Info for Matrix Assignment/Memo for Matrix Assignment.docx BoecoreMemoTo: Executive StaffFrom: Toni Stewart, Program Managercc: Chief Finance ManagerDate:October 8, 2016Re: Project update Introduction: Following the award of the contract to supply backpacks with built in refrigerated pouch and radio module, I would like to start the process of developing the product for timely delivery to our client. The contract entails producing and supplying backpacks given a budget of $1,500,000. The time duration is for the contract is one and half year from the award date. The expected deliveries have been split into three dates with the first and the largest expected to be made in September 1, 2016 and the last on last day of the contract. Given the milestones, we need to do a project review at the client’s site to strategize on how to start the project. Customer: U.S. Army, Ground Forces and Special Operations. Initial program action items: The product design needs be brainstormed. We can interact with the client to agree on the desirable design of the project based on the project definitions specified above. More specifically we need to brainstorm on the preconditions of functional and operational requirements and design limitations. I would like to assess the current and future transport issues which we need to sort. We need to identify different alternatives before choosing the most viable alternative to use to transport the finished products to the client. We also need to assess the environmental issues relating to the production and transportation of the product. If need be we should get a permit and address any regulations relating to environmental issues. This is aimed at mitigating the risks of the product development. Finally, we need to start placing orders to suppliers to facilitate the development process. Project Risks / Risk Mitigation strategies: The first risk is delayed accomplishment of the set milestones. This may be escalated by the number of employees of the contractor and the work involved in each product. The problem may be solved through increasing the number of employees even if it’s casual workers until the project is completed. The second risk is the financial risk whereby the increase in cost of labor may be out of the set budget. This may be mitigated through recruiting cheap labor for manual jobs. The third risk is the probability of failure to achieve the expected results by the senior management because of financial and time constraints. It can be mitigated through constant internal project monitoring and review. The fourth risk is environmental pollution which may be hazardous. It can be mitigated through proper planning for the disposal and elimination of hazardous waste and other by products from the production process. The fifth risk is the probability of delayed payments which may delay funds for other investment opportunities. This can be mitigated through financial derivatives like options and futures co.