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A marketing firm is trying to win a major contract from a large retail company and is concerned with four major threats: (1) Competition: the probability of very competitive bids is high at .6, and the potential impact would be substantial at a value of 5 on a scale of 1-7 (where a 7 is a major negative impact and a 1 is slight). (2) Economy: probability of a recession is a .4 and its impact would be a 7 since the company would decide not to advertise. (3) Chance of a loss: a small probability of .3 with a negative impact of 4. (4) Personal loss: Probability of a loss is .5 but negative impact is only a 3. Use the FMEA technique to determine what risks are critical and which can be ignored.

Operation Management, Management Studies

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