Question

City Bus Corporation provides school bus transportation to public schools in Lancaster County. City Bus owns 50 buses that are garaged in three different cities within the county. The firm faces competition from two larger bus companies that operate in the same area. Public school boards generally award contracts to the lowest bidder, but the level of service and overall performance are also considered.

a. Briefly describe the steps in the risk management process that should be followed by the risk manager of City Bus.

Answer 1

Given Information :

Organization : City Bus Corporation

Type of service : Transportation

School bus transportation to non-public and public schools in Lancaster County.

No of buses : 50 City Bus.

Location :In three different countries garaged within the country.

Competition : The firm faces competition from two larger bus companies that operate within an equivalent area.

Service parameters :

Public school boards and personal schools generally award contracts to rock bottom bidder, but the extent of service and overall performance also are considered.
Briefly describe the steps in the risk management process that should be followed by the risk manager of city bus.
The risk management process because it's applied during a service business is described. the method involves a five‐step sequence that service organisation managers can use to detect and evaluate loss exposures, select and implement techniques to treat them, and monitor the results of their efforts.
As a project manager or team member, you manage risk on a daily basis; it’s one among the foremost important belongings you do. If you find out how to use a scientific risk management process, and put into action the core 5 risk management process steps, then your projects will run more smoothly and be a positive experience for everybody involved.
A common definition of risk is an uncertain event that if it occurs, can have a positive or negative effect on a project’s goals. The potential for a risk to possess a positive or negative effect is a crucial concept. Why? Because it's natural to fall under the trap of thinking that risks have inherently negative effects. If you're also hospitable those risks that make positive opportunities, you'll make your project smarter, streamlined and more profitable. Think of the adage –“Accept the inevitable and switch it to your advantage.” that's what you are doing once you mine project risks to make opportunities.

Uncertainty is at the heart of risk. You may be unsure if an occasion is probably going to occur or not. Also, you'll be uncertain what its consequences would be if it did occur. Likelihood – the probability of an occasion occurring, and consequence – the impact or outcome of an occasion , are the 2 components that characterize the magnitude of the danger .

These 5 risk management process steps combine to deliver a simple and effective risk management process.
Step 1: Identify the Risk. You and your team uncover, recognize and describe risks which can affect your project or its outcomes. There are variety of techniques you'll use to seek out project risks. During this step you begin to organize your Project Risk Register.

Step 2: Analyze the risk. Once risks are identified you identify the likelihood and consequence of every risk. You develop an understanding of the character of the danger and its potential to affect project goals and objectives. This information is additionally input to your Project Risk Register.

Step 3: Evaluate or Rank the Risk. You evaluate or rank the danger by determining the danger magnitude, which is that the combination of likelihood and consequence. You make decisions about whether the danger is suitable or whether it's serious enough to warrant treatment. These risk rankings also are added to your Project Risk Register.

Step 4: Treat the Risk. This is also mentioned as Risk Response Planning. During this step you assess your highest ranked risks and began an idea to treat or modify these risks to realize acceptable risk levels. How are you able to minimize the probability of the negative risks also as enhancing the opportunities? .According to above information the firm faces competition from two larger bus companies that operate in the same area. So risk manager of city bus should know about the who trains your school bus drivers.
There should be specific, written guidelines for the development of bus routes.
information about hazardous route conditions distributed to the various drivers.
notification of hazardous policy should be written or verbal
Step 5: Monitor and Review the risk. This is the step where you're taking your Project Risk Register and use it to watch , track and review risks.

Risk is about uncertainty. And that means you'll move far more confidently to realize your project goals. By identifying and managing a comprehensive list of project risks, unpleasant surprises and barriers are often reduced and golden opportunities discovered. The risk management process also helps to resolve problems once they occur, because those problems are envisaged, and plans to treat them have already been developed and agreed. You avoid impulsive reactions and going into “fire-fighting” mode to rectify problems that would are anticipated.
Conclusion: risk manager of city bus should raise the level of service and overall performance.
periodic recetification of your drivers .recetification process should be done in proper manner with all documents requires as per the condition .
monitor and supervise the performance of driver.