...Managing Weather Risk in Seed Business Weather Risks of a Seed Company Weather risk for a seed company is the risk of drop in sales volume on account of adverse weather conditions like excess / deficit in rainfall, extreme temperature and humidity conditions etc. Indian agriculture is predominantly dependent upon monsoon rains, with more than 60% of cultivated area in Kharif being rainfed. This rainfed nature of Indian agriculture makes the business of agri-input company completely dependent upon weather. Very often seed companies find themselves holding large unsold stock because of adverse weather conditions like insufficient or untimely rainfall. Seed companies also find it difficult to move stock from one location to the other because of very short time-period available for selling seeds. Environmental changes happening across the world have made weather more unpredictable. Seed companies are becoming increasingly vulnerable to weather vagaries because of frequent occurrence of extreme weather conditions. Out of last 5 years, India has faced extreme weather conditions in 3 years – drought in 2002, delayed monsoon in 2005 and excess and abnormal rainfall in Western Rajasthan, Gujarat, Maharashtra and MP in 2006. Financial Impact of Weather Risks Extreme weather conditions would throw awry any sales budgeting and planning exercise, and would seriously impact sales and profitability targets of the company. Weather risk increases vulnerability in income statement of the company...
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... Table of Contents Introduction 3 Case Study One: 3 Risks associated with this project 3 Top 10 steps to deliver this project 5 1. Define the scope 5 2. Determine available resources 5 3. Determine the cost of project 6 4. Assemble your project team 6 5. List the steps 7 6. Develop a plan 7 7. Request project adjustments 8 8. Monitor teams progress 8 9. Keep everyone informed 10 10. Risk management 10 Case Study Two: 12 Stakeholders in this project 12 Project Owner 12 Project Manager 13 The Private Companies 13 The Second Government Department 13 Interviewer 14 Liaison 14 Statistician 14 Managing the stakeholder interaction during design, inception, scope agreement, delivery, review and completion 15 Conclusion 17 References 18 ...
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...AGRICULTURAL RISK Agricultural risk are element or factor that constraint agricultural production and expose them to danger or loss. Agricultural risks can range from independent (for example, localized hail losses or an individual farmer’s illness) to highly correlated (for example, market price risk or widespread drought). Managing risks in agriculture is particularly challenging, as many risks are highly correlated, resulting in whole communities being affected at the same time. Clearly, given the widespread nature of resultant loss, financial recovery is particularly difficult and challenging. For governments, the fiscal implications of social safety net payments or the rebuilding of damaged infrastructure can be serious. For insurers, sudden losses suffered by a large number of policyholders places a strain on their reserves and financial stability. For farming communities, there is often no other option than to sell assets, normally at distressed prices. MAJOR RISKS IN AGRICULTURAL TYPE OF RISK | EXAMPLES | Weather | Periodic deficit or excess rainfall, varying temperatures, hail storms, strong winds | Natural disaster (including extreme weather events) | Major floods, droughts, hurricanes, cyclones, typhoons, earthquakes, volcanic activity | Biology and environment | Crop/livestock pests and diseases; contamination caused by poor sanitation, humans, or illnesses; contamination affecting food safety, natural resources/environment, or production and...
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...making big data practical and growing the Internet of Things. * Users can visit the website to search by geographical location, river name, catchment area or status (normal level, below average or risk of flooding) and are also able to follow on Twitter any gauges that will be of interest to them. The website map features all of the Environment Agency river level and tidal gauges, and a unique Twitter account has been created for each of them. Twice per day, each gauge tweets its current status. For example, Teddington Lock now has its own Twitter account:twitter.com/riverlevel_1182. * "This is the first time that an instant and holistic view of all 2,400 Environment Agency river level gauges has been made possible," said Rod Plummer, MD at Shoothill. "We have created a system for anyone who needs to know the current status of any river in England and Wales and by working to create thousands of twitter accounts, we have allowed that river to "tweet" its status to everyone." * Shoothill previously worked closely with the Environment Agency to create FloodAlerts (www.shoothill.com/flood) which is the primary live flood map used by the Environment Agency and the Media. GaugeMap builds on the success of FloodAlerts and offers vital river information even when there is no direct risk of flooding. * "It's great to see innovative applications such as GaugeMap being developed using the data we provide," said Dr Paul Leinster, Chief Exec of the Environment Agency. "This is exactly...
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...become better managers and ultimately advance their careers. This particular article provides a tool to help identify, analyze and manage risk. The site introduces concepts for making decisions and contingency plans to further assist with best, moderate, or worst case scenarios for projects. Risk Analysis & Risk Management Evaluating and Managing the Risks You Face Almost everything we do in today's business world involves a risk of some kind: customer habits change, new competitors appear, factors outside your control could delay your project. But formal risk analysis and risk management can help you to assess these risks and decide what actions to take to minimize disruptions to your plans. They will also help you to decide whether the strategies you could use to control risk are cost-effective. How to use the tool: Here we define risk as 'the perceived extent of possible loss'. Different people will have different views of the impact of a particular risk – what may be a small risk for one person may destroy the livelihood of someone else. One way of putting figures to risk is to calculate a value for it as: risk = probability of event x cost of event Doing this allows you to compare risks objectively. We use this approach formally in decision making with Decision Trees. To carry out a risk analysis, follow these steps: 1. Identify Threats: The first stage of a risk analysis is to identify threats facing you. Threats may be: * Human - from individuals or...
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...Thursday: 1:00 pm – 2:00 pm or by appointment. Class Web Site https://luonline.blackboard.com/webapps/login/ Communication Login to Blackboard and check your e-mails frequently for notes, downloads and announcements. Course Textbook (Required) 1. Management by John R. Schermerhorn. 13th Edition. John Wiley & Sons Inc. ISBN: 978-1-118-11392-9 2. Managing Engineering and Technology by Lucy C. Morse and Daniel L. Babcock. 6th Edition. Pearson Higher Education, Inc. ISBN-13: 978-0-13-348510-3, ISBN-10: 0-13-348510-2 3. Project Management: A managerial Approach by Jack R. Meredith and Samuel J. Mantel, Jr. 8th Edition. John Wiley & Sons Inc. ISBN-13: 9780470533024, ISBN-10: 0470533021 4. Seven habits of highly effective people by S&S, ISBN 0-6-7170863-5 Course Overview This course will cover the fundamentals of engineering management. It is designed to teach management principles to engineering students to prepare them as engineering manager. Topics of the course will be divided seven major areas of management. These are management, environment, planning and controlling, organizing, leading, managing projects, and managing technology. After completion of the course, students will have confident enough to discuss concepts of engineering management. They will gain fundamental knowledge about management terms and principles which they can apply to technology-based enterprise. This course prepares students to become engineering managers or project managers. Course...
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...A Review of Risks Associated With Estimating a Home Building Project Michael T Bell PMAN 637 Originality Score 6% A Review of Risks Associated With Estimating a Home Building Project Introduction In building and construction, there are risks associated with estimating a home building project. These risks in construction are all the same across the board regardless the construction. Therefore, a home building projects is confronted with the same risks as any other project in the construction industry. The risks involved are such as; project management risks. The project management risks are mainly because of improper schedule. The improper schedule may be caused by poor allocation of time in various projects that may be involved in a home building project. Poor resource planning is another management risk. This is because due to poor allocation of resources often lead to misuse and many unaccounted losses. In addition, improper and poor management of disciplines or methodologies result into management risks in a home building project. Disciplines and methodologies are tricky and need a lot of experience to manage. Therefore, a minor mistake in management of discipline and methodology is a risk that can cause a huge negative impact in a home building project. Such risks are better identified with scheduled risks. Organizational risk is a major risk that most building and construction projects have to face, Most organizational...
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...11 Project risk management Planning for the unknown Gee whiz, Bobby! What if these ropes break? Don’t worry, Sally! I took care of it with risk planning. You can swing away without a care in the world! Even the most carefully planned project can run into trouble. No matter how well you plan, your project can always run into unexpected problems. Team members get sick or quit, resources that you were depending on turn out to be unavailable—even the weather can throw you for a loop. So does that mean that you’re helpless against unknown problems? No! You can use risk planning to identify potential problems that could cause trouble for your project, analyze how likely they’ll be to occur, take action to prevent the risks you can avoid, and minimize the ones that you can’t. this is a new chapter 543 risks might occur What’s a risk? There are no guarantees on any project! Even the simplest activity can run into unexpected problems. Any time there’s anything that might occur on your project and change the outcome of a project activity, we call that a risk. A risk can be an event (like a fire), or it can be a condition (like an important part being unavailable). Either way, it’s something that may or may not happen... but if it does, then it will force you to change the way you and your team will work on the project. If your project requires that you stand on the edge of a cliff, then there’s a risk that you could fall. If it’s very windy out or the ground is...
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...ASSESSMENT BSBRSK501B MANAGE RISK Assessment tool 1 Assessment activity 1: Review organisational processes, procedures and requirements for undertaking risk management 1. Create your own definitions for the following terms: a) Risk: A probability or threat of damage, injury, liability, loss, or any other negative occurrence that is caused by external or internal vulnerabilities, and that may be avoided through preemptive action. b) Risk management: The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. c) Risk appetite: The amount a business is willing to place at risk in the pursuit of its objectives d) Risk capacity: The amount a business is capable of loosing before it endangers its own sustainability 2. Comment on the following saying in relation to the risk management policies and practices of an organisation: “ Organisations that fail to plan, plan to fail” If an organization does not have a risk plan is likely that any risk occurring with negative consequences occur organization. If the organization has a risk prevention plan is very likely that the risk does not occur and the organization and its workers could produce know how to deal with the negative consequences of that risk to minimize that consequences. Assessment activity 2: Determine scope for risk management process Case study Advantages: It will be holistic. Disadvantages: It will require extensive resources to conduct it properly...
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...Enterprises SME’s (Small to Medium Enterprises) varies in the use of sophisticated tools such as Gantt and CPM (critical path method), depending on the company’s size. Most lo-tech companies rather use project teams so the company does not have to hire project managers to do the job that employees could do as a team. On another note most hi-tech companies rather hire experienced project managers. Project Managers in these larger size companies are more likely to implement tools and techniques of project management such as MS-Project, Gantt Charts, CPM, and EVA (earned value analysis). The low implementation of these sophisticated tools falls on the lo-tech rather than the hi-tech companies. “Ghobadian and Gallear (1997) described differences between SMEs and larger organizations. In particular, they identified the following: . Processes: SMEs require simple planning and control systems, informal evaluation and reporting. . Procedures: SMEs have a low degree of standardization, with idealistic decision making. . Structure: SMEs have a low degree of specialization, with multi-tasking, but a high degree of innovativeness. . People: Because of the higher consequence of failure in SMEs, people prefer tested techniques.” Hi-Tech companies rather have nominated individuals (such as project managers) to handle his or her specific task at hand. One would think that the implementation of certain tools should lead to growth in a sense for SME’s. Nonetheless, in most cases, SME’S rather...
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...visionary initiative, aiming at pushing the financial industry action on climate change to the next level. To his knowledge, this was the first ever collaboration between an NGO and a financial services company with such a level of ambition. Looking back, he could see that Allianz had already consolidated its position as thought leader on the climate change arena and effectively contributed to raise awareness among major players of the financial industry. However, he felt that moving from thought leadership to action leadership was not a given. There were still major uncertainties regarding the actual implications of climate change for the business of the financial industry. The absence of comprehensive frameworks and tools to quantify, and hence incorporate climate risk into the core processes of the financial industry, added to the uncertainty bill. He wondered how far they could go without benchmarks...
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...Part 1. Define Project 1. Explain how you will identify and understand the scope of the project you have been assigned. What documentation do you think you will need to source? As Nick Mitchell is the Managing Director; I would approach him to understand the scope of the project. Documentation I may need contract or other agreement, project plan or summary, project brief. Legislative agreement. Other documents outlining expected outcomes of the project. Inclusions and exclusions from the project, project resources, quality standards for project and timeframes for project. 2. For each of the stakeholder groups in the following list , identify who within the organization fits into these categories and why they are important in the context of the project. STAKEHOLDER | WHO | DETAILS | Project Sponsor | Alexis Schuler | The Project Sponsor is the individual with overall accountability for the project.The Project Sponsor is primarily concerned with ensuring that the project delivers the agreed business benefits. | Managers, employees and relevant key personnel | Nick Mitchell – Managing Director Meg Natoli – Company Accountant Bryon Page – Sales Manager & Key Client Contact Sandra Ngo – Editorial Manager Bob Breman – IT Manager Stella Galanis – Office Manager & Nick’s PA | Managements have an interest in projects undertaken by their organization, and their approval will be required. | Any other stuff members who have special responsibilities...
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...differences between the two. Project management is planning, organizing, securing, and managing assets to successfully complete goals and objectives of a project. Risks are one of the important factors to consider when dealing with project management. These risks often serve as reactive rather than proactive solutions. The main objective of project management is to make sure that all the project goals are achieved within the predetermined restraints. Typical constraints such as time and budget. The Project management cycle works in four stages: Define, plan, implement and close. Scenario planning is a strategic planning method that some organizations use to make flexible long term decisions. This is a good handy management tool. It consists of possibilities while taking into account the many forces surrounding business operations. Scenario planning deals with simulated and hypothetical future events and invites organizations to make contingency plans for such an event occurring. The main focus of scenario planning is to examine what could happen if a particular decision is implemented. This planning technique begins with defining all applicable factors that could lead to both positive and negative consequences. This could be the quality of production equipment or the company’s assets. These are internal factors. External factors would be the state of the economy, political situations, and weather conditions. One advantage to using scenario planning is you can predict potential...
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...Remodel Risk Management Plan Maitai Gordwin North Central University Abstract Project Management is the application of knowledge, skills, tools and techniques to project activities to meet project requirements (Project Management Institute, 2008; Gordwin, 2012). When applying this knowledge effective management of appropriate processes is required. Risk Management is considered most critical and includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The purpose of the risk management plan is to establish framework in which the project team will identify risks and develop mitigation strategies to avoid, eliminate or convert to opportunities for a kitchen remodel project. The risk management plan will include the following: risks processes and procedures; top priority risks; risks identification; quantitative and qualitative analysis; risks monitoring and controlling; risks closure and lessons learned. Kitchen Remodel Risk Management Plan PURPOSE OF RISK MANAGEMENT PLAN The overall goal of Project Risk Management is to ensure the increase of opportunities and the decrease of risk. Risks are uncertain events or conditions that, it they occur, have a positive or negative effect on a project objective (Project Management Institute, 2008). Plan risk management is the process of defining how to conduct risk management activities for a project. The purpose of the risk management...
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...DeVry University Keller Graduate School of Management Pomona, California The Challenger- Nasa’s Decision MAking Process By Briana Bass Brianacbass@gmail.com Leadership & Organization Behavior MGMT-591-20623 John Poore 2/19/2015 The Challenger- NASA’s Decision Making Process Introduction: I am researching the decision making process that allowed on space shuttle, called the Challenger to go up into space, but was destroyed upon take off. I will analyze the reasons why NASA allowed this aircraft to take off, and the reason why it should not have. I will also research the aftermath and how this huge error could have been avoided. The National Aeronautics and Space Administration was created on October 1, 1958 by the President of the United States and Congress. It was to provide research into the problems of flight within and outside the Earth’s atmosphere. The main reason NASA was invented was due to World War 2. The United States and the Soviet Union were engaged in a cold ward. During this time, space exploration become the one of the highest priority discussions. This became known as the space race. (American Psychological Association, 2011) The United States launched its first Earth satellite on January 31, 1958. It was called Explorer 1. Then the United States started several missions to the moon and other planets in 1950 and the 1960’s. It had 8,000 employees and an annual budget of $100 million. Nasa rapidly grew. They...
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