Identify the risk mitigation strategy that would be most appropriate in the following circumstances. Identify the risk each company is facing, the strategy you would use to mitigate the risk, and your reason for suggesting the strategy.
INTRODUCTION
risk mitigation strategy tells how to deal with the risk associated with the project and to reduce the impact or the probability of occurrence.the main strategies are risk avoidance, transfer, elimination, sharing, and reducing to an acceptable level.
a.this the case of fireworks corporation and its supplier is providing substandard material and also ensuring about its safety but in case fireworks couldn't meet the expectation, the corporation will incurred heavy loss also going to loose its market share which is going to in 2017.hence corporation should adopt risk limitation mitigation strategy, it is a way of employing a bit of taking risk avoidance and taking some action to reduce the impact.
b. in this circumstances Big T enterprises should go for Risk reduction strategies , where it will take some measures to reduce the risk of loosing the potential customer after the complaint about the rancid food. enterprise should take measures to improve the quality so that it last for as per guaranteed period of time.
c. in this case many potential customers are demanding hard copy of the book so the enterprise take some measures to reduce the risk through Risk reduction strategies to an acceptable level.and provide hard copy of the book.
d. Risk acceptance strategies will fit in this circumstance as the the shipping company is charging as per the market price when it was inquired and its impact can be accepted.
e. Risk elimination strategy since the labour charge are doubled and also accepted by the customer due to his negligence or trust over the enterprise hence company should keep his trust and re quote the price
Identify the risk mitigation strategy that would be most appropriate in the following circumstances. Identify the...
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