The PM for the project in Exer

The PM for the project in Exercise 1 has estimated the probabilities of not detecting the risks in time to react to them as follows, again on a seven-point scale: Threat 1:4, Threat 2:1, Threat 3:3, Threat 4:6. Construct a FMEA table to determine which risks are now the “critical,” “monitor,” and “ignore” threats. How have they changed from Exercise  1? Why? Does this new ranking seem more realistic?

Exercise 1

Top administrators in a university hospital have approved a project to improve the efficiency of the pharmaceutical services department by the end of the fiscal year to satisfy new state regulations for the coming year. However, they are concerned about four potential threats: (1) The cost to implement the changes may be excessive, (2) the pharmacists may resist the changes, (3) the project may run much longer than expected and not be ready for the coming fiscal year, and (4) the changes might reduce the quality of drug care in the hospital. The likelihood and negative impact of each threat have been solicited from the managers by a three-round Delphi process and are as follows, based on a seven-point scale where seven is the most likely and most negative impact:

Construct a risk matrix and identify what you would consider to be the “critical,” “monitor,” and “ignore” threats. Explain your reasoning. Recommend and justify a risk response for each threat

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