you have to response to the following with 300 words, APA style
1500 annual patient treatments, located in a lower socioeconomic area of an urban environm ent
Riskiness Score: 0=No risk, 1=Little Risk, 2= Medium risk, 3=High risk
Marketplace
Reputational
Infrastructure
Financial
Risks that will impact the level of customer trade or expenditure and customer retention
Risks that will impact desire of customers to deal or trade and level of customer retention
Risks that will impact the level of efficiency and dysfunction within the core processes
Risks that can
impact the way
in which money
is managed and
profitability is
achieved
Description
External
External
Internal
Internal
Internal or External risk
1
2
3
3
Riskiness Index
As we can see from the riskiness index, the financial and Infrastructure components are the components with the highest risk scores. These scores arise from the internal structure of the organization (financial, Infrastructure) and the external environment. My plan to mitigate these two risks in the Financial and Infrastructure components starts with finding new funding resources, also trying to partner with other different organizations and trying to benefit from their equipment and staff. Moreover, One of the mitigation strategies that the organization should think of is utilizing new motivations and healthy environments to improve the outcomes and efficiency of the staff.
References :
Hopkin, P. (2017). Fundamentals of risk management: Understanding, evaluating and implementing effective risk management. London:
Expert Solution Preview
Introduction:
In this answer, we will analyze the various risks impacting the level of customer trade or expenditure and customer retention, as well as the desire of customers to deal or trade and the level of customer retention in a medical college based in a lower socioeconomic area of an urban environment. We will also discuss the risks affecting the level of efficiency and dysfunction within the core processes and the way in which money is managed, as well as profitability. Lastly, we will determine whether each risk is internal or external and propose mitigation strategies for the risks associated with the financial and infrastructure components.
Risks that will impact the level of customer trade or expenditure and customer retention:
The external risk that can impact the level of customer trade or expenditure and customer retention is the marketplace risk. As the medical college is located in a lower socioeconomic area, the availability of financial resources for the customers may be limited. This can lead to a decrease in customer trade or expenditure and could affect customer retention as they may seek alternative options.
Risks that will impact desire of customers to deal or trade and level of customer retention:
The reputational risk is an external risk that can impact the desire of customers to deal or trade and the level of customer retention. Being located in a lower socioeconomic area, the medical college may face challenges in building a positive reputation among the community. Negative perceptions or lack of trust can discourage customers from seeking medical services from the college, impacting their desire to deal or trade and potentially leading to lower customer retention.
Risks that will impact the level of efficiency and dysfunction within the core processes:
Internal risks, such as infrastructure-related risks, can impact the level of efficiency and dysfunction within the core processes of the medical college. In a lower socioeconomic area, the infrastructure might be insufficient or outdated, leading to disruptions in smooth operations. This can result in delays in patient treatments, decreased productivity, and overall inefficiency within the core processes of the college.
Risks that can impact the way in which money is managed and profitability is achieved:
Financial risks are internal risks that can impact the way in which money is managed and profitability is achieved. In a lower socioeconomic area, the medical college may face financial constraints, making it difficult to invest in necessary resources, equipment, or services. Limited financial resources may also affect the college’s ability to attract and retain highly skilled staff, ultimately impacting the profitability of the institution.
Mitigation strategies for risks associated with financial and infrastructure components:
To mitigate the risks associated with the financial component, the medical college can explore new funding resources, such as grants, partnerships with government organizations, or collaborations with private donors. By diversifying their funding sources, the college can reduce financial dependency and strengthen their financial stability.
Regarding infrastructure risks, partnering with other organizations within the community can be beneficial. Collaboration can allow the college to access additional equipment and staff resources, reducing the impact of inadequate infrastructure on the efficiency of core processes. Additionally, creating a motivating and healthy environment for staff can improve outcomes and efficiency.
In conclusion, the riskiness index highlights the financial and infrastructure components as having the highest risk scores. Mitigating these risks requires finding new funding resources, partnering with other organizations, and improving staff motivation and working conditions. Implementing these mitigation strategies can help the medical college overcome the challenges associated with financial and infrastructure risks, ultimately improving customer trade and retention, as well as the overall efficiency and profitability of the institution.
