Risk Management Analysis

A plan encompasses a period of time in which it is expected that the goals would be attained. This period known as planning horizon can be short or long. The process of formulating a long-term plan is known as strategic planning through which an organization defines its long-term goals where the point of risk is always involved. In formulating a plan, a number of sequential steps are involved. In the first place, one has to look for the opportunities. Scanning the environment and forecasting will enable to perceive the opportunities that exist.

Secondly, specify the goals that one would like to attain during the planning horizon in measurable terms. Leadership Task: Leadership is the activity of influencing people to strive willingly for group objectives. It is the ability to persuade others to get something done. So the leader attempts to have some effect on the behavior of another, which we call attempted leadership. A basic responsibility of managers in the organizations is to get the work done with and through people.

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The success of managers is measured by the output or productivity of the group they lead. Vision and Empowering Employees: All new developments are in the direction of making management more specifically strategic business partner. The vision should be wide to introduce new changes and giving powers to employees for an inner feeling in the organization. I) Train people in business to get a holistic business perspectives 2) Get involved in larger organizational issues and handle coordination at that level

3) Align human relation strategies with business strategies 4) Keep in mind business strategy while designing training programmes 5) Convene business strategies forums, hold strategic discuss meetings, and prepare discussion paper 6) Initiate process of discussion on strategy formulation from the front-line upward 7) Help in searching state of the art practices to discuss with the business team.

Rapid Changes: An organization may undertake comprehensive changes even when no indicators would suggest immediate problems in its performance.

However, current and past performances have been based on conditions that organization officials believe to be changing. Forecasts of long run trend may prompt a decision to enter new markets, to pursue a strategy of growth, to become less dependent on government, to switch from a centralized to a decentralized structure, or to adopt new technologies. All these strategic decisions have implications for changing the behavior of people in their organization. Nothing less than a new order is required to put such strategies into operational effect.

References

1. Galbraith J, Strategic Implementation: The Role of Structure and Process, St. Paul, Minnesota, 1978 2. Hitt, Michael A, (2001), Strategic Management: Competitiveness and globalization, 4th ed. , Thomson Learning. 3. Srivastava, R. M. (1999). Strategic Planning: Formulation Of Corporate Strategy (Texts and Cases) 1st ed. , Macmillan Limited. 4. Hamel,G, Collaborate with your Competitors and Win, Harvard Business review,67,1,1989,133-9.