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Creating A Risk Management Plan in Business
Creating A Risk Management Plan in Business
Order ID 53003233773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Creating A Risk Management Plan in Business
Creating a risk management plan is a critical component of any business strategy. A risk management plan is a formal document that outlines the steps a business will take to identify, assess, and manage potential risks to its operations. The goal of a risk management plan is to minimize the impact of potential risks on the business, and ensure that the business can continue to operate effectively in the face of adversity.
Here are some key steps businesses can take to create a risk management plan:
Identify potential risks: The first step in creating a risk management plan is to identify potential risks to the business. This may include risks related to natural disasters, cybersecurity breaches, supply chain disruptions, financial instability, or other factors that could impact the business’s operations.
Assess the impact of each risk: Once potential risks have been identified, businesses should assess the potential impact of each risk on their operations. This may involve analyzing the financial impact of a risk, the potential impact on customers or stakeholders, and the potential impact on the business’s reputation.
Develop risk mitigation strategies: After identifying potential risks and assessing their impact, businesses should develop risk mitigation strategies to minimize the impact of each risk. This may involve implementing cybersecurity measures, developing contingency plans for natural disasters, or diversifying supply chains to minimize the impact of disruptions.
Implement risk management strategies: Once risk mitigation strategies have been developed, businesses should implement these strategies and monitor their effectiveness over time. This may involve regularly reviewing and updating the risk management plan as new risks emerge or existing risks change.
Train employees: Businesses should ensure that all employees are trained on the risk management plan and their role in implementing risk mitigation strategies. This may involve developing training materials or conducting regular training sessions to ensure that all employees understand the importance of risk management and their role in minimizing potential risks to the business.
Monitor and evaluate the plan: Finally, businesses should regularly monitor and evaluate the effectiveness of the risk management plan. This may involve conducting regular risk assessments, reviewing the effectiveness of risk mitigation strategies, and updating the plan as needed to ensure that it remains effective over time.
In summary, creating a risk management plan is a critical component of any business strategy. By identifying potential risks, assessing their impact, developing risk mitigation strategies, implementing these strategies, training employees, and regularly monitoring and evaluating the plan, businesses can minimize the impact of potential risks on their operations, and ensure that they are able to continue operating effectively in the face of adversity.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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