Managing Risk Through Effective Team-Based Decision Making
Introduction
RWE npower is an integrated energy company. It is the third largest supplier of electricity, through its npower brand and one of the largest electricity generators. It is part of the RWE Group, which is one of the largest European energy
Utilities. Energy companies have a responsibility to maintain supplies of energy 24/7. This means that they have to be aware of and manage risk. There is a risk involved in all business activity. Managing risk successfully means striking a balance between risk, cost and returns.
Importance
RWE npower is an important contributor to the economy. It provides jobs, helps people maintain and increase their standard of living by supplying energy and invests in large capital projects. The most visible face of the business is its huge power stations but it is also involved in developing alternative forms of energy such as biomass plants and wind farms. It seeks green or sustainable solutions to problems wherever possible.
Types of problems
There are different types of business problems – and therefore different solutions to them.
* Deviation problems are where targets are not being met. Problem solving in this case is centred on closing the gaps.
* Improvement problems. Here solutions need to address how the business can become for example more efficient or more green.
* Open-ended problems where conventional solutions will not work. Solutions are generally linked to the idea of 'thinking outside the box' i.e. coming up with new and untried ideas.Engineers at RWE npower have to handle these problems all the time. In the first two cases, there are often proven techniques and solutions which can be worked out in teams.
Teamwork brings together engineers with different skills and experience. Teamwork encourages team members to bounce ideas off each other so can be fun as well as leading to solutions. Some solutions have saved RWE npower millions. Creative problem-solving.
This is linked to open-ended
RWE npower is an integrated energy company. It is the third largest supplier of electricity, through its npower brand and one of the largest electricity generators. It is part of the RWE Group, which is one of the largest European energy
Utilities. Energy companies have a responsibility to maintain supplies of energy 24/7. This means that they have to be aware of and manage risk. There is a risk involved in all business activity. Managing risk successfully means striking a balance between risk, cost and returns.
Importance
RWE npower is an important contributor to the economy. It provides jobs, helps people maintain and increase their standard of living by supplying energy and invests in large capital projects. The most visible face of the business is its huge power stations but it is also involved in developing alternative forms of energy such as biomass plants and wind farms. It seeks green or sustainable solutions to problems wherever possible.
Types of problems
There are different types of business problems – and therefore different solutions to them.
* Deviation problems are where targets are not being met. Problem solving in this case is centred on closing the gaps.
* Improvement problems. Here solutions need to address how the business can become for example more efficient or more green.
* Open-ended problems where conventional solutions will not work. Solutions are generally linked to the idea of 'thinking outside the box' i.e. coming up with new and untried ideas.Engineers at RWE npower have to handle these problems all the time. In the first two cases, there are often proven techniques and solutions which can be worked out in teams.
Teamwork brings together engineers with different skills and experience. Teamwork encourages team members to bounce ideas off each other so can be fun as well as leading to solutions. Some solutions have saved RWE npower millions. Creative problem-solving.
This is linked to open-ended