Term Paper – Risk Analysis Draft part 1 has been done
for this one here is part 1:
For your Risk Management Analysis Term Paper this week, you are to submit a rough draft of your scenario expansion. Using the business selected in week 4 expand the scenario beyond the basic information already provided.
You will need to generate a list of possible questions that should be asked to complete the assessment. Include this list in the final paper. You may need to add to the scenario to illustrate why these questions are important. Be sure to clearly address the risks inferred by the questions you generated:
The business i selected wasCabbage Patch Cookery
and here is the senerio: Business Name: Cabbage Patch Cookery
Type of business: Catering
Locations: Business operates out of her home in Schaumburg. Occasional use of a commercial bakery to provide tarts for some of her specially catered Cabbage Parties. Martha’s specialty is egg salad tarts with honey glaze topping. Transportation of foods is done in a small van owned by Martha.
Staff: Single owner, Martha Cabbage. Three other part-time staff that help cook and serve.
Benefits: None provided to staff, except that they can eat the left-over or excess food.
Previous loss history: None. This business started in the spring of 2004.
Financial: The business has generated a net profit of $38,000 so far this year.
I have completed part 1 and here is what i wrote:
In the case of Cabbage Patch Cookery, Martha cabbage can usescenario expansion by analyzing possible product or service changes. This can allow her to anticipate changes in her business with respect to different market constraints or restrictions. Her Scenario planning can vary based on her long-term goals or the business type. Before trying new strategies, she should evaluate the effects which are likely to occur resulting from the changes. Diversifying her operations has various factors which should be adjusted to fit her new place in the marketplace. For instance, there could be extra workforce required to serve in various branches. This comes with effects on employees’ expectations on benefits and financial issues like finding appropriate sources of business finance.
Cabbage Patch Cookery has its strengths and weaknesses. Martha has to conduct SWOT analysis to identify her opportunities and threats too. For example, if she wants to expand her business into a new location, she should assess its strengths, which as I have seen from her scenario include her marketing strategy like special catering for parties. Next, she must consider the weaknesses, such as the incomes to finance a new location. Then, opportunities available behind expansion should be analyzed which can include differences turnover at one location compared to another. Lastly, she should evaluate threats facing Cabbage Patch Cookery, such as existing competitors.
Some questions to consider on the scenario expansion can be based on swot analysis to evaluate in depth what decision to make regarding the expansion. I have classified some questions for Martha to consider below;
What differentiates her from competitors?
Does she have immensely talented people on her staff?
Does she have a broad customer base?
What unique resources does she have?
Does she have a sustainable competitive advantage?
What areas can she improve on?
In what areas do her competitors have an edge?
Is she relying on one customer too much?
Are the profit levels adequate?
Can she come up with new ideas?
What changes or trends might impact her industry?
Is there talent located elsewhere that she may be able to acquire?
Is there a competitor who is failing to adequately service the market?
Can different packaging increase her sale?
Is there a better equipped competitor in the market?
Is the key staff satisfied in their work?
What if there is a natural disaster or climate change?
What if her customers go bankrupt?
What if she is sued?
The above questions are important because they help her analyze the market structure and enable her to place her business in the marketplace. They can still help her analyze her competitors fully and create a way to gain competitive advantage.
so as you can see the first part is done.
Now using all the information above that is given and completed, the task for you is to countuine with all the information above and use it and apply it for part two.
Part two is below and is what i need completed given all the information above
This week you continue work on your Risk Management Analysis Term Paper by writing a draft of your risk analysis. To complete this, examine your expanded scenario and analyze a wide variety of risks that your company may encounter. Be sure to look at generic risks, specific, risks, and those created in your scenario expansion. In your analysis, also address any insurance issues that may play a part in the management of risk.