Discuss about the Building Robots by Ripcord.
Two objectives of the venture
The objectives of the venture are as follows:
Development of SWOT analysis
Development of SWOT analysis for first objective
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Strengths Ø Helps in digitizing record in order to access information irrespective of place and time (Crunchbase 2018) Ø The robot that was build was secure as well as fast. |
Weaknesses Ø Number of security related challenges can occur which creates chances for the loss of information and data. Ø Implementation cost of the robot is quite high |
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Opportunities Ø The price of the app is quite predictable as well as low. Ø Any record can be accessed at any time due to digitization Bohari, Hin and Fuad 2017) |
Threats Ø The completion in the market is quite high among the different competitors of Ripcord. |
Development of SWOT analysis for second objective
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Strengths Ø To reduce the utilization of paper within the organizations Ø All the data as well as information are stored through digitization so that access of information becomes easier (Bull et al. 2016). |
Weaknesses Ø Number of privacy as well as security challenges may occur Ø Data loss as well as hacking of confidential report is another great problem |
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Opportunities Ø Automatic error checking and restoration Ø Secure as well as very much fast (Crunchbase 2018) |
Threats Ø Large number of competitors are present in the market Ø Too much expense on the building of robot can cause financial challenge |
Identification of 10 positive and negative stakeholders
The stakeholders who are mainly involved within the project are as follows:
Identification of initial investment
It is found that the company “Ripcord” mainly invests budget of around $99.5 M in order to build robots that helps in digitizing records by minimizing the utilization of paper. The amount of money is mainly invested in order to build the robot that not only digitizes records but also helps in accessing data as well as information irrespective of time and location (Crunchbase 2018). The total amount of money that was invested within the project was mainly collected through 5 funding rounds by different investors. Maximum of amount of money is provided as fund by 3 lead investors however there are other 12 investors who also provides funds within the project in order to support digitization of records.
The money that was collected is utilized in building robot that assists in digitizing records through very much fast as well as secure method. The total amount of money that was collected from various investors for the project is around $99.5M (Crunchbase 2018). The money was mainly utilized in bearing the cost of the project. The entire amount is utilized in order to plan as well as execute the entire project successfully within the assumed time. It is found that with the help of the amount that was collected through funding; the company “Ripcord” is capable of designing the project effectively for digitizing records as well as making the world paperless.
Identification of five tangible and non-tangible risks
The tangible risks, which are associated with the building of robot, include the following:
Inappropriate management of schedule: If the project managers are not able to manage the activities of the project properly then it becomes quite difficult to complete the entire project within the assumed time (McNeil, Frey and Embrechts 2015). Thus, it is very much necessary to keep track on each activities of the project so that the entire project can be successfully completed on time.
Budget shortfalls: If the project managers are not experienced then the assumption of budget that is made is not always appropriate. Due to inappropriate budget assumption, the project managers face lot of financial issues during the progress of the project. In order to avoid this issue, it is very much necessary to analyze the market cost of various resources as well as hardware and software materials before assuming the project costs.
Unavailability of development engineer: If the development engineer is, absent during the execution phase then it will be quite difficult to execute the entire project successfully (Wynne 2016). Thus, it is very much necessary for the development engineer to be present when the execution phase of the project starts.
Error is creating the design: If the sample design that is created for the robot is not proper then the development of the robot will be quite difficult. Therefore, it is very much necessary to avoid such type of issue at initial stage of the project.
The intangible risks that are related with the project include:
Leadership risk: If the leaders of the project do not involve proper with the project team members then the team members of the project can face difficulty in working within the project (Kotseva et al. 2016). Thus, it is quite necessary to engage properly with the project team members so that the entire project can be executed successfully.
Mismanagement crisis: If the crisis within the project is not properly managed then the project will face number of challenges during progress. Thus, it is very much important to manage the crises that are associated within the project quite effectively.
Inability to integrate management: If the project managers are unable to integrate management while undertaking the project then they can face number of issues as well as challenges due to absence of proper management (Chance and Brooks 2015). Proper management is quite necessary for completing the project within the assumed time and budget.
Explanation for measuring risks
The procedure of measuring risks includes:
Defining characteristics: The most significant step of measuring risk is to understand the various key characteristics that generally influence the project.
Risk analysis: In this step, it is very much important to analyze the different risk drivers (Kasper et al. 2015).
Risk quantification: It is identified that in this step, the analysis of various risks are generally translated to various quantifiable measures.
Application of risk management: Risk management tools are generally applied in order to measure the various types of risks that are mainly associated with the project.
References
Bohari, A.M., Hin, C.W. and Fuad, N., 2017. The competitiveness of halal food industry in Malaysia: A SWOT-ICT analysis. Geografia-Malaysian Journal of Society and Space, 9(1).
Bull, J.W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., Lambini, C.K., Rawlins, M., Baral, H., Zähringer, J. and Carter-Silk, E., 2016. Strengths, Weaknesses, Opportunities and Threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, pp.99-111.
Chance, D. M., and Brooks, R. 2015. Introduction to derivatives and risk management. Cengage Learning.
Crunchbase. 2018. Ripcord | Crunchbase. [online] Available at: https://www.crunchbase.com/organization/ripcord-2#section-current-team [Accessed 21 Mar. 2018].
Dalkir, K. 2017. Knowledge management in theory and practice. MIT press.
Kasper, D., Fauci, A., Hauser, S., Longo, D., Jameson, J. and Loscalzo, J., 2015. Harrison’s principles of internal medicine, 19e.
Kerzner, H. 2017Project management metrics, KPIs, and dashboards: a guide to measuring and monitoring project performance. John Wiley & Sons
Kotseva, K., Wood, D., De Bacquer, D., De Backer, G., Rydén, L., Jennings, C., … and Cífková, R. 2016. EUROASPIRE IV: A European Society of Cardiology survey on the lifestyle, risk factor and therapeutic management of coronary patients from 24 European countries. European journal of preventive cardiology, 23(6), 636-648.
McNeil, A. J., Frey, R., and Embrechts, P. 2015. Quantitative risk management: Concepts, techniques and tools. Princeton university press.
Mir, F. A., and Pinnington, A. H. 2014. Exploring the value of project management: linking project management performance and project success. International journal of project management, 32(2), 202-217.
Wynne, B.2016). Misunderstood misunderstanding: Social identities and public uptake of science. Public understanding of science
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