ESSAY: Risk and Reward Assessment

Instructions: Read the material at the sites listed in the Week 4 Lessons folder 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.

Submission Instructions: Upload the paper to your Week 4 Assignment folder.

hen 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.

ANSWER

Risk and Reward Assessment

Taking risks is considered to be a driving force of business development, and it is vital to companies seeking business achievements. Risks are also identified to be daring, although they present substantial opportunities for organizational development and gaining competitive advantage. Most businesses have reported risk disappointments mainly due to challenges reported in competitive markets. The ability of a company to manage risks has increasingly been identified to be challenging due to uncertain political and socioeconomic events within ….

 Risk management is designated to eliminate the impact of risk occurrences that harm business operations. Risk identification is considered to be an innovative and disciplined process. For instance, a change in the role management could be required with personnel changes. Changing a manager will play a significant role in ensuring that the business’s objectives are achieved on the required…

The main aim of a succession plan is to evaluate each leader’s abilities, identifying potential replacements within and outside the business, and training employees as they prepare to take over.  Generating and executing a reasonable succession plan o….       

Employee development of skills and knowledge is a long-term initiative meant to improve the company’s productivity and to improve its competitive advantage. Some of the various skills employees need to gain include analytical and research skills, flexibility and adaption skills, interpersonal skills, decision making and problem-solving abilities, and leadership skills. The cost of developing t…

Making interdepartmental changes involves strategizing and organizing. Some of the best changes that can be made include structural changes such as communication changes, technological changes, operational changes, and managerial changes. Interdepartmental communications intensify a company’s performance. An organization’s inner communication system is among the different functions that enable various departments to attain the required objectives. Technological changes are introduced as strategic changes that aim to…  

Changes made in internal departments should decrease the communication barriers within the organization’s departments. Organizations with unstable communications lack proper guidelines to follow, and individuals from different departments are not adequately connected. Therefore, communication needs to be modified to ensure that the organization’s visions, goals, and objective….  

The proposed solutions are meant to improve client relationships with the employees. For instance, technological changes should also consider clients by providing social platforms they can share their remarks, feedback, and even share their market experiences. Improving communications with clients generates trust and loyalty as well as attracts other potential clients. Structural changes… 

These changes would also impact the brand and reputation in the market. When an organization invests in improving its service provision to its clients, it earns trust and confidence of its consumer. Additionally, it attracts more potential clients who have a direct and profound effect on the company’s brand image and reputation. Both internal and external organizational changes are made to improve an organization’s effectiveness and to increase its competitive advantage (Tidd & Bessant, 2018). Changes made…