Answer to Question #288300 in Management for candice

Question

The process of risk analysis includes determining the severity or consequences and the probability for the identified risk event to occur. This process involves determining the source of the risk. After the risk has been assessed, we need to decide what the next action to be taken. Consider you are the project leader of the R&D Department in managing the new product Digital Video Recorder as shown in Figure below.

Evaluate THREE (3) potential risks, identify the source of risks, and suggest the mitigation plan for each identified risk. Please briefly discuss your findings. Component : Risk Source, Mitigation Plan 

Answer 1

Conventional wisdom holds that there are four common risk mitigation strategies, typically avoidance, acceptance, transference and reduction or control.