Running head: PROJECT RISK MANAGEMENTProject Risk ManagementName of studentName of institution1PROJECT RISK MANAGEMENT2Project Risk Management5. Project risk management5.1 Financial risk5.1.1 Financial risk mitigation strategies5.1.1.1 Keep financial recordThis involves maintaining ledger books for all the transactions in the ice cream shop.The books will help keep track of debtors and creditors that the enterprise will be dealing wth.The financial records also include regular preparation of balance sheet to show how the businessis doing at particular times. At the end of each period, the enterprise should have a well-preparedstatement of profit and loss. This is also for assessment purposes.5.1.1.2. Having an internal auditAuditing helps in counterchecking whether the record is kept in a standard manner as perthe international standards of accounting. It also verifies whether they reflect the true position pfthe enterprise. Auditing helps in checking the financial flaws in the business.5.1.1.3. Avoid issuance of excess debtExcess issuing of debts to customers puts the business at risk. Minimize the level of debts asmuch as possible.5.1.2 Financial risk contingency plan5.1.2.1 Diversify productsPROJECT RISK MANAGEMENT3It is important to add the variety of products in the shop. For example, the enterprise can havedrinks that are not the same flavor like ice cream.5.1.2.2 Set aside finances for emergenciesIn the business budget, it can a ...
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