Competencies of Risk Managers Business Management

Business Management: Competencies of Risk Managers

Project management needs skillfully handle different tasks on time to validate risk prevention. Being an effective risk manager for project management requires mitigating and preventing risks to avoid losses in terms of funds and time. This paper aims to study the mini case studies of Global Green Books Publishing and identify the challenges and key competencies project managers as risk managers should have for effectively completing tasks and accomplishing goals.

Three Challenges Project Managers Face as Effective Risk Managers

After reviewing the nine mini cases of the Global Green Books Publishing firm, the three major challenges that came out as critical are:

· Project management: do not know what tasks should be completed at what time

· Fast-paced working that is prone to mistakes and book publishing errors/misprints

· Hiring part-timers: causing trouble due to their different arriving and leaving times, leading to confusion about what tasks they should perform and what would be their next task

Project management was the first and foremost issue for the managers since time schedules and misperceptions about unfinished tasks were causing trouble in finishing work on time. The delivery of ebook publishing to the customers was ineffective as careful and timely management of orders was missing.

Due to several orders at a time, fast-paced working was required, for which initially, the firm thought hiring part-timers would be a good option. Although it was a good solution to manage the workload, the broken down tasks for a project of ebook printing were not handled efficaciously. The results were seen in the form of misprinted books and errors. The increased demand forced the undertrained part-timers to work above their efficiency levels. The returns and financial mishandling were the inevitable issues that were becoming a prominent challenge for the company to address.

Moreover, managing time and resources effectively had to be contemplated intelligently by the project managers so that poo quality does not compromise the company’s image in the market. Continuous financial losses do not earn a company a name in the industry, and losing customers becomes unavoidable (Englert et al. 1519).

The part-timers hired to handle the project were also a problem since some left at the last minute, leaving the work unfinished. The next ones who came did not know where to start and what to finish. It also showed the lack of professional upgraded project schedules, and deadlines were not completed on time. It could be deduced that it calls for effective leadership skills for the project managers who must delegate shrewdly and ensure that tasks are completed before the part-timers leave. The mutual goals of the project and the part-timers’ accomplishments need to be aligned seamlessly with basic management skills (Zulch 1004).

Three Key Skills/Competencies

· Communication

· Risk management

· Flexibility

Communication is the solution to all problems project managers face in any company. The same is true for Global Green, as it lacked leaders who were project managers. It is always a task to keep everyone on the same page, especially when part-timers who had different times of arrival and leaving the firm were hired. The supervisors must be vigilant in creating a work culture conducive to quality performance. The ethics of an organization need to be infused within the workers, no matter what category they belong to, and communication is the priority. Communication is the backbone of any project’s success since project managers need to share, coordinate and integrate resourceful information for their subordinates (Zulch 1001). Project scope, costs, and results are dependent only on skills named as communication and interdepartmental collaboration to enhance project results. Customers’ expectations convey goals that must be achieved within the project schedules and timelines. The shift changing in schedules needs communication for more reemphasizing the completed tasks and even those that are still incomplete. Updating the time schedules constantly would be a feasible way of essential communication that workers also look forward to.

Also, it is inferred that communication should infuse motivation for managing multi-person teams simultaneously. The part-timers should be encouraged to work hard and fulfill their assigned tasks before they leave. They should know about their commitments. Project managers should not exhibit themselves as strict leaders, rather should be motivators for their teams.

Communication can work wonders as risk management becomes convenient enough. Global Green’s project managers should have the skill of communicating with all so that rough times can be easily conquered. The legs and lack of time could be covered the next day with coordination, which is only gained through communication. Clearly, communication is the lifeline of risk management as project control and value creation rely on effective handling of the environmental factors that could cause risk. Sensing them beforehand to save time, money, and project losses could be a feasible solution for possible vulnerability to the company’s market position and falling victim to resource constraints (Lima et al. 1024).

To reduce risks, continuous adaptations in time and resources should also be a skill that project managers should inherit. Sometimes changes in part-timers’ arrivals or leaving the work incomplete by those who leave without finishing could be re-arranged in the schedules. It is the actual flexibility for which the project managers could facilitate readjustments. Active cautionary nature by the project managers for quality output of the project is needed by Global Green Company. Less time would be invested in fixing mistakes, and pushing the tasks to the next day or week would be avoided. Procrastinating certain tasks for the next day would prevent huge losses and customer dissatisfaction. Consistency in organizing and managing workflow is the competency that Global Green’s project managers must possess to abstain from leakages of work tasks daily. Cash flow management would be more proficient as the managers would know what tasks have been fulfilled and how much money is needed for the remaining ones. Less stress would be exhibited when managing certain project stages as the adaptability quotient would be high.

Additionally, it could be summarized that this skill is assumed to be a vital understanding of project dynamics when unexpected turns might occur. The mediating role of project managers with a sharp, attentive mind is needed (Sohi). In the case of Global Green Publishing, tackling the complexities of the project schedules is a dire need of time.