Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ceci Jones is concerned about one risk in particular. Her company has ordered a new wire and cable marking machine. If the machine works as

Ceci Jones is concerned about one risk in particular. Her company has ordered a new wire and cable marking machine.  If the machine works as well as the one Ceci saw demonstrated, her team should be able to complete the current project well ahead of schedule and earn a substantial incentive bonus. This is the good news. The bad news is that the manufacturer of the machining center has just informed Ceci that production has fallen behind schedule and there is a 60 percent chance that it will not be delivered on time for the current project. Ceci called a meeting of her project team and told them: "We need to do something about this risk."

In this scenario, Ceci  Jones is a project manager with a risk problem. She needs to eliminate, transfer, or minimize the risk. How can she eliminate the risk? Is there a way to transfer the risk? What are some things she could do to minimize the risk?

Step by Step Solution

3.38 Rating (148 Votes )

There are 3 Steps involved in it

Step: 1

Eliminating the Risk Explore Alternative Suppliers Ceci could investigate other suppliers for the wire and cable marking machine Identifying alternati... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

More Books

Students also viewed these General Management questions

Question

Answered: 1 week ago

Answered: 1 week ago