Essay Risk Mitigation Pl Spectrum Marketing 's Sign Department

1096 Words Oct 3rd, 2016 5 Pages
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 the benefit of the plan Spectrum has decided to categorize our potential risks into groups to allow more clarity. The categories are as followed; Financial/Sales, Product, Labor, and Equipment. Financial/Sales
1. Cost
The specific printer is the Stratasys Connex3 a multi-colored, multi-material, efficient, and simple, top of the line 3-D printer. The cost retails right around $330,000, as of 2015. This is a large investment for Spectrum to take on. Additionally we will need to keep printer ink cartridges fully stocked. This will add additional cost at the rate of production. Financial is assigned a high risk.
2. Demand
With the new product launch there is always the chance we demand will be projected correctly. This could either put…

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