FINGER PULSE�OXIMETER

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PROJECT TEAM

Kristen Drobnis

Keerthi Kotamraju

Vyom Dalal

Amit Shiledar

Shuang Chen

Hardika Shah

Yiqing Zhang

Project Sponsor

PROJECT BACKGROUND

Purpose

With pulse oximeters, healthcare providers can measure oxygen saturation in COVID-19 and cardiovascular patients

Competition

Enter and keep the lead over their competitors, GE Healthcare and Smiths Medical

Device Specs

Non–invasive, Hi-tech, Highly accurate Fingertip device

Components of Risk Management Plan 

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Budgeting 

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Timing 

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Risk Identification & Analysis

Roles and Responsibilities

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Understanding the leading & supporting roles 

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 Understanding what the risk is & how the risk will affect project objective

Defining risk management process's occurring during project life cycle 

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Deriving a risk management budget estimate 

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Thresholds 

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Tracking & Auditing 

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Defining level of importance for all risks 

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Defining how all details of risk activities will be recorded and audited for future reference 

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Risk identification 

Brainstorming

Expert Judgment

Checklist Analysis

Tools and Techniques

Difficulties

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Lesson Learned

• Different Risk Attitudes

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• Level of Detail

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• Identify risks from tasks in Work breakdown structure (WBS)

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• SMART management framework

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Risks Priority

• What are the risks that needs more attention and resources?

Find which risks are most likely to occur 

Verify different levels of Complication & Uncertainty

• Risk Prioritization Matrix For Standardized Assessments
• compare impact and likelihood
• Measured Stakeholders' Risk Tolerance (Threshold)

Low – 1-9  Medium – 10-35 High – 36-81

• Set the high priority to those risks which have higher Risk scores
• Response based on the Priority

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Probability

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Impact

Risk score

Risky Parts of the Project

Project Progress

Select sellers, Create agreements

Run Beta Build and Testing

Conduct FDA Analysis

Procurement Management

Concept Development

Conduct FDA and Regulatory Compliance

Tasks that could cuase delay

Build rapid prototyping

Campaign and conduct marketing

Risky parts of the project

Beta Testing/Market Testing

Secondary risks

Risk response strategy

Risk response strategy and Secondary risks

• Delay in design and layout phase in pulse oximeter
• High price in comparison to their competitors
• More adequate information in Market survey 

• Mitigate
• Enhance

Risk Integration

• Hold up in rapid prototype action and succeeding tasks
• Increase in cost estimation
• Speeding up the decision-making

     process

Calculation

Managing the contingency reserves

Sufficient Reserves

Amount for contingency reserve

We request $55,000 out of the contingency reserve of $200k to manage the risks.

We will allocate the contingency amount based on risk’s likelihood and its EMV cost:

(For ex: Our 2nd risk has EMV of $40,500 and likelihood of 90%. Now, we’ll look to assign $45,980 to manage it.

The reserves are more than sufficient as we have assigned approximately 20% more that what was required.

CONTINGENCY RESERVES

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2

4

3

We calculated the contingency amount based on the EMV cost of our 3 risks.

CONTINGENCY AMOUNT OVERVIEW

Risk monitoring and control

• Track identified risks.
• Review the status of identified risks.
• Monitor the status of all operations of implementing risk response to risks' detection or occurrence.
• Identify and respond to new risks.

• Continuous communication with stakeholders.
• Provide regular risk reports.
• Update relevant documentation on time.

Updating risk register 

Continuous risk management

• Sign-off of each new identified and assessed risk. 
• Evaluate the effectiveness of the risk management processes. 
• Hold weekly status meetings to review all open risks, actions, and impacts.

Value of Risk Management

Reliable and timely updates of risk during every stage

of project

To improve the operational productivity and efficiency within allocated schedule and budget to maximize the profitability of the project

Evaluating and risk identifying to minimize risk

for the guaranteed project success

Prioritizing the risks considering the opportunities as well as threats

Saves money as unmanaged risks can easily prevent

a project from achieving objectives

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Thank You!�Any Questions