Marketing refers to an organization’s activities to promote the selling or buying of its services or products. It includes delivering, selling, and advertising commodities to customers or other organizations (Sorger, 2011). As one creates their marketing plan, they should identify the action plans, strategies, objectives, and potential threats or hurdles to their programs. The paper describes the effectiveness of the risk management process is identifying the things that could go right or wrong before developing a contingency plan.
I would use the risk management planning procedure to identify aspects that could go wrong or right with the project before developing contingency programs. The procedure typically begins with preparing a risk management plan, which documents the responsibilities, tools, and techniques included in the entire process. Risk identification is the successive step, and it encompasses the following procedures: utilization of potential risks checklist, distinguishing risk sources by category, and evaluation of the probability of a threat’s occurrence. Urbański et al. (2019) recommend the use of a framework similar to the work breakdown structure (WBS), particularly the RBS (risk breakdown structure).
After discerning potential risks, the project team often initiates the risk evaluation step. This phase entails assessing each threat based on the likelihood of its occurrence and the prospective losses linked to it (Urbański et al.,2019). The ultimate step under the risk assessment planning procedure is the risk mitigation process. After identifying and assessing risks, the team typically creates a risk mitigation program, which, according to Urbański et al. (2019), refers to a plan to decrease unexpected events. Some of the mitigation approaches employed under this phase include risk avoidance, sharing, reduction, and transfer. Risks should then be monitored and controlled regularly to determine the risk management process’ efficacy and to identify new threats. If a project team overlooked important information during this process, the data might be captured during the ongoing monitoring and evaluation of the mitigation plans’ efficacy.
The risk management planning procedure allows one to discern prospective issues that could trouble the program’s efficiency, analyze the likelihood of their occurrence, and implement appropriate actions to avert and minimize threats. Distinguishing prospective risks during the planning phase allows one to promptly make informed choices and initiate a risk mitigation approach. The monitoring and evaluation process will help ascertain the risk management process’s efficacy and provide a basis for further recommendations.
References
Sorger, S. (2011). Marketing planning (1st ed.). Pearson.
Urbański, M., Haque, A. N., & Oino, I. (2019). The moderating role of risk management in project planning and project success: Evidence from construction businesses of Pakistan and the UK. Engineering Management in Production and Services, 11(1), 23–35.