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. Moreover, with increased globalization...
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