April 2016: How to choose risk response strategy? Most common risk responses are avoid/mitigate/transfer/accept for negative threats, and exploit/enhance/share/accept for positive opportunities. Each strategy is best in certain risk situations depending on risk assessment based on probability of occurrence and impact on business objectives if occurred, from which priority is driven, and suitable response strategy is selected. Factors that influence determination of the best response strategy for each risk include cost/benefit analysis of response implementation, and the internal and external context of the organization or the activity within which risk is identified. Also organizational resources and capability constraints contribute to risk response planning.
March 2016: What is the difference between process and procedure? Although both terms sound so familiar to most professionals, still many are confused about what each means and when to use each word. A process is defined as a set of activities that are performed in a certain logical order to achieve a specific objective. It takes defined inputs and produces defined, expected outputs. Processes also define roles and responsibilities for performing each of the process activities. Processes are generally high-level flow of activities, and exact steps of carrying out those activities are defined in detailed procedures, which are more low-level and execution oriented steps. Procedures also can exist outside of a process context, like operational procedural instructions.
February 2016: What forms an organizational culture? Organizations have their unique character just like individuals do. And this character is evidently sensed in all interactions with an organization. This is in reality a manifestation of what's embedded in the organizational culture prevailing and adopted by the organization's people. A culture is built around what values and principles the organization cherishes and promotes amongst its stakeholders, supported by ethics and enacted in the form of behavior in daily practical actions. This spans all aspects of organizational operations, starting from internal human resources processes, to external facing processes related to supplier or customer interactions, the culture exhibits itself in all situations.
January 2016: Why is it crucial to diversify your food basket? "Put your money where your mouth is", and "don't put all of your eggs in one basket" are among the known sayings that encourage us to pay attention to unknown risks that may threaten our living. This is also why you should "know everything about one thing, and know something about everything". Specialization, narrow focus, and reliance on a single source of income have serious vulnerabilities. Gulf countries who realized early enough that Oil is not an eternal resource have planned early for diversifying their economy and are standing on solid basis to face depletion of this resource or diminishing demand at anytime in the future. Similarly for companies who diversify products, services, and markets.
December 2015: How effective is virtual training? Traditional classrooms have been, and still are, the most common way for training conduct, with the advantages of physical co-location and direct interaction between instructors and attendees, engaging all senses of the attendee. Gradually spreading, virtual training platforms are aiming at alleviating some burdens, with the advantages of flexibility in time and location, less costs, and higher productivity. Virtual training can be instructor-led or on-demand interactive conduct, while the later turns training into a product rather than a service. The question of virtual training effectiveness can thus be reduced to a question on effectiveness of the underlying technology.
November 2015: Are your partners rewarding? Partnerships and alliances are byproducts of business conduct. The trigger of building a certain partnership relationship can be any target, ranging from sharing a business opportunity that you can't pursue solely, to business politics and power balance factors. However, not all partners are equal, neither in their importance and value to you, nor in their impact and power. You need to understand your business need behind establishing, or further maintaining, a partnership relationship, and the influences resulting from such partnerships on your business ecosystem. In the unusual case of designating some partnership as counterproductive, actions to withdraw from it need to be taken nimbly.
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