C (32-bit) 1 / 2 QUESTION 1 (25 MARKS) You are the leader of a new product development project at your R&D department. Your team has worked hard on developing a fourth-generation product that incorporates new technology and meets customer demands. The project is roughly 50% complete. You have just received a report from the marketing department detailing a similar product that is about to be released by a competitor. The product appears to utilize radical new design principles that expand the functionality of the product. This poses a serious threat to the success of your project. Top management is considering canceling your project and starting over again. Top management asked you to make a recommendation, You have identified that Risk Matrix can help you to investigate and understand the current risks pertaining to this situation. Risk matrix can be developed taking into account stakeholders interest, business system, conomic and political situation, social and technological issue, government policies, customer demand as well as the internal environment. As a senior management of the organization, you are given the task to establish a risk matrix base on the Likelihood, Severity and Risk Priority Number (RPN) criteria By using the FMEA framework, develop and generate a risk matrix up to FIVE potential risks related to the current scenario above to address and handle this situation by including suggestion for risk mitigation plan (20 marks) b) Defend why it is necessary to monitor the effectiveness of the chosen risk assessment techniques in the risk management process on a continuous basis. (5 marks) 3 a Ti