Winsome Manufacturing Company Describe the Possible Risk Essay

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Winsome Manufacturing Company

Describe the possible risk events for the project. Identify the high probability, high-impact risk events. For each of those risk events, identify the possible actions to mitigate the risk.

According to the case, Winsome Manufacturing Company operates along with its sister concern with various functional units divided between the two entities. The sister concern of Winsome Manufacturing Company is primarily a unit that deals with purchasing products from outsourced manufacturers, brand the products, educate the sales representative about the product and market it to the final target market, which are home consumers through home sales event. The sales department is also responsible for forecasting sales, pricing, monitoring sales, identifying new markets and bringing in new products into product line.

There is little chance that any project in the corporate sector is a completely risk free project. Given that a project consumes some degree of investment and scarce resources. Risk therefore refers to the degree of financial loss it can incur for the company and therefore is a serious concern for the firm. While the root cause behind the risk factor might not necessarily financial in nature, it can very well lead to financial losses.

A very important high probably risk factor involved in this case is a volatile economic situation after the recent economic slump. Inflation rates are sky rocketing and unemployment rates are as high; people are likely to cut down on expenditures. The product itself has high price elasticity of demand due to operating in a competitive marketing.

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Moreover, with increased globalization and innovation, cheaper and more diverse options are available for consumers (Dohortey, 2000).

Wrong pricing strategy can therefore result in considerable losses. In order to prevent that, Winsome has to ensure that it takes cost cutting measures. Outsourcing must be done only from manufactures that can provide most innovative and practical products at lower prices. Cash payments and bulk buys can help in cutting down on costs.

2. Describe how changes to the risk management plan will be identified, reviewed, and approved.

Risk management plan for this project must be such that is flexible and tailorable enough to adapt to unforeseen and volatile situations (Culp, 2001). Therefore best case scenarios and worst case scenarios are to be considered and compared to the existing scenarios. In order to implement a risk management plan successfully, it is essential that the plan should have a low probability and low impact index. The plan should be reviewed at time intervals to make way for any last minute changes and amendments.

3. Develop the barriers and actions section for this category: •Leadership and staffing barriers.

An organization, whether large or small ultimately is successful when the customers are satisfied and that too in a way which is cost efficient for the organization itself. This is only achievable if the employees are well motivated and enjoy their work environment. This way, it gets easier for them to align themselves with the organization's strategic goals and it increases their productivity and efficiency. While….....

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