Final Exam BADM 627.

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1 Final Exam Student Name University Affiliation Professor Date of Submission

2 BADM 627 Question 1 Project risk management does not always concern with identifying project risks and reducing adverse effects on particular firms. It also includes creating opportunities via risk management strategies and strategic ways regardless of the errors and losses surrounding the risks. The options implemented from risk occurrence towards benefiting the organization or a project are termed an upside of the risk. An organization that opts to get its way through to an international market is an example of an upside risk, and the approach is a risk since several drawbacks will be encountered. Still, more advantages will be experienced as it takes a risky technique. Some of the risks encountered with the approach include government interference with its rules and regulations, which is significant for foreign ventures. Additionally, it involves the exchange of currency in which its charges could be higher in other nations; hence it could be more popular and expand on its markets which will convert the risk into success through profit margins with time. Corruption could also be a challenge in this scenario. Still, when the organization introduces correct strategic ways to tackle the risk, the project migration to other markets will be successful. Question 2 Enterprise risk management involves positive and negative risks with the upside of opportunity risks, whereas traditional risk management mainly focuses on financial and operational risks. Furthermore, enterprise risk management involves strategic planning and appropriate decision-making strategies toward achieving its objectives and desires. In contrast, traditional risk management includes risk interference by issuing contracts and insurance for

3 enterprises (Gurtu & Johny, 2021). Finally, while traditional risk management analyzes the management of risks individually, enterprise risk management analyzes material risks and outlines their relationships. Question 3 Five examples of internal drivers of an organization's risk culture  Technological risks  Physical factors risk  The organizational design  Human factor risks  Company stability factors Five examples of external drivers of an organization's risk culture  Economic factors  Natural factors  Technology factors  Shareholder factors  Economic factors Question 4 SWOT analysis is the abbreviation for Strengths, Weaknesses, Opportunities, and Threats. The internal components in the organization characterize strengths and weaknesses since the company can have control over them since they can be changed when needed. Opportunities and threats are defined as external factors, and they mostly happen on the outside opportunities could be handled and taken advantage of. Protection is being taken against threats but will not be changed completely.

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4 We will consider Coca-Cola company in this case as it is the most preferable and World's most prominent beverage manufacturing company. Its headquarters are in Atlanta, and it started its operations in 2000. Its revenue has doubled from the year 2000 to 2020 hence explaining how successful it has been globally. Coca-Cola uses SWOT analysis in its operations to help it organize its strengths, weaknesses, opportunities, and threats, helping it identify its impact on the organization (Geng et al., 2021). SWOT analysis ensures that companies are prepared with basic strategies to enhance their operations to enable them to grow their operations despite the factors. Strengths: The brand image of Coca-Cola is one of its main strengths. The brand has its presence globally and has a higher degree of prominence, accounting for almost 50% of its market share in the entire global beverage business. Weaknesses: The main disadvantage of the corporation is the competition from its rival company PepsiCo. In terms of product diversification, it has a lower product diversification. It is considered a health concern since it is the source of sugar intake that goes against some individuals who do not consume sugar. Opportunities: There is the creation of opportunities through implementing new products and diversifying them; hence they have brand identification, clients, manufacturing, and evaluation for backup. Threats: One of the biggest threats to Coca-Cola is the raw material sourcing water and is also regarded as an indirect competitor, including coffee chains such as Starbucks and Café Coffee Day

5 Question 5 A Key Performance Indicator (KPI) is the value that could be measured d in showing the firm's activities effectiveness. It can be used in risk analysis for the firm to enable it to realize the extent to which a particular risk occurrence can affect the organization, including finding if the risk would be positive or negative (Hristov & Chirico, 2019). The technique would enable the company to decide on the most effective measures in the project's life cycle. Five KPIs for Amazon organization  Cost per customer  Conversion rates  Customer's open emails  Return rate  Amazon's Buy box views I select these key performance indicators since Amazon is a consumer-oriented company it values clients and its views. Hence, it is easier for it to pay attention to its clients, including buying boxes viewed to find the most applied items with the ranging prices. They will determine the conversion rate and establish reasons behind the speed, helping them improve its services and products. Question 6 The Delphi technique is defined as a decision-making tool most organizations use to aid them in developing issues through implementing solutions. It utilizes components of queries aimed to be answered anonymously by several experts in their essential areas via questionnaires or interviews. It means that the technique regards feedback mechanisms in decision-making by

6 analyzing expert opinions and recommendations (Niederberger et al., 2021). Hence, it can be utilized by an IT project on risk management by helping the project team to assess and evaluate experts opinions on various issues concerning the project, including problems that could be addressed. It will enable them to brainstorm ideas from different components. All its members will be motivated to participate in the issues regarding their perceptions of the solutions for queries and the experts' opinions. Question 7 Six Sigma DMAIC is considered a preferable tool to enable the organization to improve its productivity and performance. Concerning this case study, we will explain how the hotel will utilize the Six Sigma technique to improve its sales performance. DMAIC method has five significant steps in this approach, which involve defining, measuring, analyzing, improving, and controlling. The first step includes determining the main goals to enable the organization through the project; the company can outline its income technique and then issue it to its sales team. The second step entails the group using the data and records to evaluate its present position and ways of attaining prospects. The team would then assess and analyze the collected and assembled data to determine the best ways to improve its sales, including the duration of achievement. The fourth step aims at implementing necessary actions towards the implementation of the data to achieve the best strategies for change and adjustments. The company will compare several approaches and desires to aid the changes to be effective and controlled (Prashar, 2020). Therefore, the firm will initiate and apply opportunities at the right time. They will identify and handle issues or hazards which arise in the project lifecycle before the damages happen. Question 8

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7 The plan-do-check-act modeling approach uses four phases in project management to achieve change. The model performs its procedure repeatedly during the project because it is shaped like a circle. It includes a plan as the first step, then doing, checking, and acting. Initially, the business perceives a chance and decides to seize it to effect change. Next, it conducts small-scale research to test the change, and in step three, it reviews and analyzes the research findings (Caballero-Morales, 2021). According to the data acquired and the research completed to assess whether the plan will succeed and whether the change will benefit the firm as intended, the corporation takes appropriate action. It can be utilized at the start of any project designed to bring about significant organizational change, including improvement projects, processes, and other projects. An excellent instance of how a plan-do-check-act model aids a business in enhancing the quality of a project is an illustration that aids a company in improving its online buying services. To assist in detecting the market gap, the organization compares the most significant online ordering systems. It then determines the tactical steps to close the identified gap before monitoring, measuring, and reviewing the information gathered. It then undertakes the appropriate steps to assess if the implemented change is effective and, if not, returns to step one. The business may repeat the process, so it can run several techniques to choose the best improvement to execute from a range of suggestions, which contributes to the excellence of its online ordering solutions. Question 9 Continuous improvement, commonly referred to as ongoing improvement, is believed to entail gradually adjusting different project activities or stages to realize the project's goals and targets. It may be said that it is a repeated process that never stops in search of excellence. IT system auditing is a type of continuous improvement initiative. Examine and verify their functionality

8 and suitability with fresh improvements and technological improvements, and this involves auditing the IT systems within a corporation every quarter. The systems must be enhanced, and audits must be conducted frequently to continue operating efficiently even as technology advances. Continuous improvement is a procedure that aids in improving specific project processes or activities throughout the project's life cycle, according to the lean management methodology (Gurtu & Johny, 2021). This is accomplished by enhancing the most favorable operations and reducing unfavorable actions. Question 10 To improve the accomplishment of the project's objectives and targets and ultimately ensure its success, the PMIQK area identifies the fundamental criteria that apply to every deliverable (Singh & Williams, 2021). It chooses the main project inputs and outputs, which are listed below. Inputs  Project Charter  Project Schedule  Scope Statement  RACI Matrix  Communications Plan  Risk Matrix Outputs  Quality Management Plan  Quality Metrics  Project Risk Management Plan  Risk Mitigation Matrix

9  Risk Register  Stakeholder Matrix  Project Report References Caballero-Morales, S. O. (2021). Innovation as recovery strategy for SMEs in emerging economies during the COVID-19 pandemic. Research in international business and finance , 57 , 101396. Geng, H., Jiang, N., & Liang, Q. (2021, December). Strategic Management and Financial Analysis in the Context of Epidemic--A Case Study of Coca-Cola Company. In 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) (pp. 2396-2404). Atlantis Press. Gurtu, A., & Johny, J. (2021). Supply chain risk management: Literature review. Risks , 9 (1), 16. Hristov, I., & Chirico, A. (2019). The role of sustainability key performance indicators (KPIs) in implementing sustainable strategies. Sustainability , 11 (20), 5742. Niederberger, M., Köberich, S., & DeWiss Network. (2021). Coming to consensus: the Delphi technique. Prashar, A. (2020). Adopting Six Sigma DMAIC for environmental considerations in process industry environment. The TQM Journal , 32 (6), 1241-1261. Singh, H., & Williams, P. S. (2021). A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. In Project Management Institute .

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