Handling Risk Factors Research Project

Handling Risk Factors Research Project

Instructions/Descriptions

Handling Risk Factors Research Project

HANDLING RISK FACTORS 5

Various risks may be exhibited in multiple organizations, and each should be subjected to a particular method of handling. The Nerds Galore (NG) Canadian Service company serves various functions, namely, full-service IT to small and medium-sized businesses, hardware and software procurement, back-up services, wireless networks, network setup and support, and website design among others. The NG company utilizes its excellent reputation in the field for staff development and building a stable customer relationship (Fraser, 2014).

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The Nerds Galore company was able to handle addressing its risks reasonably well despite the various weaknesses exhibited in the approach. There have been vivid investigations and thorough follow-ups with the NG’s prospective customers and hence the executive team if the company has been able to address the risks in the company (Suter II, 2016). The company exhibits a healthy customer relationship and strong segmental growth in its operations. It has also shifted its operating service scale from the low-tech business fields to the midsize customers, where they adopt a sophisticated technological all aiming towards addressing the risk in the company (Mestré, 2014).

The NG company could also have addressed the assessed risks associated with finance by creating a comprehensive budget at the beginning of the business period. The budget should have the provision for a section of contingencies. The occurrence of uncertain and unexpected upcoming that require finance will now be adequately addressed by the money set aside in the budget. This approach should be embraced for both the NG operations and the business serviced by the company (Mestré, 2014). Therefore, since the budget will be formulated before the start of the business services, it would be recommendable for carrying out predictions or analyzing from past recordings the risks that are more likely to occur and their value.

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In conclusion, the reliance and competency of the company in the latest technology is an approach applied by the team members to go on with the provision of reliable customer services (Aven, 2016). The efficient use of technology has the upper hand on the quality of services provided as opposed to when it was absent. The company has consequently depicted a continuous decrease in the customer’s satisfaction.

References

Aven, T. (2016). Risk assessment and risk management: Review of recent advances on their foundation. European Journal of Operational Research, 253(1), 1-13.

Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing Enterprise Risk Management: Case Studies and Best Practices. John Wiley & Sons

Mestré, P., Radu, C., Smets, P., Phillips, S., & Carter, R. D. (2014). U.S. Patent No. 8,706,556. Washington, DC: U.S. Patent and Trademark Office.

Suter II, G. W. (2016). Ecological risk assessment. CRC press.

Handling Risk Factors Research Project

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