Using risk protection and risk transfer in situation

Assignment Help Project Management

Reference no: EM1337834

A. Consider the following scenario.

A leading biomedical company hires you as a consultant to help with a serious problem. The company had planned to complete their final acceptance testing of a new pacemaker last week, but found a significant integration risk between the pacemaker and the instrumentation used to perform diagnostic analysis on the pacemaker. The cause is determined to be a lack of thorough testing due to insufficient time allocated to the integration and test phase. Your job is to investigate the risk and make recommendations to reduce the risk. Project management wants to maximize quality and minimize total cost.

How would you handle these conflicting objectives? What are your recommendations to project management regarding this risk? How does this scenario relate to managing contingency allowance?

B. Risk protection is a strategy that employs redundancy in order to mitigate a risk. An example would be a commercial airliner that has a manual override switch for the autopilot functionality. Risk transfer is a strategy that shifts the risk to another person, group, or organization. An example would be discontinuing the online help features in a new software application to save development time and money. The risk is transferred to the help desk personnel and their ability to handle the phone calls from customers.

Discuss how you have used or might use risk protection and risk transfer in a situation.

Reference no: EM1337834

Questions Cloud

Illustrate what does this mean regarding the consumer : Illustrate what does this mean regarding the consumer surplus of the "last person" shown on the demand curve.

Activities of a physician partnership : Discuss and explain the why a larger scope of activities of a physician partnership is likely to be associated with a more successful partnership.

Why some argue that companies must put more effort : Their line of reasoning is that leadership traits are essentially intrinsic, and true leadership skills are not really teachable. Do you feel that this sentiment has any merit.

Explain risk analysis and management : Explain Risk Analysis and Management and Why are risk analysis and management important and How are risks typically managed

Using risk protection and risk transfer in situation : Discuss how you have used or might use risk protection and risk transfer in a situation.

Elucidate the bumper harvest increase or decrease : Elucidate the bumper harvest increase or decrease the total revenue of American wheat farmers. How could you have predicted this from your answer to part a.

Information about roman empire : What is Pax Romana? what role did Augustus, the first Emperor paly in it? why is Agustus reign referred to as the Golden Age of Rome?

Estimate the expected total system cost : The number of arrivals per period is distributed according to Poisson with an expected value of 0.75 units per period. Estimate the expected total system cost

Recall extensive change that have witnessed : Try to generalize your observations so they can serve as a guideline for similar cases.

User Account

All Pages