Critical Risk Assessment and Milestones Schedule
In this section, we are going to get through peril appraisal and milestone schedule in the company. Risk assessment tries to identify, prioritize, characterize and file an improvement approach relative to the risks that can be identified within the company. Risk assessment is a process that will be monitored continuously within the company and updated throughout the life of the company. The assessment will be carried on a monthly basis.
Improvement approaches should be agreed upon by the company’s management and there is a necessity of allocating time to each assessment process so that it becomes easier to identify new risks and thereafter, improvement strategies are discussed. The improvement approaches that need to be assessed are the impacts of the risk, the company’s attitude to accept the risk and the possibility of improving the risk. The company’s management will communicate amendments and recommend contingencies to the assessing committee every month or frequently as the situation warrants.
The purpose of the company is to produce high-quality products so that the customers will be satisfied. The products of the company will be unique and made in line with the most current technology so as to fit in the market. The company is also working towards ensuring that it is talented to fill up particular requirements for products and will offer choices of having products custom made. The other feature that the company will offer to the customer is the product warranty so that the customers may be able to enjoy using their products for a longer period of time.
This section will present and converse the serious peril appraisal and millstone’s schedule of the company (Cobb, 2012). SWOT scrutiny will be provided, a possibility will be definite and favored objectives and timings will be discussed so as to establish the accomplishment of the company. SWOT scrutiny is a scaffold for the assessment of the interior strengths, weaknesses, exterior opportunities and threats affecting the company. Typical SWOT scrutiny seeks to respond to two major questions: what course is the company headed and where is the organization presently (Lock, 2007).
The company has massive strengths by offering its products worldwide. This enables the company to obtain abundant seller relations with organizations crossway the universe and gives the company’s customers several options to opt for especially the vendors who operate internationally (Martin, 2006). The other strength of the company is where the company is based out of. The scenery or location of the company is an implausible attraction for people looking for such products. On the other hand, the company also has its own weaknesses. The first weakness that the company is experiencing is high competition in the market. Competitors array from companies that have operated in the business for fifty years and upcoming companies.
The other weakness facing the company is the inadequate customers who spend extravagance costs to buy because customers have a variety of products to choose from. The threats facing the company can be regarded as opportunities for the company by making the management and employees become innovative in capturing the customers’ concentration to choose the company’s products. In order to maintain high customer base, the company will continue improving the quality of the product and ensure that the products are made according to the current technology for the product to fit well in the market and meet the consumers’ desires. All issues that come up throughout the production process will be dealt with by the management. In addition, operational, financial and marketing ideas will be made by the top management.
Spreadsheet with Critical Decisions
|Objectives of the business||Decisions||Time|
|1. To ensure high quality||Purchasing of quality raw materials||1 year|
|2. To make the company innovative||Training the employees||2 Years|
|3. To deal with production Issues||Assessing all the production process||6 months|
Cobb, A. T. (2012). Leading project teams: The basics of project management and team leadership. Thousand Oaks, Calif: SAGE.
Martin, V. (2006). Managing projects in human resources, training, and development. London: Kogan Page.
Lock, D. (2007). The essentials of project management. Aldershot, England: Gower.
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