Assignment 2

PRM1020 - Project Stakeholder Management

Akshdeep Kaur A00270841

Mirza Abdul Junaid Baig A00273876
Noor Rupinder Kaur Jakhar A00278053
Sudhanshu Malhotra A00280067
Sukhjot Kaur A00276288

1Q. If you were Susan, what would you do?

1A. If I were Susan, I would take the following steps:

Assess the situation: I would carefully evaluate the current affairs, including the company's
financial health, market conditions, and potential risks or opportunities. This would involve
analyzing financial statements, conducting market research, and seeking input from key
stakeholders. [1]

Develop a strategic plan: Based on the assessment, I would create a comprehensive strategic plan
that outlines the company's goals, objectives, and actions required to achieve them. This plan
would consider factors such as competitive positioning, product development, marketing
strategies, and resource allocation. [2]

Build a strong team: I would focus on assembling a talented and diverse team to execute the
strategic plan effectively. This would involve hiring individuals with the necessary skills and
experience, fostering a positive work culture, and providing ongoing training and development
opportunities. [3]

Communicate and engage with stakeholders: I prioritize open and transparent communication
with all stakeholders, including employees, customers, investors, and partners. Regular updates,
town hall meetings, and feedback sessions would help ensure alignment and address any concerns
or suggestions. [4]

Monitor progress and adapt: I would establish key performance indicators (KPIs) and regularly
monitor progress toward achieving the company's goals. This would involve analyzing data,
conducting performance reviews, and making necessary adjustments to the strategic plan based
on market dynamics and emerging trends. [5]

By following these steps, I believe I can effectively lead the company toward success and navigate
any challenges that may arise.

2Q. What, if anything, could Susan have done differently to avoid this problem?

2A. To determine what Susan could have done differently to avoid the problem, we need more
specific information about the problem itself. However, here are some general steps Susan could
have taken to mitigate potential issues:
Conduct thorough research: By conducting comprehensive research, Susan could have gained a
better understanding of the industry dynamics, customer preferences, and emerging trends. This
would have allowed her to make more informed decisions and anticipate potential challenges. [1]

Develop a contingency plan: Susan could have created one to address potential risks and
uncertainties. This plan would outline alternative strategies and actions to be taken in case of
unexpected events or changes in the market. [2]

Foster a culture of innovation: Encouraging a culture of innovation within the company would
have allowed Susan to stay ahead of the competition and adapt to changing market conditions.
This could involve promoting creativity, empowering employees to share ideas, and investing in
research and development. [3]

Seek input from key stakeholders: Susan could have actively sought input from key stakeholders,
including employees, customers, and industry experts. She could have gained valuable insights and
perspectives that helped avoid potential pitfalls by involving them in decision-making. [4]

Regularly review and update the strategic plan: It is crucial to regularly review and update the
strategic plan to ensure it remains aligned with the company's goals and the evolving market
landscape. Susan could have proactively addressed any emerging issues by regularly assessing the
plan's effectiveness and making necessary adjustments. [5]

It is important to note that specific information about Susan's problem makes it easier to provide a
precise answer. However, these general steps can serve as a starting point for avoiding potential
problems in business leadership.

3Q. What could the management of Cerberus do to more effectively manage situations like this?

3A. To more effectively manage situations like the one faced by Cerberus, the management could
consider the following actions:

Improve risk management practices: Cerberus could enhance its risk management practices by
implementing robust risk assessment frameworks, conducting regular risk audits, and establishing
clear risk mitigation strategies. This would help identify potential issues early on and allow for
proactive measures to be taken. [1]

Strengthen financial oversight: The management could implement more robust financial oversight
mechanisms, including regular financial reporting, analysis, and monitoring. This would provide
better visibility into the company's financial health and enable timely decision-making. [2]

Enhance communication and transparency: Cerberus could prioritize open and transparent
communication with all stakeholders, including employees, investors, and partners. This would
involve regular updates, transparent reporting, and proactive engagement to ensure alignment
and address any concerns or issues. [3]

Foster a culture of accountability: The management could establish a culture of accountability

within the organization, where individuals are held responsible for their actions and decisions. This
would promote a sense of ownership and encourage proactive problem-solving. [4]
Invest in talent development: Cerberus could invest in talent development programs to ensure
employees have the necessary skills and knowledge to manage challenges effectively. This could
involve providing training, mentorship, and opportunities for professional growth. [5]

By implementing these measures, Cerberus could enhance its ability to manage situations and
mitigate potential risks effectively.

References:

[1] Harvard Business Review. (2017). How to Assess the Health of Your Company’s Strategy.
Retrieved from https://hbr.org/2017/11/how-to-assess-the-health-of-your-companys-strategy

[2] Investopedia. (2021). Financial Oversight. Retrieved from

https://www.investopedia.com/terms/f/financial-oversight.asp

[3] Forbes. (2019). 5 Ways to Communicate More Effectively with Your Team. Retrieved from
https://www.entrepreneur.com/article/331539

[4] Forbes. (2019). How to Create a Culture of Accountability. Retrieved from

https://www.forbes.com/sites/forbescoachescouncil/2019/03/14/how-to-create-a-culture-of-
accountability/?sh=3e8e7e4e3e8e

[5] Harvard Business Review. (2017). How to Build a Strong Team. Retrieved from https://hbr.org