Asparagus and Kidney Stones

Asparagus and kidney stones seem to be a subject that is up in the air. Asparagus has been noted as beneficial to kidney stones and it has also been noted as being something to avoid if you have kidney stones. This controversy seems mainly due to the simple fact that there is more than one kind of kidney stones. It seems that if you have a certain type of kidney stone that you will want to go out of your way to avoid asparagus, as it will only worsen your condition. If you eat asparagus with the wrong type of kidney stones you may be setting yourself up for a surgical procedure when it could have been avoided. This is the most important detail when approaching the subject of asparagus and kidney stones.

The types of stones that can be dealt with using asparagus are known as uric acid stones. These stones form in urine that is simply too acidic. So, if you are prone to these sorts of stones you will want to steer clear of foods like spinach, rhubarb, sorrel, beet greens, chocolate, and even green tea. All of these foods are rich in oxalic acid which leads to the formation of uric acid stones. If you do happen to eat any of these foods, avoid eating these with foods that are high in calcium simultaneously.

If you do find that you have developed this type of kidney stone, this is the time to utilize the asparagus. At this time, other good foods to ingest are cherries, strawberries, apples and apple juice. These foods will help bring your urine to a more acceptable and less troublesome alkaline level. There is no particular recipe for preparing the asparagus when ingesting it for relief of this health problem. It can be eaten raw or prepared a number of ways. The only way of preparing this food that should be avoided is by steaming. Steaming is bad for any vegetable, as it steams the nutrients and other important dietary compounds right out of the vegetable.

Asparagus and Kidney Stones

Now, on the other hand, if you are being affected by stones that were formed by eating too many alkaline types of food, avoid asparagus! In this scenario, asparagus will irritate and worsen the problem rather than be of any help. Any foods like asparagus, cucumber, radish, tomato, spinach, rhubarb, or any other vegetables with strong aromas are a bad idea on this end of the spectrum.

If you are unsure about which stones you suffer from, save yourself some trouble and get to the doctor. Home remedies are great as long as you know exactly what you are dealing with. However, if you are being affected by kidney stones for the first time, you will want to get yourself tested to pin point the problem. It is much better to be safe than sorry in this situation. When you run the risk of potentially making your symptoms and condition worse, proceed with extreme caution for your own safety.

Asparagus and Kidney Stones
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Creating a Work Breakdown Structure With Microsoft Project

Creating a Killer Work Breakdown Structure with Microsoft Project

The Work Breakdown Structure (WBS) is a hierarchical decomposition of the project objectives into deliverable-oriented tasks that are executed by the project team to accomplish the overall project goals. The WBS forms the backbone of all the project planning activities. The WBS divides the scope of the project work into smaller, manageable work packages for maintaining better control of the project activities. As you move from the higher levels of the WBS to the lower levels, the definition of the project works gets more detailed with the upper levels representing the major phases of the project. It is imperative to remember that the WBS represents 100% of all the work defined in the project scope. Anything that is not included in the WBS is considered out of scope for the project.

Uses of the WBS

Creating a Work Breakdown Structure With Microsoft Project

The WBS addresses the following requirements of the project:

· Defining the project scope in terms of deliverables and components

· Providing the framework on which the project status and progress reports are based

· Facilitating communication regarding the project scope, schedule, risk, performance, cost etc with the stakeholders throughout the project life cycle

· Providing inputs for other project management processes like estimation, scheduling, risk assessment etc

While creating the WBS, it is important to ensure that the WBS format is standardized across an entire portfolio of projects. This will ensure that data from a specific project can be easily retrieved and a repository comprising project data can be formed for future reference over a period of time.

Components of the Work Breakdown Structure

The essential components of a WBS are detailed below:

· WBS Levels: All the work to be done on the project is categorized into hierarchical levels with the upper levels depicting the major deliverables for the project and the lower levels depicting the granular level activities needed to be performed towards achieving the deliverable. The number and complexity of the WBS levels is dependent on the size and nature of the project.

· WBS Dictionary: The WBS dictionary is an important part of the WBS and it further details the activities of each element of the WBS. It provides detailed information about the work to be done, activities, and milestones, cost estimates, resources required, and contract information for each element of the WBS. The basic purpose of the WBS dictionary is to remove any ambiguity regarding the scope of work.

· WBS Code numbers: The WBS code number is a unique identifier for each element of the WBS and should be such that it can be easily expanded to accommodate any future revisions to the WBS.

· Visual representation format: A WBS can be represented in a number of ways, depending on the ease of use for the project team and the organization. Typical formats for representing a WBS structure are:

o Outline view: In this format, the WBS is depicted using different levels of indentation, with an accompanying WBS code number for each element.

o Tabular view: In this format, the hierarchical structure of the WBS is represented with the help of the columns of a table.

o Tree structure view: In this format, the WBS is depicted using a tree structure with each child element connected to the parent element through a line. The parent depicts a higher level which is decomposed into the child element.

· WBS Element: Each component of the WBS and its attributes comprise a WBS element.

· Work Package: The lowest level WBS component for each branch of the WBS is known as the work package. The work package also includes the schedule activities and milestones to be accomplished to complete the work package deliverable. One of the main problems that project managers face while creating a WBS is deciding on the correct size for a work package. A work package that is too big would imply loose control on the activities. Similarly, if the work package is too small, it would consume a lot of effort in managing. The 8/80 rule commonly followed by project managers, propagates that the size of the work package should not be less than 1 hour and not greater than 80 hours.

Creating a WBS in MS Project using the Top- down Methodology

A WBS can be created by using a number of tools and methodologies. One of the commonly used methodologies for creating a WBS is the top-down methodology. The steps followed in the top-down approach are listed below:

1. Identify the final objective of the project. This involves a detailed analysis of the project scope document. In MS Project, type the name of the final objective in the Task Name field.

2. Evaluate the final deliverables that need to be created to achieve the objectives identified in step 1. Enter the list of final deliverables in the Task Name field. Indent all the sub-deliverables by using the forward arrow key in MS Project. Now, you will have the final deliverable comprising the sub-deliverables in MS Project.

3. Decompose the final deliverables into activities and continue this exercise till a level is reached (work package) where you can control and monitor the individual tasks. You should be careful to ensure that each work package contains only one deliverable. In MS Project, for each sub-deliverable, type the list of activities. Repeat this process till you reach the work package level. Make sure that you keep indenting each level. Indentation creates relationships between the deliverables and its component sub-deliverables. MS Project automatically creates the WBS codes in the Outline Number field, based on the outline structure of each task/activity. These outline numbers change when you move the task to a different level or location.

4. Re-evaluate the entire WBS after a thorough brainstorming session with the project team and key stakeholders. The objective should be to achieve a consensus on the feasibility of the success of the project planning exercise which in turn will ensure the success of your project.

The top-down method for creating the WBS is typically used when both the project manager and the project team have inadequate experience in creating the WBS or the project requirements are not thoroughly understood. This method enables the project manager and the team to progressively elaborate on the WBS after several meetings and brainstorming sessions.

Integration of the WBS in the Project Schedule

The WBS forms the backbone for a number of project management activities. It provides a valuable input for cost estimation, scheduling, and evaluating the progress of the project.

To integrate the WBS in the project schedule using MS Project, you need to add more information to the indented tree-structure of the WBS that you have already created. The important information that you need to add includes:

· Duration: The total time required to complete each task needs to be specified in the WBS.

· Task Dependencies: The relationship between tasks is specified. You can establish the dependency by using the network diagram analysis done in the scheduling phase.

· Constraints: You need to specify the constraints or limitations (if any) for each task. The constraints are also established in the schedule analysis phase.

· Task Start date and Task Finish date: When you specify the duration for each task, MS Project automatically calculates the Task Start and Finish Dates.

· Resource Names: You can specify the resources by clicking the Assign Resources button.

While integrating the WBS in the project plan, it is imperative to add the WBS dictionary. The WBS dictionary helps in integrating other project management processes with the project scope and serves as a useful tool for clarifying the exact project requirements in terms of the scope of work, cost, milestones etc.

A well-defined WBS can be a major contributing factor in ensuring the success of your project. It serves as the key integrating factor between different the project management processes and is considered to be the foundation stone for the project.

Creating a Work Breakdown Structure With Microsoft Project
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Mark Piscopo is the founder of FastProjectPlans.com, a website dedicated to advancing project management through the distribution of free project management tools, templates and educational material. Mr. Piscopo is a highly accomplished professional offering 20+ years of documented achievements in; Strategic Business Planning; Project & Program Management; Project Management Office (PMO); Team Building & Leadership; Change Management; Process Improvement; Cost Reduction; Risk Management; Partner & Customer Relationship Management; and Technology Advancements. Mr. Piscopo is a certified Project Management Professional (PMP). Visit www.FastProjectPlans.com to download free PMBOK based project management templates, tools and educational articles.

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Risk Management

What is Risk Management?

Without referring to the millions of websites and documents knocking about that talk about Risk Management, I want to try and give a simple view from the perspective of someone who has to manage risk day to day across major projects. This is real risk management, hands on.

Of course, "Risk" and "Risk Management" will have variations of the same general meaning depending on the circumstances or context to which it is applied, but in principle, all risk management will follow more or less the same process.

Risk Management

So, what is a Risk? A risk can be any influence on an expected or planned outcome that changes that outcome. In child-talk, it's anything that could stop you getting what you want or expect.

Here's an important note: Risk hasn't happened yet. If the outcome has already changed as a result of a risk "happening" then it's no longer a Risk, it's an Issue and has to be managed differently.

So basically - A risk is something, anything, that could happen that will impact or change a desired or planned outcome. There are so many different ways to state this that, as simple as the concept is, it can easily get confusing. Let me give you an example;

"If it rains today then the field trip has to be cancelled" - the risk is that it may rain. The impact is that the planned trip will have to be cancelled. Risk Management is recognizing the risk potential analyzing the probability and impact and either mitigating it or preparing alternative options that will allow the original plan to succeed.

Risk Management 101

On some of my projects in Asia I've had to seriously consider the impact of rain on project outcomes. I was on one job in Korea, Seoul, where we had a limited time to move a banks' trading office from an old building that had been sold off, to a new building. The old building owner declared bankruptcy and sold off the office block. The new owner, the government, kicked everyone out on short notice. We had 3 months to find a new building, fit it out and move 200 staff including 120 trading positions.

This really tested my teams Risk Management ability. This was a working business, the only window to move the 200 staff was over a weekend - after trading stopped on Friday evening and before it started on Monday Morning. Guess what, we had a Typhoon heading in, and for those that don't know how things work in Asia - Typhoons are given warning signals as they approach by the local authorities.

Each signal indicates a level of "threat" and or probability of a direct strike. As the signal rises in strength the threat (and danger to life and property) becomes imminent and public services shut down. People are told to go home or stay off the streets and, for several hours to several days, everything grinds to a halt.

I had a stressful time managing risk by the hour. The decision to roll back the move to the old office or proceed and hope we got everything in before the typhoon hit was a 15 minute review, every 15 minutes for the first half of the weekend. That was Risk Management like I never had to manage before. Risk Management is critically important to project work.

What is Risk Management?

So, the meaning of "What is a Risk" should, I hope, be graphically clear now..? Risk Management is the process of managing risk as it relates to specific circumstances. The techniques, tools and processes used to manage risk are quite pragmatic and common-sense. But we all know that there's no such thing as "Common Sense" so the best way to get a consistent framework around managing risk is to learn some best practices based on industry proven templates and methodologies.

I'm not here to push one methodology or best practice against another. I have my personal preferences based on my industry and experience but I know and have seen many other project managers use varying techniques and tools in Risk Management, all valid and most of them effective at doing the job.

In a follow up article I will talk more specifically about Project Risk Management. I'll share some templates and examples and hopefully stir up some discussions too. There's no one right way to do Risk Management but there is a consistent framework that should be followed and there are some very good industry standards in Risk Management space.

Risk Management
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If you would like to read more on Project Management and some of the Challenges Project Managers face, please go to IT Project Management Singapore for more great information. Here you will also find links to key resources and organisations that can provide first class Project Management services to any business, small or large, local or international. We have a range of professional services partners that have a great track record of services delivery across Asia.
If you'd like to read more articles on key Project Challenges or just learn more, click here for further reading Risk Assessment Matrix.
Best Regards,
Pete

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Risk Management Within an Organisation

Introduction

This manual is written to advise on an approach to managing risk, with regards to procedures to follow in conducting risk analyses and treatment.

Risk Management

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Background of my Organisation

Risk Management Within an Organisation

I will focus my attention on the management of risks for my company in general. My company is involved in the trading of steel products, mainly for construction purposes, as well as the sales and purchases of agricultural products such as beans, maize and rice. With regards to these products, letters of credit (LCs) have to be initiated regularly for such products to be sold overseas. As part of the accounting and finance function, my responsibilities are not only in the proper accounting treatment of such transactions, but also as part of the team involved in a new trade financing project to ensure the smooth flow of these transactions from the opening of LCs, the financing as well as the delivery of these products. Such a flow will involve the cooperation of both the operations and the accounting and finance departments.

Purpose of Risk Management

Business risk relates to exposure to certain events that will have a negative impact on the strategies and objectives of the company. Hence business risk is due to two factors: the probability of an event occurring as well as the seriousness of the consequences (Bowden, Lane and Martin, 2001). There are several risks that are more specific to my organization, and are shown as follows:

1. Strategic risk, such as poor marketing strategy and poor acquisition strategy, as a result of poor planning (Bowden et. al, 2001). Poor marketing and acquisition of different grades of steel and agricultural products can prove the downfall of the organization.

2. Financial risk, such as lack of credit assessment and poor receivables and inventory management, as a result of poor financial control (Bowden et. al, 2001). Inadequate credit assessment of potential trade and other debtors as well as low debtors' turnover can be a poor reflection of the company's strategy and objectives.

3. Operational risk, such as poor practices and routine actions, as a result of poor human actions (Bowden et. al, 2001). Non-conformity to the organization's safe practices or even willful actions by employees can create potential operational and financial losses to the company.

4. Technical risk, such as equipment and infrastructure breakdown and fire destruction, as a result of failure of physical assets (Bowden et. al, 2001). Such risks can be prevalent in my organization if appropriate actions are not taken to prevent these technicalities. Unfortunately, many organizations tend to focus too much on the performance and cost dimensions of technical risk and manage them too heavily (Smith and Reinertsen, year unknown).

5. Market risk, such as inadequate market research, which is the risk of not meeting the needs of the market, assuming that the specification has been satisfied (Smith and Reinertsen, year unknown). This risk may be more important compared to others, however it is less manageable due to the risk being less objective and quantifiable compared to say technical risk

As a result of such risks mentioned above, coupled with the advancement in technology and competitive pressures, risk management has taken a more important role in the existence of businesses today (Bowden et. al, 2001). Risk management relates to the logical and systematic way of establishing context, identifying risks, analyzing risks, evaluating risks and lastly, treating risks. This approach also involves communicating and consulting the findings as well as monitoring and reviewing the treatment of risks. This approach to managing risks is known as the AS 4360 method (Bowden et. al, 2001).

Risk Management

Step 1: Definition of Context

This relates to the establishment of context in terms of strategic, organizational and risk management (Bowden et. al, 2001). The strategic context is concerned with the relationship between the organization and its parameters in terms of financial, operational, competitive and social context (Bowden et. al, 2001). In the case of my organization, we are concerned with our financial objectives (i.e. sales turnover of US million with a profit margin of at least 12% annually), products with high quality and good customer satisfaction, as well as good market position (one of the top suppliers of steel in the regional construction industry). The strategic context also requires the organization to identify the stakeholders, which includes the owners, employees, customers, suppliers as well as the local community (Bowden et. al, 2001). In addition to that, my organization will have to be accountable to our shareholders and the media as well, since we are a local listed company.

The organizational context will be concerned with wider goals, objectives and strategies of the company as a whole (Bowden et. al, 2001). In this context, we have to establish and implement sufficient key performance indicators (KPIs) and critical success factors (CSFs) that are suitable to the different aspects of the business. There are a couple of KPIs that are commonly used in my organization:

1. Revenue and profit targets: These are mentioned above.
2. Customer satisfaction: Surveys are sent quarterly to our suppliers and customers to ensure at least 90% customer overall satisfaction.
3. Stocks update and on-time deliveries of goods: Sufficient stocks are maintained and retrieved from suppliers and deliveries have to be made on time to customers at least 98% of all sales orders.
4. Timely submission of monthly accounting and sales records to head office: The deadline of submission of such reports is usually the 5th of each month, which has to be strictly adhered to.

On a wider basis, such KPIs are also linked to CSFs in my organization, which includes the following:

1. Maintaining a healthy position in our markets: This is mentioned above.
2. Supportive top management open to marketing and financing ideas: The directors and senior management have a fortnightly meeting with lower management on possible ideas and brainstorming on ideas and possible financing from banks on certain products.
3. Sufficient funds and resources in place: Funds have to be in place for LCs, which are converted to trust receipts, which have to be settled within certain tenure, coupled with adequate manpower and technologies for proper functioning of the organization.

With these KPIs and CSFs in mind, the various activities of the can be further segregated into smaller teams and activities to provide a more logical flow for better analysis (Bowden et. al, 2001). In my organization, the sales teams are broken up into smaller groups in charge of various products for steel and agricultural aspects. This is also done likewise for the finance department, which has smaller teams in charge of receivables, payables and other administrative functions.

Step 2: Identification of Risks

This process aims to identify all events, which might affect the organization as a whole. In such a scenario, there is a need to identify all causes and potential situations (Bowden et. al, 2001). After which, we will proceed to link the risks, both threats and opportunities, with key criteria that will have a direct impact on the organization (Bowden et. al, 2001). There is also a requirement to approach these risks with proactive and reactive responses (Bowden et. al, 2001). There are several tools that can help with identifying risks, namely brainstorming, checklists and judgements based on experience.

In my organization, there are several tools used to identify risks. For the finance department, there is a quarterly checklist used on different risks involved, which can include the amount of tax incurred and tax credits agreed with the tax authorities, the amount of receivables and stock updates and how efficient their respective turnovers are. Provisions for such items are also raised based on prior experience. For the marketing and operations department, weekly meetings are conducted whereby brainstorming and systems analysis are used to identify possible risks with regards to competition, changes in prices and tastes of customers as well as the safe-guarding of stocks at our premises. It is further recommended that a product plan with a product manager be put in place, with rankings are given to the priority of such risks and the inputs, processes and outputs should be investigated in greater depth (Bowden et. al, 2001).

It is mentioned that a test market will be useful if there is a high degree of uncertainty about the eventual sales of the new product as the launch date approaches (Cooper, year unknown). My organization is currently looking at possible new sales of liquor and diesel for its overseas markets. However, these possible sales are not considered new products in the existing markets. With speed and the competitive environment being important facts, a test market may not be applicable in our scenario (Cooper, year unknown).

In addition to the launch of possible new products, there are several pitfalls in considerations for my organization:

1. Lack of market orientation. These are possible risks considering insufficient market analysis and not understanding customer needs and wants.
2. Poor quality of execution. With regards to my organization, the grades or quality of the flammable new products might be filled with deficiencies, hence not meeting customers' needs.
3. Moving too quickly. A too hasty approach to launch these products might render too many mistakes in the process and compromise the quality and timing of the promotional activities (Cooper, year unknown).

Step 3: Risk Analysis

This step involves the estimation of the likelihood and consequence of possible risk events. These are often evaluated using the current controls in place (Bowden et. al, 2001). Such controls are needed to ensure effective operations, reliable reporting systems and proper compliance with rules and regulations (Bowden et. al, 2001). In my organization, controls in place will include past records, market analysis given by traders from different countries, published literature in the form of accounting and marketing magazines and internal and external auditors' reports.

There are several techniques that are used to establish likelihood and consequence, namely structured interviews, multi-disciplinary groups of experts, assessments using questionnaires and computer modelling (Bowden et. al, 2001).

The decision tree technique can also be used whereby the expected net present value (NPV) of cash flows associated with each individual outcome is shown (Vlahos, 2001). This technique is useful for the following reasons:

1. It improves our understanding of each outcome and makes assumptions more forthcoming.
2. It is useful for documenting and communicating thoughts on uncertainty and also helps generate alternatives for better value enhancement.
3. Managers can monitor each stage of the project and make appropriate analysis with regards to decisions made at each point
4. The outputs in terms of expected NPVs generated can be used as potential inputs for projects selection (Vlahos, 2001).

This technique is highly recommended for my organization in two ways:

1. This can be used in decisions made by the marketing department in terms of which products to obtain for potential markets.
2. The finance department will also find it useful in terms of the different ways of financing (i.e. direct cash financing, using LCs or trust receipts) in consideration for the building of the trade finance project.

There are two types of risk analysis, mainly qualitative and quantitative (Bowden et. al, 2001).

Qualitative Technique

A qualitative method makes use of words or descriptive scale and comes in the form of a ranking structure, alternating between Rare and Almost Certain. Such a method is concerned with raking likelihoods and consequences (Bowden et. al, 2001). With regards to construction projects, which can be applicable to my organization, the consequences can range from insignificant (whereby there is no injuries and minimum financial loss), moderate (injuries with medical help required and moderate financial loss) to catastrophic (death with significant financial loss). Such a qualitative table with various likelihood and risk levels matrix can be useful in the following scenarios:

1. Initial screening guide to identify possible risks for further analysis.
2. Where the level of risk does not justify the time and effort required for more analysis.
3. Insufficient numerical data, which renders a quantitative analysis useless.

For the qualitative analysis, the management and staff with regards to the risk events at different levels must work through the risk-ranking matrix. Each likelihood and consequence criteria should be considered in order to put events in the appropriate category (Bowden et. al, 2001).

However, there are several disadvantages associated with this technique:

1. It may not be too accurate as events within the same category may have substantially different levels of risk.
2. There may not be a common basis for comparison of risk i.e. on dollar basis or number of deaths.
3. There is no clear justification with regards to the process of 'weighing' risks
4. There could be different interpretations with regards to the meaning of different consequences i.e. the word catastrophic can mean a great deal to some people, while others might take it more lightly.
5. It can be difficult to translate the findings from this technique to match that of a quantitative method (Bowden et. al, 2001).

With these pitfalls mentioned above in mind, I would think that it will be better to consider the qualitative technique as more of an initial screening exercise which should be used concurrently with the quantitative technique.

Quantitative Technique

This approach takes the product of likelihood and consequence, with the consequence expressed as an actual variable (Bowden et. al, 2001). Such a technique is more reliable as it relies on numerical values, with estimates of frequency being made in terms of event frequency (Bowden et. al, 2001).

There are several drivers of risks, namely, technology, people, systems, organizational factors and external factors (Bowden et. al, 2001). In my organization, some drivers of risk might include how updated my computer versions of accounting and sales systems, the competency and educational levels of the employees, the number of new ideas by lower management accepted by higher management and possibly the amount of pollution our products might cause to the environment.

The quantitative analysis is further broken down into likelihood and consequence criteria. For the likelihood criteria, it is expressed as a probability instead of frequency, thus ensuring that risks are compared on a similar basis (Bowden et. al, 2001). With similar small events likely to occur, the likelihood of them occurring can be considered as one event. With regards to my organization, examples of such similar events might include:

1. 20 deliveries which are not made on time (more than 30 minutes) to customers resulting in losses of ,000 each for transportation costs
2. 5 deliveries of wrong grades of products to customers resulting in losses of ,500 for transportation and bank charges.

For the consequence criteria, it can be considered in terms of an event leading to possible death or severe losses i.e. financial or reputation losses. In the case of the two examples for likelihood criteria given above, the related consequence criteria are as follows respectively:

1. Free deliveries made for the next trip.
2. Appropriate discounts given for these batches of products sold.

The consequence criteria can also be expressed quantitatively in terms of non-performance or failure to achieve certain KPIs, reflecting on the organisation's priorities in accepting varying degrees of risks. In my organisation's case, the free deliveries and discounts given could jeopardize not only the revenue and profit targets, but also in terms of customer satisfaction (which are important KPIs). As such the consequence criteria can be expressed as the mean or expected value (Bowden et. al, 2001). This is consistent with the Monte Carlo method, which can be used to obtain the distribution of the project or product value associated with trading operations (Vlahos, 2001).

Step 4: Risk Evaluation

Risk evaluation is concerned with identifying which risks must be treated and can be calculated using the product of likelihood and consequence (Bowden et. al, 2001). The risks can be compared with previously established criteria. Different softwares such as the Monte Carlo approach, the sensitivity analysis and the probability distribution can be used to show the effects of major risks for evaluation (Bowden et. al, 2001).

Step 5: Treating Risks

There are several methods of treating risks, namely avoidance, accepting, reduction and transfer of risks (Bowden et. al, 2001).

1. Avoiding risks. In my organization, avoiding such risks would involve possibly not importing highly flammable products such as liquor or diesel (which are part of the consideration for new products) as part of sales and speculating in foreign exchange fluctuations.
2. Accepting risks. Certain risks may be unavoidable. In my organisation's case, we have huge sales transactions in Myanmar, which has just experience a major military and governmental coup. Hence sales in Myanmar may be volatile. These are potential risks, which are already factored in our business considerations.
3. Reducing risks. Currency fluctuations are imminent when trading with overseas counterparts for my organization. Hence LCs and hedging are done frequently in order to mitigate such risks for products purchased and sold to other countries.
4. Transfer risks. For my organization, this is done in terms of insurance coverage for stocks, which are housed in our premises.

Some other popular treatment of risks will include audit compliance programs, contractual obligations and conditions, preventive maintenance, quality assurance and contingency planning (Bowden et. al, 2001). Such treatments of risk are also maintained within my organization.

The different options for treatment of risks should be evaluated and risk treatment plans should be planned and prepared (Bowden et. al, 2001). Such a plan should consider detailed base implementations, risk assessment in terms of threats and opportunities in terms of priorities and recommended proactive and reactive contingency plans. (Bowden et. al, 2001).

The risk treatment schedule and action plan should include the following:

1. The different duties and responsibilities for implementation of plan. Preferably, the plan should involve a project leader and different members in charge of one aspect of the project reporting to the leader.
2. The resources to be utilized.
3. Work breakdown structure for the activities
4. Budget allocation
5. Schedule for implementation
6. Details of the mechanism and frequency for proper compliance to the treatment schedule (Bowden et. al, 2001).

Step 6: Communicating and Consulting

For this stage, stakeholders need to have a common understanding of the project or product situation. Consultation from stakeholders as well as experts is required for better opinions, with communication needed for better coordination (Bowden et. al, 2001).

Such an approach is required for several reasons:

1. To prove that the process is conducted in a systematic manner.
2. To provide records of risks and proper organizational records.
3. To provide relevant decision makers with a proper risk management and action plan for approval and implementation.
4. To provide accountability.
5. To facilitate further monitoring and review.
6. To provide audit trail.
7. To share information (Bowden et. al, 2001).

This report should include the following:

1. Executive summary
2. Scope of project
3. Methodology of study
4. Contextual issues of the project including the restraints
5. Success factors chosen
6. KPIs for each success factor chosen
7. Target and tolerance
8. Any assumptions
9. Top ten risks across all CSFs for the project or product plan
10. Vulnerabilities in phases of the project
11. Responsibilities for managing risks in phases
12. Primary and secondary drivers triggering each risk
13. Existing controls
14. Tables and figures (Bowden et. al, 2001)

Step 7: Monitoring and Reviewing

For the final step, there is a need to develop and apply mechanisms to ensure ongoing review of risks i.e. project leaders should provide a consistent update of the current situations (Bowden et. al, 2001). The effectiveness of the risk management process should be consistently monitored and reviewed (Bowden et. al, 2001).

Conclusion

Risk should be managed on an active basis. Risk management will involve identification of areas of high risks ahead of time, interpreted to the greatest degree possible, with the best technical or marketing talent allocated to the problem, have the problems solved as quickly as possible, and be provided with a contingency plan in case something cannot be resolved (Smith and Reinertsen, year unknown).

Reference List

Bowden, A., Lane, M. and Martin, J. (2001) Triple Bottom Line Risk Management. Wiley.

Cooper. (year unknown). New Products: Problems and Pitfalls. Pg 22-49.

Cooper. (year unknown). To test or Not to Test. Pg 123-129.

Smith, P. and Reinertsen, D. (year unknown). Managing Risk. Pg 207-21.

Vlahos, K. (2001). Tooling up for Risky Decisions. Pg 47-52.

Risk Management Within an Organisation

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A Brief Explanation Of SPCC Plans

An SPCC (Spill Prevention, Control and Countermeasure) plan is a document that should be drawn up by the owner of any oil storage facility to describe what steps are to be taken for the handling of oil, what to do if spills occur, what drainage or discharge controls are in place, who is in charge, and what resources and equipment can be brought into use to prevent any oil spills from reaching the coastline or any busy shipping lanes. The SPCC plans must be drawn up according to recognized engineering standards.

Oil spills are a danger to the health of the public, pollute drinking water, spoil natural resources and cause disruptions in the economy. The United States uses enormous quantities of oil for heating, fuel for vehicles and for the operation of hundreds of thousands of machines. Often, oil is spilled from storage facilities, while being transported, or during the course of exploration or production processes and it ends up soaking into the land or being carried away by rivers and streams.

Certification Tests

The prevention of oil spills should be high on the agenda of any oil storage facility and if they do occur, they should be cleaned up as quickly as possible. It often costs less to prevent a spill than to clean one up after the event. The purpose of the SPCC rule is to assist oil storage facilities prevent spilled oil from reaching navigable waterways or the closest shoreline.

A Brief Explanation Of SPCC Plans

The SPCC rule applies to any facility that can store more than 1,320 gallons of oil above ground or greater than 42,000 gallons below ground and there is a reason to suspect that there may be an oil leak. All types of oil are covered, including fuel oil; petroleum; refuse oil; sludge; waste oil and vegetable oil to name but a few. The type of facilities that are covered by the regulation are any that store, refine, process, consume or use oil and are not in the business of transporting the oil.
All covered facilities have to comply with the SPCC rules by preventing oil from spilling and by setting up and following their own SPCC plan. Some of the steps an owner or operator can take to prevent oil from spilling include; use suitable containers for the stored oil, use an alarm system to indicate overfill, provide backup containment measures for bulk storage vessels that is able to contain a major spill from the vessel plus any rainfall, if using a dike, this should be constructed from concrete or earth. Using a tank with double walls may also be acceptable.
Secondary containment should be provided to catch the spills that occur when transferring oil between containers and when offloading tankers. Drip pans, absorbing materials or curbing mechanisms should be used as well as regular inspections of all containers and pipes. Underground pipes need to be leak tested after installation or repair and written records should be included in the plan for these tests.
It is the owner/operators responsibility to draw up and implement an SPCC plan. Once all of the elements have been described in detail, the plan has to be certified by a Professional Engineer. The owner or operator can certify the plan if he is able to or chooses to only if certain conditions are met.
These conditions are subject to certain eligibility criteria such as; the total capacity of aboveground storage should be 10,000 gallons or less, for three years prior to certification, there has been no single oil discharge into the water or onto the shoreline that exceeds 1,000 gallons, two discharges of oil into the water or shoreline have not exceeded 42 gallons over the previous twelve months. If the facility cannot meet the above requirements then a licensed Professional Engineer must certify the SPCC plans.
A Brief Explanation Of SPCC Plans
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