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Risk Model Exercise

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Institutional Affiliation

Course

Instructor

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Critical Chain Project Management

Critical chain project management (CCPM) is the absolute enhancement of project

programming that entails a vivid description of the intended task. CCPM utilizes the resources,

workforce, and space locality through risk mitigation of the organization's operations. The

resources are maintained through a close inspection that bears the result of using the resources

indicates towards their proper use. Workforce, on the other hand, is strengthened with the

possible agreement that was formulated before the project had commenced (Zarghami, Gunawan,

Zubielqui & Baroudi, 2019). The deal is usually orchestrated to internalize all the needed criteria

that purposefully involve the workforce required to be deployed at the particular organizational

decryption. The force is gauged through the: Expected time that is assumed for the task to use as

indicated by the agreement, the number of people required for that program to take effect, and

the workforce's efficiency and effectiveness at hand (Zarghami, Gunawan, Zubielqui & Baroudi,

2019).

The base ideology of Critical project management is an algorithm that quests for the sole

establishment in the years 1997. Hence, it was then developed by Eliyahu M. Goldratt's book,

Critical Chain. The application of CCPM is statically heightened to observed additional work

achievement compared to other forms of Risk Management Strategies. Under the research that

was concluded by the Standish Group, a conclusive outcome was subjected that the traditional

project management wastes resourceful pledge of up to 56%—leaving only 44% of projects at

the intended level of utilizing the recourses in the agreed manner. Moreover, the operational

management misuse can position the organization to a vulnerable state of risk occurrences.

Hence, Critical Chain Project Management has been proven to handle the task reasonably with
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less and minimal waste of the finance, workforce, and the available resources (Zarghami,

Gunawan, Zubielqui & Baroudi, 2019).

This paper will, therefore, pick a private or public entity and one government agency.

Thereafter, implement the risk management model of Critical Chain Project Management

(CCPM) on both entities. Highlight the risks and stakes for both entities. Provide a

recommendation and solution for both entities to mitigate risk, threats, and vulnerabilities within

the organizations. How security representatives and leadership between both entities should

monitor and review your risk management assessment and model plans. Lastly, this paper will

compare both organizations and discuss how the risk management model chosen influenced your

assessment. Was it successful? What are the limiting factors? What would you do differently?

A Government Agency

A Government agency known as TOCICO is associated in a descriptive position that

involves the utilization of IT. The Tocico agency is typically entangled in a decentralized conflict

that tends to obstruct the exertion of grip unto the economies of scale for cost variables and

consistency. Thus, the service providers are pressured to respond attentively and more responsive

to states' owed businesses. The Tocico operations ought to operate precisely to offer the results

requested by both the economies of scale and the state-owned companies. Consequently, the

service provider's effects will not enlist a superior condition. Hence, the management operation

must handle two altering engagements that requisites a moderate sense of focus to a particular

mode of observation with fewer obstructions.

Nonetheless, the use of Critical Chain Management unto the Tocico operations will result

in founded risk management that will contribute to a well-organized and maintained operations.

The CCPM risk management will at first analyze and evaluate the workload of the matter in
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concern. Afterward, a carefully organized system such as a well-developed market

decentralization that operates entirely on its own will be implemented, based on the needed

workload in relation to the resources, workforce, and efficiency of the operations (Ordoñez,

Vanhoucke, Coelho, Anholon & Novaski, 2019).

A Public Agency

A public or private management system that will surely engross a reasonable assumption

of the Critical Chain Project Management will encompass the health care facility. The ration of

patients and the care providers must be comparative, as indicated by the health care Bureau. In

relevance, attribution to the numbers of health practitioners and the patients will provide useful

utilization of medic's resources, workforce, and commendable efficiency and effectiveness.

Resulting in risk management and better health care governing.

Identify the Risks for Both Entities

Private Entity

Excessive credibility to the TOCICO service providers is a significant risk factor that can

be experienced under the Critical Chain Project Management model. If the tocico entity sorts a

fixation through market decentralization, the strains leveled towards their operations will be

significantly resolved. The tocico management will respond to each data concern independently

as expected by the involved parties. In consequence, it led to numerous successful engagements

by the tocico entity. Therefore, the auditing farms will denote that the operations are worthy

hence limiting or easing the auditing tension towards the tocico entity. The auditing farms have

been a subject of concern for quite some time. The most trusted farms do foist a notion that when

an organization is vetted and passed a clear indication of responsibility, the auditing measures
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should not necessarily be performed with an extreme indent of ambition. Hence, the ease of

scrutiny to the entity will ultimately be a cause of risk concern. Tocico service is a vital system

that needs to run under efficient and effective measures. The lack of a proper plan that does not

have the potential to be exposed by auditing gauge can station the entire operation in jeopardy

(Ghoddousi, Ansari & Makui, 2017).

Public Entity

The health care providers' that established their operation either in the public or private

domain can witness an operational risk that uses the CCPM, through a sense of control. The

health care facility will generate a sense of control for their operations. An inadequate extent for

evaluating their procedure and management improvement will be at the fraternity's minimal

concern. Consequently, small changes can impose a cause. Attentively, the small changes could

develop to a risk that could introduce an uncontrollable situation. The small risk can emerge

through a changing working environment, such as evolving technology, in relevance to the

healthcare facility. The small changes that could be indicated with the shift in technology could

not agitate the operations managers with a vast need to act upon. Hence, the flow of movement

in their facilities is effortlessly running as intended, and thus no need to stress or confuse the

CCPM model with any altering changes (Ghoddousi, Ansari & Makui, 2017).

Analyze the Risks for Both Entities

The analysis of the Critical Chain Project Management risk can be obtained by

subjecting the managerial parties towards the intended progression of the program. The

administrative members should bear or quest for in-depth knowledge of their organization's

operations. The lead head of the tocico entity is required to ensure the data they have released

has undergone all the necessary faces that are needed, and the outcome is founded by facts and
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developed expertise, regardless of the imminent or current difficulties they are exposed to.

Therefore, the project's risk analysis is the lead principal of the operation (Ajmal, Malik & Saber,

2017).

While the health care providers' risk analysis entails the need for a profound external and

internal department that oversees the operations of Critical Chain Project Management, hence

adequately assisting the lead health management board with any altering or forthcoming change.

The health facility analysis is then dependent on how the council can educate its members and

introduce the slight modifications of the health care environment (Ajmal, Malik & Saber, 2017).

Provide a Recommendation and Solution for Both Entities To Mitigate Risk

A resounding mitigation procedure with enough will to limit, lower, or halt the threats

and risks of Tocico entity needs to be in pursuit of protection of estimate. The protection of

assessment should approve of a safety margin of their expected outcome. The security of

estimate will provide the Tocico with available gauging data, which will show the expectancy

levels in correlation with what is being attained. Therefore, if the projected flow of operations is

conversely not to achieve the desired results, the need to halt the operations to generate an

alternative to the problem is requisite as per the protection of estimate (Su, Lucko, & Thompson,

2016, December).

Another recommendation that can sort the vulnerability of risk management is due to

expectations in correspondent to estimates. This motion highlights the principle of attaining the

desired results as the only motive of the project's operations. This mode is also known as the

student's syndrome that gears the need for achieving the desired effect, focusing on the variables

experienced. The higher they utilize their operations and multitask, the more likely they will
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gather the operational management's intended ramification (Su, Lucko, & Thompson, 2016,

December).

An additional recommendation of the CCPM emphasizes on the Tocico project to start as

late as possible. Via this delay, a purposeful achievement can be obtained by avoiding the re-

work of projects. The re-work of the management project is the measure that has to be taken in

the form of a re-doing the initiated project since adequate knowledge upon the project was not

obtained before the Stater of the project. Additionally, the CCPM nature will easily incorporate

the Tecico market decentralization project's changes by giving time to gather all the needed

information and forthcoming difficulties (Su, Lucko, & Thompson, 2016, December).

Management of critical resources is a fundamental recommendation of Tocico to mitigate

the risk and archive the needed quest. The management of essential resources is an indication of

how specific resources are supposed to be used. The resource is nonetheless one of the most

significant factors of constraint to Tocico devolution progress. The essential resources could vary

from special equipment to a large group of persons with unique skill sets. After the vital resource

is indicated, the second front will evaluate the workload timing and output. Through the CCPM

methodology, the essential resources should only handle the uniquely analyzed to manage. After

that, a remarkable outcome will convey the unique creation of the project.

The health care system recommendation that can mitigate the health system risk is

somewhat endless. However, three prime measures can tremendously sort risk management:

Interlinking the evolving changes into the CCPM model and establishing alerts that can review

changes in the health care facility. And Communication. Interlinking the evolving modifications

can be accomplished through technology. Possessing a technology that reinforces interoperability

help the facility to validate the flow of data efficiently; hence if any slight change is exposed, the
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alert system should be triggered immediately. And lastly, the foremost concern of communication

of the employees, the data generated, and the management board should be engaged cohesively.

Discuss How Security Representatives and Leadership Between Both Entities Should

Monitor

The security representatives and leadership of tocico entity will monitor and review the

Critical Chain Project Management risk through a disposable assessment of a series of the

operational chain. The tocico entity will deploy a well-integrated system that describes the

outcome of the market decentralization project vividly. The overlook of the risk management

will then be amplified through what is needed for the operation. Hence the project could be

easily reviewed based on the monitored data that is acquired. If the management operations flow

as highlighted by the agreement. Thus, mitigating the risks. The protection of estimate will avail

the security representatives with security features that need to be observed to view the graphics

of the project's risk probability. Afterward, the leadership can assess the data and implement

additional improvements to the program. Pertaining to using the critical resources will accredit

the project's outcome with ease, aware of the final state (Laureani, & Antony, 2018). The security

representatives and the leadership to point out the final form of a detailed project description via

critical resources will ultimately lower the risk factors and increase credibility to the

management's involvement.

The healthcare entity's security representatives and leadership can monitor and review the

Critical Chain Project Management risks by using the integrated technology unto health care

operations. The technology will provide enough data to the security representative to inform the

patient's treatment; the care timeline is required to respond to the patients' needs accurately. The

security representative's ability to acquire first-hand details in the ongoing operations at that
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given period will bear a second backup check on the operations assessment. Consequently, the

risk will entirely be managed and reviewed. Additionally, the leaders cause comprehensive

changes and uplift other resources guided by the data assessment (Laureani, & Antony, 2018).

The government entity known as the tocico was expected to produce an excellent quest to

aid the states owned businesses and conduct a worthy economy of scale for the large body.

However, little was created by other bodies, thus managing the conflict the tocico entity was

perplexed about. The tocico entity was primarily required to formulate a conclusion that will ease

the tension they experienced. In contrast, the healthcare fraternity's public or private entity

depends on the research and proper formula that they are expected to follow, positioning them

with little to produce other than properly managing the healthcare guidelines.

Compare Both Organizations And Discuss How The Risk Management Model Chosen

Influenced Your Assessment

The Critical Chain Project management has influenced the assessment by a staggering

highlight that involves two profound aspects of risk management. The first one under the Tosico

entity courteously enabled the assessment to comprehend that no matter the difficult situation at

hand, the main concern should be of an excellent management plan that ascertains to reduce the

project's risks, hence increasing the chances of a successful ramification. In comparison, the

second influence was experienced through the health care fraternity. The influence assessment

substituted the understanding of management that does not necessarily need to lower the risks,

but to follow the rules provided with less need to ensure the systems are improved, updated, and

leading the program to the best the one's ability (Luiz, Souza,

Luiz, Jugend, Salgado & Silva, 2019).

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The Critical Chain Project Management model has undoubtedly exposed a success rate

that is considerably higher under any organizational management. In correlation with limited risk

encounters. The limiting factors are foreseen through the sole responsibly of the members in

charge of the operations. The limitations could be witnessed when the leaders are not well

equipped to handle the matter at hand. And the competence level of the leaders responsible for

engaging in any managerial engagements can also be a limiting factor.

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References

Ajmal, M., Malik, M., & Saber, H. (2017). Factor analyzing project management

practices. International Journal of Managing Projects in

Business.https://www.researchgate.net/deref/http%3A%2F%2Fdx.doi.org

%2F10.1108%2FIJMPB-03-2017-0027

Davalu, B., Khosravi, M. J., Sheikhi, M., &Sheikhi, H. (2019). Comparison of the Critical Path

Method and Critical Chain Project Management Effectiveness using Entities. Journal of

Research, 6(8), 53-62. https://www.semanticscholar.org/paper/Comparison-of-the-

Critical-Path-Method-and-Critical-Davalu-

Khosravi/2dac11ee3a88a2d10925c21b4b4ee670a290124f

Ghoddousi, P., Ansari, R., &Makui, A. (2017). A risk-oriented buffer allocation model based on

critical chain project management. KSCE Journal of Civil Engineering, 21(5), 1536-

1548. https://link.springer.com/article/10.1007/s12205-016-0039-y

Laureani, A., & Antony, J. (2018). Leadership–a Critical chain Project Management success

factor for the effective implementation of Leadership and backup checks. Total Quality

Management & Business Excellence, 29(5-6), 502-

523https://pureportal.strath.ac.uk/en/publications/leadership-a-critical-success-factor-for-

the-effective-implementa

Luiz, O. R., de Souza, F. B., Luiz, J. V. R., Jugend, D., Salgado, M. H., & da Silva, S. L. (2019).

Impact of critical chain project management and personal portfolio management on

development performance. Journal of Business & Industrial

Marketing.https://doi.org/10.1108/JBIM-11-2018-0327
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Ordoñez, R. E. C., Vanhoucke, M., Coelho, J., Anholon, R., &Novaski, O. (2019). A study of the

critical chain project management method applied to a multiproject system. Project

Management Journal, 50(3), 322-334. https://doi.org/10.1177%2F8756972819832203

Su, Y., Lucko, G., & Thompson, R. C. (2016, December). Evaluating performance of critical

chain project management to mitigate risks based on different schedule complexities.

In 2016 Winter Simulation Conference (WSC) (pp. 3314-3324). IEEE.

https://doi.org/10.1109/WSC.2016.7822362

Zarghami, S. A., Gunawan, I., Corral de Zubielqui, G., & Baroudi, B. (2019). Incorporation of

resource reliability into critical chain project management buffer sizing. International

Journal of Production Research, 1-15. https://doi.org/10.1080/00207543.2019.1667041