project.
The contractor productivity level may be less than quoted in the contract resulting in a cost overrun.
Which of the following are risks?
I ran over a pot hole coming into work today and my tire is flat
This is not a risk because it already happened. It has now become an issue that you have to deal with. Time to execute your contingency plan – hopefully you have a spare or AAA.
Which of the following are risks?
Decisions in the site engineering area are not being made in a timely manner
This is not a risk because it already happened. Decisions are already not being made timely, so the risk has occurred. It has now become an issue that you have to deal with.
Which of the following are risks?
Using unproven technology may require frequent re-design work resulting in a schedule delay
This is a risk.
5 Characteristics of a Risk Event
Risk is clear and understandable to anyone who reads it
Risk describes the impact or “so what” factor
Risk has not yet happened
Risk is something your actually worrie ...
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This document discusses risk management in corporate governance. It defines risk as any factor that could lower profits or cause a company to fail. A key part of risk management is creating a risk management plan that lays out how the organization will identify potential risks, analyze them, and take steps to reduce risks. The importance of risk management is that by evaluating threats and developing structures to address them, a company can improve its chances of success. A five-step process for risk management is outlined, and construction companies are provided as an example, with common risks they face like safety hazards, cost increases, and natural disasters. Strategies for risk management in construction include managing risk at the enterprise level, creating a formal risk department, and setting processes to
CORPORATE GOVERNANCE ppt.pptx
This document discusses risk management in corporate governance. It defines risk as any factor that could lower profits or cause a company to fail. A key part of risk management is creating a risk management plan that lays out how the organization will identify potential risks, analyze them, and take steps to reduce risks. The importance of risk management is that by evaluating threats and developing structures to address them, a company can improve its chances of success. A five-step process for risk management is outlined, and construction companies are provided as an example, with common risks they face like safety hazards, cost increases, and natural disasters. Strategies for risk management in construction include managing risk at the enterprise level, creating a formal risk department, and setting processes to
Comprehensive Overview Of Risk Management
A comprehensive overview of project risk management. Assumes a familiarity with fundamental concepts of project management.
Presentation Project managment
1) Risk management is the process of identifying, analyzing, and responding to risks that could negatively impact a project. It aims to minimize threats and maximize opportunities.
2) A risk is any uncertain event that could prevent a project from meeting its objectives. Effective risk management requires commitment from the project team to identify potential risks and their consequences.
3) Benefits of risk management include predicting threats before they occur, enabling contingency planning, improved decision making, and creating a "no surprises" environment for stakeholders. While initially costly, risk management saves money compared to dealing with unanticipated issues later.
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Enterprise risk management summary approach guide
Identifying, understanding and evaluating an organization’s most significant risk areas will set the foundation for a robust enterprise risk management (ERM) program. This sample guide outlines an effective and proven approach to building ERM capabilities that will ultimately enhance corporate governance, align and integrate varying views of risk and risk management, and respond to the changing business environment.
110430 bcm presentation v0.1 mj
- Business continuity management (BCM) involves identifying threats that could impact business operations and developing plans to maintain operations. It aims to minimize risks and ensure critical functions continue during disruptions.
- The responsibilities for BCM include the CEO and executive team overseeing strategies, and the board ensuring plans are developed and tested.
- Developing a BCM plan involves understanding the organization, prioritizing critical functions, identifying risks, outlining mitigation options, and testing response plans. Key activities and resources needed for operations should be mapped and redundant systems established.
Pm0016 –project risk management
This document provides information about an assignment for the subject of project risk management. It lists the subject code, credit hours, and asks students to answer 6 questions about concepts such as risk breakdown structure, risk handling strategies, balancing short and long term plans, contract management, and the need for project documentation. It also provides a case study about a company's incentive system for project managers and asks how the company could have avoided problematic situations and whether risk mitigation is a useful approach. Students are instructed to email or call for help with assignments.
Project Financial Benefits with Matt Hansen at StatStuff
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Avoiding Process Improvement Pitfalls
The document discusses common pitfalls that organizations face when implementing process improvement efforts. It outlines the top 8 pitfalls, including not treating the process improvement effort as a project, leading process change with a tool instead of people, and failing to conduct an assessment of the current state before beginning improvements. The document provides recommendations for avoiding each pitfall, such as putting a project manager in charge, defining processes before procuring tools, and conducting an assessment to understand the starting point. In summary, avoiding pitfalls can dramatically increase the chances of a successful process improvement effort.
Week 4 Team Paper - Problem Identification
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project_risk_mgmt_final 1.ppt
This document provides an overview of project risk management. It defines project risk as an event that could have a positive or negative impact on a project. Risk management involves identifying risks and developing plans to minimize their effects. The key steps in risk management are risk identification, analysis, response planning, monitoring and control. Managing risks helps improve project success rates, schedule and cost performance by moving from reactive to proactive decision making.
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Entrepreneurship managing risk
- 1. Managing risk High-Growth Entrepreneurship
- 2. Three points to consider: Managing risk is at least as critical to success as is the core plan (This stuff matters) Most new entrepreneurs do not manage risk… they gamble on success (Most people do it badly) There are simple ways to incorporate managing risk into your plan (It’s easy to do it well)
- 3. The Revenue J Curve This is why we like to build high-growth businesses! $ time
- 5. recruitment costs are higher than expected
- 6. margins are lower than expected
- 7. compliance costs are higher than expected
- 8. etc$ time
- 10. Product completion is late
- 11. Key team members have to be replaced
- 12. etc$ time All too often, the extra time and extra cash required is too much, and the company flatlines… (below breakeven!)
- 13. Typical Risk Profile Global company distributes our product Government project gives a sudden sales lift Partner found to share dev costs $ time Key developer leaves project Competitor sues us for infringing IP Product fails key Beta test
- 14. Extreme bootstrap risk profile: Early risk is very low because cash outflow and activity are minimal Future risk is much higher because you don’t have the resources to: -Thoroughly scope the market opportunity -Understand competitors -Modify dysfunctional founder behaviours -Ensure product is optimally designed - Get to market quickly -Etc $ time Bootstrapping defers risk, and often increases it in the long run Many bootstrapped start-ups ‘fade-away’ as they get to the risky stage because they have no capability to manage that risk
- 15. Managing risk is at least as important as core strategy Core strategy Move the risk curve as high as possible $ time
- 16. Most entrepreneurs don’t manage risk well We know this because: Many young companies fail because of bad events they could have prepared for, but didn’t; and few young companies ‘get lucky’ (upside preparedness); and few young companies achieve their profitability forecasts (core strategy)
- 17. Most young companies which survive do so by weathering the storms of adversity which sweep over their unprepared businesses
- 18. Risk is variability in outcome The goal: Take out, or minimize all downside risk factors Enhance the likelihood of upside risk events occurring The Process: Create your business plan Analyse the plan’s risk factors (implied or stated) Develop strategies to mitigate downside risk, and enhance upside events Add the new strategies to the plan!
- 19. Decide how active you need to be in managing each risk factor Determine probability of occurrence and potential impact. If both are high, then detailed risk planning is required. Otherwise, broad-brush plans may suffice. Remember: If you could manage out all downside risk factors, you would automatically succeed in building your business… you can’t… so manage in some upside risk as well, to maximise your likelihood of success.
- 20. Sample of downside risk factors
- 22. Managing risk turns you from a gambler to an entrepreneur Dr. Norman Evans Author: Becoming an Entrepreneur http://www.becominganentrepreneur.biz