Jessica owns a successful cleaning company, Spring Clean. Her clients are businesses who require their offices being cleaned at night. Her staff consists out of 15 cleaners and 5 managers. She is planning to grow the business and in the process passing on more responsibility to her managers. She is drawing up training manuals and she wants to include risk management. She is uncertain about a few topics and has come to you for advice 1. Explain what consequential losses are. Support your explanation with twocomprehensive examples relevant to Spring Clean.
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Jessica owns a successful cleaning company, Spring Clean. Her clients are businesses who require their offices being cleaned at night. Her staff consists out of 15 cleaners and 5 managers. She is planning to grow the business and in the process passing on more responsibility to her managers. She is drawing up training manuals and she wants to include risk management. She is uncertain about a few topics and has come to you for advice
1. Explain what consequential losses are. Support your explanation with two
comprehensive examples relevant to Spring Clean.
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- When the idea first occurred to her, it seemed like such a win-win situation. Now she wasn't so sure. Marge Brygay was a hardworking sales rep for Inspire Learning Corporation, a company intent on becoming the top educational software provider in five years. That newly adopted strategic goal translated into an ambitious, million-dollar sales target for each of Inspire's sales reps. At the beginning of the fiscal year, her share of the sales department's operational goal seemed entirely reasonable to Marge. She believed in Inspire's products. The company had developed innovative, highly regarded math, language, science, and social studies programs for the K— 12 market. What set the software apart was a foundation in truly cutting-edge research. Marge had seen for herself how Inspire programs could engage whole classrooms Of normally unmotivated kids; the significant rise in scores on those increasingly important standardized tests bore Out her subjective impressions. Bur now, just days before the end of the year, Marge's sales were $1,000 short of her million-dollar goal. The sale that would have put her comfortably over the top fell through due to last-minute cuts in one large school system's budget. At first, she was nearly overwhelmed with frustration, but then it occurred to her that if she contributed $1,000 to Central High, the inner-city high school in her territory probably most in need of what she had for sale, they could purchase the software and put her over the top. Her scheme would certainly benefit Central High students. Achieving her sales goal would make Inspire happy, and it wouldn't do her any harm, either professionally or financially. Making the goal would earn her a $10,000 bonus check that would come in handy when the time came to write out that first tuition check for her oldest child, who had just been accepted to a well-known, private university. Initially, it seemed like the perfect solution all the way around. The more she thought about it, however, the more it didn't quite sit well with her conscience. Time was running out. She needed to decide what to do. 1. Donate the $1,000 to Central High, and consider the $10,000 bonus a good return on your investment.Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…
- Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…
- Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Read the case study below and answer ALL the questions that follow.CRISIS ITIn May 2007, Frontier Airlines Holdings hired Gerry Coady as chief information officer (CIO). Nearly ayear later the airline filed for bankruptcy under Chapter 11. In an interview, Coady describes how hemanaged IT projects during the bankruptcy and recession crisis of 2008–2009.Fundamentally, Coady faced a situation of too many projects and too few resources. Coady used astrategy of focusing on reducing the number of projects in the portfolio. He put together a steeringcommittee of senior management that reviewed several hundred projects. The end result was a reductionto less than 30 projects remaining in the portfolio.How Can You Get to a Backlog of over 100 Projects?“There are never enough resources to get everything done.” Backlogs build over time. Sacred cowprojects get included in the selection system. Projects proposed from people who have left the airline stillreside in the project portfolio.…Jessica owns a successful cleaning company, Spring Clean. Her clients are businesses who require their offices being cleaned at night. Her staff consists out of 15 cleaners and 5 managers. She is planning to grow the business and in the process passing on more responsibility to her managers. She is drawing up training manuals and she wants to include risk management. She is uncertain about a few topics and has come to you for advice. What are the four criteria that Jessica needs to apply when considering a proposal (12) aimed at reducing risks? Steps taken are cost beneficial Risk aversion Policy based decisions Authoritative reason
- Jessica owns a successful cleaning company, Spring Clean. Her clients are businesses who require their offices being cleaned at night. Her staff consists out of 15 cleaners and 5 managers. She is planning to grow the business and in the process passing on more responsibility to her managers. She is drawing up training manuals and she wants to include risk management. She is uncertain about a few topics and has come to you for advice. What are the four criteria that Jessica needs to apply when considering a proposal (12) aimed at reducing risks? Explain what consequential losses are. Support your explanation with two comprehensive examples relevant to Spring Clean.Jessica owns a successful cleaning company, Spring Clean. Her clients are businesses who require their offices being cleaned at night. Her staff consists out of 15 cleaners and 5 managers. She is planning to grow the business and in the process passing on more responsibility to her managers. She is drawing up training manuals and she wants to include risk management. She is uncertain about a few topics and has come to you for advice. Explain what consequential losses are. Support your explanation with two comprehensive examples relevant to Spring Clean.1. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "One Examiner" is hired? 2. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "Two Examiners" are hired? 3. Using the Opportunity-Loss (aka minmax regret) strategy: What is the Maximum Regret if "Three Examiners" are hired? 4. If she uses the Opportunity-Loss (aka minmax regret) strategy, how many new examiners will she decide to hire?