Risks Management Strategies for Acme Medical Device Company

This report discusses about the risks management strategies followed by the Acme Medical Device 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 use of the risk management strategies has been discussed in the report. The consultation report has been provided in the report. This report deals with risks involved in the project undertaken by Acme Medical Company. The quantitative and qualitative risks management strategies have been discussed in the report with all the eight IT projects in the company. The analysis of the projects have been provided in the report.

Running head: MASTERS IN PROJECT MANAGEMENT
Masters in Project Management
Name of the Student
Name of the University
Author’s Note

2
MASTERS IN PROJECT MANAGEMENT
Executive Summary
This report discusses about the risks management strategies followed by the Acme Medical
Device 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 use of the risk management strategies has been discussed in the report. The
consultation report has been provided in the report. This report deals with risks involved in the
project undertaken by Acme Medical Company. The quantitative and qualitative risks
management strategies have been discussed in the report with all the eight IT projects in the
company. The analysis of the projects have been provided in the report.

3
MASTERS IN PROJECT MANAGEMENT
Table of Contents
Introduction......................................................................................................................................4
Background......................................................................................................................................4
Risk management.............................................................................................................................6
Conclusion.....................................................................................................................................10
Next Steps......................................................................................................................................10
References......................................................................................................................................12
Appendices....................................................................................................................................15
Appendix 1: Risk Register.........................................................................................................15

4
MASTERS IN PROJECT MANAGEMENT
Introduction
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.
Background
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

5
MASTERS IN PROJECT MANAGEMENT
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

6
MASTERS IN PROJECT MANAGEMENT
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.
Risk management
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

7
MASTERS IN PROJECT MANAGEMENT
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

8
MASTERS IN PROJECT MANAGEMENT
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

9
MASTERS IN PROJECT MANAGEMENT
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,

10
MASTERS IN PROJECT MANAGEMENT
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.

11
MASTERS IN PROJECT MANAGEMENT
Next Steps
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.

12
MASTERS IN PROJECT MANAGEMENT
References
Basole, R. C., Bodner, D. A., & Rouse, W. B. (2013). Healthcare management through
organizational simulation. Decision Support Systems, 55(2), 552-563.
Bessis, J. (2015). Risk management in banking. John Wiley & Sons.
Cardona, O. D. (2013). The need for rethinking the concepts of vulnerability and risk from a
holistic perspective: a necessary review and criticism for effective risk management.
In Mapping vulnerability (pp. 56-70). Routledge.
Chartier, Y. (Ed.). (2014). Safe management of wastes from health-care activities. World Health
Organization.
Chartier, Y. (Ed.). (2014). Safe management of wastes from health-care activities. World Health
Organization.
Christoffersen, P. F. (2012). Elements of financial risk management. Academic Press.
Covello, V. T., & Merkhoher, M. W. (2013). Risk assessment methods: approaches for assessing
health and environmental risks. Springer Science & Business Media.
Daniel, M., & Makary, M. A. (2016). Medical error—the third leading cause of death in the
US. Bmj, 353(i2139), 476636183.
Free, C., Phillips, G., Galli, L., Watson, L., Felix, L., Edwards, P., ... & Haines, A. (2013). The
effectiveness of mobile-health technology-based health behaviour change or disease
management interventions for health care consumers: a systematic review. PLoS
medicine, 10(1), e1001362.

13
MASTERS IN PROJECT MANAGEMENT
Gill, P. S., Kamath, A., & Gill, T. S. (2012). Distraction: an assessment of smartphone usage in
health care work settings. Risk management and healthcare policy, 5, 105.
Glendon, A. I., Clarke, S., & McKenna, E. (2016). Human safety and risk management. Crc
Press.
Glendon, A. I., Clarke, S., & McKenna, E. (2016). Human safety and risk management. Crc
Press.
Grote, G. (2012). Safety management in different high-risk domains–all the same?. Safety
Science, 50(10), 1983-1992.
Groves, P., Kayyali, B., Knott, D., & Van Kuiken, S. (2013). The ‘big data’revolution in
healthcare. McKinsey Quarterly, 2(3).
Haimes, Y. Y. (2015). Risk modeling, assessment, and management. John Wiley & Sons.
Hollnagel, E., Wears, R. L., & Braithwaite, J. (2015). From Safety-I to Safety-II: a white
paper. The resilient health care net: published simultaneously by the University of
Southern Denmark, University of Florida, USA, and Macquarie University, Australia.
Holloway, I., & Galvin, K. (2016). Qualitative research in nursing and healthcare. John Wiley &
Sons.
Hull, J. (2012). Risk management and financial institutions,+ Web Site (Vol. 733). John Wiley &
Sons.
Iuga, A. O., & McGuire, M. J. (2014). Adherence and health care costs. Risk management and
healthcare policy, 7, 35.

14
MASTERS IN PROJECT MANAGEMENT
Lundgren, R. E., & McMakin, A. H. (2018). Risk communication: A handbook for
communicating environmental, safety, and health risks. John Wiley & Sons.
Sadgrove, K. (2016). The complete guide to business risk management. Routledge.
Vanhees, L., Geladas, N., Hansen, D., Kouidi, E., Niebauer, J., Reiner, Ž., ... & Börjesson, M.
(2012). Importance of characteristics and modalities of physical activity and exercise in
the management of cardiovascular health in individuals with cardiovascular risk factors:
recommendations from the EACPR (Part II). European journal of preventive
cardiology, 19(5), 1005-1033.
Wager, K. A., Lee, F. W., & Glaser, J. P. (2017). Health care information systems: a practical
approach for health care management. John Wiley & Sons.
WHO, & World Health Organization. (2015). Guidelines on the management of latent
tuberculosis infection. World Health Organization.

15
MASTERS IN PROJECT MANAGEMENT
Appendices
Appendix 1: Risk Register
Id Risk Impact on Project Days of
Review
Mitigation
Actions
(Preventative or
Contingency)
Responsibility for
mitigation action(s)
Cost
1 Cyber
attacks
Viruses and malwares
might attack the database
of the project.
5 days Use of firewall
and anti-virus
software in the
project.
The Chief Information
Officer is responsible
for maintaining the
security of the data and
information of the
project.
$20
2 Cost Initial cost might be high
for customers
2 days Minimizing cost
of raw materials.
Market Analyst $30
3 Data
Security
Security of data has been
affecting database of the
project
3 days Using VPN CIO $30
4 Terminatio
n of
sponsorshi
p contract
There is a potential hazard
that the club endures a
setback because of poor
media and fans
administration amid
disputable lines.
7 days Contractual
sponsorship
Manager $50