Identify Risk and Apply Risk Management Processes

Project Portfolio

Identification

Identification of different factors such as issues and opportunities associated with a plan. In this case, the main issues are errors and delays in the delivery process (Quintana et al., 2017). The issue can also affect the overall sales and reputation of the organization. It has been identified that major includes competitive risk, high employee turnover, and lack of product knowledge.

Analyze and evaluate risks

The reason is that consultation with stakeholders can add viewpoint and a different outlook on what the hazard may be. The stakeholders with their attention in the accomplishment of the industry would like the venture to thrive.

Undertake risk categorization and determine the level of risk

Because you must be sure, that this categorization should be relevant to you and your organization. It is recommended to start with a set of categorization chart, adding as levels as you can to make sure it suits your needs.

Document analysis processes and outcomes

To uphold obvious development towards the result we are aiming to attain. Documentations can be used for assessment procedures and orientation throughout the plan. It will demonstrate the steps that you have taken and the attainment you have made so far (Wiengarten et al., 2016). It will also cover you for any lawful or organization's necessities and the requirement for keeping minutes.

Treat Risk

Avoidance of Risk

Avoiding risk is an easy technique to administer potential threats to a company, the approach also often results in lost revenue potential. In this case, the risk can be avoided by providing maximum satisfaction to the customers.

Risk Mitigation

The sales manager must offer pay and benefits to increase employee retention.

Observe and evaluate the efficiency of risk treatment

Training records and incidents records will help to monitor the risk.

Role Play

The main objective of this roleplay is to assess the major cause of late deliveries and to identify the ways that can increase customer satisfaction.

It is highly essential to provide information regarding the importance of customer satisfaction. I believe that some employees are not able to complete their target which is highly affecting our overall returns. According to me, the major risks arise because of different possible risks like lack of experience or knowledge, lack of personal touch, or damage control (Damali, Secchi, Tax & Cutcheon, 2020). Furthermore, customer feedback can help to identify the real problems in the most effective manner. I believe that the employees must focus on reducing response time so that they can treat a large number of customers most effectively.

The department must familiarise itself with two sets of legislation includes product safety and warranties or provision of accurate information to customers. Hiring a risk administration advisor is a good investment for most businesses. A consultant can examine a business and decide which hazard should be enclosed by insurance. Furthermore, the risks can be identified through effective tools benchmarking or stakeholder consultation. With the help of necessary tools and approaches, the employees can handle complaints and provide the most effective services to the customers.

Reference for Project Portfolio and Role Play

Damali, U., Secchi, E., Tax, S. S., & McCutcheon, D. (2020). Customer participation risk management: conceptual model and managerial assessment tool. Journal of Service Management.

Quintana, D., Denysiuk, R., Garcia-Rodriguez, S., & Gaspar-Cunha, A. (2017). Portfolio implementation risk management using evolutionary multiobjective optimization. Applied Sciences, 7(10), 1079.

Wiengarten, F., Humphreys, P., Gimenez, C., & McIvor, R. (2016). Risk, risk management practices, and the success of supply chain integration. International Journal of Production Economics, 171, 361-370.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Risk Management Assignment Help