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University of Illinois at Chicago Risk Management Paper

University of Illinois at Chicago Risk Management Paper

Question Description

I’m trying to study for my Business course and I need some help to understand this question.

This week’s assignment will focus on beginning the process of establishing a Risk Treatment and Response Plan (attached). As you know, we first need to understand the business problem and the data that must be accessed before selecting and building our models. The modeling techniques and the process for evaluation and deployment to the decision environment will be the subject of future lectures, discussions, and assignments. The CRISP-DM model, presented in my Week 1 lecture is provided as an attachment and should be used as a guide and template for this assignment and for the remainder of the term. For this week’s assignment I would like you to select three fictitious competitive risks that you believe would be of concern in the acquisition of a new product. You may want to use the threats you identified from the week 1 S.W.O.T assignment but that is not necessary. You should provide a paragraph for each risk, establishing what the threat or risk is, or could be that would cause the real or potential risk to occur. You should also explain where you would look for the data to perform the analytics-based assessment of the risk. You should then provide your early views on the risk impact and the likelihood that it could occur. This should be followed by a few paragraphs describing how you will interact with your team and senior managers to complete the risk assessment. The total written assignment should be no more than two double spaced pages to be submitted in Word. Lastly I would ask you to record the risk in the attached Risk Treatment and Response Plan along with the name of your fictitious company (replace XYZ company). You will update and submit the Risk Treatment and Response Plan each week with information that you gather during the remainder of the term, culminating in the final product which will be the Signature Assessment assignment. In Week’s 3 and 4 we will look at qualitative and quantitative risk assessment techniques as they apply to your identified risks so please make sure that you give ample thought to identifying competitive risks in this assignment.

(ps: the photo below is the Week 1 SWOT analysis chart I did, you can relate to that.)

This swot analysis assignment would be within the risk management concept. Double space within 2 pages is great, thank you so much!



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