Topic: Project Risk Management
Order DescriptionNew Product Development
Your team oversees the research, development, manufacturing and marketing of new canned products for a major food manufacturer. The team has been tasked with preparing a project plan to support the development of a new range of premium soups. Your group must develop a project plan to be presented to the Senior Management Team, which sets out the research, development and production of the product. You will be expected to liaise with marketing throughout the R&D process. The company expects to launch the product in time for winter 2016. The initial budget has been set at £2.5 million. Your proposal must also show how you will ensure the product will be delivered on time, on budget and at an appropriate quality.
Schmidt, J. B., Sarangee, K. R. and Montoya, M. M. (2009), Exploring New Product Development Project Review Practices. Journal of Product Innovation Management, 26, 520–535.
PART A (3 Pages)
1. identify, using appropriate models/classifications (PEST analysis), the major risks that face this new product within the foreseeable future. It should be remembered that the identified ‘risks’ may present opportunities or threats/hazards.
2. Formulate strategies for taking advantage of the opportunities, or strategies for controlling the threats, that you have identified in Task 1. It would be good practice to number the risks in task 1 and to use the same numbering in Task 2.
3. Construct a risk matrix
PART B (1 page)
2. Prepare a COST ESTIMATE for the project