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Making a Risk Management Plan for Your Business
It’s impossible to eliminate all business risk. Therefore, it’s essential for having a plan for its management. You’ll be developing one covering compliance, environmental, financial, operational and reputation risk management. These guidelines are for making a risk management plan for your business.
Developing Your Executive Summary
When you start the risk management plan with an executive summary, you’re breaking apart what it will be compromised of into easy to understand chunks. Even though this summary is the project’s high-level overview, the goal is describing the risk management plan’s approach and scope. In doing so, you’re informing all stakeholders regarding what to expect when they’re reviewing these plans so that they can set their expectations appropriately.
Who Are the Stakeholders and What Potential Problems Need Identifying?
During this phase of making the risk management plan, you’re going to need to have a team meeting. Every member of the team must be vocal regarding what they believe could be potential problems or risks. Stakeholders should also be involved in this meeting as well to help you collect ideas regarding what could become a potential risk. All who are participating should look at past projects, what went wrong, what is going wrong in current projects and what everyone hopes to achieve from what they learned from these experiences. During this session, you’ll be creating a sample risk management plan that begins to outline risk management standards and risk management strategies.
Evaluate the Potential Risks Identified
A myriad of internal and external sources can pose as risks including commercial, management and technical, for example. When you’re identifying what these potential risks are and have your list complete, the next step is organizing it according to importance and likelihood. Categorize each risk according to how it could impact your project. For example, does the risk threaten to throw off timelines or budgets? Using a risk breakdown structure is an effective way to help ensure all potential risks are effectively categorized and considered. Use of this risk management plan template keeps everything organized and paints a clear picture of everything you’re identifying.
Assign Ownership and Create Responses
It’s essential to ensure a team member is overseeing each potential risk. That way, they can jump into action should an issue occur. Those who are assigned a risk, as well as the project manager, should work as a team to develop responses before problems arise. That way, if there are issues, the person overseeing the risk can refer to the response that was predetermined.
Have a System for Monitoring
Having effective risk management companies plans includes having a system for monitoring. It’s not wise to develop a security risk management or compliance risk management plan, for example, without having a system for monitoring. What this means is there’s a system for monitoring in place to ensure risk doesn’t occur until the project is finished. In doing so, you’re ensuring no new risks will potentially surface. If one does, like during the IT risk management process, for example, your team will know how to react.
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ENT 285 Business Plan Development
Course number and title: ent 285 business plan development.
In this course, students prepare professional, comprehensive business plans that guide student business start-ups and address capital funding. Students present their business plans to community leaders.
Obtain current textbook information by viewing the campus bookstore online or visit a campus bookstore. Check your course schedule for the course number and section.
- Develop a detailed business concept with goals and objectives. (CCC 1, 2, 4; PGC 1, 2, 4, 7, 8)
- Assess business research to refine the business concept. (CCC 1, 2, 4, 5, 6; PGC 1, 2, 3, 4, 7, 8)
- Formulate a marketing plan for the targeted segment. (CCC 1, 2, 4, 5; PGC 1, 2, 4, 6, 7)
- Prepare financial projections. (CCC 1, 2, 5, 7; PGC 1, 3, 5, 7)
- Design organization, operations, and technology plans. (CCC 1, 2, 5; PGC 1, 3, 7)
- Construct a comprehensive business plan. (CCC 1, 2, 4, 5, 6; PGC 1, 2, 3, 4, 5, 6, 7, 8)
See Core Curriculum Competencies and Program Graduate Competencies at the end of the syllabus. CCPOs are linked to every competency they develop.
Upon completion of this course, the student will:
- Differentiate a business concept within the current business environment.
- Describe products and/or services of the business concept in industry terms.
- Illustrate the business concept’s value proposition.
- Explain the market need for the business concept.
- Write mission and vision statements to support the business’s direction.
- Identify short-term and long-term goals and objectives for the business venture.
- List research questions to examine all facets of the business venture.
- Collect data on the feasibility and specifics of the business concept.
- Collect data on industry trends.
- Calculate strategic opportunities within the identified industry.
- Analyze the data for its applicability to the business concept.
- Determine business segments and targets from the data.
- Apply the selected data to focus and refine the business venture.
- Illustrate specific methods for marketing and promoting the business concept.
- Develop a marketing and/or promotion message based on the company’s strategic position.
- Identify the target market for each product/service offered.
- Explain the pricing strategy in terms of product/service positioning.
- Discuss the company’s physical location in terms of distribution and customer advantage.
- Calculate the break-even analysis for the venture’s profitability.
- Formulate cash-flow projections for accounts receivable and accounts payable expectations.
- Describe sources and use of funds for financing the business.
- Explain compensation plans and benefit packages for all employees.
- List operating expenses for both fixed and variable costs.
- Identify risks and risk mitigation strategies.
- Identify key personnel and decision makers.
- Discuss the legal structure chosen for the business and the division of responsibilities of the company’s principals.
- Examine the basic business operations, including production, inventory control, supply, and distribution.
- Discuss customer relationship management.
- Describe technology needs in terms of product/service support and administrative support.
- Propose a business concept as a sustainable commercial venture.
- Write a concise executive summary of the business concept.
- Illustrate the company’s mission and vision with a detailed company description.
- Classify the information gathered into business plan sections.
- Apply a business plan format to a professional document for formal presentation.
The grade will be determined using the Delaware Tech grading system:
Students should refer to the Student Handbook for information on the Academic Standing Policy, the Academic Integrity Policy, Student Rights and Responsibilities, and other policies relevant to their academic progress.
Calculated using the following weighted average
- Apply clear and effective communication skills.
- Use critical thinking to solve problems.
- Collaborate to achieve a common goal.
- Demonstrate professional and ethical conduct.
- Use information literacy for effective vocational and/or academic research.
- Apply quantitative reasoning and/or scientific inquiry to solve practical problems.
- Demonstrate entrepreneurial leadership characteristics.
- Conduct market analysis and opportunity assessment.
- Perform risk assessment and select risk management strategies.
- Articulate a business vision and plan that demonstrates value to the marketplace and the investor.
- Plan capital formation to fund business start-up and operation.
- Utilize effective marketing, advertising and customer strategies.
- Integrate personal, professional, ethical and legal standards into business decision-making.
- Transform innovation into a product or service with sustainable commercial potential.
The College is committed to providing reasonable accommodations for students with disabilities. Students are encouraged to schedule an appointment with the campus Disabilities Support Counselor to request an accommodation needed due to a disability. A listing of campus Disabilities Support Counselors and contact information can be found at the disabilities services web page or visit the campus Advising Center.
Browse Course Material
- Joseph Hadzima
- Sloan School of Management
As Taught In
- Business Entrepreneurship Finance Innovation Management
Learning Resource Types
Nuts and bolts of business plans, course meeting times.
Lectures: 3 sessions / week for 2 weeks, 3 hours / session
No prerequisites for this course other than having an interest in entrepreneurship.
This Independent Activities Period (IAP) Course 15.S21 was formerly known as 15.975.
Purpose of Course
The nuts and bolts of preparing a Business Plan and Starting a New Venture Plan was explored in this 25 th annual course offering. The course is open to members of the MIT Community and to others interested in entrepreneurship. It is particularly recommended for persons who are interested in starting or are involved in a new business or venture. Because some of the speakers are judges of the MIT $100K Entrepreneurship Competition, persons who are planning to enter the Competition should find the course particularly useful. In the past approximately 50% of the class has been from the Engineering / Science / Architecture Schools and 50% from the Sloan School of Management.
Grading and Course Credit
- MIT students may take this course for 3 units of Pass / Fail Credit.
- Attendance at each session is required (unless otherwise approved) and the writing requirement must be fulfilled.
TBS Summer School Business Plan Development Syllabus
by TBS Education
TBS Summer School Syllabus 2020 G2 : Business Plan Development Lecturer: Yvon SCHOLLAERT et Dr. Najma AZMAT ECTS credits: 6 Total Hours: 45 including 25 contact hours Pre-requisites: This course is appropriate for Master Business students, Young... More
TBS Summer School Syllabus 2020 G2 : Business Plan Development Lecturer: Yvon SCHOLLAERT et Dr. Najma AZMAT ECTS credits: 6 Total Hours: 45 including 25 contact hours Pre-requisites: This course is appropriate for Master Business students, Young Professionals, or Undergraduate students in their final year with basics of Accounting, fundamentals of financial analysis, management control, marketing (4 Ps) and strategy. Evaluation: Continuous assessment: Case studies (in group) 20% + Group project 50% Final assessment: Written exam (individual) 30% FINAL COURSE GRADE: 16/20 - 20/20 (Excellent) A 14/20 - 15/20 (Very Good) B 12/20 - 13/20 (Good) C 10/20 – 11/20 (Satisfactory) D < 10/20 (Fail) F AIMS OF THE COURSE This course consolidates key management concepts learned already. The course presents the fundamentals of creating a business plan, an indispensable management and forecasting tool for any company, in all phases of its existence including business creation, development and activity Less
TBS Summer School Syllabus 2020 G2 : Business Plan Development Lecturer: Yvon SCHOLLAERT et Dr. Najma AZMAT ECTS credits: 6 Total Hours: 45 including 25 contact hours Pre-requisites: This course is appropriate for Master Business students, Young Professionals, or Undergraduate students in their final year with basics of Accounting, fundamentals of financial analysis, management control, marketing (4 Ps) and strategy. Evaluation: Continuous assessment: Case studies (in group) 20% + Group project 50% Final assessment: Written exam (individual) 30% FINAL COURSE GRADE: 16/20 - 20/20 (Excellent) A 14/20 - 15/20 (Very Good) B 12/20 - 13/20 (Good) C 10/20 – 11/20 (Satisfactory) D < 10/20 (Fail) F AIMS OF THE COURSE This course consolidates key management concepts learned already. The course presents the fundamentals of creating a business plan, an indispensable management and forecasting tool for any company, in all phases of its existence including business creation, development and activity or business divestiture. Theoretical concepts covered in the course will be illustrated through case studies and put into practice through a group project. SKILLS AND LEARNING OUTCOMES • Understanding the importance and objectives of a business plan and the influence of the external environment • Deploying a medium-term strategy and performing financial projections in line with the project • Classifying management decisions according to their effect on financial statements • Converting management decisions into financial information *Please note that syllabus may be subject to change. Students will be provided with a final version of the syllabus on the first day of the Summer School program.
• Learning how to defend a business plan and convince bankers and investors COURSE SYLLABUS The module revolves around an introductory seminar, case studies, and tutor-led sessions. In groups of 4 or 5, students will take on the role of young entrepreneurs wishing to launch a business. Throughout the course, each group regularly submits their work in progress. The case studies’ sessions are organized according to the group project. Therefore, groups must be formed in the first session (composition of groups may be decided by the instructors). In the last session, each group will submit a written Business Plan and will orally defend their project in front of the instructor and peers. The objective being to convince them of its relevance and feasibility. The key issues covered in the course are: • Business plan considerations • Organizational plan / Business model • Strategic analysis • Marketing plan • Financial analysis and forecasting • Wrapping up the business plan TEACHING METHODS Active learning methods: collaborative learning, learning by doing, inquiry based/problem based/project-based Learning, Case study, Lectures/tutorial BIBLIOGRAPHY (Prerequisites in bold) Textbook Bruce R. Barringer, B.R., (2013). Preparing Effective Business Plans: An Entrepreneurial Approach. Pearson Electronic readings Bertelsen B. (2011), Everything You Need To Know About Writing A Business Plan, BrainMass Inc, [e-book]. Available from: eBook Business Collection (EBSCOhost), TBS’ website. Mind Commerce (2011), MVNO Business Plan. [S.l.], Business Collection (EBSCOhost), [eBook] Available from: eBook Business Collection (EBSCOhost), TBS’ website. Further readings Scarborough N.M. (2011), Essentials of entrepreneurship and small business management, Pearson. Barringer B.R., Ireland R.D. (2010), Entrepreneurship: Successfully launching new ventures, Prentice Hall. Storey D.J., Green F.J. (2010), Small business and entrepreneurship, Pearson Education. Business Plan software A business plan software is available for free at: http://eco.mbp.montpellier-agglo.com.
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