Introduction
Financial or technical, commercial or legal, the risk can affect an organization at any given time. Operations and compliance along with laws and regulations input by an organization have an important role in controlling the factor of risk within a project. As Pinto (2013) well noticed, projects tend to operate in an environment composed of uncertainty. There are projects that succeed and others that fail. The difference between these two types of project is given by the plan developed as well as the level of risk. More so, in the event in which the critical path for a project has a high level of risk, the way the resources are used once the risk factor was identified becomes crucial for the success of the project.
Risk Management
Risk Management is the science that identifies analyzes and responds to the risk factors throughout the life of a project (Pinto, 2013). Before a project is put in place and a plan that goes along created, the Team Management for the project needs to make sure that is identifying and controlling the risk associated with the project. The team needs to consider any unexpected situations that might appear and try to come out with a strategy of mitigation in the event in which the factor of risk is happening throughout the life of the project. At the same time, the management needs to be able to analyze the probability of the risk to happen and the consequences that are taking place once the event took place. Once the factors of risk are identified, the manager needs to make sure if and at which extent the factor of risk is going to impact the critical path of the project.
The healthcare industry is focused more on benchmarking and measuring. Therefore, operational efficiency represents a h...
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A project Manager should be assigned the responsibility of development and implementation of the risk management plan. Project team: A must be formed who will be responsible for assisting the Project Manager in the risk management process. Also, all the employees should be educated on risks and encouraged to report risks they encounter to the risk management team. This is because risk management is a collaborative process and this would help in bringing in notice any risks that must have been overlooked by the Risk Management
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Disappointment in financial risk management takes various structures, the greater part of which are exemplified in the present emergency. For instance, risk appraisals are regularly taking into account chronicled information, for example, changes in house costs after some time. Yet, fast financial advancement, including securitized subprime contracts, has made such information untrustworthy. Also, a few risks are missed on the grounds that they are covered up in excessively complex reports that leaders cannot get it (Stoian & Stoian, 2016).
“The ability to distinguish between scale efficiency and pure technically efficiency, while also calculating total technical efficiency, is conferred by the use of a statistical technique known as data envelopment analysis (DEA). While DEA has a fairly complex mathematical definition and formulation, it can be explained in ay terms as a method of evaluating the technical efficiency of an organization, or set of organizations, based on a comparison of inputs and outputs (Cooper, Seiford, & Tone, 2006). According to Boussofiane, Martin, and Parker (1997), DEA is a robust and flexible method of measuring technical efficiency, in part because of DEA’s non-parametric nature (me...
At its most fundamental core, quality improvement of healthcare services and resources requires disciplined attention to the measurement, monitoring, and reporting of system performance (Drake, Harris, Watson, & Pohlner, 2011; Jones, 2010; Kennedy, Caselli, & Berry, 2011). Research points to performance measurement as a significant factor in enabling strategic planning processes and achievement of performance goals (Tapinos, Dyson & Meadows, 2005). Thus, without a system of measurement that accounts for the performance behaviors of healthcare professionals, managers and administrative employees, quality improvement remains a visionary abstraction (de Waal, 2004).
Efficiency is also a part of timeliness, but is singular as well. Economically, the health care system needs to provide as much product or service for time or resources spent. Efficiency in the grand scheme means reducing waste, and reducing production costs. It is noted that some quality improvements do not result in fewer resources used, and can be applied to effectiveness in decreasing overuse (Institute of Medicine, 2001). The APN will be responsible for efficiency now and in the future.
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
No firm can be a success without some form of risk management. Risk are the uncertainty in investments requiring an assessment. Risk assessment is a structured and systematic procedure, which is dependent upon the correct identification of hazards and an appropriate assessment of risks arising from them, with a view to making inter-risk comparisons for purposes of their control and avoidance (Nikolić and Ružić-Dimitrijevi, 2009). ERM is a practice that firms implement to manage risks and provide opportunities. ERM is a framework of identifying, evaluating, responding, and monitoring risks that hinder a firm’s objectives. The following paper is a comparison and evaluation to recommended practices for risk manage using article “Risk Leverage
Fleming (2003) says that project risk can be divided into three categories known as a triple constraint. The three categories that make up the triple constraint are risk related to the technical, quality, or performance attributes of a deliverable; risk associated with schedule; and risk associated with cost (Fleming, 2003). The triple constraint has a hierarchy of risk that ranks risk from highest down to the lowest. Technical risks are the highest-ranking risk on a project followed by schedule, at second, and cost, at third. However, it is important to understand that all three categories are related in unique ways that cannot easily be observed (Fleming, 2003). Technical risk often stem from a lack of funding to procure highly reliable material. Unreliable material can cause technical problems within projects. Piecemeal funding can be another way risk is introduced into the project schedule.
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
This paper will reflect on the different uses of Project Risk Management and ways in which it can benefit organizations to have the ability to identify potential problems prior to the problem occurring. Risk, this is not something to be taken lightly whilst dealing with matters that include high end projects meeting specific details, deadlines and expectations for the end client. Project risk management teaches one to be aggressive early on in the phases of planning and implementing the tools for a project. This is usually easier as costs are less and the turnaround time to solve the issues at that present moment is beneficial rather than later. The result in a successful project for one’s self and other key people involved in the process is also another requirement. Stakeholder satisfaction is important because the
Types of Performance Measures and How to Improve Them The health care organization should be able to quickly improve their performance measurement system with some simple rules. Today's changing the nature of the health care organizations, including the pressure to reduce costs, improve nursing quality and meet the strict guidelines, forcing health care professionals to review how to evaluate their performance. While many health organizations have long recognized the need to go beyond financial measures to assess their performance, many are still trying to choose which measures and how to use them.
Productivity, which in healthcare is based on outcome per unit of input, is a growing concern when meeting the demand of increasing patient volume and financial pressure (Anonymous, Jul 12, 2011). Productivity can be simplified and viewed according to department or type of procedure demanded (Bottling, February 2011). I When looking to improve productivity, one must turn to an effective metrics to drive workforce productivity by carefully examining the healthcare organizations outcome and inputs (Anonymous, Jul 12, 2011). In the case study at Middleboro Physician Care Services, Inc (PCS), where they receive private and Medicare payment and have outpatient services where the patient volume is increasing at the same time, the quality of service
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.