Ignoring Project Risk

 

 

Scenario: A new executive education course was proposed and approved by the once dynamic, but now visibly ailing, Vice President (VP) for human resources. Consultants were employed to gathered requirements across all company units. The course idea was widely applauded as a necessary step for executive development in the fast-paced enterprise. A course outline had been completed and approved when the sick VP for human resources had suddenly retired. After a few weeks, a new VP for human resources was hired. The new VP was unconvinced that the course was necessary. Her charge was to cut costs and streamline the human resources department to fit the new image of the company.

Sample Solution

Despite the fact that risk has always been a part of business, nearly no industry was prepared for Covid-19’s global economic impact. The Dow Jones saw its greatest single-day drop on March 16, 2020, and the impact on global stock markets is still unknown. Companies are seeking to reduce their losses and protect their assets more than ever before. We need to be aware of potential hazards as project managers in order to prevent them; this is also known as risk management. Fashion, hospitality, infrastructure, institutional-investing, nursing, and public-transport sectors are all responding to and planning for ever-changing difficulties, according to the worldwide consulting firm McKinsey in their June 11 Executive Briefing.

Over the years, diplomacy has gradually expanded to new policy fields, entering uncharted political territories such as climate negotiations and cyber space. China and other countries have been expressing and advocating that cyberspace can no longer be controlled by the West and it it completely logical for cyber space politics to have diverse representations and it is evidently in China’s interest to represent the current power balance in the international power system. Government regulation and control over the free Internet is a matter of existential issue for authoritarian countries, while democratic countries prefer an open and free cyberspace. The traditional power structures and conventional power dynamics of the previous century are clearly evident in cyber space as well.

WHAT IS CYBER DIPLOMACY ?

Cyber-diplomacy is described as diplomacy in the cyber domain, or the use of diplomatic tools and the performance of diplomatic functions to protect national interests in cyberspace. Cybersecurity, cybercrime, confidence-building, internet freedom, and internet governance are all on the cyber-diplomacy agenda. (Cyber-diplomacy: the making of an international society in the digital age – André Barrinha and Thomas Renard – https://estudogeral.uc.pt/bitstream/10316/83482/1/Cyber%20diplomacy.pdf )

Building Multilateral Engagement and Strategic Partnerships, building strategic alliances with other countries around the world to promote joint action and collaboration against common challenges, forming like-minded coalitions on critical policy issues, exchanging intelligence and national programs, and fighting bad actors are all part of cyber diplomacy. A new dimension of international affairs is a collection of diplomatic activities dealing with the narrowly specified regulation of cyberspace.

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