Benefits Essay Example

Benefits Essay Example Benefits Essay Benefits Essay There are benefits to identifying the risks involved in any critical decision. The first is the decision-maker is able to answer the following question: Do the risks outweigh the benefits of the decision about to be made? The second is the decision-maker can evaluate whether the risks identified and documented can be managed and mitigated. A good risk analysis process begins with a good risk-analysis team. Brainstorming is imperative to identify risks. Teams must realize that all projects carry some risk, teams should proactively identify and prioritize risks, decision-makers should take steps to lesson risk when possible and the plan should include reactions to minimize potential risks if possible. The Smart tool 9 is a great 6 column form that provides a structured approach to identifying risks through thorough and efficient team work. Once a thorough risk analysis is completed the team must then completed the last half of persuasive communication template to present the project to the decision-makers so that approval for implementation can be obtained. When completing your presentation you should base your comments on the basis of the decision from the customer’s point of view, detail your solutions or recommendations, state the benefits of the decision from the customer’s point of view, affirm the implementation plan that shows the benefits and instigates agreement from the audience as well as the recommended action. Once completed, the final stage is the BSF – Backwards, Sideways and Forwards. You ask the following questions: Backwards: Does the solution solve the problem identified in the beginning? Sideways: Does the solution solve any other problems? And Forwards: Could the final decision solve any future problems? The contingency plan is the final stage that solidifies the decision making process. The team must be prepared for any unexpected event that might interrupt the flow of processes. Should a risk become a reality do you understand the impact of the crisis? What will it cost to fix it? How long will it take to fix? What impact will this incident have on our largest customer? Will our competitors be able to exploit this situation? What do we say to the shareholders? Teamwork requires a group of responsible people who are on the business end of the decision and that possess the ability to look at a situation from all angles. A well organized team will establish well-organized decision making processes that include a good risk analysis backed up with a solid contingency plan and building a solid history of well-thought out strategies will maintain a reputation of thorough plan implementation. From this reading I’ve learned that being thorough is key to any decision. Anticipating complications and preparing a contingency plan for a structured immediate reaction can only benefit the situation. Risks are present even with the simplest of decisions and if they are not addressed ahead of time instantaneous intervention is impossible.