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Risk Management and Human Resource Management Plans

Topic: Management
Words: 812 Pages: 4
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Introduction

The practice of determining, analyzing, and handling dangers to an institution’s resources and earnings is known as risk management. Economic uncertainty, administrative responsibility, technical problems, strategic managerial failures, mishaps, and environmental disasters are all potential sources of danger (Willumsen et al., 2019). An all-inclusive risk management plan permits an institution to analyze all of its hazards. The risk management tool looks at the connection across threats and their possibilities to have a cascade impact on an establishment’s overall targets.

Human resource management aids in the alignment of individual productivity with the institution’s overall goals. Human resource management has a considerable effect on an association’s achievement. As a result, human resource management has become a leading field of research. HR professionals strive to cut expenses wherever possible, like recruiting and retention (Stewart & Brown, 2019). Furthermore, HR experts are well-informed in personnel perks, which are probably to entice excellent applicants, keep current workers, and conduct practical discussions with prospective and present employees.

A project leader employs a variety of instruments that are critical to the operation’s performance. A review of two of the elements required for project management will occur within this essay. The necessity of using the risk register application and the responsible, accountable, consulted, informed (RACI) tool throughout the project phase will be discussed in this article (Lock, 2017). These techniques are utilized to comprehend the significance of managing threats and human resource management. A sustainable project requires recognizing development risks and successfully employing and controlling resources.

Risk Register

A risk register is a documentation that lists all of the company’s recognized dangers and the chance and repercussions of particular threats happening, the steps a project leader is taking to mitigate those hazards, and the person in charge of handling them. Moreover, the A Risk Register is important because it allows users to keep track of all of the risks’ details. The registers’ clear, uniform structure makes it easy for individuals to grasp and comment on the content provided (Niemi et al., 2021). The Risk Register is essential since it explains how the organization intends to handle the potential hazards and who is accountable for doing so.

Risks are thought to negatively influence a project’s result, though not every danger has this tendency. Threats can be viewed as a chance to improve a project’s performance. As a task leader, assessing the threat, rating the threat on the register as per the likelihood of influencing the operation, and considering the options accessible for a venture are critical in project planning (Niemi et al., 2021). The project manager must foresee possible challenges and prepare a strategy to solve them. Evaluating the threats that may influence the program’s result is an integral part of project management.

RACI Chart

The RACI chart is a well-known instrument with project leaders all across the universe. The chart is also known as the RACI matrix. It is designed to define personnel duties and obligations for every task, event, and conclusion over a project’s life cycle. Furthermore, the chart is intended to guarantee that all group members have a direct understanding and efficient operations (Lee et al., 2021). Even though they were not addressed throughout the process, RACI charts may assist avoid that painful sensation when an important decision-maker arrives at the ending and confuses matters with a vast set of adjustments. When these positions have been created, tasks may be assigned to them, and production can commence.

Every group participant and stakeholder’s duty for the project is outlined in the responsible, accountable, consulted, and informed chart. The project coordinator must comprehend every element when assigning any work. The job that the stakeholders or group members are accountable for is outlined in the response section. The accountable element specifies who will be responsible for the task’s strength or weakness (Lee et al., 2021). At the same time, the consulting part identifies the group participant who will provide help and has the necessary expertise and abilities to perform a job. The informed section specifies who will be told when a duty is completed.

Conclusion

In conclusion, the risk register and RACI chart must be developed at the initial preparation stages of the project to ensure its effectiveness. The project leader’s creation of such techniques allows for a distinct picture of who is accountable for each job and the possible hazards that might cause the operation to be delayed. The risk register depicts prospective hazards, or threats, identifies who is responsible if the concern arises, and ranks them according to their likelihood of happening. The RACI chart provides a visual representation of all group participants and their contributions to the assignment. This document lays out each team member’s information channels, duties, and tasks in any location. For the project manager to handle the entire team and risks swiftly and effectively, having tools ready and accessible for quick assessment is critical.

References

Lee, W., Lee, S., Jin, C., & Hyun, C. (2021). Development of the RACI model for process of the closure in construction programs. Sustainability, 13(14), 1806.

Lock, D. (2017). The essentials of project management (4th ed.). Routledge.

Niemi, A., Hobbel, T., & Torres, F. S. (2021). Risk register database to improve organizational resilience and knowledge management. European Safety and Reliability Conference.

Stewart, G. L., & Brown, K. G. (2019). Human resource management: Linking strategy to practice (4th ed.). Wiley.

Willumsen, P., Oehmen, J., Stingl, V., & Geraldi, J. (2019). Value creation through project risk. International Journal of Project Management, 37(5), 731-749.

Appendix A: Risk Register

Project _____________Risk Register

(name)_____________________

Version: ___________Date:______________

No. Rank Category Risk Description Triggers Potential Responses Probability Impact Risk Owner Status
1 4 Personal Risk. Defiance to the procedure of change. Personnel in the emergency department (ED) are unwilling to change their treatment procedures and use bedside handoff communication. The necessity of bedside handoff communication is undervalued due to a lack of knowledge and training. In the station, the staff continues to report. Continue to alter processes, retrain employees, and enlist leadership to help with the project. High High Project manager, Team leader, and ED manager. Although it has not happened yet, there is still a danger.
2 4 Project Risk Unsuccessful communication The project’s goals, objectives, and challenges were not adequately conveyed. There has been poor communication from the team on progress updates or issues that have been detected. Educate on the necessity of good communication and reinforce the usage of the communication strategy that has been laid out. Medium High Project leader Not happened but still a possible threat.
3 3 Project Danger Selection of project group participants that is not acceptable Team members who are new to leadership and management have an absence of performance development training. Project success depends on team members invested in the project, good communication, and time management allocation. Remind team members of the project’s value in client happiness, safety, and economic effect throughout meetings. Medium High Project Leader Not happened but still a possible threat.
4 2 Software Risk Lack of ability to format documents for communication tool of bedside handoff. Creating a handoff communication tool within the Electronic Medical Record system (EMRs) is unable to occur. The EMR system denies creating and implementing the handoff tool. Engage with the team to produce alternatives to EMR documentation as part of the process transformation project. Low High Project Leader, IT department Not happened but still a possible risk.

Appendix B: Responsible, Accountable, Consulted, Informed, (RACI) Chart

Project Tasks – Major Project Leader
(RAC or I)		 Project Sponsor
(RAC or I)		 ER Manager
(RAC or I)		 ER Staff
(RAC or I)		 IT Department
(RAC or I)
Project Expansion R, A C, I
Project Arrangement R, A C, I
Project Forums R, A I C, I I C, I
Project Implementation R, A C, I R I C
Project Evaluation R, A C, I R, A I I
Project Tasks – Subtasks
Identification of project goals and objectives R, A C, I
Development of project charter and budget R, A C, I
Expansion of operation scope R, A C, I
Definition of project needs and SWOT analysis R, A C, I
Advancement of communication program. R, A
Growth of Deliverables and CSFs R, A
Expand and execute a handoff communication tool A C R
Risk Recognition R, A, I C R R
Project team recognition R, A
Program Starting R, A I R, I I I
Project communication coaching R, A R I
Project documentation and education tutoring R, A R I
Observing of the budget R, A C
Guaranteeing staff education completed A, I R, A R
Operation reports and updates R, A, C C, I C
Project result assessment and documentation R, A I R, A I I