University of Phoenix
Week 4- LT Project Plan
The goal for Team A in week two was the continuation of the team project proposal. This next phase in the evaluation includes an outline of the project scope, project risk management plans, and contingency plans. Also included in this project plan is the project budget and strategies to execute this plan. The learning team will not only highlight these areas but include specific details around these outlined topics.
Company Mission, Values, and Objectives Starbucks mission is a visionary statement that outlines the company’s objectives as follows: “to inspire and nurture the human spirit – one …show more content…
Strategic risks include competitors, economic factors like consumer demands, and political risks from countries in which Starbucks suppliers are located (Marketing Teacher, 2013; Starbuck, 2013).
Contingency Plans When risk emerges, implementation of the appropriate strategies and product combined with a risk management policy occurs. Starbuck use a diversified portfolio in managing financial risks because this reduces opportunity of adverse outcomes, unexpected risks, the magnitude of loss, and possible changes outside management’s control. Operational contingency plans consist of producing financial reports, control, and monitor the environment and activities, ensure compliance of laws, regulations, and information, and communication to advance risk management policies, procedures, and practices. Hazard risks entail a response planning process, communication, and coordination of disaster response, plan implementation, training, evaluation, updating, standards, tools, and templates. Storing returns for shortfalls, implements safety policy, procedures, and improve facilities to lessen employee injuries. Political analysis in strategic risks assesses the likelihood of threats occurring and potential impact. Complying with international laws, review, develop action plan and process to assess and measure the company’s performance. Managing risks is ongoing and requires improvements as the market and requirements change