Quantitative Risk Management Of Techniques - Myassignmenthelp.Com

Question: Discuss about the Quantitative Risk Management Of Techniques. Answer: Introduction The project of Application Development for Treat Your Own Back is developed for ensuring that the project activities are aligned for the deployment of the improved functional development. The Treat Your Own Back is a book written by Robin Mckenzie (owner and director of Treat Your Own Back Pvt. Ltd.) and it provides some basic exercises for the patients who are suffering from back pain. The project would comprise of developing an application by which the people can get access to the exercises. Description of the Project Objectives The project of Application Development for Treat Your Own Back is developed for forming the application compatible for both Android and IOS platform for ensuring that the people can get the benefit of the book Treat Your Own Back. The objectives of the project are, To develop an application for Treat Your Own Back compatible for both Android and IOS platform To form the project plan sustaining the feasibility and compatibility of the Application developed To complete the project in the estimated time duration and calculated budget Description of current situation: SWOT Analysis The SWOT analysis of the project of Application Development for Treat Your Own Back is shown in the table below, Strengths Renowned Book and Author providing some exercises Treating People across the globe for treating neck and back pains Weaknesses Lack of the integrated system for the information processing Discontent among employees about the various strategies Opportunities Use of Smart Phone technology for the development of the application for the book Provide assistance for all age groups such as elderly and aged people, teenagers, and individuals Threats Competition from the rival companies for the capture of the market Issues in integration of the mobile application within the organizations activities for treatment of the back pain Problem/Opportunity Statement The problems of the project lie on the factors of time duration and the technology used for the mobile application development. The time duration is the first issue of the project as the overall project should be completed in 4 months (120 days). The technology is the second issues as the mobile application must focus on the development of easy solution to the sharing of the exercises. The project would help in developing plan of application development so that the people can get the benefits of the treating their back and neck pains with the help of the physical exercises. The project would provide the opportunity of the getting relief from the neck and back pain due to the use of the application developed. Critical Assumptions and Constraints The project of Application Development for Treat Your Own Back would comprise of the following assumptions, All the resources would be available for the development of proper project plan Budget made includes the option of the adding any resources (human or material) during the project progress Project would be completed in the estimated time and the application would be compatible for both Android and IOS platforms The project of Application Development for Treat Your Own Back would comprise of the following constraints, Duration of 4 months of time for the project completion Cost Budget of $120,000.00 for the project resources Favourable test results for the application developed Analysis of Options and Recommendation The project schedule is developed using the Waterfall Methodology for the integration of the improved operations (Fang et al., 2015). The waterfall methodology would help in ensuring that the appropriate technology for mobile application is developed in the estimated time duration and the budget. The recommendations for the project of Application Development for Treat Your Own Back are given below, Use of Project Management Principles: The project management principles for the project schedule, cost, and communication development would be helpful for attaining the successful project completion. Inclusion of Smart Technology: The technology of smart phones would allow the IT team for the development of the mobile application for Treat Your Own Back. Financial Analysis The project of Application Development for Treat Your Own Back is implied for the development of an Application so that the users can get the benefit of improved exercises for treating their back pains. The project has an initial investment of $ 120,000.00 for the development of the project. The recurring costs of the project were $14,000, $18,000, and $18,000 in first, second, and third year respectively. The expected inflow of the project is $110,000 at the end of every year. The NP, ROI or return of investment and Payback Analysis (based on the net cash flow and the time duration) is shown in the image below, Budget estimate The budget estimation for the project is done on the basis of the resource usages and the rate of the resources (Mishan, 2015). The resources used are both human and material type and hence the alignment of the effective resources would be managed by the implication of the improved operations. The budget of project of Application Development for Treat Your Own Back is shown in the table below, Application Development for Treat Your Own Back Project Budget Estimation Resource Name Resource Type Duration/Units Rate Total Project Manager Human 208 $150.00 $31,200.00 Consultant Human 160 $140.00 $22,400.00 Digital Image Specialist Human 160 $145.00 $23,200.00 Programmer 1 Human 156 $65.00 $10,140.00 Programmer 2 Human 156 $65.00 $10,140.00 Database Hardware and Software Material 1 $5,000.00 $5,000.00 Designing Tools Material 1 $3,000.00 $3,000.00 Programming tools Material 1 $4,000.00 $4,000.00 Testing Tools Material 4 $2,500.00 $10,000.00 Manuals Material 1 $920.00 $920.00 Total Budget $120,000.00 Schedule Estimate The project of Application Development for Treat Your Own Back would run for 105 days (75 working days and 30 holidays (Saturday and Sunday)) from Monday 5th of February 2018 to 18th May 2018. The Project schedule is shown in the Gantt chart below, Figure 1: Project Gantt chart List ofpotentialRisks The list of potential risks for the project of Application Development for Treat Your Own Back is given below, S. No Risk Name Risk Type 1 Delay in Completion Operational 2 Cost Overrun Financial 3 Design Issues Technical 4 Conflict among team members Human 5 Change in scope Strategic Bibliography Andrus, M. R., Forrester, J. B., Germain, K. E., Eiland, L. S. (2015). Accuracy of Pharmacy Benefit Manager Medication Formularies in an Electronic Health Record System and the Epocrates Mobile Application.Journal of managed care specialty pharmacy,21(4), 281-286. Buller, D. B., Borland, R., Bettinghaus, E. P., Shane, J. H., Zimmerman, D. E. (2014). Randomized trial of a smartphone mobile application compared to text messaging to support smoking cessation.Telemedicine and e-Health,20(3), 206-214. DAmico, G., Del Bimbo, A., Ferracani, A., Landucci, L., Pezzatini, D. (2015). Onna project: a natural interaction installation and mobile solution for cultural heritage. InBuilt Heritage: Monitoring Conservation Management(pp. 359-365). Springer International Publishing. Fang, C., Kolisch, R., Wang, L., Mu, C. (2015). An estimation of distribution algorithm and new computational results for the stochastic resource-constrained project scheduling problem.Flexible Services and Manufacturing Journal,27(4), 585-605. Ferreira, D., Goncalves, J., Kostakos, V., Barkhuus, L., Dey, A. K. (2014, September). Contextual experience sampling of mobile application micro-usage. InProceedings of the 16th international conference on Human-computer interaction with mobile devices services(pp. 91-100). ACM. Francese, R., Gravino, C., Risi, M., Scanniello, G., Tortora, G. (2015). Using Project-Based-Learning in a mobile application development courseAn experience report.Journal of Visual Languages Computing,31, 196-205. Hoehle, H., Venkatesh, V. (2015). Mobile Application Usability: Conceptualization and Instrument Development.Mis Quarterly,39(2). McNeil, A. J., Frey, R., Embrechts, P. (2015).Quantitative risk management: Concepts, techniques and tools. Princeton university press. Mishan, E. J. (2015).Elements of Cost-Benefit Analysis (Routledge Revivals). Routledge. Nilsson, S. (2016). Implementation of a Continuous Integration and Continuous Delivery System for Cross-Platform Mobile Application Development. Osseiran, A., Boccardi, F., Braun, V., Kusume, K., Marsch, P., Maternia, M., ... Tullberg, H. (2014). Scenarios for 5G mobile and wireless communications: the vision of the METIS project.IEEE Communications Magazine,52(5), 26-35. Pryss, R., Reichert, M., Herrmann, J., Langguth, B., Schlee, W. (2015, June). Mobile crowd sensing in clinical and psychological trials--a case study. InComputer-Based Medical Systems (CBMS), 2015 IEEE 28th International Symposium on(pp. 23-24). IEEE.