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IMPORTANT NOTE  The Risk Strategy Case Study Paper is a team assignment

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IMPORTANT NOTE 
The Risk Strategy Case Study Paper is a team assignment. You will collaborate on this assignment in Weeks 6 and 7 and submit the paper by the end of Week 7. It is strongly recommended that teams meet and begin working on this assignment early in Week 6. 
This Risk Strategy Case Study Paper will be graded on the quality of the risk analysis and proper formatting according to APA 7th Edition. 
Case Study Background Prior to the Covid-19 global pandemic, manufacturers and businesses in nearly all markets had opted to use a network of suppliers and subcontractors, many of which were reliant on many others. This large, complex, worldwide network of suppliers coupled with the move to 'lean' supply chains and just-in-time inventory practices, created significant hidden or ignored vulnerabilities in nearly every firms supply chain. When business conditions were stable, and despite protectionist trade policies highlighted by the 2018-2020 U.S.- China trade war, nearly all supply chains worked well. Costs were controlled and needed commodities and components were available in sufficient quantity to meet strong demand from consumers, business, and industry. But the model was fragile so when the Covid-19 global pandemic struck, these heavily networked, distributed, worldwide, lean supply chains were stressed and most buckled under the pressure, creating a rolling wave of disruptions in industries from auto manufacturing to personal protective equipment to your favorite local restaurant. Further exacerbating the situation was a subsequent demand shock, a tsunami in fact, that rolled through supply chains as businesses and consumers spent to recover from the shortages created by earlier supply chain failures. This one-two punch of a pandemic and subsequent demand shock brought into stark relief the significant supply chain vulnerabilities and weaknesses that subsequent to these events were unseen or ignored. Your job is to develop a risk strategy to help avoid similar future supply chain disruptions. Case Study Objectives Using risk management concepts from this class, collaborate on how to reduce future supply chain risk. Pick a business or industry you are familiar with and as a group identify and quantify what you believe to be the top five risks. In a five to six-page paper APA formatted paper, identify each risk, describe them (along with your reasoning for selecting them), calculate a likelihood and consequence score for each risk, and plot each of the five scores on a risk cube. Include the risk cube in your paper. After you have identified, described, and quantified each risk, develop a risk strategy for each risk and justify why you selected a particular strategy. Include an explanation and justification for how you would handle any residual risk(s). 
The strategies must be reasonable and realistic to im•lement for the business or indust ou selected. 
Paper Organization • Cover page • Introduction (1/2 page) • Top five risks and reasoning for selecting them (3 pages). • Risk cube (1/2 page) • Risk strategy (2 pages). Make sure you justify why the strategy you selected is the best strategy. o (Accept — Mitigate — Avoid — Transfer — Exploit—Escalate—Share—Enhance ) • Summary and Recommendations • References (must have at least four authoritative sources, one of which should be the PMBOK® Guide listed for this course). Submit your completed team paper in Week 7. 
All DeVry University policies are in effect, including the plagiarism policy. Any questions about this paper may be discussed in the course Q & A Forum.