BUS3PPB Professional Practice in Business

The purpose of this assessment is to bring together the skills and knowledge to describe the characteristics of risk failure to an organisation and illustrate the outcome of a shock or change on risk management practice and board governance Brief to the Chairman The task is to prepare a two to three page executive brief with attachments (1,500 words in total) on the current Devondale Murray Goulburn (DMG) situation in terms of risk exposure by drawing on the background in the newspaper article provided. The executive brief should, as a minimum, include: a description of the industry sector in which DMG operates; an examination of the factors that influenced decision-making a...Show More

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Taking a risk involves making a prospect on a future event that could either be successful or fail (Kaebnick,Gusmano & Murray, 2014). Before taking a risk, an assessment is important to weigh the possibility of the outcome being either positive or negative (Deloitte & Touche, 2012). In order to run a business, there has to be a plan that takes into consideration eventualities that could happen to the business in future (Carper & Kennedy, 2014). The environment of the business influences largely the success or failure of the business. Therefore, the success of running a business is largely dependent on analysis of the environment and taking risks with the highest likelihood of bringing positive outcomes to the business (Ignacio, 2009). This paper delves into the causes of risk failure of Devondale Murray Goulburn (DMG).