Risk management case Essay Example | Topics and Well Written Essays - 500 words

Risk management case - Essay Example A table would be a suitable way to present your answers, with columns for the risks, the strategy and the type of strategy For such company as XYZ Ltd that specializes in technological devices for customers with visual impairment, risks in project implementation can be associated with its planning, cooperation with the provider of services, TECHNO Company in particular, the quality of components chosen by TECHNO and risk of losing potential customers due to the high competition in this sphere. Raz, Shenhar and Dvir (2002) consider that project risks are characterized by undesired events such as delays, excessive spending or unsatisfactory project results. Hence, for XYZ Ltd if the project planning in terms of developing of new watch would contain difficulties in using a new specific feature of voice recognition by the customers with certain disabilities, that will create the risk of usefulness of the entire project. For that purpose an advantage will be in arranging the watch the way to be easy in use by people with visual impairment. Despite the fact that in the present many techniques and suggestions were introduced for project execution, there are still gaps from various perspectives, which require managers to be responsible for making a progress of project (Razaque, Bach, Salama & Alotaibi, 2012). For XYZ Ltd, such approach is given to the third company-provider, TECHNO, which is responsible for developing of innovative speech recognition component using cheaper technology. The risk here is that while cooperating with TECHNO, XYZ can lose customers in other products if the new watch technology will be developed by TECHNO in the wrong way and the needs of customers will not be expected. As the main strategy of managing such risk can be tracking and combining of efforts of both companies in order to develop a good product. The other risk from XYZ Ltd perspective can be associated with the quality