Discuss about the Masters in Project Management.
Risk management has been a critical concern for every organization in the market. The Acme Medical Company has been creating their medical devices for patients having type 2 diabetes. The project of making insulin micro pumps are in size of wooden match. However, there has been various risks in this project that have been identified in this report. These risks have been affecting the business of the company in the market.
This report deals with risks involved in the project undertaken by Acme Medical Company. The risk management policy implemented by the company has been discussed in the report. Both qualitative and quantitative techniques have been discussed in the report.
The Acme Medical Device Company has started its journey 10 years back and now looking for future development in the medical services for patients. The company is working for development of opportunities for patients and creating a close relationship with them. The company has focused on type 2 diabetes patients (Wager, Lee & Glaser, 2014). Type 2 diabetes has been a chronic condition for patients that has been negatively affecting individuals. However, Acme medical devices have been helping in maintaining and controlling Type 2 diabetes in society. The risk management process include several stages in the process. The integration of the CRM and other production unit in the Acme Company (Vanhees et al., 2012). Acme has higher than average product quality features due to the weak control. The identification of the risks involved in the IT projects discussed in the report has helped in providing a keen approach to the completion of the project in the market. The use of expensive raw materials have been causing increase in the cost of products and devices. The project has been focused on current problems in the Acme Medical Company. The company has been facing various problems in the manufacturing of devices. The company has been facing problems in improving old products and updating them with new technology and software. The outdated machinery of the company has been creating a lot of problem in the manufacturing unit (Sadgrove, 2016). The lifecycles of products has been decreased due to competition in the market and upcoming new products. Therefore, pressure on the manufacturing departments have been increased in the company. The use of configuration in order to maintain a proper down payment in 12-18 hours per month.
However, in order to maintain a proper risks management procedure in the company, Acme management team has started working with a C-Suite. The consultant report has been prepared in order to identify risks involved in the project. The management of the company needs to contact with the risk management analysis team of the C-suite for gathering knowledge of procedure followed by the company. Stakeholders plays an important role in maintaining the risks involved in the project. Various documents and reports regarding the risks analysis has been used in the report for clarifying risk in the project. The use of the modern technology in medical field have helped in managing these risks in this company. The use of implantable pumps by the company have helped in providing a great opportunity in the market (Lundgren & McMakin, 2018). The sales of the company has been increased in the market. The IT integration in the company has been using the C-Suite application in the company. The risks involved in the project have been creating problems in the completion of the project within time. The risk management process include several stages in the process. The integration of the CRM and other production unit in the Acme Company. Acme has higher than average product quality features due to the weak control. These pumps have been widely used in the market by customers. The demand of the implantable pumps have been rising in the market. The market research analysis report if the company shows that the use of the implantable pumps has been increased in past 3-4 years. Therefore, the company need to focus on implantable pumps (Iuga & McGuire, 2014). The company has been growing in past three years on the market with the use if the medical umps for treatment of type 2 diabetes. The company has been looking for competitive advantage in the market for withstanding with their competitors.
The documents required for risk analysis in the project include market research analysis, marketing and business plan, Project management schedule plan. The timeline for the project needs to be properly made for analyzing the progress in the project. Stakeholder including CEO of the company, Chief Information Officer, Program Manager and Project Manager needs to be involved in the risks assessment procedure (Hull, 2012). This help in making instant decision when required during the assessment. Decision making system needs to be accurate and instant that helps in providing a keen approach to completion of the risk assessment procedure. The ERP system of the company include primary information systems of Oracle fixed assets and accounts receivable systems. The Human Resource Management Systems of the company has been focusing on maintaining employees in the company.
Risks have become a common condition in an organization. Risks can be caused by any means including accidents, system failure or any kind of economic loss. Therefore, these risks can be harmful for the development of the company in the market. In this case, the medical project of the Acme Medical device Company has been discussed. The risks involved in the project have been creating problems in the completion of the project within time. The risk management process include several stages in the process. These stages has its own importance in order to maintain a quality approach in managing risks in the project. However, there are mainly two types of risks management process including Qualitative and Quantitative risks management (Holloway & Galvin, 2016). Depending upon effective risks management process, both of these are used in the process. The type of risks plays an important role in selecting from these two types of risks management. The diversity in activities included in the project has been an important part of the process. This may affect the risks management process of the project. The use of the risks management proves in the project have been helping in maintaining the risks involved in the project. The diversity changes with the time and place of the project to be done. In this case, the Acme Medical Company has been working in the developing pumps for the diabetic people. The use of the insulin serum helps in maintaining the sugar level in the body.
Qualitative risk analysis provides the probability and consequences of risks involved in the project. These risks can be analysed by qualitative tools and methods by describing their terms as very high, high, moderate and low. However, these dimensions of risks can be applied to specific risks involved in project of Acme Medical Company (Hollnagel, Wears & Braithwaite, 2015). The two dimensions of these risks can be applied to each specific risk event and outcomes can be plotted using a probability-impact matrix. A simple multiplication of the scale values helps in determining whether a risk is mentioned low, moderate and high. According to procedures of Acme medical company, the probability of risks impacting on people and environment areas need to be analysed in a different scale (Chartier, 2014).
Quantitative risk analysis has been used in which maximum data and information related to the risks are available in the project. The use of the quantitative risk assessment process helps in maintaining a keen approach to the maintenance of risk in the company. It helps in determining probability for attaining specific project objective. It helps in identifying risks requiring most attention for quantifying their relative contribution for risks in project (Haimes, 2015).
The quantitative approach helps in defining probalistic value of every single risk factors in the project. However, the use of quantitative approach has been defining the impact of the risks over the procedure of the project. These approach has helps in assessing potential impact of risks on the project. The outcomes of the project after the risks analysis can be provided to the audience in a better manner that might help in maintaining keen approach to the development of the medical devices for the type 2 diabetes. However, after analyzing both type of risks management process with their significant approach for the development of the company in the market, we can select one type of method for risk analysis. However, in order to initiate qualitative assessments with minimum level of bias and process can be structured in various norms in order to maintain a proper methodology in the risks assessment process. The Acme medical company have to maintaining a formal approach to their risks management analysis method a development of medical products need precision methods for their accuracy (Christoffersen, 2012). The magnitude of team effort in the risks management process can be reduced by their subjective level. However, the evaluation of qualitative base needs to be homogenous and generous.
The first project is about Program management that deals with risks including complexity and interdependency of activities, milestones and deliverables (Groves et al., 2013). Therefore, these risks can be handled with the help of quantitative risk management process. The second project is about the financing that focuses on initiating financing and program cash flow arrangements. Therefore, there might be risk of human error in calculating financial assets of the company. Therefore, quantitative risks management approach can be used. The third project is about sales and marketing (Grote, 2012). The risks involved in this project are proper management skills among employees and sales person of the company to make proper and increase their sales of the company. Therefore, this can be analysed by qualitative risk management policy. The fourth project is about distribution channel optimization that focuses on optimizing medical device according to the requirement of the customer of the market. Various risks are acting on this project including wrong manufacturing process if the products in the company. Therefore, it can be managed by using quantitative risks management process (Covello & Merkhoher, 2013). The fifth project is about the clinical trials that focuses on the clinical trials done by the customers in the market. These stages has its own importance in order to maintain a quality approach in managing risks in the project. Therefore, there can be risks in the intervention package of the company. The sixth project deals with the manufacturing optimization process. The present production department has been evaluated in the company for preliminary design sources and helps in maintaining the development of the company in the market. However, there might be some risks involved in project including risks in new up gradation of software in the company. The seventh project deals with manufacturing plant renovation involving up gradation of the existing manufacturing plant in the company. Therefore, risks involved in maintenance of the old unit and changing into new unit (Glendon, Clarke & McKenna, 2016). This procedure create problems for managing the project in time. The use of the quantitative risks management process might help in providing better approach to project management skills. However, the company has been increasing the sales of the company in the market. The company has been growing in the market in rapid speed with the help of the consultant report. The eight IT project has been based on the information system upgrade that include up gradation of the IT used in the company and enhancing to new technology. However, there can be major risks in the IT field including cyber-attacks, data security and control systems (Gill, Kamath & Gill, 2012).
Acme Medical Device Company has been making good progress in the marmite by using a proper up gradation policy and risks management strategy. The use of the risks management strategy have helped in providing a solution to the risks involved in the project. The sales of the company has been increased in the market. The IT integration in the company has been using the C-Suite application in the company. The risks involved in the project have been creating problems in the completion of the project within time (Free et al., 2013). The risk management process include several stages in the process. The integration of the CRM and other production unit in the Acme Company. Acme has higher than average product quality features due to the weak control. The identification of the risks involved in the IT projects discussed in the report has helped in providing a keen approach to the completion of the project in the market. The use of expensive raw materials have been causing increase in the cost of products and devices (Daniel & Makary, 2016).
Conclusion
It can be concluded that optimizing and upgrading people in the Acme IT department has helped in development of company in the market. The vision of the company has been providing customized implantable insulin devices is innovative learning. The key success of the company will help in delivering proper products to the customers. Risks involved in the projects have been generalized. The use of the risk management policies in the project have helped in maintaining proper completion of the project. The use of the risks management strategies in the project have helped in maintaining the risks involved in the project. The Customer Relationship Management has been helping in maintaining customers of the company.
There has been several actions that can be recommended fir the Acme Medical Device Company helps in implementing IT upgrade program.
Prioritize: Prioritizing different IT projects in the company have helped in maintaining IIPP program has been becoming main focus of the organization.
PMO Development: The Company needs to hire a PMO project manager urgently in order to maintain a clear objective of the project in the marmite. The use of the PMO manager helps in providing a clear goal and focus in the objectives of the company in the market.
Facilitated Program Support: KMPG helps in providing internship program to the employees in the company. The training program of the company might help in developing skills and knowledge of employees.
Acme Project Management Method: This method help in developing the Acme Project Management Method (PMM) processes. The use of this method has been helping in increasing different logistics in the company.
References
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