Benefits Of Adopting A Full Product Lifecycle Risk...

1. A) Explain the benefits of adopting a full product lifecycle Risk Management system. B) Describe the Risk Management cross-functional team members and their comparative responsibilities to the overall Risk Management process. C) Include and discuss some important aspects that a full lifecycle Risk Management system utilizes after a product is launched, i.e. during the ‘normal sales’ period; and in order to appropriately phase-out a product from manufacturing and distribution. A) A full product lifecycle Risk Management strategy allows the product to be constantly scrutinized for potential failure modes and undergo numerous rounds of risk mitigation. By completing risk management at varying degrees during all stages and of product development, a safer product is developed for consumer use. While adopting this system may burden smaller organizations with successful implementation, the company will be reward by fewer lawsuits, recalls, and other legal actions. 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