Projects Risks Which Affect Schedule Or Resources Information Technology Essay

Projects Risks Which Affect Schedule Or Resources Information Technology Essay Risk management can be defined as identifying risks and drawing up plans to minimize their effect on a project. The term risk is used universally, but different people take different meanings to it. Risk management helps in decision making, but it depends upon the context in which it is used. For example, safety professionals view risk management in terms of reducing the accidents and injuries, while the insurance industry relies on risk management techniques when setting insurance rates. Likewise, each industry uses risk management, there is no universally accepted definition of risk. A risk is a probability that some adverse circumstance will occur. They may be of any type: Projects risks which affect schedule or resources Product risks which affect the quality or performance of the software being developed. Business risks which affect the organization development. Principles of risk management The  International Organization for Standardization  (ISO) identifies the following principles of risk management.12 Risk management should: create value be an integral part of organizational processes be part of decision making explicitly address uncertainty be systematic and structured be based on the best available information be tailored take into account human factors be transparent and inclusive be dynamic, iterative and responsive to change be capable of continual improvement and enhancement Defining risk Risks are simply potential problems. For example, every time we walk the street, we have the risk of being hit by the car. Until we make any commitment, the risk does not start. It ends when the problem occurs or the possibility of risk is eliminated. (we safely step on to the other side).A software project may encounter various types of risks: Technical risks include problems with languages, project size, project functionality, and platforms. These risks may result from excessive constraints, lack of experience. Management risks include lack of proper planning, lack of management experience and training, communication problems and control problems. Financial risks include cash flow, capital and budgetary issues and return on investment constraints. Contractual and legal risks include changing requirements, market driven schedules, health safety issues. Personnel risks include staffing lags, experience and training problems, ethical and moral issues, staff conflicts. Other resource risks include unavailability or late delivery of equipment supplies, inadequate tools, distributed locations and slow response times. Three conditions of risk As specific definitions of risk may vary, a few characteristics are common to all definitions. For risk to exist, the following three conditions must be satisfied. (charette, 1990): The potential for loss must exist Uncertainty to the eventual outcome must be present. Some choice or decision may be required to deal with the uncertainty and potential for loss. Basic Definition of risk The above three characteristics can be used to give a basic definition of word risk. Most definitions focus on the first two conditions, because they are the two measurable aspects of risk. Thus the essence of risk, no matter what domain, can be captured by the definition: Risk is the possibility of suffering loss (Dorofee, 1996). There are different definitions presented by many authors: A simple definition of risk is a problem that could cause some loss or threaten the success of the project, but which hasnt happened yet. These potential problems might have an adverse affect on the cost, schedule or technical success of the project, the quality of our software products or project team morale. Risk management is the process of identifying, addressing and eliminating these potential problems before they damage our project. (Wiegers, 1998) Risk is a combination of abnormal event or failure and the consequences of that event or failure to a systems operators, users or environment. A risk can range from catastrophic to negligible. (Glutch, 1994) Components of Risk As shown in figure 2, a risk can be described as a cause-and- effect pair, where the threat is the cause and the resulting consequence is the effect. So here, a threat can be defined as a circumstance with potential to create loss and the consequence is defined as the loss that will occur when a threat is realized (Alberts, 2009). Figure 2. Components of risk Risk Measures Three measures are associated with a risk: Probability Impact Risk exposure The relationships between probability and impact and the components of risk are shown in the figure 2. So here, probability is defined as a measure of likelihood that a threat will occur, while impact is defined as a measure of the loss that will occur if the threat is realized. Risk exposure provides a measure of the magnitude of a risk based on current values of probability and impact. Risk Management Risk management is a systematic approach for minimizing exposure to potential losses. It provides a disciplined environment for Continuously assessing what could go wrong Determining which risks to address. Implementing actions to address high-priority risks and bring those risks within tolerance. Risk management activities The three core risk management activities are Assess risk: transform the concerns people have into distinct, tangible risks that are explicitly documented and analyzed Plan for risk mitigation: determine an approach for addressing or mitigating each risk and prepare a plan for implementing the approach. Mitigate risk: dealing with each risk individually and implementing the appropriate mitigation plan and tracking the plan to completion. These three activities form the foundation of the risk management frame-work. Figure 3. Risk Management Activities Issue/Problem One of the fundamental conditions of risk is uncertainty regarding its occurrence. A risk, by definition, might occur or not. But an issue is a loss or adverse consequence that has occurred or certain to occur. With an issue, no uncertainty exists, the loss or adverse consequence has taken place or is certain to take place. Issues can also lead to other risks by Creating a circumstance that produces a new threat Making an existing threat more likely to occur Aggravating the consequence of the existing risks. Oppourtunity Risk is focused on the potential for loss, it does not address the potential for gain. The concept of oppourtunity is used to address the potential for gain. An oppourtunity is the likelihood of realizing a gain from an allocation or reallocation of resources. Oppourtunity defines a set of circumstances that provides the potential for a designed gain and requires an investment or action to realize that gain. Pursuit of an oppourtunity can produce new risks or issues, and it can also damage existing risks or issues. Risk management framework The risk management framework defines activities that are required to manage risk effectively. The main goal of the framework is to specify the core sequence of activities that must be executed when performing risk management. However, because risk management must be conducted within a broader context or environment, the framework also specifies activities to prepare for risk management as well as to sustain and improve the risk management practice over time. Figure 6 shows the three phases of the framework. Figure 6. Framework structure Phase 1 (prepare for risk management) is used to get ready for the other two phases. Phase 1 activities should be complete before activities in the other phases are executed. Phase 2(perform risk management activities) defines a set of activities for managing risk. Phase 2 activities are continually performed to ensure that the overall risk to key objectives is effectively managed overtime. The activities of phase 3(sustain and improve risk management) are normally performed on periodic basis to ensure that the risk management practice remains effective over time. Phase 3 activities are used to identify improvements to a risk management practice. While phase 1 is generally completed prior to beginning the other two, phases 2 and 3 are typically executed concurrently. The phase 2 of the frame work comprises the following three activities, which will be seen in detail in the risk management process. They are: Assess risk Plan for risk mitigation Mitigate risk The basic structure of the risk management framework can be defined as Phase 1 : prepare for risk management Phase 2 : perform risk management activities Assess risk Plan for risk mitigation Mitigate risk Phase 3 : sustain and improve risk management One of the main objectives of the framework is to provide a basis for evaluating and improving risk management process for a program or organization. Risk Management Process A risk management process is a method by which risks to the project (e.g. to the scope, deliverables, timescales or resources) are formally identified, quantified and managed during the execution of the project. The process entails completing a number of actions to reduce the likelihood of occurrence and severity of impact of each risk. A risk management process is used to ensure that every risk is formally: Identified Quantified Monitored Avoided, transferred or mitigated. 1.When to use a risk management process: Although the risk management process is undertaken during the execution phase of the project, project risks may be identified at any stage of the project lifecycle. In theory, any risk identified during the life of the project will need to be formally managed as part of the risk management process. Without a formal risk management process in place the objective of delivering a solution within time, cost and quality may be compromised. The risk management process is terminated only when the execution phase of the project is completed.(just prior to project closure). 2.Overview An overview of the risk mangement process will give the clear example of how each risk is identified within the project environment and how it is documented, escalated and mitigated as appropriate. Risk mangement will be undertaken on the project through the implementation of five key processes. Risk identification Risk analysis Risk planning Risk monitoring This process starts with the identification of a list of potential risks. Each of these risks is then analyzed and priortized. A risk management plan is created that identifies containment actions that will reduce the probability of the risk occuring and reduce the impact if the risk turns in to a problem. The plan also includes contingency actions that will taken if the risk turns in to a problem. The tracking step involves monitoring the status of know risks as well as the results of the risk redution actions. As new status and information are obtained, the risk management plans are updated accordingly. Tracking may also result in the addition of newly identified risks or in the closure of the known risks. The risk management process is an on-going part of managing the software development process. It is designed to be a continous feedback loop where additional information and risk status are utilized to refine the projects risk list and risk management plans. 5.10 Risk-man-process.eps 000FF90EMacintosh HD B8AA5F2E: Figure 4. The risk management process 2.1 Risk identification During the first step in the risk management process, the risks are identified and added to the list of known risks. The output of this step is a list of project-specific risks that have the potential of damaging the projects success. The following procedures can be undertaken to identify risks. Risk originator identifies a risk applicable to a particular aspect of the project. Risk originator completes a risk form and distributes the form to the project manager. Different types of risks associated with a project : Technology risks. People risks Organisational risks Requirements risks Estimation risks 2.2 Risk analysis During the risk analysis step, each risk is assessed to determine The probability, that the risk will result in loss Impact: the size or cost of that loss if the risk turns into a problem and Timeframe: when the risk needs to be addressed (risk associated with activities in the near future would have a higher priority then similar risks in later activities) The project manager reviews all the risks raised and determines whether or not each risk identified is applicable to the project. If the risk considered by the project manager is related to project, then a formal risk is raised in the risk register. The project manager will assign the level of impact. The list of risks is then prioritized based on the results of our risk analysis. Since resource limitations rarely allow the considerations of all risks, the prioritized list of risks is used to identify risks requiring additional planning and action. 2.3 Risk planning Taking the prioritized risk list as input, plans are developed for the risks chosen for action. Considering each risk, an appropriate strategy is developed to manage the risk. Different strategies are Avoidance strategies: the probability that the risk will arise is reduced. Minimisation strategies: The impact of the risk on the project or product will be reduced. Contingency plans: if the risk arises, contingency plans are plans to deal with that risk. After a formal review of each risk listed in the risk register, the project review group decides for action on it. Some of the risk management strategies: Prepare a briefing document for senior management showing how the project is making a very important contribution to the goals of the buziness to compensate for the organisational financial problems. Alert the customer of potential difficulties and the possibility of delays, investigate buying-in components to sustain any recruitment problems. Reorganize team so that there is more overlap of work and people therefore understand each others job, in case of staff illness. Replace potentially defective components with bought-in components of known reliability, incase of any defective components. Derive traceability information to assess requirements change impact, maximize information hiding in the design, in case if any requirements change. Investigate the possibility of buying a higher-performance database for database performance. Investigate buying in components and also the use of a program generator to compensate for the underestimated development time. 2.4 Risk monitoring The risk mitigating strategies assigned by the project review group are then implemented. These may include: Scheduling each action for implementation Implementing each action scheduled Reviewing the success of each action implemented Communicating the success of each action implemented. The monitoring step involves gathering data, compiling that data into information, and then reporting and analyzing that information. The results of the monitoring can be: Identification of new risks that need to be added to the risk list. Validation of known risk resolutions so risks can be removed from the risk list because they are no longer threat to project success. Information that dictates additional planning requirements Implementation of contingency plan. 3 Risk roles Define the roles and responsibilities for all human resources, both internal and external to the project who are involved with identification, review and mitigation of risks within the project. 3.1 Risk originator The risk originator identifies the risk and formally communicates the risk to the project manager. The risk originator is reponsible for: Identifying the risk within project Documenting the risk by completing the risk form Submitting the risk form to the project manager for review 3.2 Project manager The project manager receives each risk form and records and monitors the progress of all risks within the project. The project manager is responsible for: Receiving all risk forms and identifying whether the risk is appropriate to the project Recording all risks in the risk register Presenting all risks to the project review group Communicating all decisions made by the project review group Monitoring the progress of all risk mitigating actions assigned 3.3 Project review group The project review group confirms the risk likelihood and impact and assign risk mitigating actions where appropriate. The project review group is responsible for: The regular review of all risks recorded in the risk register Identifying change requests required to mitigate risks raised. Allocating risk mitigating actions Closing risks which are no longer likely to impact on the project. 3.4 Project team The project team undertake all risk mitigating actions delegated by the project review group. 4. Risk documents List any other documentation used to identify, track and control risks to the project. 4.1 Risk register The risk register is the log / datebase where all risks are registered and tracked through to closure. 4.2 Risk form The risk form is used to identify and describe a risk to the project. The below figure shows the data flow between various entities in the risk management process. Risk Management Process Figure 5. Dataflow between various entities in a risk management process Risk communication Risk communication is a complex cross-disciplinary academic field. Problems for risk communicators involve how to reach the intended audience, to make the risk comprehensible and relatable to other risks, how to pay appropriate respect to the audiences values related to the risk, how to predict the audiences response to the communication, etc. A main goal of risk communication is to improve collective and individual decision making. Risk communication is somewhat related to crisis communication. (Frederick, 1988) Seven cardinal rules for the practice of risk communication are Accept and involve the public/other consumers as legitimate partners. Plan carefully and evaluate your efforts with a focus on your strengths, weaknesses, opportunities, and threats. Listen to the publics specific concerns. Be honest, frank, and open. Coordinate and collaborate with other credible sources. Meet the needs of the media. Speak clearly and with compassion. .

Nevada on the Move of Importing Prescription Drugs

Assembly Majority Leader Barbara Buckley heads on the plan to import prescription medicines from Canada. Backed by other officials, cause-oriented groups, unions, doctor’s associations, and senior citizens, she together with other lawmakers, are now pushing to finalize the regulations to enable Nevadans to purchase drugs from Canadian drugstores which are lower-priced and more economical. The legislation is eyeing to implement the law by April 20 of this year. In line with this, Attorney General George Chanos has taken a stand to further modify the current rulings with regards the issue at hand. He said that possible federal Food and Drug Administration directives may be violated, resulting to legal consequences. Buckley, also the chief sponsor of the program, is headstrong to obtain the approval. She vows to work in achieving authorization as she claims to consider of her constituents who purposely go to Canada just to buy their daily medicinal needs. The final elements of the legislation are now being scrutinized by the board to meet the set deadline. These sections being worked on are the accreditation procedures of the Canadian pharmacies allowed to market medicines within the state. It is also required that these pharmacies have toll-free phone lines,   e-mail access, and the ability to get in touch with their customer’s doctor in cases the latter can’t present a valid prescription. The board is also looking at the guidelines as to when, where, and why the pharmacy can decline a purchase. The law also states that generic Canadian drugs can not be sold except when sold also in the same generic form in their country. The rules ensuring the safety of the drugs are being prioritized as well. The Canadian drugs cannot enter the state unless approved by the US Food and Drug Administration and Health Canada. It is assumed the people of Nevada will not only be benefited from the cheaper drugs that will soon be available to them. The regulation also aims to control unauthorized websites that are selling drugs to the US; drugs that are not tested safe and effective by the proper US health departments. The law also seeks to castigate agencies, companies, and individuals who are pursuing illegal prescription drugs importations within the constituency. It is not a secret that a lot of US citizens are actually flying to Canada or are getting their medicine from Canadian sources. Buckley aims to regulate these transactions, make it legal if it is, while still protecting the interests and rights of the people, particularly the Nevadans. Activists against the law on the other hand, would like to postpone the ratification until after every single detail is straightened out. They are pushing for lawmakers to launch a special session with regards this particular law. Those who on the pro-implementation side believe changes can be done in the regular legislative session next year. Currently, the vote stands 4 to 3 favoring the execution of the new law. http://www.lasvegassun.com/sunbin/stories/nevada/2006/mar/01/030110077.html http://hosted.ap.org/dynamic/stories/N/NV_CANADIAN_DRUGS_NVOL-?SITE=NVCAP&SECTION=STATE&TEMPLATE=DEFAULT&CTIME=2006-04-20-20-06-12                        

Medtronic External and Internal Analysis Essay

Medtronic Inc. can easily be compared to le Concorde, a turbojet supersonic passenger airliner first flown in 1976. This jet was more than twice as fast as any other airliner ever created, flying at speeds of up to 1,350 mph. The capability to fly at more than twice the speed of a regular airliner equates to twice the flights and premium prices for this astonishing service. The resulting profitability of le Concorde is what puts this machine at the top of its class. In 1957, Medtronic founder Earl Bakken created Medtronic’s Pacemaker, the first wearable device to treat abnormally slow heart rates. The Pacemaker is now the staple product of Medtronic and can be compared to le Concorde for its innovation, efficacy, and profitability. This is just one example of Medtronic’s ability to use its innovation to transform the treatment of chronic disease worldwide. The firm has been a leader in the Medical Device Manufacturing industry for over two decades, developing and manufacturing innovative medical devices to treat more than seven million patients each year. Its products include pacemakers, defibrillators, heart valves, and stents, among others. Medtronic’s drive for excellence is best summed up by its corporate mission, â€Å"To contribute to human welfare by application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend life† (Medtronic. com). To achieve its goals and maintain success, Medtronic must constantly monitor and evaluate its external environment and the forces in it that could affect the company. The Medical Device Manufacturing industry is exposed to numerous forces and trends that can generate opportunities for firms to exploit as well as threats for firms to avoid. Of note are the effects of rivalry, buyers, regulation, and globalization trends. The Medical Device Manufacturing industry, as a whole, has grown at an annual rate of 18. 9% since 2005, contributing to a high level of industry attractiveness (ibisworld. com). Medtronic is the clear leader with 17. 2% market share. Its closest rivals, Boston Scientific and St. Jude Medical, have market shares of 2. 8% and 4. 8%, respectively (ibisworld. com). Recently, the industry has seen a dramatic increase in consolidation as larger firms have cquired smaller operations in an effort to diversify their portfolios and gain market share. This shrinkage has resulted in greater industry concentration, increasing the rivalry among these key players. Focusing on a more narrow analysis of the Cardiovascular Device segment reveals a similar, more intensified, environment for rivals. Compared to the overall industry, this specific segment has recently witnessed much lower growth rates because the market is saturated with products that have little differentiation and limited innovation possibilities. For this reason, merger & acquisition activity is especially prominent among top firms seeking to create strategic competitiveness. They have identified the threat of rivals and are looking to gain additional resources and capabilities through diversification. The role of buyers is very unique in this industry. While individual patients are the ultimate consumers of medical devices, firms often focus on healthcare providers when selling products. This is because patients in the market have low brand recognition of the devices they use. Instead, they rely on their hospitals and physicians to recommend products for treatment. It is important for manufacturers to understand this distinction since it is these physicians and other providers that have the greatest brand loyalty. That said, individual patients still drive demand for products, and their satisfaction remains the ultimate goal. One key demographic trend of buyers is the aging U. S. population. As life expectancies continue to rise, and the baby boomer generation ages into their late sixties and seventies, this expanding age group will create a great opportunity for medical device manufacturers. For example, elderly patients experience a higher occurrence of health issues compared to the aggregate market, driving demand for medical devices upward. In fact, 40% of all patients diagnosed with heart disease or arthritis are 65 or older (ibisworld. com). The Medical Device Manufacturing industry is also subject to tight regulations, both domestically and internationally. For example, a new device may require a four-year trial before it appears on the market so that the Food and Drug Administration (FDA) can test its long-term effects. Products in Europe, meanwhile, undergo a different regulatory process; products are often introduced in Europe two to four years before they are available for patients in the U. S. Furthermore, compliance with these regulations requires firms to devote significant additional resources, often detracting from investments such as Research and Development. Along with these initial requirements, devices are constantly monitored for defects, which can result in product recalls that damage brand reputation and hurt profits. Globalization trends will certainly continue to have a strong impact on the industry, creating both opportunities and threats. Research shows that exports account for 21. 6% of industry revenue with an expected 2010 growth rate of 3. 9% (ibisworld. com). By developing these export markets, firms can work to maximize capacity utilization as they expand their distribution channels to reach more customers and generate more revenue. This is especially true of developing economies, in which 80% of chronic-disease-related deaths occur. Large portions of these markets are greatly underserved and demand is not being met. In addition, by diversifying into different geographic markets abroad, firms are able to mitigate the risks associated with being too dependent on the domestic market. The emergence of globalization also introduces several threats that firms must be aware of. For one, the competitive landscape changes as companies establish operations sites in foreign countries. When this happens, the demand in export markets declines since customers can purchase devices locally. Exporting firms must then reevaluate their international strategies and consider establishing similar operations of their own. Another threat globalization brings is that of increased competition. Manufacturers constantly fight to expand their geographic reach and to gain control of underserved markets. Given the effects of strong forces and emerging trends in the Medical Device Manufacturing industry, firms should strive to possess a key group of success factors in order to gain strategic competitiveness. The first factor is employees; they must be highly skilled and knowledgeable since the devices they design and produce are very complex. Second, economies of scale allow firms to improve profitability by reducing variable costs in manufacturing, which, in turn, lowers prices for customers. Third, as previously mentioned, the importance of global positioning cannot be understated. In order to compete in the industry, firms must make a global presence, expanding geographic scope and penetrating underserved markets. Finally, access to the latest innovations is imperative. To acquire new technologies, firms must invest considerable resources into Research and Development. Not only must they develop new technologies, but they must also look for ways to continuously improve existing products through high levels of innovation. This understanding of the industry environment is essential when considering a firm’s internal strategies. At the business-level, Medtronic possesses a number of strengths and competencies that are used to create a competitive advantage and contribute to the overall performance of the company. In particular, its research and development efforts along with its superior human resources drive the firm’s differentiation strategy in the Cardiac Rhythm Disease Management (CRDM) unit (see appendix for more strengths). This sector remains the firm’s most profitable product market, accounting for $5. 268 billion of Medtronic’s $15. 817 billion total net sales in 2010 (Medtronic). As a percentage of those sales, Research and Development expenses equated to 9. 23%, a total of $1. 46 billion. Moreover, this expense has seen a Compound Annual Growth Rate of 8. % in the last 5 years, indicating Medtronic’s continued confidence in its ability to create value through the investment in research and development. The innovation fostered by research and development in CRDM has allowed Medtronic to create many new products; the complex nature of these products makes them rare and costly to imitate. They often even trump and replace the existing technology in the mar ket, making them highly valuable and unsubstitutable. These key innovations, therefore, give Medtronic a significant competitive advantage in research and development. For example, the CRDM unit recently introduced a new leadless pacemaker. Once implanted into the heart via catheter, the penny-sized device permanently latches into the flesh with tiny claws. Doctors can then wirelessly monitor and control the pacemaker. Medtronic’s demonstration of reduced size and wire elimination will create a new standard for such devices in the industry, making current, bulky pacemakers obsolete, and giving Medtronic a sustainable competitive advantage. Medtronic’s 40,000 employees also play a key role in the success of CRDM and of the company as a whole. They are the source of one of Medtronic’s most valuable intangible assets: knowledge. With a thorough understanding of human physiology and a breadth of technical skills, employees are a driving force behind the company’s groundbreaking innovations. They generate ideas and implement processes that create new or improved products or therapies. These advancements require that employees are well trained and possess a high degree of knowledge about the products or therapies they develop. In addition to the actual production of products, employees extend their knowledge to customers. By educating healthcare providers and users about the devices, employees ensure that patients safely receive the full benefits of Medtronic’s products. One way Medtronic optimizes its human resources is through collaboration blogs and internal grants. The company’s Quest program awards project grants that encourage employees to test their own ideas for product innovation. Nearly 25% of these projects eventually become a product or some part of a therapy. For example, employee Brain Lee had an idea to create an effective diagnostic tool for patients who suffered from unexplained fainting. With funding from the Quest program, Lee modified a pacemaker by adding self-contained electrodes. The device could be implanted just below the skin, recording electrocardiogram (ECG) signals in an endless loop. Much more effective than existing external tools, Lee’s device received additional funding, leading to successful clinical trials, and, eventually, a commercial release. This is just one example of how Medtronic’s strong workforce creates a core competency for the firm, one that is unmatched by its rivals. Furthermore, the innovations developed by employees and through research and development efforts can often be protected with patents, generating competencies that are not only distinctive, but also sustainable. At the corporate level, Medtronic is very well positioned. The firm outperforms its rivals in terms of market share with 17. 2%, compared to Boston Scientific and St. Jude Medical, which hold 2. 8% and 4. 8% market share, respectively. Since 2007, Medtronic has experienced an 8. 75% compound annual growth rate. While lower than St. Jude’s growth rate of 12. 3% in the period, it is noticeably higher than that of Boston Scientific’s, 6. 84% (See appendix for further financial comparisons). Medtronic’s corporate-level strategy defines which businesses it will be in as well as how it will integrate those businesses to grow and deliver value to stakeholders. The firm currently operates in seven business units: CRDM, Spinal, CardioVascular, Neuromodulation, Diab etes, Surgical Technologies, and Physio-Control, all of which are largely related. Because of Medtronic’s strong war chest, it has been able to focus its growth strategy around acquisitions. Since 2009, the firm has purchased nine companies, including ATS Medical Inc. and CoreValv Inc. , requiring a significant cash investment. In fact, Medtronic spent $370 million when it bought heart valve maker ATS Medical. The firm’s acquisition strategy specifically targets two types of purchases: those that will add immediate revenue to existing businesses, and those that add to Medtronic’s technology portfolio by providing expertise the company does not have. Of late, the firm has been focusing on the former, targeting smaller companies that lack the resources to complete clinical trials and gain FDA approval. Chad Cornell, vice president of corporate development at Medtronic, notes, â€Å"Size is obviously a factor, but it’s not what we start with. † Instead the question is â€Å"how can we add value? That’s the key lens† (Lee). Medtronic’s international strategy is best characterized as a global strategy whereby it develops devices in the United States to be distributed across country markets. To support this strategy, it uses a worldwide product divisional structure. Medtronic has recently changed its strategy, implementing a Global Realignment Initiative in 2008. The goal of the initiative is to reorganize the firm’s resources to focus on areas that add the most value and have the most attractive growth opportunities. Prior to 2008, the company had segmented its global market into the United States market and international markets. Under this new strategy, Medtronic will focus around developed markets and emerging markets, using its resources and capabilities to effectively meet each segment’s unique needs. Developed markets include regions such as the United States and Europe where trained healthcare professionals are familiar with current devices, and new, innovative products are readily accepted. Medtronic relies on its strong innovation capabilities and Research and Development investments to meet the demands of this segment. For example, patients with pacemakers are often denied potentially life-saving MRI scans due to possible pacing interference. Medtronic used its superior innovation and product knowledge to address the concern, manufacturing the world’s first pacemaker that is compatible and safe to use with MRI systems. Introduced in Europe in 2008, this innovative device provides a much-needed solution to millions of people who will now be able to receive the full benefit of a safe MRI scan. Emerging markets, meanwhile, include regions such as China, Brazil, Africa, and the Middle East, where access to care is often limited, and physicians may be unfamiliar with certain medical devices and hesitant to accept new products. In this segment, Medtronic depends on its employees and its reliable, high-quality products. Using these strengths, it focuses on training and educating healthcare providers so that products and treatment are much more accessible to underserved patients. At present, Medtronic operates in more than 120 countries, with more than 16,000 employees in communities outside the United States (Medtronic. om). These employees provide immense value to the company by using their extensive knowledge and skills to educate and collaborate with physicians around the world. Currently, 41% of total revenues are realized outside of the United. Medtronic plans to continue its geographic diversity strategy, aiming to become a â€Å"truly boundaryless organization† an d maintain its commitment to â€Å"making a sustained, global impact in the fight against chronic disease† (Medtronic). In order to keep its world-class status, Medtronic executes various tactics at each of its organizational levels in order to protect its strategic competitiveness. For example, the company uses a frontal assault on its biggest competitor, Boston Scientific. By using revenues created from CRDM, they have the capability to invest large investments into research and development in ways that Boston Scientific cannot. In doing so, they maintain continuous development and improvement of innovative products. Another tactic that Medtronic uses is the pre-emptive strike, identifying and evaluating a valuable opportunity and seizing it before a rival does so. This increases sales, differentiates Medtronic from competitors such as Boston Scientific, and helps foster innovation. Based on the analysis of Medtronic’s external environment and internal strategies, it is clear that the firm is a leader in the Medical Device Manufacturing Industry. However, there are also some key problems and issues the firm should address. Medtronic has had litigation issues over the past few years with recalls in various different product offerings as well as patent and licensing disputes. As noted on the 2010 annual report their litigation charges amounted to nets of, $374 million in 2010, $714 million in 2009, and $366 million in 2008 (36-37). This has been an industry wide issue as seen by Boston Scientifics 2009 litigations charges amounting to $2. 022 billion, $334 million in 2008 and $365 million in 2007 (Boston Scientific Annual Report pg. 69). With these industry wide litigation issues, the FDA is currently creating new standard procedures for testing products and time required to introduce them into the market, which creates a separate challenge in dealing with the new health care reform. In a recent interview with Brian Johnson from Massdevice. om, the CEO of Medtronic, Bill Hawkins outlines the challenges ahead with the new health care reform. â€Å"The new medical device tax will cost us $150 to $200 million per year when introduced in 2013. In 2010 we spent $1. 5 billion on R&D and this tax will directly affect that budget for us which hurts our innovation, or possibly investments in emerging markets†. Cleary the health care reform will be one of the toughest challenges ahead for Medtronic and the rest of the medical device industry.

How Buddhism is Being Used to Promote Nationalism in Sri Lanka and Japan - Free Essay Example

Sample details Pages: 7 Words: 2004 Downloads: 5 Date added: 2019/07/03 Category Religion Essay Level High school Tags: Buddhism Essay Did you like this example? In this essay, I am discussing how Buddhism is being used to promote nationalism in two countries, Sri Lanka and Japan and I am discussing contemporary as well as historical perspective with its similarities and differences. Lets starts with the example of Sri Lanka Don’t waste time! Our writers will create an original "How Buddhism is Being Used to Promote Nationalism in Sri Lanka and Japan" essay for you Create order With the long history and a distinctive culture, Buddhist religion plays a prominent role in the island of Sri Lanka. Buddhist monks starts to travel to the Sri Lanka by the third century BCE and inhabitants of the Island quickly embraced Buddhist institutions and practices. We can quantify the impact of Buddhism in the historical days in Sri Lanka in couple of ways. First, ancient Buddhist monasteries and archaeological sites throughout the island, which demonstrates the long-standing and extensive presence of sites associated with Buddhist worship and practices and second, the numerous historical texts called VAMSAS. The fusion of these Buddhist sites and texts are sufficient to explain the Sri Lanka as a place where the Buddhas religion has flourished for millennia. In modern Sri Lanka, these assertions charged significance in debates over national identities and multiculturalism. From the Buddhist texts such as the MAHAVAMSA (Great Chronicle) from the sixth century CE, Sri Lanka occupies a special place as Island of the Dharma, where in Buddha himself visited the Island and prophesied that his SASANA would illuminate the land and be established there for posterity. There was little doubt about the supremacy of Buddhism in the islands religious and political sphere before sixteenth century in Sri Lanka. King Parakramabahu-1, purified monkhood resulted in a huge unified SANGHA which adhered to the conservative vision of the Theravada order that stressed strict monastic discipline and the acceptance of a closed canon of Pali Buddhist scriptures. The Sri Lanka island declared itself independent from British rule on February 04, 1948, after successive colonial rules by the Portuguese, Dutch and British. The long colonialism tries severely weakened Buddhist institutions but did not lead to the conversion of more than about ten percent of the islands population. Since the nineteenth century, the modernizing trends among Sri Lankan Buddhism have given rise to a form of Buddhist nationalism that fuses religious ideals with political activity. The Buddhist Laity widely criticized the entrance of Buddhist monks into political arena. But the Scenario is slightly shifts when Anagarika Dharmapala starts to encourage monk in early twentieth century to lead the religious and social reforms he envisioned for the country, monastic involvement in politics eventually followed. Primarily, Dharmapala concentrated on the monks who would serve their village rites and practices of medicine and astrology in order to become preachers who motivated the Laity on the development of Buddhist morality, which would in turn become the basis for promoting the dignity and prosperity of the nation (Seneviratne 1999;40). In accordance with this thought, monks should pro-actively involved in Sinhala society, upgrading the morality of all citizens and bringing about a cultu ral revival in order to lay the foundations for a vibrant and independent nation-state. Thus, for securing individual comforts and the collective welfare of the people of Sri Lanka, The Buddha Dharma plays vital role. The Sinhala Buddhists, followers of Dharmapala saw Buddhism as having distinctively special role in the formation of Sinhala culture and national identity. During the several centuries of colonial rule in Sri Lanka, number of Sinhala Buddhists concludes that for a revival of Buddhism held the key to a broader cultural revival that could pave the way towards independence from Great Britain. The monks intended to focus the role of rural development in bringing about a national regeneration, during early twentieth-century. During this period some of the Buddhist monks emphasized the economic development of the rural village through development projects, crime eradication and temperance, which were finally rooted in the development of Buddhist morality, which also includes virtues such as punctuality, activeness and cleanliness. One of those Buddhist monk is Ven. Kalukondayave Pannasekhra (1895-1977). The involvement of monks in such social welfare projects strengthen the nationalist sen timents in the Island as well as the model of Christian missionary, who were also engaged in similar projects. These type of activities, also allowed the monks to regain the central role in society, which were during colonial rule took over by colonial sponsored institutions such as hospitals and schools. The numerous monks start to stress social service in national politics as part of the proper role of a Buddhists monk, in the final years of British rule in the island. The Buddhist monks along with the Indian nationalists strongly engaged in political debates and activities in their respective countries against the British imperial presence in their countries. In the years of independence in 1948 and thereafter the island witnessed vigorous debates over the legitimacy of monastic involvement in politics. Ven. Walpola Rahula, the author of the heritage of the Bhikkhu and holder of doctoral degree in France, was one of the more prominent advocates for the political monks. He argued that the Buddhist monks have a duty to serve the nation by advising the country leaders on political issues and giving popular support for righteous policies. During 1950s, the bonds between religion and the state in Sri Lanka was strengthen with the help of Monastic involvement in the countrys politics. The Buddha Jayanti was recognized in Sri Lanka publicly in the year 1956, after 2500 years since the Buddha passed away. This is the year, when election take place and new party that promote Buddhist nationalist agenda was swept into the office, who setting off a chain of events that strengthened the formal association between Buddhism and the Sri Lankan state. A report The Betrayal of Buddhism, was started by the ALL Ceylon Buddhist Congress, published in 1956 and neutralised the negative effects of Christian mission and, especially, the state-funded English schools run by missionaries in the island. During these years, numerous monks formed a political organization to campaign actively for the new party promised to support Buddhist interest. The new constitution in 1972 asserted Buddhism the foremost place among other religion in the cou ntry, and which states, that it was the duty of the state to protect and foster Buddhism while still assuring fundamental rights to members of other religions. The Tamil minorities provoked the communal riots in 1956, 1958, 1977 and 1983, due to the unfortunate effect of alienating the Tamil minorities by some other government policies. The liberation tigers of Tamil Eelam (LTTE) was formed as a Tamil rebel organization in 1976 and starts armed conflict with the state in1983 following the riots which results the deaths of several thousand Tamils in the island, which includes renowned politician and Buddhist monks. Until the military defect of the LTTE in 2009, the civil war become a cause celebre for Buddhist nationalists who warned of the dangers still facing Buddhism in postcolonial Sri Lanka. The number of Buddhist monks participated in protests against the LTTE and the foreign organization or bodies that were supposed to be supporting the Tamil separatist cause, such as Norwegian government. Following several assassinations of political leaders and peace initiatives, Buddhist nationalism gaining assertive profile in the following years of the conflict with the LTTE. The entrance of global economic and cultural forms along with Christian missions from the west sparked a backlash against foreign influences that were supposed to be threaten the islands religious and cultural heritages. To promote the Buddhism religion, Ven. Gangodawila soma (1948-2003), the reputed Buddhist monk, introduced a public campaign as a path to increase national prosperity and protect Sinhala cultural heritages. Monk soma helped to galvanize aids for a nationalist program which could defend Buddhism and the nation from foreign forces and influences that threatened to undermine them, through regular television appearances, newspaper column, and sermons delivered at temples around the island. Buddhist nationalists of Sri Lanka have drawn criticism to the World bank, Hindi films and non-government or ganizations (NGOs) for the allegedly harmful effects they have on Buddhism and Sinhala culture. The growing hostility in Sri Lanka towards the agents of globalization is seen in the formation of a political party called The Jathika Hela Urumaya (JHU) led by Buddhist monks, who subsequently secure nine seats in the parliament for the partys monastic leaders in 2004. The presence of robed monks participating as politicians remain controversial in Sri Lanka and invites public and private criticism about the morality and decorum of these monk-politicians. In contemporary Sri Lanka, Buddhism retains and influential place in both private as well as public affairs. Its contemporary expressions have been conditioned by the experiences of Sinhala Buddhists with European colonialism, Christian missionaries, orientalist scholarship, ideas and aspirations of gender equality, partisan politics, ethnic separatists, and global political and development organizations. For some Sri Lankan, Buddhism is a symbol of national unity and a cultural heritage that is unique to Sri Lanka. Japanese nationalism in the other hands; There are more than 75000 Buddhist temples in Japan, which claims over 93 million members. Majority of the Japanese claims that they have faith in Buddhism more than other religion. The economic problems and the pressure from western power to open its ports for trade were cracking by the timbers that supported Japanese Tokugawa regime in the mid nineteenth century. Samurai rebels finally brought down the decrepit regime in 1868, after more than 260 years of rule and vowed to restore the emperor to power. Then the Japans first modern era, called Meiji starts which ends on 1912. After getting power, the new Meiji government starts to disestablish Buddhism from the state apparatus, of which it had been a part for centuries. The government restrict Christianity and established the TERAUKE system in which all families were required to register with the Buddhist temples, from the beginning of seventeenth century. During the first few years of the Meiji government, the system of giving economic benefits to the Buddhists priests was withdrawn and new laws were passed that required families to register with government offices rather than temples. The new regime frequently characterised Buddhism as foreign, although Buddhism had been the most powerful form of organized religion in Japan for over a thousand of years. Many of the founders of the Meiji government were from domains in western Japan where anti-Buddhist sentiment ran high among rulers. These sects of societies saw priest parasites on society and are destruction to builds a strong and modern society or nation. Japanese Buddhist institutions had a long history of backing different political regimes and were hungering to prove how they could support the restoration of imperial rule. Buddhist leaders overlooked their difference and formed inter-sectarian organization to strengthen the unity. The Pan-Sectarian Buddhist Ethical League (Shoshu dotoku kaimei) was one of the most influential organization, that formed towards the closing of 1868. In the support of government, Buddhist leaders, throughout the country spreades the slogan such as love the country and protect the Dharma, revere the emperor and serve the Buddha, pacify and preserve the country through Buddhism. More than 3000 Buddhists priests joined in the Great Teaching Promulgation Campaign (Daikyo senpu undo) as instructors, as a demo of their craving to donate to the propagation of imperial ideology. Some important temples, for example, Nishi Honganji and Eiheiji, donated money to the new government to show their support. The early Meiji period was also a time for replication. Designating the hostile sentiments of many in the new government, Buddhist jumps to construct a history of Buddhism in the Tokugawa period as decadent. Tokugawa Buddhism therefor becomes a foil in contradiction of which they could define themselves and where they sought to go. Part of this redefinition of themselves involved accusing their own previous drawback for the suffering. To eliminate these transgressions Fukuda, along with Shaku Unsho and other leading clerics, tries their own restoration by seeking to revive what they saw as fundamental to Buddhism. In particularly, they emphasized with which prohibited killing, stealing, lying, illicit sex, and slandering the three jewels of Buddhism (the Buddha, the Dharma and the Sangha). During the med 1870s, government policies softened toward Buddhism and Buddhist leaders, particularly of Shin Buddhism, started to emphasize themselves.