Risk Management Developing, Manufacturing And Selling A New Product

841 words - 4 pages

Developing, Manufacturing and Selling A New Product
Risk Management
Douglass Turner
November 8th, 2015

Risk Identification

In developing this new project for Cola Enterprises LLC, we have taken an overall view of the project in its entirety and have identified several risks. The purpose of this section is to identify the risks, assess each of the risks for severity, plan responses accordingly and develop monitoring programs for each identified risk. This is by no means an absolute solution based document as risks and unforeseen issues may come up during the execution of this project. The overall intent of this document is to be responsive enough to react to any other ...view middle of the document...

Product stability still has yet to be determined and for that reason is identified as the last risk. With the pH of the beverage being less than 4, along with the natural preservative effect of carbon dioxide the product should exhibit similar shelf stability of other similar products. Until the final determination can be made, for the scope of this project we will categorize and monitor this attribute as a potential risk.

Risk Assessment, Risk Response, Risk Monitoring
Below is the risk methodology used in rating each of the above risks.

Risk | Rating | Justification | Risk Response | Risk Monitoring |
Ingredient Availability | 6 | Ingredient is currently available at 3 vendors, possible shortage due to supply of competitors | -Observe lead time for vendor orders-Conduct partnership meetings between supplier and customer-Ensure product supply planning is sufficient to maintain inventory levels | -Planning to follow up with procurement weekly monitoring ingredient levels at production facility, solicit feedback from vendor-Ensure meeting is conducted with supplier demonstrating commitment to observing vendor protocols-Communicate daily with warehouses monitoring finished inventory levels are adequate to meet demand-Communicate inventory levels to planning so timely adjustments can be made observing vendor ingredient requirements |
Process Equipment Suitability | 25 | Current proportioner cannot blend finished beverage under current configuration | -Schedule design and development meeting with Operations, Finance and Engineering leadership to determine replacement or upgrade of current proportioner | -Conduct installation of new or upgraded proportioner-Conduct training for machine operators on proper function of new proportioner-Conduct capability studies of finished product to properly qualify...

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