Solved: Risk Management-New Product Development Project

Consider finding or creating an innovative solution to an existing or potential problem. One approach could include creating a safety product that would be a useful risk mitigation technique. This will be a new product venture and does not need to include a working prototype, just some basic ideas pertaining to the exposure or problem your innovative solution is designed for, the basic feasibility and operations of your new product, consider the potential (pure and speculative) risks associated with your new product launch, also consider any ways you can manage the upside potential and downside risks. Consider the advantages and disadvantages of your product or service. Be sure to create something innovative that does not already exist! Indicate if there are any close competitors’ products or services or any patent issues you are concerned about (either infringing on or needing to acquire). You do not need to create a working prototype for this idea, it is in the preliminary planning stages, but provide as much detail as you can for the type of functionality and technology or mechanisms you would like to implement. You do not have to engineer your product, but should consider a risk engineering innovation of your own creation. Describe the problem your product or service will address and how it will improve this, while the idea should be feasible it is acceptable if you would need to get an expert to actually develop the idea to bring it to fruition. It may be low, high, or no tech as an innovation as long as it makes some aspect of the world a better place! Include a detailed risk management plan for your new product or service and its launch into the market. You should also include any warnings, restrictions, or conditions that you see that as a risk manager, you would be cognizant of being a potential issue.