Risk Management For Acme Medical Device Organization: An Analysis

Qualitative and Quantitative Analysis of Risks

Discuss about the Risk Management of Acme Medical Device Company.

Risk management is referred as identification, evaluation as well as taking economic control of several business risks. However, some risks are easy for prediction and other are completely not predictable as well as out of control. The enhancement in technology becomes vital in medical field. Thus, with every passing time, the medical world has embraced the improvements that the technology has provided in the particular industry. Accordingly, the Acme Medical Device Organization has decided upon the process of manufacturing as well as selling insulin pumps (Bessis 2015). It would be helpful to make implantable for providing advantages to the patients that are diagnosed with the type 2 diabetes. The particular pumps include a concise structure. It is useful for the products and helpful for the process (Hopkin 2018).  The comprehensive automation would take up various issues regarding implementation for settling the place in the industry. The risks related to the issues require to be managed properly. It is needed that the whole situation is analyzed throughout as well as developed into presentation of a report. In this perspective, summary of a detailed consultant report regarding the status of IT risks. It requires to be developed as an outcome. Hence, the following report has the detailed analysis of the situation from the opinion of the consultant. In the study, background of the case study organization is discussed. The steps are required to follow in the study and the documents are reviewed, quantitative as well as qualitative analysis technique are discussed.

In addition, qualitative as well as quantitative analysis of the risks as well as issues for the projects is discussed in the study. The outcomes of analysis are obtained and recommendations are provided for Acme Medical Device Company, which would be helpful to manage the risks for the organization. Carrying out risk management procedure involves several steps, which are helpful to provide several chances. These are unconsciously achieved before applying any proper methodologies. Apart from these, the steps including management of the risks utilize for producing feasible solution (Larson and Gray 2015). The procedures for management of the risks in the organizational process can be explained as followed. However, the physical factors are involved in the particular context. The process is justified with the procedure of monitoring as well as reviewing the tasks. Hence, identification of the risks involved with Acme Medical Device Organization with monitoring as well as reviewing the process.

Risk Management Procedure for Acme Medical Device Organization

On the other hand, evaluating the risks is another important aspect. In order to evaluate the risks required for managing the consequences of an event. It should be achieved with the analysis of the risks through assessment of the procedures that is able for managing the procedures of business (Bromiley et al. 2015). The analysis of the results is low. However, if the risks are identified for moderating the process and it should be carried out with maximum caution and need to be aborted. On the other hand, the risks are the obstacles for Acme Medical Device Organization.

After finding out the risks, it is required to control the risks. A controlled process affects on business of the organization through various procedures (Agca et al. 2016). In addition, it is required to eliminate the risks that are eliminated from the system in extreme situation. It is achieved through simplifying the risk processes that are eliminated from the procedure. In addition, it is important proper actions through simplification of the process and manage effective plan in the process.

Technical life cycle is important element in order to manage risks in any types of projects. In order to evaluate the risks involved with the project in Acme Medical Device Organization, it is required to select effective methods. The methods are usually expected inspecting the risks and analyse them properly. The methods for evaluation of the risks are important to find the right ways.  On the other hand, the risk factors related to the technology used in Acme Medical Device Organization. In this perspective, quantitative and qualitative analysis would assist to find the right ways for the organization. In the current organization, the qualitative approach would include extensive research on qualitative analysis that is dependent on management of expertise (Wynne 2016).  However, qualitative analysis would be helpful to ensure the process that makes the approach for extensive research approach. The quantitative research depends on the process of understanding the market scenario. Hence, it is important to make understanding behavioural impact of the technology that is implanted on workforce, business and the customers that would be analyzed by statistical modelling. The quantitative research depends on making comprehension of the impact of latest technology. In addition, the research can be described as followed.

Qualitative research approach would be helpful to generate effective outcome in the research. Acme Medical Device Organization is presently experiencing several types of manufacturing issues.  In the organization, frequently bringing new as well as enhanced products to the consumers needs important manual reconfiguration in manufacturing machinery as well as outdated system of manufacturing. Lifecycle of the products are shortened for competition as well as new products (Aven 2016). The outcomes are required for manufacturing equipment.  In addition, the downtime required for the equipments need to manufacture properly and obsolete way. A risk management matrix is one of the tools that assists in determining the risks that are required for developing the risk responded. The first step of the process is developing a RAM that is able to define the rating scales and its impact. In qualitative analysis, probability is measured utilizing relative scale. In the matrix, the process that is highly not possible to occur. In addition, several situations happen in exceptional situations, which are denoted as very low. On the other hand, infrequent occurrence in the past projects can be denoted as low. The moderate level of occurring the risk when there is possibility for occurrence. The high level of occurring the process in pat projects. However, there is high possibility of occurring the projects when the previous projects as well as conditions exist for it in order to occur on the project.

Using Risk Management Matrix for Risk Management

Using RAM, the risk management of Acme Medical Device Organization can be achieved.  For an instance, low likelihood of occurring the project may have mean of risk event that is not likely occurring within the next deployment. The impact scale  of the project could consist of making different consideration like opportunity, politically as well as impact on the employee.

Using RAM as well as ranting scales, the likelihood of the risk events occurring in the risk level. It will provide information that is required to prioritize in the projects. In addition, qualitative risk evaluation can be helpful to determine whether there is any particular type of categories of the risk. It requires special attention on the risk management (Ho et al. 2015). However, it can be used for duration of the process and whether any categories of the risks would need special attention for the risk event that requires to be handled properly. On the contrary, the most challenging aspect of performing qualitative risk is providing definition of the rating scales. However, the duration of the projects are required to manage properly and timely. In the present case study, there are several issues like unplanned downtime and planned maintenance downtime needs 12-18 hrs in a month. In this perspective, manufacturing information system provides reports that are generated through multiple systems. It needs important manual data mining in order to provide effective decision-making information. On the other hand, the manufacturing information system reports produced through several systems and important manual data mining for providing useful decision-making system.

 In these situations, it is required for analyzing the risks in Acme Medical Device Organization. The matrix and RAM are useful, through which a business case can be developed for the completely implantable insulin pump program (Cole et al. 2017).  The strategy is the use of 3D printing technology for customizing implantable devices to the requirements of patients. On the other hand, doctors for customizing the devices can do the use of HL7 universal medical interface standards, connection with Acme systems. The risks can be categorized under the category. In addition, specifications of the patients are received from manufacturers as well as physicians.  Hence, qualitative analysis would be helpful for the organization in order to manage the risks in the organization. In addition, with the help of qualitative analysis, several information like background information, business objectives and program plan can be obtained that can be helpful to analyze the existing risks in Acme Medical Device Organization and provide effective outcomes. On the other hand, evaluation of market, financial assessment and risks assessment can be helpful.

Program Management for Acme Medical Device Organization

Apart from these, the program manager has an important program management structure that helps to analyze the key projects. Program management is helpful to manage the complexity as well as interdependency of the activities, deliverables and milestones that requires setting a program that assists for the program and making better coordination effect. Moreover, it is required for sales and marketing that is developed on the existing base of the client. Management of clinical traits is important that results implantable device trails (Hillson and Murray-Webster 2017). Optimizing manufacturing in Acme Medical Device Organization is one of the key aspects that help to make important information system of manufacturing need to be considered in the process. However, it is required to upgrade information system for managing as well as controlling the systems are complied with stringent patient data with the security standards, controlling as well as managing the business systems.

In order to make quantitative analysis for the project of the organization, it is required to select sample for the research. The sample for the research is the respondents selected from the organization. The employees are considered sample for the research. In the research, 55 employees are selected for the research. They are asked closed ended questions regarding the risks while conducting the project.  The obtained data are helpful to analyze the research and gain expected results.

• How long you are working in Acme Medical Device Organization?

Options	Response %	Respondents	Total no of respondents
Less than 6 months	18.18%	10	55
6 months- 1 year	27.27%	15	55
1 year- 2 years	36.36%	20	55
2 years- 5 years	18.18%	10	55
More than 5 years	18.18%	10	55

Findings and analysis

From the above table, it can be clearly stated that most of the employees working in Acme Medical Device Organization are working since 1year to 2 years.  However, same numbers (18.18%) of people working in the company are working less than 6 months, 2 to 5 years, or more than 5 years. 

Hence, it is required to take the opinion of the employees and take suitable actions so that the risks can be mitigated easily and timely.

• How far do you agree that risk management is one of the most important aspects for project development?

Options	Response %	Respondents	Total no of respondents
Strongly agree	27.27%	15	55
Agree	50.90%	28	55
Neutral	3.63%	2	55
Disagree	9.09%	5	55
Strongly disagree	9.09%	5	55

 

Findings and analysis

In the survey, most of the respondents are agreed that that risk management is one of the most important aspects for project development. However, 9.09% respondents are strongly disagreed on the matter. Hence, the management of Acme Medical Device Organization needs to emphasize on implementing effective risk management technique.

• What are the risks involved with the project?

Options	Response %	Respondents	Total no of respondents
Pressure for frequently brining new products	21.81%	12	55
Shortening of product life cycle and competition of new products	32.72%	18	55
Planning for downtime maintenance	18.18%	10	55
Unplanned downtime	18.18%	10	55
Manufacturing system produced by several systems	9.09%	5	55

Findings and analysis

From the above table, it can be mentioned that most of the respondents in the survey think that shortening of the product life cycle as well as competition of new products is one of the major issues found in the process. However, issues like pressure for frequently brining new products, planning for downtime maintenance, unplanned downtime and manufacturing system produced by several systems are required to evaluate so that risks can be avoided  or mitigated properly.

• What are the techniques helpful to mitigate the risks involved with the project of the organization?

Options	Response %	Respondents	Total no of respondents
Systematic upgrade path	30.90%	17	55
Consolidating manufacturing system	23.63%	13	55
Consolidating financial systems	9.09%	5	55
Updating the network infrastructure	18.18%	10	55
Providing training for the systems	18.18%	10	55

Optimizing Manufacturing for Acme Medical Device Organization

Findings and analysis

In order to overcome the issues faced while conducting the project, some steps can be taken. The table states that the steps like Systematic upgrade path, Consolidating manufacturing system, Consolidating financial systems, Updating the network infrastructure and providing training for the systems are helpful to do so. In the survey, most number of respondents stated that systematic upgrade path is one of the fruitful solutions. However, 23.63% respondents think that consolidating manufacturing system assists to overcome the issues faced while dealing with the risks in the project. Hence, the management needs to emphasize on systematic up gradation of path so that the risks can be mitigated.

• How far do you agree that implementing technology is a vital option for managing risks successfully?

Options	Response %	Respondents	Total no of respondents
Strongly agree	20%	11	55
Agree	32.72%	18	55
Neutral	16.36%	9	55
Disagree	21.81%	12	55
Strongly disagree	27.27%	15	55

Findings and analysis

The above table suggests that most number of respondents is agreed that implementing technology is a vital option for managing risks successfully. However, 27.27% respondents in the survey are strongly disagreed on the particular matter. Thus, the organization needs to focus on technology for risk management.

• How far do you agree that effective project management is helpful for managing risks successfully?

Options	Response %	Respondents	Total no of respondents
Strongly agree	30.90%	17	55
Agree	30.90%	17	55
Neutral	10.90%	6	55
Disagree	18.18%	10	55
Strongly disagree	27.27%	15	55

Findings and analysis

The above table indicates that most number of respondents is agreed that effective project management is helpful for managing risks successful. However, 27.2% respondents out of total number of respondents are disagreed about the effectiveness of project management for risk management. Hence, project management needs to be completed successfully for mitigating the risks from the project.

Conclusion

The above study concludes that risk management is an important aspect that every company needs to process successfully so that the organization can retain its position by gaining competitive benefits. Identification of the risks is one of the important aspects through which it is kept properly. It is important to keep in mind that identification of the risks in a business process is important. In the present study, Acme Medical Device Company needs to implement proper risk management obtained from the qualitative and quantitative analysis.

References

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Bessis, J., 2015. Risk management in banking. John Wiley & Sons.

Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), pp.265-276.

Cole, S., Giné, X. and Vickery, J., 2017. How does risk management influence production decisions? Evidence from a field experiment. The Review of Financial Studies, 30(6), pp.1935-1970.

Hillson, D. and Murray-Webster, R., 2017. Understanding and managing risk attitude. Routledge.

Ho, W., Zheng, T., Yildiz, H. and Talluri, S., 2015. Supply chain risk management: a literature review. International Journal of Production Research, 53(16), pp.5031-5069.

Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Larson, E.W. and Gray, C.F., 2015. A Guide to the Project Management Body of Knowledge: PMBOK (®) Guide. Project Management Institute.

Wynne, B., 2016. Misunderstood misunderstanding: Social identities and public uptake of science. Public understanding of science.