Risk Mitigation Plan
Spectrum Marketing’s Sign Department is creating a risk mitigation plan to go hand and hand with the introduction of customizable 3-D printing. There are many different types of risk involved with rolling out this new product that will be identified in the plan below. The purpose of this plan is to prepare the company and lessen the projected risks of the new product launch. Each risk will include a strategy or guideline based on the likeliness of occurrence on how to properly handle each case. It is understood that the plan is an ongoing effort. Spectrum will constantly monitor each associated plan to allow constant improvement and safety for not only our employees, but also our business executives.
Types of Risks For …show more content…
Although specific training is included with the purchase there may be satiations where equipment fails or employees incorrectly operate. Breakdown risk is planned to happen at a below average rate.
Strategies/Guidelines
As stated above each risk has an associated strategy/guideline. In this risk mitigation plan we identified the risks above and assigned an order of probability. Below we implement a plan on how to handle each risk.
Financial/Sales
1. Cost
To deal with the large investment in the new product Spectrum must properly forecast Sales to understand when in the timeline break-even should happen. The price charged for 3-D printing should reflect its innovativeness.
2. Demand
In the chance that there is a shortage in demand, management should consider different ways to introduce the new product to the public. In the chance of excess demand management will need to relook at product life cycles and better plan timelines. Product
3. Marketing
If the marketing plan is not effective Spectrum must learn why. Options may include focus groups or outside consulting.
4. Quality
Unfortunately there is not a benchmark of quality until Spectrum starts production. In the chance there are quality issues the plan is to address and understand why there are defects.
Spectrum Marketing’s Sign Department is creating a risk mitigation plan to go hand and hand with the introduction of customizable 3-D printing. There are many different types of risk involved with rolling out this new product that will be identified in the plan below. The purpose of this plan is to prepare the company and lessen the projected risks of the new product launch. Each risk will include a strategy or guideline based on the likeliness of occurrence on how to properly handle each case. It is understood that the plan is an ongoing effort. Spectrum will constantly monitor each associated plan to allow constant improvement and safety for not only our employees, but also our business executives.
Types of Risks For …show more content…
Although specific training is included with the purchase there may be satiations where equipment fails or employees incorrectly operate. Breakdown risk is planned to happen at a below average rate.
Strategies/Guidelines
As stated above each risk has an associated strategy/guideline. In this risk mitigation plan we identified the risks above and assigned an order of probability. Below we implement a plan on how to handle each risk.
Financial/Sales
1. Cost
To deal with the large investment in the new product Spectrum must properly forecast Sales to understand when in the timeline break-even should happen. The price charged for 3-D printing should reflect its innovativeness.
2. Demand
In the chance that there is a shortage in demand, management should consider different ways to introduce the new product to the public. In the chance of excess demand management will need to relook at product life cycles and better plan timelines. Product
3. Marketing
If the marketing plan is not effective Spectrum must learn why. Options may include focus groups or outside consulting.
4. Quality
Unfortunately there is not a benchmark of quality until Spectrum starts production. In the chance there are quality issues the plan is to address and understand why there are defects.