Risk and Risk Mitigation
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1139 Downloads I Published: 16 Jul ,2019
Risk mitigation is key component to reduce issues which occur at organization Remains able to increasing in qualitative services of firm. It is useful for accomplishing task to develop productivity and profitability that is able to create balance between demand and supply of products. The report is based on presenting risk mitigation tools in the retail sector of UK. It is related to understanding different planning techniques for improving groceries and food products. Through this study, systematic planning procedure for risk mitigation can be obtained to meet the set targets.
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|Risk recognized||Business activities that impacted||Operational loss||Strategies to be implemented to risk mitigation||The timerequired to recover the issue|
|Lack of customer satisfaction||Imbalanced production and distribution system||Wastage of excess materials||Proper market research and planning for optimum utilization of resources||3-4 weeks|
|Inefficient qualitative services for business operations||Customer attitude towards goods and services||Decreases market reputation to attract customers||Adopt innovative ideas and latest technologies for improving qualitative services||2-3 months|
(a) Project Objectives: - Retail sector organizations of UK face problems as imbalanced production and distribution system. It affects the customer satisfaction and demand for items in the market. However, these issues affect on other factors of retail sectors' organizations(Calkin and et.al., 2014). Such as financial, production and operation, research and development of goods. In this regard, various objectives are set to mitigate risk occurs at workplace can described as follows:-
Overall, our team selected this project to manage risk which arises in the retail sector related to groceries and food products' services. Therefore, various ideas are generated for implementing action plans to improve quality of goods. In addition to this, task is determined to be accomplished to achieve maximum level of customer satisfaction (Chen, Sohal and Prajogo, 2013). It affects the demand and supply as well effectiveness of country. Thus, team is built to reach set targets and better qualitative goods can be raised to increase productivity and profitability of retail sectors' entities.
(b) Key features and comments on project accomplishment: - For recovering problems, various ideas and strategies are implemented to develop and evaluate product value. (Doerry and Sibley, 2015). In accordance to this, presented task is accomplished overcome obstacles. Thus, developing task oriented strategy is considered as effective in meeting set goals. It increases interest for contributing in group for effectiveness of retail sector. It is also effective for different sectors including public and private to increase efficiency at high level. Including this, it is determined that strongly focus upon planed strategies remains helpful to meet objectives increasingly. It is necessary for the leader and workers to participate effectively in the team building. However, their interests towards segmented work will be appropriate for task accomplishment with authority and responsibility. It considers as creative structure for retail sector to contribute in nation's development. Hence, it is considered that retail sector can develop quality services through effective contribution of employees to improve products and services.
Risk in the retail sector can be mitigated by following systematic planning procedures to increase working efficiency (Drechsel and et.al., 2014). It will be effective to create developing environment for nation also foretasted to influence other sectors of country. Moreover, public and private sector organizations of retail sector of nation will play crucial role for retail sector's effectiveness at high level. Thus, for retail sector it is required to establish good relationship among different sectors and following strategic plans to achieve efficiency. In this regard, understanding between public and private organizations of retail industry is required to improve features of country at maximum level.
According to planning process and task oriented strategy, it can be forecasted that our project can be accomplished smoothly. Including this, risks raised in demand and provided services are able to reduced. Different opportunities with ng innovative ideas for increasing efficiency can be obtained . Moreover, project would be succeed through implementing and evaluating entire business activities of the retail sector that influences country's growth (Howarth, Gerst and Borsuk, 2014).
(c) Group's project encompassed: - Government of UK aims to allocate fund and resources for retail sector through different schemes such as Public Private Partnership (PPP) and Private Fund Initiative (PFI). Under these schemes, various plans are implemented to increase quality efficiency of retail sector. In this regard, PPP refers to create coordination and getting help from these organizations (Liebig and et.al., 2014). In UK, public retail entities including Tesco, Sainsbury and private limited company involves Iceland are able to contribute their best for the retail sector's effectiveness. In accordance to this, project to be accomplished for effective services are interrelated with other sectors of country such as employment, financial and production that impacts on nation's effectiveness. However, it can be determined that public private partnership is crucial for the project succession. Apart from this, problems occur in getting support from each employees that disturbs environment of retail sector's companies. For instance, their interests and contribution for team building is affected. Therefore, it is required to create effective atmosphere to achieve coordination between both private and public sectors' support for increasing in retail sector's performance for nation's development. Hence, group project can be encompassed through PPP scheme to manage risk related to demand and supply of groceries (Nordfjærn and Rundmo, 2015).
Private Fund initiative (PFI) is also significant scheme for effective retail industry's contribution in country's growth. Under this system, private finance is used for the public services. In accordance to this, private sector companies of retail sector provide public facilities for development as well as implement the action plan for increasing efficiency of firms' qualitative services. It is subset of PPP that contributes its best for country's growth as well as affect the other nations' enlargement positively. Thus, private fund initiatives are helpful for the fund allocation to government that is able to gain economic stability of nation. It influences overall development of retail including other sectors of world (Tracy, Cornell and Berry, 2013). Therefore, risks are mitigated to maintain balance between demand and supply of goods. It creates effective environment of retail sector to contribute in the country's development. However, group's project can be encompassed by following strategic planning and its implementation to improve quality services of retail sector of the nation effectively.
The report concludes that the strategic management and implementation is able to mitigate risk which arises in the retail sector. Under this study, task accomplishment ideas and techniques are determined to increase effectiveness of the country. However, risk occurs including varieties of methods are considered to impacts on other sectors of nation. In addition to this, commentary on projects' succession including obstacles occurs are recognized through this report. Overall knowledge is acquired for managing production and quality services of the retail sector.
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