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    Lectocomp Electronics Manufacturing Company Risk Matrix

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    I ADDED THE SCENARIO:

    Scenario

    You are a manager at Lectocomp Electronics Manufacturing Company, a company that produces a number of different computer boards used in various products produced by their customers. At the company's quarterly meeting, the head of marketing described a new product to be introduced in the first quarter of the next fiscal year, approximately twelve months from now. The product will be a device used in different medical products. As a result, any work done on that product falls under various government regulations. This regulation aspect is new to Lectocomp Manufacturing. This product will open new markets for the sales channel, lay the foundation for add-on products, and generate new revenues. You have only seen preliminary sketches of the new product, but you are very excited by it. The project will require participation from most of the company's departments: design, engineering, production, purchasing, shipping, sales, and marketing departments. Lectocomp Manufacturing uses another company to produce the prototype boards; the final boards will be manufactured in-house. Although this is a "mission-critical" project, no additional staff will be added. People will be expected to balance their project responsibilities with their day-to-day work (including other projects). The project manager is to be selected from the engineering department. This is a first, as the project managers normally come from the marketing department. A project of this scale has never been managed by an in-house person before. Historically, a project manager/consultant has been brought in. You were hired as an engineer with Lectocomp three months ago, and this week, you were told that you have been selected to be the project manager. In your prior job, you were a project manager for most of the company's large initiatives?most of which were quite successful. You have experience in manufacturing and medical products but have not done any product work since you started at Lectocomp. You have been involved in some engineering clean-up activities and have not worked with many people outside your department yet. The company has not historically had strong processes to follow nor has communication been a core competency. However, six months ago, a new CEO was brought on board who has focused on improving the organization's skills in those areas. She is the leader who has insisted on managing the project internally. She is also somewhat familiar with the regulated environment and requires that you follow all the strict, formal processes that will need to be implemented as the project progresses. She is in the process of interviewing candidates for a new quality manager position. This manager will be responsible for implementing the required processes, controls, and metrics; you will be working closely with that person.

    You are preparing the project risk management plan for review with the sponsor and your manager. You have identified the risks, assessed the probabilities and impacts, and created your responses. You now need to present the comprehensive plan and gain the buy-in from the sponsor on the risk management plan.

    Individually, create risk responses (reduce probability, reduce impact, respond) for each of the fifteen risks you identified and assessed in the prior unit. Capture the information in a Word or Excel document. Please add your file.

    As a group, go to the Small Group Discussion Board and evaluate each other's responses and compile the results.

    I HAVE THE FIRST PART COMPLETE: I NEED THE FOLLOWING DONE

    Create a comprehensive risk management plan. The risk management plan should include a description of the overall approach, a risk matrix using a qualitative ranking approach, and action plans for the high priority/high probability risks. Be sure to address the following questions:

    Are all possible risks identified?
    Are there redundant or overlapping risks?
    Is the level of detail consistent?
    Are the causes of the risks clearly defined?
    Are the assessments consistent? Is a clear ranking strategy used?
    Are the response strategies appropriate?
    Are secondary risks considered?

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    https://brainmass.com/business/business-management/lectocomp-electronics-manufacturing-company-risk-matrix-94082

    Solution Preview

    Please see the attached file.
    RISK MATRIX

    Serial No Risk Probability Ranking Action Plan
    1. The device is not ready for launch in time. 0.3 1 The schedule should be adhered to very carefully.
    2. The regulator clearances are not available in time. 0,4 3 The applications for clearance should be submitted early.
    3. Coordination among the department fails. 0.5 5 The new CEOs attention should be drawn to the weak links early
    4. People may not internally be available for the project. 0.2 4 The personnel department and the departmental heads should be sent a memo telling them of the urgency of the requirement.
    5. There are cost overruns. 0.4 2 The costs should be calculated accurately and the suppliers should be contracted to adhere to quotations.
    6. The marketing department may not accept the product developed. 0.2 6 The marketing department should be involved in the product development and finishing ...

    Solution Summary

    This posting discusses a comprehensive risk management plan. .. It also shows how this plan can be implemented in the Lectocomp Electronics Manufacturing Company scenario.

    $2.19

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