Quality Control, SPC and Quality Management Microsoft Excel Templates and Dashboards
Businesses can also choose to manage risk through mitigation or reduction. Mitigating business risk is meant to lessen any negative consequence or impact of specific, known risks, and is most often used when business risks are unavoidable. For example, an automaker mitigates the risk of recalling a certain model by performing research and detailed analysis of the potential costs of such a recall. If the capital required to pay buyers for losses incurred through a faulty vehicle is less than the total cost of the recall, the automaker may choose to not issue a recall.
Similarly, quality control excel dashboards mitigate the risk of a new program not functioning correctly by releasing the product in stages. The risk of capital waste can be reduced through this type of strategy, but a degree of risk remains.
In some instances, businesses choose to transfer risk away from the organization. Risk transfer typically takes place by paying a premium to an insurance company in exchange for protection against substantial financial loss. For example, property insurance can be used to protect a company from the financial losses incurred when damage to a building or other facility takes place. Similarly, professionals in the financial services industry can purchase errors and omissions insurance to protect them from lawsuits brought by customers or clients claiming they received poor or erroneous advice.
Related: Quality Tools
QC management can also be implemented through the acceptance of risk. Companies retain a certain level of risk brought on by specific projects or expansion if the anticipated profit generated from the business activity is far greater than its potential risk. For example, pharmaceutical companies often utilize risk retention or acceptance when developing a new drug. The cost of research and development does not outweigh the potential for revenue generated from the sale of the new drug, so the risk is deemed acceptable.
This example quality assessment shows the kind of approach a small business might take. It can be used as a guide to think through some of the hazards in your business and the steps you need to take to control the risks. Please note that it is not a generic risk assessment that you can just put your company name on and adopt wholesale without any thought. This would not satisfy the law – and would not be effective in protecting people.
For each hazard, the manager wrote down what controls, if any, were in place to manage these hazards. The manager then compared these controls to the good practice guidance provided in office health, quality and safety web pages. Where existing controls were not considered good enough, the manager wrote down what else needed to be done to control the risk.
There are many approaches to project risk management planning, but essentially the risk management plan identifies the risks that can be defined at any stage of the project life cycle.
The quality management plan evaluates identified risks and outlines mitigation actions. A quality control excel dashboard template management plan should be periodically updated and expanded throughout the life cycle of the project, as the project increases in complexity and risks become more defined.
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