Methods for dealing with such risks include Provision for adequate contingencies safety factors for budget and schedule contingencies are discussed in Chapter 6. Improvement in the work processes in order to reduce the uncertainties. Prefabrication of major components to avoid the uncertainties of construction at a job site is one example of changing the normal process to reduce risks although in this example the change may also introduce new risks, such as transportation of the components to the job site; thus the resolution of one risk may give rise to another. High Impact, Low Probability By definition, high-impact, low-probability events are rare occurrences, and therefore it is very difficult to assign probabilities to them based on historical records.
While all businesses need sales and administration skills, for some production will be critical, while in others buying ability will be more important. A review of your business should identify skills that are important to it and those skills that your current staff, including yourself, already possess.
Do these need developing with formal training or monitoring? Some types of expertise might only be needed from time to time and it may be better to outsource as required, e.
Another option might be to use outside directors or non-executive directors, who can bring substantial commercial knowledge and experience on board.
One of your key tasks is to ensure that all roles and responsibilities are clear and that good communications structures are in place in both formal management meetings, briefings, progress reports and informal team building sessions, general feedback areas.
Building the team You might like to consider the following stages in developing your management team: Measure your performance in the market against your competitors.
Analyse any strengths, weaknesses, opportunities or threats - commonly known as a SWOT analysis - to identify what gaps there are between where the business is and where you would like it to go. Analyse what skills the business requires and consider what strengths and weaknesses you offer personally.
Learn the skills, potential and ambitions of your existing staff and consider less-defined skills Analyse and evaluate your roles responsibilities as leadership qualities. Analyse the fit of existing skills to business requirements and establish priorities for the acquisition of missing skills.
Establish where staff development could fill skills needs and consider reallocation of responsibilities to create a genuine team, rather than a group of individual managers. Re-examine any skills gaps. Look to permanent staff recruitment - where possible it is best to plan ahead by recruiting for future positions and anticipating any prospective skills gaps.
Training and development of managers In developing a management team it is important to recognise that most people will need some help and training to be able to fulfil the new roles required of them - especially if they are being promoted from within an organisation.
Formal training may be appropriate to increase their specialist knowledge, but the main support will probably be to help them grow into their new management role with confidence. There is a wide range of training options now available, including formal courses run externally or in-house. Internal, less formal training sessions can also prove useful, and individuals might benefit from on-the-job training, distance learning, or part-time college courses.
In addition to defined skills training, some thought should be given to developing team spirit and training managers in diversity and flexibility. Team-building exercises can play an important part in helping the management team to better understand and communicate with each other. Professional performance measurement Development of a management team is an ongoing process.
Performance feedback should identify skill gaps, leading to training and future improvement. As you delegate management responsibility and become more removed from the day-to-day feel of the organisation, you will need to have in place good systems to be able to monitor performance.
A suitable balance has to be achieved. You need sufficient feedback from managers to appreciate the overall position of the business, but you also have to allow them the freedom to be able to manage their designated areas.
Performance assessment can usually be divided into two parts - measurement and evaluation. Performance measurement concentrates on key performance indicators KPIsobjective factors that can be clearly identified and measured, such as: Monitoring them should form part of a regular reporting system, perhaps in written monthly reports.
This should not replace more informal and subjective feedback - for example, at weekly progress meetings - to help keep you in touch.
Take care to ensure that the team is not over-managed during this process.
Management experts are always considering ways of being able to quantify the less tangible factors of management performance. An example of such a tool is the balanced scorecard method. The balanced scorecard method is a management tool that allows businesses to define their aims and put them into action.
It then provides feedback that enables them to implement a program of continuous improvement. Personal performance evaluation and rewards In addition to measuring objective factors using key performance indicators, all managers should be part of a formal appraisal system to evaluate personal development.Find out the processes and methods you will need to set up your management team.
While it’s important to articulate the needs of your department and the role, this time is to gather as much data to evaluate their experience and ensure a proper fit. Be sure to review the interviewee’s resume in advance to assess skills and background. Risk Analysis and Risk Management Evaluating and Managing Risks.
Download the Roles & Responsibilities worksheet, and print out two copies for each person in the group. STEP 1. Set the stage (5 min) (do this on the second copy of your Roles and Responsibilities worksheet). The facilitator should make sure all people or roles on the team are covered. Evaluate your roles and responsibilities in relation to the teaching cycle. Analyse your own roles and responsibilities in lifelong learning. In this assignment I will be exploring the various roles and responsibilities of a teacher in the lifelong learning sector. You should establish and manage a pharmacovigilance system to help you meet your pharmacovigilance responsibilities. Your pharmacovigilance system should allow you .
Whatever your role, it's likely that you'll need to make a decision that involves an element of risk at some point. Risk is made up of two parts: the probability of something going wrong, and the negative consequences if it does.
Drawing on the critical analysis of your leadership approach undertaken for (prepare an outline critical analysis of your own leadership approach in your current professional role.), and the guidance on vision development in the Study Guide, create a specific, vision-led action plan for developing your leadership potential over the next two years.
Analyse the roles and responsibilities of marketing in the context of the marketing environment - evaluate a basic marketing plan for your organisation/5(K). Guidance on the roles and duties of governing boards, and advice on the skills, knowledge and behaviours they need to be effective.