Management Of Risk For Central Business District – Discussion And Evaluation

Discussion

Discuss about the Management of Risk for Central Business District.

Risk in the project is defined as the raise of the sudden unexpected change in the flow of the development. The risk can be positive or negative. The success of the project management is largely dependent on the managing of the risks associated with the project. The project managers use different project management tools and techniques in order to evaluate the risks associated with the project.  There is no way to eliminate the risks from the project in a complete way (Cagliano, Grimaldi and Rafele 2015). However, the risk management is concerned about the identification of the risks and planning the mitigation of those identified risks. It has been seen that most of the project managers are not concerned about the managing of the risks in the project. This leads to the failure of the project. The main objective of this paper is to evaluate the different aspects of the risks associated with the project. The project is concerned about the expansion of the business of the coffee chain named MacVille Pty Ltd. MacVille Pty Ltd  runs a coffee chain and has  cafés in the Central Business District (CBD) of Brisbane, Queensland and the CBD of Sydney, NSW. Now, the organization is planning to expand the business by purchasing and renovate one existing cafe Hurley’s cafe. In order to carry out these plans in the business certain blueprint is needed to be carried out  by the project managers  of the  MacVille Pty Ltd. The managing of the risks associated with the project of redeveloping and expansion of the business of this organization is needed to be evaluated from the different aspects. The planning of entire project is the responsibility of the assistance manager of the store. 

Risk review report:

The risk review report is associated with the identification of the risks associated with the project. The project is associated with the expansion of the business regarding the coffee chain.

MacVille Pvt Lty of Australia is trying to expand the business in the beverage market. In order to do this the company is acquiring Hurley’s Café in Toowoomba, 130km west of Brisbane. The successful acquiring of the cafe needs the proper evaluation of the risks associated with the project. The evaluation also discusses about the negative risks those can be harmful for the expansion of the business, apart from that the positive risks associated with the project will help to provide some of the opportunities for the organization (Bruins et al. 2014). The risks are evaluated based on the current business status of the project. Currently, the policies and the procedures are set up by Mr. Hurley, the head of the cafe. The cafe is owned by the family. Most of the staffs are the members of the family. James Mansfiled is appointed by the Hurley family as the senior operation manager.

MacVille Risk Management Framework

The Hurley’s cafe is situated away from the two  hours of drive time from Brisbane. The cafe is operating on its own currently. As, the project manager, the assistance manager of the MacVille is going to conduct a meeting with the officials of the Hurley’s cafe. The organization is going to conduct a meeting with James Mansfield , the current operation manager of the cafe regarding the process of the acquiring. The meeting  results the raising of the few points regarding the Hurley’s cafe.  Theses identified points are regarded as the possible risks. Some of these issues are making the opportunities for the expansion of the business. Other issues may become constraint in the business.  The differentiation is done between the positive constraint and negative constraint.

Negative risks associated with the program:

1. The distance of the Hurley’s cafe needs to cover two hour long drive from Brisbane. This will become the constraint in the monthly meetings between the managers. Apart from that it will also become problematic during the six months training of the managers. Moreover, there is a chance of accident at road.
2. The two hours long drive from Brisbane to Hurley’s cafe will make the possibility of delivering the fresh pastries to the Hurley’s cafe from the MacVille’s impractical.
3. The CBD store at Brisbane  get the easy access of the suppliers and the brand. However, the Hurley’s store may face problem for getting the goods from the branded supplier as the two hours long driving distance will count.
4. Hurley’s cafe is run by the family members. This can be a problem as it has been seen that there is a lack of professionalism in the conduction of the business process in the Hurley’s cafe.
5. There is no written policy or manual for the running of the business for Hurley’s cafe.
6. There is no security for the storage of the cash.
7. No concern is taken in case of accidental injuries during the working hours of the cafe.
8. Te record regarding the information about the employees are stored in the computer are not password protected.
9. There is no practice of sales promotion is present for the marketing of the Hurley’s cafe.

These are the main risks associated with the acquiring of the Hurley’s cafe. In order to improvise the business and expansion of the business MacVille needs to solve these problems so that the risks associated with it can be mitigated.

Some of these opportunities are-

• Toowoomba , where Hurley’s cafe is situated has growing numbers of the retirees. Apart from that the population is growing in a rapid speed. Those are the great opportunities for the newly modified cafe.
• The Hurkley’s cafe is far away from the mainland. However, the unique positioning of the cafe will attract the tourists and the locals.

MacVille Risk Management Framework has several steps that identifies the risks associated with the project. The mitigation techniques of the risks are based on the identifies risks. There are several steps in MacVille Risk Management Framework  which are based on  principal process of the risk management:

Categorization of the risk: The risks are categorized on the basis of the consequences and the effectiveness of the risks. In this project the risks are categorized in two sections . Positive risk and negative risk. The positive risk will enhance the opportunities to the modification and the running of the Hurley’s cafe acquired by the MacVille. On the other hand the negative risks will become the possible constraints for the development of the business in Hurley’s cafe. 

Selection: In this phase the selection of the basic security controls are done . These security controls will assist the business process to run smoothly. In this project it has been seen that there is a lack of security in maintaining  the accounts and the storage of information in Hurley’s cafe. Certain security measures are needed to be taken by MacVille coffee chain to maintain the security.

Implementation: The implementation phase is concerned about the execution of the security plans and the controls in practical way. In this case MacVille is needed to select the right project management methodology and the procurement planning in order to implement the security controls in maintaining the business of the Hurley’s cafe.

Effectiveness of the risk management framework

Assess: This phase is concerned about the extent to which the implementation of the security control will work. In this project the assessment will be evaluated on the basis of the effectiveness of the risk management plans taken by the MacVille.

Authorization: Authorized system operation is based on the determination of the risk for the organizational operation due to the policies of the government and the market situation in the business. The project regarding acquiring of the Hurley’s cafe by MacVille is dependent on the government policies regarding the expansion of the business and the local market situation for the beverage items.

Monitor: The monitoring process is associated with the evaluation of the implemented process and the security risk management in the system. In this project the monitoring process is associated with the evaluation of the effectiveness of the business decision of acquiring of the Hurley’s cafe and its impact of the expansion of the business of MacVille coffee chain.

Effectiveness of the risk management framework:

There are certain effectiveness of the risks management framework  those will be helpful for the MacVille in making the business decisions:

• The risks and the purpose of identification of the risk has been evaluated.
• The planning in the project life cycle phase can be carried out in such a way that it will help to mitigate the identified risks or the issues.

Risk management standard AS/NZS ISO 31000:2009:

The risk management standard provided by  AS/NZS ISO 31000:2009 works as a guideline for the management of the risks for the public, private or community enterprises. It is not specific to any industry or sector.  It can be used in the expansion of the business, decision making process, functions or projects in the company. This framework can be applied to any kind of risks and its consequences. It does not needed for the organization  to hold the certification in maintaining the framework. This framework has four components:

• The definition of the risks.
• 11 principals of the risks.
• Five attributes for the enhancement of the risk management.
• Development of the risk management framework that will cover up the entire enterprise.

The purpose of the  risk management framework:

• The framework helps to merge the gap between the different risks in the enterprise risk management.
• The alignment of the governing framework is done through the application of this framework.
• The reporting of the embedding system can be done in a right work through the application of this framework.
• The uniform criteria of the risks along with the evaluation metrics can be adopted through this framework.

As the assistance manager of the MacVille cafe flagship store, it can be said that the acquiring  of the Hurley’s cafe is a crucial decision for the MacVille.  The implementation of the project regarding this is needed to be completed in a right way. The right implementation can bring the positive change in the business planning of the MacVille coffee chain (Muriana and Vizzini 2017). There are certain government policies those be  exploited for the expansion of the business of Hurley’s cafe. There are other scope of improvements which are referred as the negative risks in the process of the development of the business of Hurley’s cafe.  It can be said  that the scope of the risk management framework is present in the project.

The scope of the risk management process in the framework ensures that right implementation of the management framework will ensure the success of the project (Ibanez et al. 2017). There are certain scopes in this projects. Some of them are related to the accountability and the current managing process of the business. The population around the locality of Hurley’s cafe is growing rapidly.  This can be a opportunity for the cafe to interact with more people and draw the attention of the more customers. Apart from that the proper marketing of the cafe can be helpful as the Hurley’s cafe is  going to face the competition with other cafes in the locality.

The goal of the risk management process in the project:

• Expansion of the business across the Queensland and NSW, through the  opening of additional cafés.
• Delivering the quality services to the consumers and providing the best quality of the services.
• Focusing on the customer service , teamwork and excellence in the performance.

Identification of the internal and external stakeholders and their roles in risk management process:

Stakeholder	Internal/external	Role in process	Stake in process
MacVille Pty Ltd	Internal	This organization handling the coffee chain, is going to acquire the coffee shop Hurley’s cafe.	The organization is preparing the plan for the process of acquiring the coffee shops and the possible modification and improvisation of the coffee shop.
Hurley’s cafe	Internal	This family owned coffee shop is going to be acquired by the MacVille Pty Lt.	The authority of this coffee shop is ready to handover the full operational functionality to MacVille Pty Ltd.
CEO of MacVille Pty Ltd	Internal	The decision of the expansion of the business and acquiring the Hurley’s cafe is taken by the CEO	In order to implement the process in a right way, CEO is distributing the workload in the project panning o the different employees in the organization.
Finance, Audit and Risk Management (FARM) Committee	External	Has the responsibility to review the risk management plan on six month basis.	The review of the proposed framework has been done by FARM.
Board of Directors in MacVille Pty	Internal	The board of directors are responsible that the risk management plan is taken place in the right order.	They are involving in the process of the development of the risk management planning.
Consumers	External	The consumers will enjoy the modification and the improvised service of the coffee chain.	The consumers are responsive to the good quality of the services. They have the options for giving the preference for a particular shop as there are many coffee shops opening in the locality.
Project manager	Internal	The project manager is responsible for the implementation of the project regarding the expansion and improvisation of the business of MacVille Pty.	The project manager is a part of the development process and the risk management framework.

Political:  The political rules  and regulations have certain impacts on the development and growth of the business. The federal government has implemented the plan that will help the cafe to expand the business by efficient usage of water and other resources (Eckel et al.2014). The fine is also going to be imposed for the excessive wastage of the water. This leads the cafe to build the water tank of its own. The teleconferencing and the networking will be developed as the council of the Toowoomba provides effective network for communication through National Broadband Network. The local law by the federal government will ensure that the Hurley’s cafe can expand the  concept of the footpath dining and can put more tables and chairs outside the premise of the cafe.

Economic: The economic condition of the market has the certain impact on the business. The business of the coffee chain is developing in a rapid way (Sousa, Lopes and Santana 2015). In this condition the MacVille Pty Ltd will face tough competition in the development of the coffee chains (Xing and Guan 2017). On the other hand  the population of the locality is growing rapidly. This indicates that the business situation for Hurley’s cafe is positive.

Social: The social factors are needed to be considered in the expansion and the opportunities of the business (Wang 2017). The number of the population is growing rapidly and the retiree persons in the locality is in large number. This can be an opportunity for Hurley’s cafe to represent itself favourite place for the gathering of the people.

Technological: The technological aspect adopted by the business organization is important for the evaluation of the business (Zhang et al.2018). In this case, the MacVille Pty Ltd is acquiring the business of the Hurley’s cafe. The modification of the cafe will in cooperate with the use of latest technology. This will enhance the quality of services  provided by Hurley’s cafe.

SWOT analysis:

Strength: The strength of the MacVille Pty Ltd is that they are doing well in the business. The main objective of the organization is to provide the quality service to the consumers along with providing the quality food. The organization is planning to expand the business (Van Os et al.2015). In order to do this the organization is planning to acquire the Hurley’s cafe. The proper planning of the organization will help in the expansion of the business.

Weakness: The weakness of the cafe are regarding the constraints in acquiring of the business and the operations of the Hurley’s cafe. The cafe is far away from the Brisbane. Apart from that there are security issues and the issues regarding the operation of running the business of Hurley’s cafe.  The accountability  and managing the accounts of the employees. Moreover, there is no written rules and regulations regarding the managing of the business. In this case. Handling and modifying the operations of the Hurley’s cafe can bring trouble for the smooth running business of MacVille Pty Lt. 

Opportunities: There are lots of opportunities regarding the expansion of the coffee chain. The Toowoomba has the growing rate of population and the number of retiree percentage are high. This will count as the opportunity for the popularity of the cafe.

Threats: The main threat for MacVille Pty Lt is that there are other coffee chains in the market. They are setting up new coffee shops in the locality. The main challenge for MacVille Pty Lt is to compete with the other existing companies and coffee chains.

Research for analysis of the PEST and SWOT analysis:

In order to make the assumptions in PEST and SWOT analysis the information regarding the business plan and the points taken from the meetings are considered (Theriou and Aggelidis 2014).  The meeting with James Mansfield and Ron Langford, the store’s landlord has helped to identified the problems and the opportunities regarding the operation of the Hurley’s Store.

Summarising the scenario:

The current situation indicates that the possession of Hurley’s cafe is going to be successful for the  MacVille Pty Lt. There are certain problems and the opportunities regarding the expansion of the business (Bromiley et al. 2015). The PEST and SWOT analysis indicates the problems and the opportunities those can be raised from political and economic aspects. These can be solved through the usage of different risk management tools. The positive and negative threats are classified and risk management planning has been developed on the basis of AS/NZS ISO 31000:2009 standard.

Risk analysis report and action plan:

Part A:

Review of the business situation:

The MacVille Pty Lt is going to expand the business along with maintaining the objective and the mission of the organization. The main objective of the organization is to provide quality service to the consumer  and maintain the quality of the services (John, Kim and Kelly 2018). In order to expand the business the organization is currently acquiring the Hurley’s cafe.

Analysis of the risks:

Risks from government: The government has imposed the penalty for the wastage of water. The organization has to pay a large amount of money for the wastage of water. In this case, while running g the business in the cafe, the wastage of water may happen. In that case  the organization may face a large amount of loss of money.

 Risk from the customers: The consumers are concerned about the various options available for them. There are lots of coffee chains in the locality. In this case, they will choose the best option available for them.

Risk from lack of accountability: The records of employees are not maintained in a right way. In this case, the activities of the employees can be tracked (Heldman 2018). Apart from that there is no management system present for the keeping the track of money kept in the hotel.

Risks from WHS: The risk regarding the work, health and safety environment is present in the current situation. There are no proper rules and regulations for maintaining the safety in the workplace (Qazi et al. 2016). In this case, the injury of the employees  and the customers can happen during the opening hour of the cafe. Moreover, the long travel distance can become problematic for the managers (Marcelino-Sádaba et al. 2014). This will restraint the cafe to receive the goodwill in the conduction of the business.

Risk matrix:

Negligible small/unimportant; not likely to have a major effect on the operation of the event / no bodily injury to requiring minor first aid injury	Marginal minimal importance; has an effect on the operation of event but will not affect the event outcome / requires medical treatment	Critical serious/important; will affect the operation of  the event in a negative way / suffers serious injuries or medical treatment of minors	Catastrophic maximum importance; could result in disaster/death;  WILL affect the operation of the event in a negative way / death, dismemberment or serious injury to minors
Probability	LOW This risk has rarely been a problem and never occurred at a college event of this nature				Risk from lack of accountability (6)
MEDIUM This risk will MOST LIKELY occur at this event			Risk from WHS (7)
HIGH This risk WILL occur at this event, possibly multiple times, and has occurred in the past				Risk from government (10)

Risk from the government: The risk from the government can be mitigated by following the rules and regulations imposed by the government (Aven 2014). In this case, the main risk for the cafe is wastage of water. The wastage of water leads to cafe to give the large amount of money as penalty to the government (Paquin, Gauthier and Morin 2016). In this case, the renovation of the cafe includes the building of the water tank (Frijns, Van Leeuwen and Bierwolf  2017). Apart from that the new water usage graph is needed to be installed along with the water conservation rules. The new dishwasher with five star rating is also needed to be implemented.

Risk from WHS: There are possible chances  that the risks can happen from work health and safety . In order to mitigate the risks from WHS the cafe authority can take two major steps-

The authority can imply some of the basic safety rules and regulations for the workers while working in the cafe.The cafe authority can arrange the first aid box , so in case of sudden injury of the employees and customers in the cafe, the primary treatment  can be provided to them (Bonner et al.2018.). Along with that the training timing of the managers can be changed as the cafe is 2 hours drive from Brisbane.The fire alarming system can be implemented inside the cafe.

Risk form lack of accountability: The risk from the lack of accountability includes the  risks in managing the money stored in the cafe, and tracking the activities of the employees (Bessis 2015). The cafe authority can take some of the steps in order to mitigate the risks from accountability. The cafe authority should maintain the rule that every employee will were the uniform provided by the organization (Carvalho and Rabechini Junior 2015). This will help to increase the brand value and brand reorganization for the coffee shop chain.

Action Plan:

Risk	Assess risk (score)	Controls	Monitoring	Action priority (1–5)	Timelines	Responsible
Risk form the lack of accountability	6	The controlling of this risk can be done through following steps: · Managing the account through the software. · Providing rules and regulations for the employees.	The monitoring process includes: · Checking that each employee is maintaining the rules and the regulations in the company. · Managing the accountability of the bank account.	3	After the week of opening	Manager and CEO of the organization
Risk from WHS	7	· Implementation of the fire alarm. · Changing of the meeting time for managers. · Providing first aid box	· Providing the notice for changing of the shift time for the meetings. · The routine update about maintain the basic safety and security protocols	2	Within three months	Assistance manager of the store.
Risk from government	10	· The wastage of water is needed to be controlled. · The evaluation of the government rules and policies are needed to be evaluated before the renovation of the café.	· The water wastage graph is provided. · New dishwasher is established with 5 star rating. · The water tank is implemented for the café.	5	Within six months	Assistant manager.

Part B:

One of the identified risks associated with this project is losing the brand value of the organization.  The organization has taken some steps to mitigate the risks-

• Hurley’s cafe will be operated under the name of the MacVille Pty Lt. The cafe will be regarded as a flagship store of this coffer chain.
• The employees of the Hurley’s cafe will be employed by MacVille Pty Lt and they have to wear the uniform of the cafe.

Task 3 is related to the monitoring of the project. In order to monitor the project, the identification and planning of the risks are need to be done.

Risk:

The identified risks are-

• Risks from the government.
• Risks from WHS

1. The long distance of Hurley’s cafe can be problematic for the managers to attend the meeting and the training.
2. No fire alarming system and first aid box is present in the cafe.

• Risks from the lack of accountability: There is no system present for managing the employees. The information regarding the organization are not password protected. There is no safety present for the security of the deposited cash at the cafe.

Implementation:

• Risk from lack of accountability: Implementation is needed to be done after the opening week of the restaurant.

1. Managing the  risk related to the banking.
2. Managing the brand value of the company.

• Risk from WHS: Implementation is needed to be done within three months.

1. Providing the  fire alarm system and first aid box.
2. Flexibility of the timing of the meeting as the cafe is far away from Brisbane.
3. Providing the facility of teleconference

• Risks from lack of accountability: Implementation is needed to be done within six weeks.

1. Managing the banking risk.
2. Managing the track of the employees.

Outcomes:

• Better human resource management.
• Proper usage of water.
• Proper management of the money.
• The presence of written guideline.
• Enhancing the brand value of the coffee chain.

Evaluation:

The implemented plan will mitigate the occurrence of the risks. The improvisation of the communication through teleconference will help to save the time of the managers (Hannigan et al.2015). The first aid and the fire alarm system will help to reduce the chances of the injuries and accidents during the working hours in the cafe (Fleming and Koppelman 2016). The management of the finance  will provide the safety and the security of the deposited money in the cafe. Apart from that the accountability of the employees will provide better human resource management.

Conclusion

The risk management evaluation in this case is divided into three parts. At the first part review of the risks are needed to be carried out. The second step is concerned about the analysis of the risks report. The monitoring of the report is done in the third phase. The review of the risks is associated with review of the risks, analysis of the risk mitigation plan and monitoring of the system. The compilation of all the tasks in the three phases will give a clear over view of the identified risk in the project and the planning of the mitigation plan for the organization. The planning phase and the review phase of the assessment is associated with the interaction and the sharing of  knowledge between the project manager , assistance manager and the CEO of the organization.

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