Schedule Risk, Requirements Risk, and Project Management Risk

Risk Management
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Risk Management
Organizations are under continuous pressure to remain innovative, maintain consumers and develop new products to achieve their business goals in today's highly uncertain and complex environment (Dogan, 2017). Launching a new product is a risky undertaking marked by risks like competition and unforeseen changes in the market (Anjos et al., 2020). Therefore, risk management strategies are essential to mitigate all potential risks impacting the product launch and success. Three potential risks that David Smith, the project manager, should identify and plan for include:
Schedule risk- can be described as the potential of a project to take longer than planned. David Smith was called into an executive meeting on short notice where they discussed the increased demand for vegetarian and vegan products. A decision was made that a new burger should be launched in six months. An important task is missing in coming up with the schedule for this project. The executive team decision based on the market trend that favors vegan products and scheduled the launch in six months, believing that David, having launched other products in the past, will deliver in this project. Resources should be dedicated to the research team to carry out a thorough research on this new trend that favor vegan products and understand all associated risks to develop a product that will be able to compete favorably in the market and survive the change in consumer tastes. The rush to launch the product in six without understanding why the market is shifting towards vegan products is in itself a risk that David should identify since skipping such processes puts hurdles in developing the product and finally delays the whole process.
Requirements risks- the executive team, in this scenario, want the new burger to stand out from the other similar products. To achieve this, they will be using fresh local ingredients and toppings. The ingredients for the new product are poorly defined and cannot be understood since fresh local ingredients vary, and their availability also depends on seasons. The materials for ingredients to be used should be clearly defined and optimally available t...