Evaluation Of A New Product Development

Before developing a risk management plan an analysis of risk needs to be performed. This analysis should include all aspects of the project that may be part of

When planning a risk assessment and looking at possible risks, the decisions that are made for the benefit of the service user should be made after collecting all of the information available. Any reasons give should be able to be defended by looking at every angle that shows that it is in the best interest of the service user with as much risk being removed as possible.

Changing circumstances within the workplace can cause hazards because other workers can be put at risk because they haven’t been made aware of the changes and management needs to be informed. Risk assessment is a method put in place that is suitable and sufficient to control the risk to health and safety to both employees and other persons who may be affected.

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

risks and determine the likelihood and consequence of that risk occurring during the project. The

Develop and submit a risk register based on the 10 risks you have assessed within the project you selected. Your register should have four sections.

Health and Safety Executive (n.d.2) explain five steps of risk assessment that are ‘identify the hazards, decide who might be harmed and how, evaluate the risks and decide on precautions, record your significant findings, and review your assessment and update if necessary’.

Clear procedures for risk assessment (e.g. the regular checking of equipment for damage and to make sure it is safe)

The second step is to determine if the risk are from human nature or from natural causes, if they are from human nature it is important to find out if there are any ways to eliminate or at least mitigate the risk and if the company can do it what would be the cost.

Receiving effective information to allow the right information to assist with analyzing the risks involved. The effective information can be broken down in a work breakdown structure and tracked through a checklist. The tools and techniques that will assist in the accurate tracking and monitoring include an activity information checklist, interview methods that involve personnel with their direct work responsibilities. Additional techniques include studies conducted throughout the organization on processes and producers to include lessons learned from past projects. In analyzing risk there are two methods such as qualitative and quantitative risk analysis to assist in making the analysis process straightforward.

For the System Development, I define it as a medium level of risk assessment. The company did design, develop and implement new systems for a certain time or logical reason. However, the new system testing is not as well as we think. As the result, the new system does no perform well as we expected. Even though the company have involve the internal audit department for the new system development, and the set them as part of the new project team to review the new project, which the team members are all been voting. They have a good process of development of new systems, but the new systems do not perform well. It will still result in a small probability of risk assessment. In general, I set a medium level of risk assessment to let the company consider about this issue.

Discuss this product or service in terms of its current target market demographics using U.S. Census Data.

Proper survey and the complete scenario is taken into consideration about risks in the organization which enables the proper risk assessment. Potential of each threat or risk is evaluated and graded in order to reduce the impact of the risks or reduced the probability of its occurrence.

2. Product strategy Competitive advantage is derived from increases in customer-delivered value that typically involves product strategy, especially launch strategy. Past research on the market timing or entry decision issue suggests that the entry strategy affects the entrants’ performance in the marketplace (Ali et al., 1995). Calantone and MontoyaWeiss (1993) noted that product launch is often the most expensive, risky and least well-managed part of the overall product

Considering the fast change in customer taste since the society is always making progress and individuals pursue more advanced technique and more convenient life styles, every company should try to innovate new products which satisfy customers’ need. However, only a few new products can be successful, and research shows that 90% of new products will fail after they enter the market (Kotler, 2008). Several reasons contribute to this failure. Therefore, analyzing risks about new products and managing uncertainty seems to be important. Also, there are several steps which help companies managing new products and launch them into market successfully.