Article Critique Enterprise Risk Management - 960 Words

Article Critique: â€Å"Enterprise Risk Management in SMEs: Towards a Structural Model† Enterprise Risk Management (ERM), which addresses strategic, operations, reporting and compliance objectives, is a process designed to identify potential events that may affect the entity, and manage risk to be within the risk an organization is willing to take in order to achieve its strategic objectives (Gelinas, Dull, Wheeler, 2015). â€Å"Enterprise Risk Management in SMEs: Towards a Structural Model† by Brustbauer (2016), analyses ERM in small and medium-sized enterprises (SMESs) by developing a structural model based on a postal survey questionnaire. Ultimately, the article evaluates ERM in terms of approach which affects the strategic orientation, preconditions for ERM implementation, the effect of ERM on business success, and a structural model of ERM in SMEs. Summary Risk The article provides the definition of risk as the probable uncertainty of outcomes stemming from a choice, and a reflecting variation in the distribution of potential outcomes probabilities and subjective values (March Shapira, 1987). Enterprise Risk Management (ERM) ERM evaluates risk from an all risks-encompassing perspective, which identifies, assesses and monitors all threats and opportunities facing a firm. Thus, promoting increased risk management awareness to support the firm-wide approach, and translate the approach into operational and strategic management decisions (Brustbauer, 2016). 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Essay on How Marsupials Adapt to the Arid Australian...

How Marsupials adapt to the arid Australian Environment Introduction The increasing aridity of the Australian continent over the past 20 million years has favoured organisms that could adapt to dry conditions. Marsupials have developed a variety of behavioural, physiological and morphological adaptations to survive in these arid conditions with little or no food and free water for extended periods of time. Marsupials living in Australia’s hot arid environment must deal with exposure to extreme conditions such as high temperatures, solar radiation and limited food and water supply. More than 50% of the world’s marsupial species occur only in Australia (Steffen et al 2009), which indicates their ability to adapt to Australian†¦show more content†¦Arid zoned habitats provide challenging conditions for small marsupials. Some marsupials live underground to provide protection from predators and exposure to heat and also assist with water balance and energy expenditure as discussed by Warnecke (2010) King and Bradshaw (2008) describe a behavioural avoidance mechanism called thermal refugia. Rock wallabies and bettongs use thermal refugia to survive in arid environments. Movement patterns Red Kangaroos have developed a behavioural adaptation, which involves travelling long distances in search of fresh food and water as discussed by Barker and Greenslade (1982). Research indicates that the number of red kangaroos, which may be found in areas that have recently received rainfall, is 270 times greater than areas without rainfall (Barker Greenslade 1982). Travelling extensive distances for improved food and water supplies is likely to be inherited behavioural adaptation from the time when there were no artificial watering points and kangaroos would have been required to locate permanent bodies of water (Barker Greenslade 1982). Morphological Adaptations Marsupials have a variety of morphological adaptations to assist living in arid environments. Planigales are among the smallest marsupials and oftenShow MoreRelatedWhy the Flora and Fauna of Australia so Unique2158 Words   |  9 Pagesconsiderable changes in climate and ecosystems. The interaction of these forces (the unpredictable changes) is exactly what happened to Australia and as a consequence, drove the native Australian animals onto a very unique evolutionary path different from any other area land- no matter how similar their environments. It is widely accepted that between 260-180 million years ago, all of the Earth’s land was a part of one single large landmass called ‘Pangaea’. However, 180 million years ago Pangaea

Case Study E-Procurement System for Victoria Museum †Free Samples

Question: Discuss about the E-Procurement System for Victoria Museum. Answer: Introduction The continuous improvement plan is considered as one of the significant plan and process for the striving the consistency for enhancing any particular service or product. Chattergoon et al., (2014) illustrated in various project management, the organization realize the complacency in the process of achieving quality inproject management process but losing the competitive advantage. Ensuring the continuous improvement during the project ensures the simplified pressure, process, customer recognition and improved quality of the product and project. The plan for the continuous improvement for a particular project allow the organization to plan and act accordingly for incremental enhancement of the process, products and services. In this report, the project aims at development and implementation of an E-procurement system for Victoria Museum. Continuous Improvement Plan Figure 1: Continuous Improvement Process (Source: Created by Author) Bernhardt, (2013) illustrated that the application of the continuous improvement plan during theproject management allows the organization in continuous monitoring, evaluation and incremental improvement of the undertaken project. The development of the continuous improvement model illustrates the basic principle ofproject management with the application several core improvement principles. According to Vollenbroek et al., (2014), various basic principles of project improvement as follows: Incremental Improvement: The improvement plan in the project should be based on small changes rather that major shift in paradigm. The amount and level of change within the project significantly impact the organization and success of the project. Sibthorpe et al., (2017) showed that considering small and incremental improvement in the project reduces the potential of risks. Improvement is based on the project team: The opportunities in improvement within the project needs to included and initiated from within the project team and the internal stakeholders. The top management involvement and changes in the project scope are not included in the improvement plan. Reflective Improvement: Hunt, Hunter and Levan (2017) illustrated that the improvement module undertaken for the project are inexpensive as there are based on the previous module or prototype developed. The analysis and plan of the project team are included in the next iteration of the improvement plan. According to Muhammed et al., (2017), the feedback of the client during the implementation of the improvement module are crucial for ensuing the client satisfaction and obtaining the project scope. Repeatable and Measurable Improvement: Lewis, (2016) illustrated that the change made for the improvement of the project also needs to be analyzed and tracked. The determination of the impact on the project allows the organization and the project manager to evaluate the level of success of the project and the improvement made. The process of improvement within the project is based on four basics module as illustrated in figure 1. Identify: Rahman et al., (2016) showed that in the identify phase, the internal stakeholder of the project evaluate the current system or prototype model that has been developed during the project. The analysis of the current status of the project and the limitations allows the project team to identify the required area where the improvement can be made. Plan: Based on the identification of the improvement area, the project team developed a required plan for implementing the improvement module within the existing project. The level of improvement determines required planning of the implementation, development, resource allocation and execution of the project. In addition to that, the project manager needs to develop the required process that would be followed during the execution phase. Execute: Elmore et al., (2014) showed that the execution phase of the improvement process is initiated based on the review and approval of implementation plan. The developed plan for the implementing the improvement module are deployed in this particular phase. Review: The deployment of the improvement process does not end at the execution of the plan. In the review phase, the project manager needs to continuously monitor and review the changes implemented in the project. The monitoring, evaluation of the review of the improvement phase allows in determining the impact of the change and modification made within the project. Procedural Documents Required in the Improvement Plan Fagnani, and Guimaraes, (2017) showed that it is essential for the project manager to develop and follow various procedural documents for ensuring the proper and effective development of the improvement plan. Following are the several procedural documents that are essential for the improvement process within the project. Procedural Documents Definitions Internal Audits The internal audit plan for the project helps in testing and inspecting the developed project or prototype model. The documents of the internal audits includes the assessment and evaluation of the management process and developed system itself. The application of the audit report uncovers the particular area within the project that has an improvement scope and opportunity for ensuring quality project. Project Management Plan The documents for the project management plan in the project, includes the required process and techniques for developing the required project. Furthermore, the development of the project management plan includes the cost estimation and schedule for developing the particular project. Apart from that, the project documents allows in identification of the potential risks that might occur during the project. Quality Review documents The Quality Review Documents includes the information regarding the review and analysis of the project. The development of the Quality Review Documents allows the organization in identifying the area that can be improved through the next iteration of the improvement plan. The quality review document includes process evaluation, performance review, technical, functional and operational review of the project. Project Charter The initiation of the project development and implementation of the project improvement process is based and dependent on the approval of the project charter. The project charter helps in the identification of the project scope and requirements that needs to be implemented in the project. The project charter are approved by the project manager and project client before starting the implementation process. Project Budget The project budget document provides the detailed budget estimation required for the project. The project budget documents also includes the cash flow and budget analysis based on the undertaken project. The improvement plan for the next iteration is dependent on the estimated project budget as motioned in the project budget document. Project Risk Assessment The risk assessment document is required in the project for the estimation and evaluation of the associated risks present within the project. The risks assessment documents also identified the possible mitigation solutions. Furthermore the risks identified and obtained within the project are recorded in the risk register included in the risk assessment document. Post Project implementation review After the implementation of the improvement plan in the project, the developed project is reviewed and verifies for ensuing the quality and possibility of enhancement within the project. Practical Implementation: The project for the implementation of the e-procurement system for Museum Victoria, Australia followed the PDCA model for including the incremental improvement within the project. The process of continuous improvement plan followed for the development of the e-procurement system includes the continuous improvement of the system with continuous and incremental improvement. In this project, the improvement plan includes four significant stages illustrated as follows: Plan: In the planning phase, the changes and improvement required in the e-procurement system are identified. During this phase, the current prototype of the e-procurement system developed for the Museum Victoria are investigated and potential area for development are identified. The project team involved in the e-procurement system project evaluates the system and identifying the risks and opportunities associated with the project. The project team used the prioritization matrix for determining a particular change that needs to be implemented in the next iteration phase. For developing the plan for improvement process, the functional module and processes that has been developed in the prototype of the e-procurement system are evaluated. Value Stream Mapping and flow chart will be used for defining the functions and procedures of e-procurement system. Time and budget are the significant factors determining the project success. The project manager will use histogram and Pareto charts will be used for evaluating the resources required and its impact on the allocated budget and schedule of the e-procurement project. Furthermore, brainstorming session among the team members would allow in the identification of the area of improvement in the e-procurement system. Based on the identification of the significant causes and area of improvement, the project manager would develop an action plan that needs to be implemented during the improvement plan. Do: During the Do phase of the continuous improvement process, the incremental development is done on the prototype model of the e-procurement system for Museum Victoria. The project manager developed the required scope documents and project implementation plan for the e-procurement system. The developed plan for implementing the improvement module will be reviewed and approved by the project manager before implementation. In this particular phase, the required modification will be made in the functional module will be implemented. The modification done in the prototype of the e-procurement system allowed in improving the previous solutions for eliminating the identified issues and risks. During the system improvement, the project manager follows the project plan and project charter for ensuring the achievement and implementation of the project scope. The project manager further records the risks identified and accessed during the implementation of the planned improvement module. Check: In this particular phase, the project manager analyses the performance of the e-procurement system and compare the data with the initial model observed before improvement. The data obtained are further measured with the baseline of the planed project for determining and identifying the planed improvement for the e-procurement system was achieved. The quality review documents are developed in this phase for evaluating and reviewing the obtained quality in the developed improved e-procurement system for Museum Australia. In addition to that, the quality of the e-procurement system is evaluated and identified based on the black box test, unit test analyzing the achievement of the functional requirements for display and storage of information. Apart from that, the system quality is further evaluated by the client feedback and user acceptance test ensuring all the functional requirements are met during the improvement plan. The information obtained from the quality assessment and e valuation of the e-procurement system are recorded in the project plan for future application. Act: This phase of the improvement plan for the e-procurement project enables the analysis and testing of the required e-procurement system developed after the improvement plan. Based on the evaluation of the system, the project manager needs to determine whether the developed e-procurement system needs to be adopted, adapted or abandoned. The improved system of e-procurement will be adopted if the quality analysis revealed the meeting of the aim has been obtained. This process includes the establishment of the new functional module and measured for standardizing the performance of the application for the Museum Victoria. Furthermore, in case of the system adaptation, various monitoring benchmarks are developed for monitoring the quality and performance of the developed e-procurement system. In addition to that, based on the analysis, thee project manager may decide to repeat the improvement phase for enhancing the quality of the e-procurement system. The improved system is adapted w hen the system fails to obtain the complete requirement of the improvement process. In case of the system adaptation, the improvement phase is repeated with the development of the enhanced e-procurement system. In addition to that, if the improvement phase does not provide required solution and enhancement of the quality or functionality of the e-procurement system, the project manager abandoned the system and initiated the project improvement plan for achieving the required quality as identified in the planning phase of PDCA. Conclusion The application of the PDCA module for achieving the required quality and improvement of the e-procurement system has been identified as most appropriate. As the development of the e-procurement system is IT based project, the application of the PDCA model allowed the project manager in developing the software in an incremental process for ensuring the quality and project scope. Therefore, the proper planning and development of the improvement plan would assist in achieving the required quality in the e-procurement system. Bibliography Bereskie, T., Haider, H., Rodriguez, M.J. and Sadiq, R., 2017. Framework for continuous performance improvement in small drinking water systems.Science of The Total Environment,574, pp.1405-1414. Bernhardt, V., 2013.Data, Data, Everywhere: Bringing All the Data Together for Continuous School Improvement. Routledge. Chattergoon, S., Darling, S., Devitt, R. and Klassen, W., 2014, May. Creating and sustaining value: Building a culture of continuous improvement. InHealthcare Management Forum(Vol. 27, No. 1, pp. 5-9). No longer published by Elsevier. Cousar, R.D., Bailey, R., Downs, S., Groce, D. and Miller, S., 2015. What Goes Around-Billing Cycle Alignment for Continuous Improvement.Proceedings of the Water Environment Federation,2015(4), pp.1-13. Eaidgah, Y., Eaidgah, Y., Maki, A.A., Maki, A.A., Kurczewski, K., Kurczewski, K., Abdekhodaee, A. and Abdekhodaee, A., 2016. Visual management, performance management and continuous improvement: A lean manufacturing approach.International Journal of Lean Six Sigma,7(2), pp.187-210. Elmore, R.F., Forman, M.L., Stosich, E.L. and Bocala, C., 2014. The Internal Coherence Assessment Protocol Developmental Framework: Building the Organizational Capacity for Instructional Improvement in Schools. Research Paper.Strategic Education Research Partnership. Fagnani, E. and Guimares, J.R., 2017. Waste management plan for higher education institutions in developing countries: The Continuous Improvement Cycle model.Journal of Cleaner Production,147, pp.108-118. Hunt, P., Hunter, S.B. and Levan, D., 2017. Continuous Quality Improvement in Substance Abuse Treatment Facilities. Lewis, W.E., 2016.Software testing and continuous quality improvement. CRC press. Martin, K. and Osterling, M., 2014.Value stream mapping: how to visualize work and align leadership for organizational transformation. McGraw-Hill. Montecatine-Alonso, E., Villanueva-Bueno, C., Santos-Rubio, M.D., Sierra-Torres, M.I., Rodriguez-Perez, A.A., Toscano-Guzman, M.D., Poyatos-Ruiz, L.L. and Garcia-Avello, A., 2016. CP-090 Adequacy of omeprazole solution prescription for administration by nasogastric tube applying a continuous improvement system (deming cycle). Muhammed, M.A., Kabiru, S., Abdulkarim, J.A., Riazi, S.R.M. and Nawi, M.N.M., 2017. Profitability of Continuous Improvement Process in Developing Human Resource Plan for Construction Companies in Malaysia.International Review of Management and Marketing,6(8S), pp.299-305. Rahman, M.M., Hamid, M. and Islam, M.T., 2016. Continuous School Improvement Plan for Quality Education in the Light of Pedagogy: An Action Research. Sibthorpe, B., Agostino, J., Coates, H., Weeks, S., Lehmann, D., Wood, M., Lannigan, F. and McAullay, D., 2017. Indicators for continuous quality improvement for otitis media in primary health care for Aboriginal and Torres Strait Islander children.Australian journal of primary health,23(1), pp.1-9. Tiep, B., Barnett, M. and Carter, R., 2017. Management Of COPD Via A Clinical Guidance System: 15th Year Of A Continuous Improvement Model. InB73. PULMONARY REHABILITATION IN COPD(pp. A4272-A4272). American Thoracic Society. Vollenbroek, W., Jagersberg, K., Vries, S. and Constantinides, E., 2014. Learning Education: An Educational Big Dataapproach for monitoring, steering and assessment of the process of continuous improvement of education. Zhu, B.W., Zhang, J.R., Tzeng, G.H., Huang, S.L. and Xiong, L., 2017. Public Open Space Development for Elderly People by Using the DANP-V Model to Establish Continuous Improvement Strategies towards a Sustainable and Healthy Aging Society.Sustainability,9(3), p.420.

Ripple Effects Upon Economy Essays - Keynesian Economics, Inflation

Ripple Effects Upon Economy There are several things that can cause a ripple effect in our economy. There are economic facts, or things that will happen no matter what, that start to affect more and more people, until they sooner or later effect everybody. The Keynesian Transmission Mechanism is a good example of something that has a ripple effect on everybody. The Keynesian mechanism has three stages, each of which has an effect on something. The first stage is the increase or decrease in the supply of money (A-1). The second stage is for the investment to rise or fall in conjunction with the change of the money supply (B-1). The third and final stage in the mechanism, is for the total expenditure/aggregate demand curve to shift accordingly to the both the money supply, and the investment. There are also some walls that block the mechanism from working, that have ripple effects on the economy. These include the Liquidity trap, and Interest-Insensitive Investment. In the first stage of the Keynesian Transmission Mechanism, the money supply is either raised, or lowered by the Fed. They do this by buying and selling bonds to the public. If they buy bonds back, then they are essentially lowering the money supply, where as if they sell them, then they are raising the money supply. Looking at this alone, one can predict a rise or a fall in the amount of each individual has due to the scarcity of money, or the lack there of. This will have a ripple effect on the economy, because people will save more if they have less, and spend more if they have more (C-1). For example, if the Fed were to increase the money supply would cause a surplus of money in the money market. This in turn will have an effect on the interest rates. The interest rates will lower due to the money surplus (B-1). Because of the lower interest rate, the AD curve will shift to the right. This happens due to a drop in the price level because of the lower interest rate. With the lower interest rate, the price of houses and cars will go down. This in turn raises total expenditures, and Real GDP. If Real GDP raises, then the unemployment goes down, do to the inverse relationship between GDP and Unemployment. Basically this all means that when the money supply increases, there will be more money in ones pockets. With more money in ones pocket, they will be more likely to look into and possibly buy a new car or house. The resurgence of buying power by the public will cause Real GDP to shift to the right. There are also more people working to get the money. The opposite is also true (D-1.2.3). If the Fed were to decide to buy back some bonds, then the money supply would be lowered, causing an increase in the interest rate, which in turn will shift the AD curve to the left. And because of the leftward shift in the AD curve, the inverse relationship states that unemployment will be higher. Meaning that there will be fewer jobs, and more people searching for them. There are two traps in the Keynesian Transmission Mechanism. The first is called the Liquidity Trap. This occurs when the Demand for money is at a horizontal position (E-1). This means that it would not matter if the money supply were to be increased from S1 to S2, the demand would stay the same. Because of this, there would be no change in the interest rate, so investment and Real GDP would not be affected. Basically there would be more money out there, but it wouldn't be as needed. The second trap is the Interest-Insensitive Investment. This means that the investment would not change due to a change in the interest rate. If the interest rate doesn't affect the investment, then the investment would not be able to cause a shift of either left or right of the AD curve. This usually happens if a firm or a corporation is expecting an increase in the interest rate, even though it is low at the time. The corporation will not be as likely to invest knowing that they will get burned later on. Since in either way, you have an increase in the money supply, there will be a result that affects everybody. If the money supply is increased, and the AD curve doesn't shift to the right, then there will be more money to