This task requires a ROLE PLAY, conducting a training workshopwith your team members (at least two)to explore anddiscuss the implementation of the new initiatives for continuous improvement and innovation.

Implementation of the new initiatives for continuous improvement and innovation:

The practice of continuous process improvement, or Kaizen, was developed to improve Japanese manufacturing processes through lowering costs and improving quality. Kaizen translates to "change for better," a simple concept that is now used by companies all over the world at individual, team and organizational levels. Some companies may practice it as its own concept, but you will mostly find it integrated in companies operating within Lean and Agile methodologies.

Following are the two risks that have to manage for initiatives.

Changes in legislation

Sudden competitors

Disruptions Organizations should be pragmatic and leverage integrated solutions to help implement new and changing regulations. Managers don't have the resource of long reaction timeframes as they once did to strategically mitigate the risk of new entrants stealing market share. Disruptors require bold strategies for incumbents to survive "big bangs" and the disruptions they impose.

The communication of costs and benefits of innovations and continuous improvements will be of great importance to various people, such as; stakeholders, individuals and groups, both within and outside your organisation. You may even experience employee concerns about the amount of training that may be required and the potential for changes in job security and income.

At a time of change and uncertainty across the country, American adults who have been affected by change at work are more likely to report chronic work stress, less likely to trust their employer, and more likely to say they plan to leave the organization within the next year compared with those who haven't been affected by organizational change, according to a survey released by the Psychological Association.

Contingency plans need to be developed to limit the impact of negative consequences in the event your business changes result in partial or complete failure. These plans should include actions that can be implemented in the event of changes in legislation or employee error. You may have already identified such negative scenarios from carrying out a SWOT analysis. You may also want to include additional research as required, as well as ranking the risks to include; type of risk, the likelihood of risk and potential impact of the risk. You also need to consider spending significant time in developing solutions and ways of overcoming the most likely and potentially damaging events. The risks include:

Changes in legislation

Existing and new competitors

Damage to property and equipment

Natural disasters

Delays in receiving goods from suppliers

Equipment failure

Negative publicity about your products and services

Lack of employee knowledge and skills