Explain the potential contribution towards implementing each stage of the risk management cycle from the following...
Explain the potential contribution towards implementing each stage of the risk management cycle from the following business function WITH EXAMPLES:
a) production managers
b) research and development cycle
c) top management
Homework Answers
The risk management cycle consists of following stages:
- Risk Assessment- Product managers and reserach managers assess and evaluate types of risk
- Quantify Risk- this is majorly done by product managers
- Identify counter measures - done majorly by research development teams as well as Top Management
- Implement countermeasures - Implementation by product manager
- Review and follow up - This is done strictly by top management
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