Instructions:
Read the material at the sites listed below to help guide you assess the risks and rewards related to the solution(s) to the management problem you are exploring. Complete a 2-4 page paper discussing the risks and rewards to your client as they relate to the management problem are exploring during this course.
https://www.mindtools.com/pages/article/newTMC_07.htm
https://iveybusinessjournal.com/publication/the-role-of-leadership-in-managing-risk/
Submission Instructions: Upload the paper to your Week 4 Assignment folder.
When reflecting on business risks for the identified solutions, here are some things to consider for your client:
• What changes of roles and responsibilities would be required with personnel changes?
• What is the succession plan?
• What new systems or skills will employees need to gain? What is the financial cost?
• What interdepartmental changes need to be made (manufacturing, sales, delivery, financial and IT)?
• Would communication barriers increase or decrease?
• How would the proposed solutions impact clients? Would it increase their engagement level?
• Would the changes impact the brand or reputation in the industry?
While these are not all-inclusive questions, they can provide guidance and clarity when developing the Risk Assessment. Risk analysis should be completed for each proposed solution.