Scenario: You have recently gained employment as a Trainee Engineering Manager with a large multinational company which...

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General Management

Scenario:
You have recently gained employment as a Trainee EngineeringManager with a large multinational company which manufactureselectrical machines and transducers, including transformers,motors, generators, sensors and actuators.
Your line manager has tasked you with creating a report to indicateyour level of knowledge in engineering management.

Activity
You have specifically been instructed to provide written solutionsto the following question.
a) Compare a range risk management practices and qualitymanagement theories and identify how they can improve managementprocesses within the engineering industry? Which activities willimprove management strategies? How do you think managementstrategies may be improved in certain circumstances orsituations?

Answer & Explanation Solved by verified expert

4.3 Ratings (876 Votes)

Risk Management Practices All organizations are confronted with risks that have the potential to negatively affect their business Risk management practices in the financial services sector focus on identifying measuring and analyzing those threats to reduce material reputation opportunity and other costs Risk analysis is primarily concerned with prioritizing and classifying The main categories of risk to consider are 1 Strategic for example a competitor coming on to the market strategic risks are those risks associated with operating in a particular industry They include risks arising from merger and acquisition activity changes among customers or in demand industry changes research and development 2 Compliance risks are those associated with the need to comply with laws and regulations They also apply See Answer

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