Risk Profiling by Stage and Risk Mapping by Type

Risk Profiling by Stage and Risk Mapping by Type

Instructions:

This group assignment has two parts. Please find detailed instructions on how to approach and what to accomplishin the third group assignment for this course.

1a. Instructions for Part One of the Assignment – Follow the steps below:

1. For your declared most viable product (MVP) think carefully which of the six stages of the product development does your MVP stand right now? Is it investigation, feasibility, development, introduction, growth or maturity? Pick one stage that best describes the current state that your MVP is in.
2. Next, using the risk profiling excel template (the instructor would have shared the template with you) or using any other tool, assign a number between 0 to 6 (which defines the extent of risk; 0 being no risk and 6 being the highest risk, or you can any other scale if you so wish) for each of the five areas – product, market, business, finance and execution (as shown below). Lower numbers would indicate low risk and higher number signals high risk. In this step, you would have identified five values – one each for the five mentioned areas.
3. Points will only be awarded if a sound logic is provided defending why you chose to assign those five numbers corresponding to those five areas and if logics comparing the extent of risks between the five areas are clearly reported – i.e. why one area seems to be riskier than the other. In other words, in this part of the assignment, I am looking how well you have weighed the risk across the five areas relative to one another, e.g, why is the product risk higher than say business risk? Or why is the execution risk higher than market risk? So on and so forth..
4. Then using the template, plot the graph. Please note that unlike in the picture below where you see series lines (one each for the three stages), your graph will have just one series line that corresponds to the stage that you chose to undertake the risk profiling for.
5. The objective behind this part of the assignment is for you to be able to rate the extent of risk associated with the five areas with respect to each other – whether product risk seems to be higher than market risk, or finance risk is higher than execution risk, and so on, etc – for a given stage of the commercialization process.

1b. Instructions for Part Two of the Assignment – Follow the steps below:

1. While in part one above, you profiled your risk for one chosen stage of the MVP development and compared the product, market, business, execution and finance risks relative to each other, we did not work on identifying the specific type of risk (i.e., what those risks looks like) that could be associated with each of the five areas – product, market, business, finance and execution – for the chosen stage. In this part of the assignment you will identify (clearly state/define what are the risk types) two types of risk for each of these five areas.
2. The types of risk identified will be measured by (a) the significance of that risk, and by (2) the likelihood of occurrence of that type of risk. In other words, identify two types of risk for each of the five areas and rate their significance and their likelihood of occurrences.
3. The range of numbers that define the significance of a particular risk is from 1 to 10, and the range of numbers that define the likelihood of occurrence of a particular risk is from 1 to 5, with lower numbers denoting low risk and higher numbers denoting high risk (for both significance and likelihood of occurrence).
4. The outcome of 2 and 3 above will be 15 co-ordinate points. For example, say for the product risk you identified two types of risk, call them P1 and P2. Then once P1 and P2 are determined, the corresponding significances (S) represents the values on the Y-axis and the likelihood of occurrences (L) represents values on the X-axis, The task would yield two (X,Y) co-ordinate points as P1 (L1, S1) and P2(L2, S2). Similarly, repeat this task for the remaining four areas, eventually ending up with 15 co-ordinate points (P1, P2, M1, M2, B1, B2, F1, F2, E1 and E2).
5. Finally, and without any word count limit, explain the actions that you would undertake to overcome each of the 15 types of risks identified (3 actions each for each of the five areas). You may use the table provided below for this part of the assignment should you choose to.
6. Use the table below to clearly define/report the type of risk, and values assigned to significance and likelihood of occurrence. Then use the following graph (the graph below is not an interactive template SO THAT YOU MAY NEED TO EITHER USE PHOTO SHOP TO SHOW 15 POINTS ON THE PLOT, or you may use any other tool that you are comfortable with), plot significances on the y-axis, and likelihood of occurrences on the x-axis.
7. Points for this part of the assignment (part 1 b) will only be awarded
   1. The types of risks are clearly defined
   2. The reason behind assigning numbers (between 1 and 10 for significance and between 1 and 5 for the likelihood of occurrences).

• The actions undertaken to overcome the risk

Overall Point distribution

1. Part 1a has 10 points
2. Part 1b has 40 points
3. 10 Points for all standard formatting as per instructions in the Syllabus.