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MGT8077 Risk Management Assignment Sample

MGT8077 Risk Management

Introduction

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Risk management is an important factor for every company, it helps to identify and mitigate the threat to the company. Threats that can cause future misbalance to the company or any future issues are easily detected and solved with the help of risk management. This report is about the project of Tesco which is named the Green project, Tesco. Modern projects such as the Green power project face more complex problems which are fueled by the rapid step of globalization. New risks develop constantly, sometimes related to the use of more digital technologies. Climate change has also become one of the major problems. Those risks are easily determined by the risk management process; this managing process also helps to solve the problem.

Recent risks that have started to take shape are the issues of the supply chain, which are faced by many companies, especially in the time of the Covid-19 pandemic Safety and health became the major priority for every company, this type of threat affects the companies and project most which need to be tackled within the time otherwise it affects as much as possible. The green power project of Tesco faces many problems during the project occurrence and risk management helped to mitigate those as much as possible.

Organisation context

In the view of Woods, (2022), the International standard on risk management, ISO 31000 defines risk as "the effect of uncertainty on objects". The risk of the organization is needed to be defined only after clearing the organization's goals and mission. The risk assessment is performed in the organizational context by risk identification. Goal and mission of the Green power project Tesco is to produce electricity directly from the solar firms, wind farms, and solar panels within its stores. The thought of using 100% renewable electricity across the whole Tesco group till 2030 will help to save CO2 by 90,000 tonnes per year. This innovation technique needs a lot of phases to complete the whole project.

The project will include creating 5 onshore wind farms, and also solar firms in the whole UK. Solar panels will be fitted in 187 Tesco stores across the UK. After the setting of the mission and goal it is important to set the risk management efficiently (Safitriet al. 2022). It will help to identify and assess the risk or threat to the plan. It will be the largest project of its type in the whole UK and it will also help the people by creating 400 new vacancies for jobs. So it is important to analyze the risk before the project takes place.

Risk management process

Process of risk management is a defined method that helps to understand the risks and threats that are present in the project, how they will affect the project and how to mitigate the risk. There are four essential steps that are needed to follow to better understand the process of risk management. To make risk management more effective it is important that it must follow systematic, collaborative, cross-organizational, and structured ways. According to Rosnizamet al. (2020), there are several other ways to recognize the risks but the most effective five components are stated in this report work.

Risk identification

It is the process mainly used for documenting the potential risk. It helps to categorize the main risk for the organisation or project (Ashby et al. 2019). It is very important to identify the risk systematically because it is the way to reduce the possible potential risk source. It needed to identify all the positive and negative sources that could affect the project.

  • Project milestones
  • A financial course of the project
  • Project scope

Those are the events that can be listed as the risk matrix and can be captured in the proposed risk register. Risk should be characterised by the cause, description, consequences, quality assessment, quantity assessment, and plans of mitigation.

Risk assessment

After the identification of the risk, the risk needed to be analysed. Analysed the potential impact and likelihood. How effective are the risk, the potentiality of the risk cost, and the reality of the risk - those are needed to find in this particular segment. A project organisation might divide all the risks into different levels such as moderate, high, or low (Nasteckien?, 2021). Those will help to detect the potentiality of the risk and this will also help to know the reality of the risk. Risk assessments are mainly of two types: qualitative and quantitative assessment. Both the assessments are necessary for the evaluation of the risk.

Qualitative Assessment: The risk manager and owner will be prioritised by ranking each of the identified risks by impact severity and occurrence probability as per the scale of the criticalness of the project. Occurrence probability preferred the experience and progress of the report by speaking with a risk expert and detecting it with a scale of "1 to 99%". To assess the total impact it is mandatory to estimate the seriousness of each risk. This enables the assessment of identified risks whether reliable or standardised.

Quantitative Assessment: To identify the assessment of risk with some numerical process is known as the quantitative assessment. This helps in financial evaluation or benefit. This process is carried out by the risk manager or the risk owner or the management controller depending on the setup of the organisation (Thabetet al. 2018). For evaluating the risk some necessary steps followed are those that evaluate the additional cost and calculate the undesired event cost. 

Risk Treatment

Toi treats any risk to the project organisation must identify the strategies by developing a plan for treatment. The main objective of the treatment plan is about reducing the probability of risk occurrence and reducing the risk impact. Depending on the response of the risk strategies of any project are defined.

Seven strategies of risk responses

Figure 1: Seven strategies of risk responses

(Source: Utami, 2018)

Seven strategies of risk responses are:

  • Accept: Do not start any action only continue monitoring
  • Enhance/Mitigate: Reduce the occurrence probability and impact seriousness.
  • Share/Transfer: Risk responsibility transfer to the third party.
  • Exploit/Avoid: Eliminate the uncertainties.

Risk Monitoring

Treatment plans of the risk are needed to be monitored and then reported on. Developing a reporting and monitoring structure will ensure the appropriate forum for the appropriate risk being auctioned. In the view of Woods, (2022), it is the process of "keep an eye" on the respected situation through the assessment of regular risk.

Risk identification

A project has been developed with the identified risks of further developing these assessments for the scenario. The Tesco green projects have identified the risks for developing the structural aspects and the process for the management with further developmental risk analysis. On the other hand, risk development is a primary process that is taken in the initial approach to project management. The complementary aspects are evaluated with the further aspects that create the list of every possible risk for the project's management. The initial development of the risk scenario and cycle process of risk identification has been utilized to better approach this criterion.

Sl no.

Risk Description

Impact level (1 refers to high and 5 refers to low)

Priority(1 to 5)

Risk rate

Risk elimination strategy

Responsible person

1

Performance risk

3

2

6

Regular checking and monitoring of the whole project

Performance manager

2

Legal risk

2

2

4

A legal advisor will manage the whole process

Legal Advisor

3

Strategic risk

3

4

12

Following the strategies of the project

Project manager

4

Network risk

2

3

6

Regularly follow the proposed networking of the project

Project manager

Table1: Risk register

(Source: Self Developed)

It is important to identify the risk so that the assessment of the risk will be done. After identifying the risk the action to mitigate the risk will also be possible. In the table of the risk register there four important types of risks are described (Olayinkaet al. 2019). These are performance risk, legal risk, strategic risk, and networking risk. All of the risks are identified with the impact levels and priority level with the risk rate. One risk elimination strategy is also stated along with the responsible person. First risk as stated in the table is performance risk. This risk is faced when the performance of the project is not going well and it has a full chance to impact the project. So this risk needs to be considered from the start of the project. The priority level of the risk is high so as to the risk rate. Mitigation of the risk can be done by regularly monitoring the entire project. Legal risk is one of the important risks which can be faced at any stage of the project (Utami, 2018). It has a high impact level and priority level so the risk rate is also high. By consulting with the legal advisor this risk can be mitigated.

 In the case of the strategic risk, the level of impact and priority is not so high or it can be stated as a medium. So the risk rate is low. By following the strategies and the objectives of the project this risk can be eliminated. Project manager is the3 responsible person for this kind of risk. Projects need to be completed within a specific time and following the daily schedule. This networking is needed to follow during the entire project. If those networking the project are not followers then there will be networking issues (Nasteckien?, 2021). The impact and priority level of this kind of risk are moderate as is the risk rate. To mitigate or eliminate this type of risk it is indeed to follow the daily scheduled work for the project. It will help the project to continue and complete on time. Project manager is responsible person for this kind of risk.

Risk analysis and evaluation

Risk analysis

The engagement of this procedure has been developed with the corresponding initiative of this cultural development. Tesco takes initiatives for sustainable growth in this analysis. The approach of this analysis has been identified with the corresponding structural aspects of renewable technologies. As per the view of Shakeri and McCallum (2021), the risk of this development has been identified with the structural process in this mobile cart development. The approach of this structure was identified with further work due to the risk management for this process in the different sectors of the announcements. The structural process of these sectors for the engagement of this correspondence analysis enhances the other implementation process for the corresponding procedure. The risks of this engagement have been developed with the further displacements that are discussed for the essential management of the techniques for better management of this criterion. [Ref. to appendix 1]

The assessment has been identified within the procedure that is developed for the situation and analysis of this section. Apart from this, the author Lister et al. (2018) stated that implementation of this analysis had been developed with the identification and development of this risk management. The analysis of this section has identified several risks for the Tesco green power projects. As per Iamtrakul and Kritsanawonghong's (2019) view, the scenario can be discussed as further developed and implemented with the risk mitigation process. The risks are identified as technical, major economic, and external factors.

Technical risks

The analysis of this situation has been developed with the corresponding features for processing wit6h these projects. As the author Blundel and Hampton (2021) stated, the green power project of Tesco can make a great evaluation of this structural analysis for the corresponding evaluation and analysis. The development approach has been identified with the situation and development for a better perspective for scenario management. As per the view of Banda (2018), the entire project has been evaluated by wind farms and solar farms for the generation of electricity. Tesco revealed that they are evaluating three wind forms and one solar firm for better electricity supply across the UK. The entire development and management have been selected with the different communicative situations in this scenario. The attachments of this criterion can be discussed with the different approach that is analyzed with the technical evaluation and problems. The technical things such as conductors and other small factors are affected by the wind, and then the entire site will be fused.

Economical risks

The projects of Tesco green power are evaluated as the better and more sustainable buildings for the corresponding development of this structure. As per the view of Vulturiuset al. (2022), the enhancements of this scenario have developed with further assessments of this criterion for management and analysis. A further approach of this section can be identified for the situation and analysis. The scene can be situated with the procurements of the sensible structure for better evaluation of this management analysis.

External risks

The further development of this criterion has been fulfilled with the development of this technology for the enhancement that is used for procurements in the structural impacts. The approach that is indicated for developments on this exact development of this structure has been analyzed worth the improvements of the structural impacts. As per the view of Monte (2021), the enhancements of this situation can be utilized for a better approach and the aspects for further communication analysis in this section. Therefore this indicated that the abnal7uyss of this section had been analyzed for further assessments with the criterion for procurements and oblique sectors for the management analysis. The enhancements of this scenario have been utilized with attachments and communicative analysis to evaluate these external risks better. [Ref. to appendix 2]

Risk treatment

The approach of risks has been identified for the analysis that can be structured to develop this situation for the corresponding behaviours better. As per the view of Sodiq et al. (2019), the analysis of this situation has been evaluated as the procurement analysis for approach and sustainable development. Further analysis of the risks of the projects has been identified in the previous sections. The author Center and Ibrahimova (2022) stated that risk treatments as the function of these selectors had been developed with the analysis and the management for implementing this process for approach with sustainable buildings. The management of this scenario can be identified in the section of this other analytical approach for anonymous analysis of these scenes. The scene has been developed for a better perspective with different management areas and components development of this structural process. The author Wibowoet al. (2020) stated that every project has pros and cons. Therefore, the risks are necessary for a project, and the implementation criterion also can be evaluated.

Therefore, a section of this approach has been developed with the analysis of the instrumental development of the further assessments of this scenario. The corresponding access can be determined with the further implementation of this scenario. As per the view of Palacios et al. (2021), the approaches have been determined with further impacts in the analytical engagement for communicative development for the better approaches in this analysis. The analysis for approaches on assessments that have been utilized with the process in this management for the evaluation scenario.

Treatments of the technologies

The improvements of this structure have been specified for the corresponding approach to this cultural process that is engaged with implementing analysis. As per the view of Monte (2021), the Corresponding condition for management of this scene has been evaluated with this prospective management and the scenario development on this cultural aspect for better engagement and management. As per the view of Khan et al. (2020), the implementation of this case has been analyzed with procurement analysis. The engagement of this scenario was evaluated with the analysis for this future development. The technological aspects that are evaluated in this further aspect have specified less development in this structural impact.

Risk treatments of external factors

Analysis and the approaches have been identified for the corresponding access for management of this situation analysis. The external factors that have impacted the body of this project have been analyzed for better evaluation of the project management of this corresponding structural development of this criterion. The process can be developed with the context that is left from the engagement and the scenario for the process in the aspects with this forum and development criterion. As per the view of Shahidet al. (2020), the aspects of this corresponding situation have been identified with this perspective situation that can be isolated for further communicative development in this structure. External risk factors such as environment, discipline, leadership and political aspects can be evaluated on these projects. The procurements of the scene have been identified with the further communicative analysis used for enhancements and the further analysis of this perspective for better evaluation and engagement.

Economic risk treatments

Economic development is a critical factor in the project management and development of these structural improvements. The factors of this scenario can be specified with this prospective analysis that is used for a better approach o0jm this scene. As per the view of McGuire and Beattie (2019), the engagement of structural aspects has analyzed the improvements and development of the structural process. The approaches in the culture have been discussed with the implementation, and the development of the corresponding analysis can be specified with further improvements for better approaches in the development perspective. The conditional enhancements can be specified with the approaches and the evaluation that has been structured for better management of this scenario.

Risk management integration

Effective risk management has been developed as the key scenario for business identification with the evaluation of the analysis of the project. The further assessment of the structural development has impacted the strength of projects. As per the view of Zhao et al. (2021), the evaluation of this structure can be specified with the engagement of other impacts in this process. This corresponding situation has to be evaluated with this perspective on the management of the analysis of the project for better risks and evaluation of the risks of the project. Apart from this, the assurance development of these structural impacts has developed with the further prospective development that is evaluated for the project strength.

The view of the scene can be determined for the better approaches in the analysis that are used for better development of the corresponding details. As per the view of Bulkeley (2019), the discussion of this scene has been evaluated for a different approach to the situation of analytical development. The analysis can be specified for impactive analysis of this situation and development of this management criterion. On the other hand, unexpected events and evaluation structure has been identified for a better approach to this criterion and management process for analyzing the aspects of this scenario.

Success planning

The management analysis of this structural process has been evaluated and depends on the project's success. The author Khan et al. (2020) stated that the project's success has been dependent on establishing the external and internal risks. On the contrary, Blundel and Hampton (2021), to mitigate these risks, the project is evaluated successfully. On the other hand, the scene's impact can be specified with the corresponding structural manner for the further evaluation of this approach that can be analyzed with the impactive situation for better engagement and services. Apart from this, the author Monte (2021) included the further development structure for identification analysis of development in the engagement of the corresponding analysis that engaged on the cultural development for better impaction analysis. Besides that, the author Blundel and Hampton (2021) identified a scene as low risk can be detected only in the little impact on the costs and performance of the projects. For example, a small project in the UK was impacted mostly by cost structure and process performance developments. The scenario has been developed to determine this approach of the structural process in this scenario for better management and engagement analysis.

Stakeholder communication

The communication of the structural process has been specified with this structure that is developed with the impactive scenario for better engagements and the particular development of their structural process. As per the view of Monte (2021), the approach of this analysis can be determined for the development in this case of the development communicating analysis of the stakeholders. On the other hand, the scenario of this management can be specified with the analysis discussed with the approach for analysis and the engagement of better aspects of the stakeholders. The author Khan et al. (2020) stated that stakeholders are valuable factors for projects and analysis of the corresponding details in this structure. The development of these identified factors that are discussed with the engagement for the approach for the better management of this criterion for better development of this situation.

Findings and recommendations

Findings

Further improvements of this structure have been developed in the reports for engaged improvements of the corresponding situation. The analysis has been developed with the scene for better management within the prospective structure. As per the view of Pandeyet al. (2020), the analysis of the situation of the product has been identified for better aspects of this development with the scene for evaluating access with this further impact. Apart from this, this management can be developed for the excessive development of this situation management for the situation of this analysis.

The analysis for these aspects has identified the development structure for better transport engagement and analysis aspects. Author Liberadzki et al. (2021) stated that Tesco had developed thor Green projects with 335000 square meters of solar plates. These plates fit into 187 Tesco stores in the UK. Apart from this, the entire project has been structured for development with the prospective situation of managing the project's analysis. The aspects of this project have been implemented with the procurements that are evaluated with the further development of these corresponding sectors. On the contrary, the author Khan et al. (2020) stated that economic risks are specified as the development and improvements in business statics for procurements access. Apart from this, the corresponding scene has been structured for impacts of the structural process in this situation to manage these analytical objects.

The risks can be analyzed with approaches of this structural development that have been analyzed for the development of this situation and the development of the study and the aspects. As per the view of Nyame-Asiamah, and Ghulam (2019), this structural development can be specified for the incremental development and the structural analysis that are evaluated for better engagement and the process for the green projects of Tesco. Apart from this, it is included in the specified structural impacts on the corresponding development that are indicated with the approach of sceneries and management on these structural impacts and analysis.

The approach of this criterion has been analyzed with the different approaches for complementary aspects of this analysis for better aspects of the development scene. Apart from this, the author has developed the corresponding details of this case of the scenario of the engagement analysis. As per the view of Ferreira et al. (2019), this aspect has been used with a further detailed structure for better management and the evaluation of this objective analysis.

Recommendation

In my opinion, this category has been analyzed for the details specified for the category's situation and development. I recommended the green analysis be evaluated with the further development on this categorical development with the project development. Apart from this, the category has been utilized to engage the analysis with procurements and the evolution of this management for better aspects that have been analyzed for the risk management plan. The implementation of the risk mitigation has been utilized with further enhancements for better quality and improvement development of this process.

This evaluation of this category can be specified with the cultural analysis that is engaged for the best opportunity for this procurement analysis. I recommended enhancing the analysis that is introduced with the other approach in this management scenario of this development structure. The engagement of this analysis has been utilized with the further completion and excavation of the unconditional development of the analysis. I recommended evaluating the other enhancement structure of the detection risk analysis on this better approach for the developing context of this approach. The aspects of the criterion can be determined for the future types of equipment of this category and analyzed with this different approach.

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