How Does the Recommendation Get Done?
WhenLet Ithem discussknow riskhow andto mitigation with teams, I emphasiseevaluate the connection between risks, mitigation strategies, and the overall solution. Instead of simply presenting a risk and mitigation slide at some point during the presentation, I aim to incorporate this information into the analysis and implementation phases. This approach ensures that risks are discussed as parteffectiveness of the analysisplan. Establish the key performance indicators (KPIs) and thatdetermine mitigationswhat they are integratedand when they should be measured. Visual tools like Gantt charts work well to lay out a reasonable timeline, complete with actual dates. Identify the key steps involved in the process.
If your project involves multiple ideas or phases, consider creating separate timelines for each phase. Start with a comprehensive overall timeline and then break it down into themore detailed segments as you identify specific tasks. In a case competition, successful implementation plan.
The goal is to presentcarries the most significantweight strategicin risksthe scoring, so dedicate sufficient time to outline the "what" and explain"when."
Make sure to visualise the planning process and provide specific timing, using phrases that reference time frames such as: "after this meeting," "later today," "tomorrow," "next week," and "next month." The level of detail can be less specific for longer time frames, whereas shorter-term goals should be clearly defined in terms of time.
Include the necessary steps to execute the solution, particularly those that address any identified risks. Use visual aids like Gantt charts where time is in the first column, along with action items, and include the name of the responsible person. You can also utilise methods like the Critical Path Method to determine accountability for each step.
It's important to reassure the audience that they are not solely responsible for implementing the plan. Discuss the roles of different departments and personnel, including new hires or external partners, if relevant. This not only alleviates the burden on any one individual but also demonstrates an understanding of how toa controlbusiness them.operates.
In summarise,a Icase recapcompetition, the information previously presented. When analysing risks, we need to differentiate between impact and probability. It'it’s crucial to recogniseconvey that the CEO should not handle every task personally—demonstrate awareness of the need for delegation.
Regarding the theory of change, consider inputs, activities, outputs, outcomes, and impacts as you construct your timeline. Identify the necessary resources (inputs), the activities that need to be conducted, and the expected outputs, which are the tangible products of these activities. Outcomes refer to behavioural changes resulting from the project, while impacts are the long-term changes stemming from those outcomes, all of which should align with your strategic objectives.
When discussing key performance indicators (KPIs), it’s important to remember that there are two types: lagging and leading indicators.
Lagging indicators are based on historical data and reflect past outcomes. They show desired results but are influenced by previous performances. In contrast, leading indicators are drivers of business value and serve as predictors of future outcomes. They are about influencing future change rather than simply reflecting the past.
To better understand this distinction, think about the current state versus the future state; leading indicators help gauge how we can primarilyinfluence controlfuture theoutcomes.
KPIs ofalso require targets. Setting a risk,clear notdesired thestate impactfor itself,a whichspecific tendstimeframe tois be constant. Effective mitigations should aim to reduce the likelihood of risks occurring.
Additionally, it’s vital to present risks in order from highest to lowest impactessential, and probability. For example, risk number one should be the one with the most significant impact and highest probability, followed by risks two, three, and so on. In this context, it's important to ensurecommunicate these targets to everyone involved. Keep in mind that targets can be negotiable and should have established upper and lower ranges of acceptable performance. Discuss the scope of these targets, considering whether they are annual, compressed, or stretch targets.
Finally, it’s crucial to help your audience understand what these targets and KPIs mean. Make sure that the key risk is at the top of the list. If a presentation mistakenly places a lower-priority risk above a higher-priority risk, that should be corrected.
When discussing risks on the slide, these should have already been outlined during the analysis phase, reinforcing why a particular solution is the best choice. Mitigation strategies should also appear in the implementation section, demonstrating how riskstargets are beingrealistic—neither addressedoverwhelmingly throughoutdiscouraging thenor plan.
A takeaway message should reflect on the strategic risks as we progress. It's essentialeasy to focusachieve—as onyou strategicmove risks because they can hinder the execution of the overall strategy. These strategic risks may vary depending on the situation. For instance, in an e-commerce strategy, cybersecurity becomes a significant risk. In an NFT strategy, ownership rates are a concern. Similarly, when adopting a new product, customer adoption presents a risk. A detailed mitigation plan should accompany these risks in the implementation phase.forward.
For example, if there is a potential delay in constructing a new NHL arena, additional funding channels could be utilised to secure immediate contracting services, allowing us to address any construction schedule issues effectively. The strategic risk in this case is the timely completion of the NHL arena, and having extra funds available can help us resolve delays and keep the project on track.