Critical Risks Assessment and Milestones Schedule - Essay Example

Critical Risks Assessment and Milestones Schedule For Dr. McDougall’s Right Food Asian Entrée Dr. McDougall’s Right Food Asian EntréeA critical risk assessment is undertaken by organizations for the “identification, evaluation, and estimation of the levels of risks involved in a situation, their comparison against benchmarks or standards, and determination of an acceptable level of risk” (Business Dictionary.com, 2011, p. 1). A milestone schedule, on the other hand, is “a summary level schedule that allows the project team leader to review and identify all of the significant and major project related milestones that may exist in the course of a project, and can be proven helpful in making sure that nothing falls behind schedule of off the radar entirely” (Project Management Knowledge, 2010, p. 1). In this regard, the critical risk assessment and milestones schedule for Dr.

McDougall’s would encompass the following: (1) a SWOT analysis; (2) an identification of the contingency plans; and (3) a description of the preferred timing and objectives of your business plan.SWOT Analysis The strengths of the organization were identified in products they offer using all natural ingredients, are easy to prepare, and are consistent with the needs and requirements of health conscious people who are always on the go. The use of product ingredients and packaging that comply with standards imposed by environmental advocates increase the competitive advantage of the company over other producers in the industry.

The weaknesses were identified in the need to offer diverse and new product variances that would cater to a wider market base. Further, the costs of all natural ingredients are relatively higher and more suppliers need to be solicited to ensure a steady supply at the least possible cost. There are vast opportunities facing Dr. McDougall’s ranging from producing other product variants to cater to diverse ethnic and cultural groups. Further, with the government’s thrust of focusing on organic products and the use of healthier ingredients, there is an expected increase in demand, both in the local and international markets.

On the other hand, the threats come in terms of increasing competition and substitutes due to the lure of profits and high demand for healthy food products that are easy to prepare, buy and consume. The Porter’s Five Forces Analyses provide ample information on the organization’s threats and even bargaining powers of both suppliers and buyers that influence their current and future operations.Contingency Plans To address the weaknesses and threats, Dr. McDougall’s should solicit alternative sources of natural ingredients to extend the scope from international emerging markets, like China or India.

Threats of competition could be met by using proactive means to monitoring and research these competitors’ activities and intensify marketing strategies through adjustments of any of the elements in the marketing mix.Timing and Objectives of Business Plan The business, marketing, operational and financial plans incorporated details on the elements of the marketing mix that emphasized the importance of designing strategies for the introductory phase including distribution and product campaigns that would enhance awareness and entice initial and repeat purchases.

Introductory phases usually take from 6 months to one year. Any significant feedback from customers and competitors need to be addressed and changes in the marketing mix should be incorporated, as needed, within the specified 6 months period.ReferencesBusiness Dictionary.com. (2011). Risk Assessment. Retrieved September 29, 2011, from WebFinance, Inc.: http://www.businessdictionary.com/definition/risk-assessment.htmlProject Management Knowledge. (2010). Milestone Schedule. Retrieved September 29, 2011, from http://project-management-knowledge.

com/definitions/m/milestone-schedule/