A leading biomedical company appoints you as a consultant to aid with the serious problem. Company had planned to complete their final acceptance testing of the new pacemaker last week, but found significant integration risk between pacemaker and instrumentation utilized to carry out diagnostic analysis on pacemaker. Cause is determined to be the lack of thorough testing due to inadequate time allocated to integration and test phase. Your job is to investigate risk and make suggestions to decrease risk. Project management wishes to maximize quality and minimize total cost.
How would you tackle these conflicting objectives? Write dwon your suggestions to project management regarding this risk? How does this case relate to managing contingency allowance?
B. Risk protection is strategy which employs redundancy to mitigate risk. Example would be commercial airliner which has a manual override switch for autopilot functionality. Risk transfer is strategy which shifts risk to another person, group, or organization. Example would be discontinuing online help features in new software application to save development time and money. Risk is transferred to aid desk personnel and their ability to handle phone calls from customers.
o Describe how you have used or might use risk protection and risk transfer in condition.