Supernova ProjectIntroductionThe Supernova project aims at creating a basis for expansion across the UK with an eye on attracting new investment funds. The proposed cost of the project is £220,000. This paper seeks to recommend the process and implementation of a plan for the Supernova project. This plan revolves around the following two premises: Risk Assessment for information assuranceTraining and Development Activities for better orientationKnowledge managementMarketingRisk Assessment ModelRisk, in case of varied operational decisions, is seen as a focus of single determinants of behaviour arising from risk theories. (Stephenson, 2004) Various unresolved contradictions can be reconciled by examining the usefulness of placing risk propensity and risk proportion in a more central role than has been previously recognised through effective risk assessment programs.
Based on such analysis, it is believed that the propensity of risk dominates both the actual and perceived characteristics of the situation as a determinant of risk behaviour. (Stephenson, 2004) Such an observation can safely justify the finding that suggests that apart from being central to any and every business or organisation, risk is something that entrepreneurs in general, are averse to.
This can be attributed to the fact that at the end of the day, any loss of information has far reaching implications of its own and is deeply rooted in the genesis of risk taking and management. Coming back to the issue of the risk averse nature of businesses in context of the Supernova Project, the one question we need to ask before proceeding any further is whether mere risk assessment is enough to act as a strong foundation for resolving all those difficulties arising out of risk management in case of expansion activities.
For the answer, let us consider the diagram below: If the above diagram is considered, the answer is, no. And more and more organisations in the expansion arena are beginning to recognise this basic premise, which has led to creativity in the sphere of risk management strategies. It has become necessary therefore, to keep reinventing the methods and strategies to be used in order to overcome the perils enumerated above, in a timely and cost effective manner. (Brussin, 2006)Another creative aspect attributed to the entire gamut of activities concerning risk management in this sphere adheres to the notion of utmost good faith that has been lately used to expand the protection for the insurer from pre-contractual fraud to include post-contractual fraud as well.
This works in the benefit of the insured, who is saved from the abyss of financial loss, as well as the insurer, who is saved from parting with the sum assured upon occurrence of such a loss, therefore subjugating both parties to complete protection in an aspect that was earlier a matter of great confusion as well as debate. The mechanism of creative risk management extends to preliminary planning as well.
To be prepared and organised for the contingencies in advance will help the managers cope with them more easily. This can be further propagated by the use of timeliness and efficiency in the response stage with a reliable communication system, logistics and flawless coordination to boot. (Stephenson, 2004)