Project Management Project: Ripcord Robot Building Analysis Report

This project management assignment provides a comprehensive analysis of Ripcord's venture into building robots to digitize records and reduce paper usage. The assignment begins by outlining the project's objectives, which include digitizing records for anytime, anywhere accessibility and promoting a paperless environment. It then delves into a SWOT analysis, identifying strengths (e.g., secure and fast digitization), weaknesses (e.g., security challenges, high implementation costs), opportunities (e.g., predictable app pricing, easy record access), and threats (e.g., market competition). The project also identifies and categorizes stakeholders, both positive (e.g., project manager, development engineer) and negative (e.g., government, creditors). Financial aspects, including the initial investment of $99.5 million, are examined, along with the justification for these expenditures. Finally, the assignment addresses potential risks, distinguishing between tangible risks (e.g., schedule management issues, budget shortfalls) and intangible risks (e.g., leadership risk, mismanagement crises), and explains how these risks can be measured and managed. The project utilizes mind maps to visually represent objectives and services, providing a clear overview of the project's scope and approach.

Running head: PROJECT MANAGEMENT
Building Robots by Ripcord
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1. Objectives...............................................................................................................................2
a) Two objectives of the venture............................................................................................2
b) Development of SWOT analysis.......................................................................................2
c) Mind map that was developed to achieved its identified objectives..................................4
2. Stakeholders...........................................................................................................................4
a) Identification of 10 positive and negative stakeholders.....................................................4
b) Mind map of the service that was developed to reach its respective objectives................6
3. Financials...............................................................................................................................6
a) Identification of initial investment.....................................................................................6
b) Summarizing the justification............................................................................................7
4. Risks.......................................................................................................................................7
a) Identification of five tangible and non-tangible risks........................................................7
b) Explanation for measuring risks........................................................................................9
References................................................................................................................................10

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1. Objectives
a) Two objectives of the venture
The objectives of the venture are as follows:
 To digitize the records and make them accessible at any time and at anywhere
 To make the world paperless
b) Development of SWOT analysis
Development of SWOT analysis for first objective
Strengths
 Helps in digitizing record in order to
access information irrespective of
place and time (Crunchbase 2018)
 The robot that was build was secure
as well as fast.
Weaknesses
 Number of security related challenges
can occur which creates chances for
the loss of information and data.
 Implementation cost of the robot is
quite high
Opportunities
 The price of the app is quite
predictable as well as low.
 Any record can be accessed at any
time due to digitization Bohari, Hin
and Fuad 2017)
Threats
 The completion in the market is quite
high among the different competitors
of Ripcord.

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Development of SWOT analysis for second objective
Strengths
 To reduce the utilization of paper
within the organizations
 All the data as well as information are
stored through digitization so that
access of information becomes easier
(Bull et al. 2016).
Weaknesses
 Number of privacy as well as security
challenges may occur
 Data loss as well as hacking of
confidential report is another great
problem
Opportunities
 Automatic error checking and
restoration
 Secure as well as very much fast
(Crunchbase 2018)
Threats
 Large number of competitors are
present in the market
 Too much expense on the building of
robot can cause financial challenge

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c) Mind map that was developed to achieved its identified objectives
Figure 1: Mind map that was developed to achieve its identified objectives
(Source: Created by author)
2. Stakeholders
a) Identification of 10 positive and negative stakeholders
The stakeholders who are mainly involved within the project are as follows:
1. Project manager: The project manager is an individual who has the entire
responsibility of proper planning, initiating, designing,, executing as well as
controlling the project successfully (Kerzner 2017). By using their skills of detecting
unstated assumptions as well as resolving conflicts helps in creating a positive impact
on the project.
2. Development engineer: Development engineers are the persons who mainly engages
in designing, creating as well as testing robots for Ripcord so that the utilization of

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paper can be minimized. The development engineer generally creates a positive
impact on the project.
3. Risk analyst: Risk analyst are the person who mainly engages in conducting
specialist risk surveys for avoiding various types of risks associated with the project
(Mir and Pinnington 2014). Proper risk analysis helps in creating a positive impact on
the project so that the entire project must be successfully completed within the
estimated budget and time.
4. Project planner: Project planners are the persons who mainly engage in developing
as well as defining the objectives as well as goals of the project. They generally
involves in monitoring and analyzing the effectiveness of the project with the help of
either qualitative or quantitative tools. The involvement of the project planner within
the project creates a positive impact on the project.
5. Designer: Designer is the person who mainly involves in preparing as well as
modifying designs of the project whenever required (Dalkir 2017). Proper design as
well as hardware and software specification helps in creating a positive impact in
building the robot successfully.
6. Government: The government helps in supporting the project negatively if the
project creates any type of negative impact on the environment as well as on the
people.
7. Supplier: If the suppliers of the project are not able to supply all the hardware as
well as software requirement of the project on time then their activity of carelessness
will generally create negative impact on the project (Kerzner 2017).
8. Shareholder: If the project shareholder does not agree with the development of
robots for digitizing records, then their unapproval for the project can create negative
impact on the project.

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9. Vendors: If the vendors of the project are generally incapable of providing proper
facility as well as service then their inappropriate service generally impacts the project
negatively (Mir and Pinnington 2014).
10. Creditors: If the creditors of the project does not provide the permission to borrow
money then the project will be impacted negative due to unavailability of proper
financial support.
b) Mind map of the service that was developed to reach its respective objectives
Figure 2: Mind map of the service that was developed to reach its respective objectives
(Source: Created by author)
3. Financials
a) 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.

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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.
b) Summarizing the justification
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.
4. Risks
a) 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

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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.

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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.
b) 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.

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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.

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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