College American Risk Discussion
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Write responses for the following statements:
According to research Risk is a well know all the potential outcomes and chances of occurrence when making a decision. Uncertainty is not knowing the possible outcomes or occurrences that are unknown when making a decision. Working in Education, and helping support schools’ continuous improvement plans, things are ever-moving and there are risks in anything. When Covid hit, our company truly had a risk of what was going to happen to our company. We depend on schools being open and teaching children. In the uncertain times, the company took a 180-degree shift that allowed us to help support teachers and the administrative team in planning out how to finish the 2020 school year. We offered peer-teacher groups, so teachers could talk about what was and was not working in their community. These teachers came together all across the globe because we need we had to support them. With the Covid numbers rising again, and some school districts going to remote learning again, we feel we are ahead of the game, some. We didn’t know that turning our focus to the teacher would actually improve our company and membership, but I feel that many schools saw that they were not alone in this whole new world. That they had resources to help. We have gained many new schools and lost many as well. It’s a never-ending revolving door for change and risk.
Financial strength is an important and influencing factor when making decisions within a company. As the proverbial saying goes, it takes money to make money. Some firms can have profitable positions in a market and defend it because they have resources and capabilities that allow them to gain an advantage over the competition. Firms with the resources to create a strategy, foster innovation and differentiation in the marketplace will outperform the competition, further adding to their financial strength. Decision-making around growth and expansion is tied to a solid financial position and access to cash. Companies that aspire to expand and diversify into new markets cannot do so without access to capital and costly resources. The inability to enter new markets impedes company growth, reach, and longer-term profitability. The financial state of a business to expand varies significantly by industry and competitive landscape and comes with high risk and some uncertainty. Although these decisions never come lightly, companies with financial strength and resources can take risks that smaller, less profitable companies cannot.
With my current employer, two problems that we’re facing are with workforce assignment scheduling and logistically planning to onboard new employees to meet our work demand. Being awarded new contracts by the Missile Defense Agency (MDA). means having to meet new contractual deadlines and provide proof of concept before the next design phase. Currently, the workload that my department is facing is substantial and managers are having to “flex” or borrow personnel from other departments while they staff and train new employees. The logistical planning of having to onboard new employees has been delayed due to the need for government clearance and approval for each new employee. Linear optimization can be applied to the workforce assignment issue by determining not only an optimal product mix, but also an optimal workforce assignment when employees have been trained in two or more jobs (Anderson et al., 2016). Furthermore, for the logistical employee onboarding issue, linear optimization can also be applied to know the timing of when to hire personnel and having them approved the MDA.
My organization could improve our business process of inventory control via linear programming by accurately forecasting the expected needs of products and replenishing them ahead of time. Anderson et al., (2016) refers to this method as an application developed for production and operations management which include scheduling, staffing, inventory control, and capacity planning. Since the majority of the products are being used on a constant and consistent basis, these fixed inputs can be taken into account to predict what our future needs will most likely be. As a result, efficiency and value can be achieved which can lead to improved stakeholder morale and outlook.
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