Risk management report

This week you will create Part Seven of the report focusing on managing risks.

Part seven of the report this week is an area that Mary has not considered well. It seems from the firm’s initial interview that Mary has an attorney but she has only handled her contract work with respect with to leases and sales.  She does have a general business insurance policy but now that she is working out of her home she is not sure if homeowners insurance will be at issue with that policy. She does not even know if the city requires a license to do business in her home. In short, this looks like one of those areas that Mary just does not know enough about or has not planned for well.  It is plain to see she needs educating.

Directions: 

1. By FRIDAY, complete the following:

  • Create part seven of the report entitled: “Managing Risks”
  • The firm wants Mary to understand what is meant by managing risk and why it is important to consider on a yearly basis.
  • The firm wants Mary to know all the potential risks her business may be exposed to now and in the future. The list should include not only the most common risks small business owners face but those specific to MobleyLights. The list should also identify those risks listed as present or possible future risk.
  • Give five recommendations as to how she can manage risk keeping in mind that Mary must keep costs down by identifying whether the cost is expensive.
  • Advise Mary about how the growth of the business can affect the list.
  • You must use course material to support your responses and APA in-text citations with a reference list.

2. THROUGHOUT the week, complete the following:

  • Respond to your classmates three or more days throughout the week. Remember you are trying to develop the best answers to the questions as possible. Your classmates are doing the same so read the posts carefully looking for the best ideas being presented.  The goal is that by the end of the week the class will come to some consensus as to the best answers giving you the chance to submit the best ideas in the final post.
  • You must use course material to support your responses but you do not need to use APA in the brainstorming discussion with the exception of Friday’s initial first impression post.
  • Participation is worth 2.5 points each week (20% of the final grade). Participation must be reflected in the final post so grades will be affected by the content portion of the post if participation is not shown. Therefore, it is important to get in the class often and with the idea of improving your initial post with the discussion so that the final grade will be the best you can deliver.

3.FINAL POSTcomplete the following:

  • Attach your final post in the classroom by Tuesday at 11:59 PM ET
  • The final post must reflect the brainstorming activities and should be different than the Friday initial post.
  • The final post must include a variety of sources from the class material as well as the use of scenario or case study facts where appropriate.
  • It must USE APA in-text citations and reference list.