Some of the competencies that I have developed during this unit would be how to prepare a company for the unexpected. Knowing that risk is out there and planning for risk of a company is an aspect of

Some of the competencies that I have developed during this unit would be how to prepare a company for the unexpected. Knowing that risk is out there and planning for risk of a company is an aspect of business that I really haven’t thought about. There is so much more to managing and maintain a business than just payroll and managing employees. Learning how to keep track of vendors, employees and any risk that could potentially harm the business is also a competency that I have developed. I have also developed the knowledge of trying to turn risk into opportunities for the company and understanding that all risk are not harmful.

1.  An important skill to possess for risk management is the ability to recognize your own biases.  How do you believe this knowledge will assist you in the risk management process?

I believe that it will assist with the risk management because it helps you realize that things may or may not always go as planned. Having feelings about certain things and aspects can hinder projects and outcomes. Knowing what you are biased to will help set clear expectations for those things and allow you to create a plan of action in case of risk.

1.  When a risk event occurs in a project what steps do you believe should be taken to address the risk?  Provide an example.

When a risk event occurs, it is important to identify the risk that could potentially hurt the company. The next step is to identify how and why the risk occurred. Solutions should be prepared to eliminate the risk and to help prevent the risk from happening again.  If a company such as Pepsi is delayed with shipments all vendors supplied by the company is affected. As a manager it is important to research and understand how and why this could affect your business and what risk it provides for the company.

Reply 2

Discussion Board

1.I have developed competencies in writing and researching in many ways of knowing what sources are reliable and what sources are not. In unit 1-4 discussion with my peers I was open-minded and related their comments and ideas to my past experiences and new knowledge of educational experiences together to support what I have learned through the assignments learning materials and browsing the internet on the subject matter to better understand their thoughts in order to respond with an reasonable and easy understandable answer that relates to the matter. Through research I learned that there are many valuable options that could open an discussion of questions to keep the topic short and interesting. The way it helps me in my future career in management is to value everyone ideas and if I am not sure of their opinion to always research the topic for more information that will allow a better understanding.

In the risk management process this knowledge helps me to know how serious risk can be and how they can change within the blink of an eye so it is important that they always be watched and never taken for granted.

In the event of a risk I think it is always important to accept it as a risk, communicate, and find solutions to prevent the risks from happening again in the future. All risks should receive immediate attention at all times. For example, our power source went down at work and it stopped production which is important for everyone job and the company to stay in business so we had to have the tech team to respond quickly so that we would not get too far behind of production and have to stay overtime or lose production cost. Risk are uncertain so they must be monitored at all times.