The paper “ Evaluation of the Strengths and Weaknesses of the Risk Management Planning Process in Tesco PLC” is a forceful example of a case study on management. the description was involved in a group that had the responsibility of risk management of Tesco PLC, which had issues associated with profit decline and poor financial performance. I worked with four men in a group of five where I was the only woman. We have begun by making a list of all the risks for the Tesco where we categorized those risks according to how they relate with each other.
We then divided those risks into five areas and everyone had the responsibility to make an analysis of the risks. We identify that the risks of this supermarket are identified through PEST and SWOT analysis, which is the ‘ Economic, Financial, Information technology (IT), Operational, Political & Legislation, and Strategic risks’ . In the team, we also noticed that quantification of these risks depends on the occurrence likelihood and the effects they have on the supermarket. Later we combined all the risks in a single register table, wrote an introduction to the report, and rated the risks from the table.
Rating of the risks was done by assigning scores to every risk, its likelihood to occur, its impact on the supermarket, and the related mitigation strategy. We worked together as a team from the beginning to the end of the project. After the project, I had some time to put together all the findings and come up with a concise and clear presentation. FeelingsWhen we were beginning, I felt it being odd to work among four men and I was the only female.
I was also worried because this was a practice that I had never conducted and working with experienced people made me be tensed. I was aware of how the supermarket was operating and this enabled me to strongly participate in the group. Being selected by the group to make the final analysis and provide the findings to the Tesco management made me feel nervous, but the team members were supportive and encouraging throughout the process. The team concentrated on the strictness of the penalties and policies set in a reduction of risks associated with fraud and emphasized reviving the methods we used to perform our tasks, thus making me gain more skills.
I was very happy because of the experience I gained by engaging in research, which strengthened the process of risk management planning since we would be able to understand the direct problems and ways to deal with them effectively. The fact that we required covering three areas by the Tesco’ s risk appetite, I gained more confidence because these were areas I knew better. We managed to use a different strategy to do global business, which enabled us to deal with risks associated with capital investment.
This made me feel appreciated because the team recognized my effort of ensuring that the supermarket met all the authority requirements and rules of running a global business. We divided the surveillance activities and since the supermarket uses CCTV to conduct its theft, fraud investigations, we were able to conduct the practice at all corners of the supermarket, thus making me feel relaxed.