You have a great idea for a new Artificial Intelligence-Based Application that w

Question

You have a great idea for a new Artificial Intelligence-Based Application that will reduce expenses of hair salons. You know a competitor is working on the same product but you want to be first to market. Identify if the entries in the risk register below are positive or negative and what type of risk response is proposed (avoid, transfer, mitigate, accept, exploit, share or enhance): Register: The only experienced programmer is 3 months pregnant, if she leaves early or the project is extended then we will face difficulties to complete the project. Risk response: Mire a headhunting firm to find an appropriate replacement. Material is very expensive and is at risk to be stolen. Risk response: Purchase an insurance policy If the testing phase with humans is too long, we will lose the people who are going back to school Risk Response: Hire more staff to reduce the testing phase length The Canada 150 celebration is prevalent in the media this year and you are looking for ways to piggyback on some of the Advertisement to get more exposure. Risk Response: You hire a communication specialist to find a way to visibly place your product in Canada 150 celebration advertising.

Explanation / Answer

1. Negative Risk
As we are trying to hire the replacement of the developer before she leaves so we can avoid any last minute issues.
Risk Response: Avoid

2.Negative Risk
As we are buying expensive material and insurance also.
Risk Response: Transfer (as we are transferring the risk of stolen to be covered by insurance)

3. Positive Risk
As we are hiring more people for testing.
Risk Response: Mitigate

4.Positive Risk
as we hire communication specialist
Risk Response: Enhance

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