Running head: STRATEGIC FINANCIAL PROJECT-MILESTONE 1<\/p>\n
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STRATEGIC FINANCIAL PROJECT-MILESTONE 1<\/p>\n
Strategic Financial Project-Milestone 1<\/p>\n
Project Scope <\/p>\n
The project\u2019s scope covers upgrading a laboratory instrument in capital budgeting. Subsequently, the objectives and deliverables include improving the facility’s storage quality and sample longevity. Moreover, reducing overall costs is crucial due to the lowered expenses of using an upgraded refrigeration unit (Drahl, 2018). At the same time, project deliverables encompass the upgraded unit, safety considerations, and employee training to avoid or minimize operational workflows. At the same time, increased storage and refrigeration capacity will be necessary to improve operational concepts and anticipated benefits from the upgrade. The main deliverable is the successful installation of the equipment.<\/p>\n
The anticipated timeline for the project\u2019s completion and attaining key milestones is four months. As Drahl (2018) indicates, various benefits, including extended sample preservation, streamlining current capacity, human resources, and equipment to fit the operational requirement of the new instrument, are rigorous and time-consuming. The facility will fund 100% of the costs required, estimated at between $5000 and $15,000. The assumption is that the project is part of the facility’s systematic upgrades and continuous quality improvement initiatives. As a result, the required funding is well-planned, although arranged financing may be considered in the case of inadequate access to funds.<\/p>\n
Operating Plan <\/p>\n
Objective <\/p>\n
The primary objective is to increase storage capacity by 50% of the current size by upgrading the refrigerator with a new one. The equipment will have modern features, such as multi-compartments, where different samples can be stored at different temperatures without the need for additional equipment. The overall goal is to improve the facility’s quality of care and services.<\/p>\n
Timeline<\/p>\n
The estimated time is four months for all operations, tasks, and key milestones, from start to end.<\/p>\n
Tasks<\/p>\n
The project will have five main tasks. The first one will be collecting views from employees and intended users to reduce rejection after installation (Vyas et al., 2022). In such a case, organizing meetings, focus groups, and boardroom consultations will ensure consensus. Secondly, consultations with vendors and technology experts will be organized during the second phase of implementation. The step will ensure the facility obtains the best value for money and avoid disagreements on quality. The fourth task will be budgeting and sourcing the required funds for the purchase. The process will be conducted collaboratively to optimize available options and minimize disagreements. Fourthly, employee training will follow, ensuring that intended users have the required knowledge. The last task will be a project audit to ensure accountability.\u00a0 <\/p>\n
Resources<\/p>\n
The main resources will include employees, technology experts, and input from the accounting or financial department of the facility. Moreover, lab expansion, power upgrades, and fitting materials will be useful to accommodate the new equipment (Vyas et al., 2022). The estimated budget is $15,000, with the project manager and senior lab technicians as the project owners. Key success indicators include 65% completion after two months and 100% stakeholder engagement in decision-making.<\/p>\n
Organizational Goals<\/p>\n
As highlighted, the primary organizational goal is increasing the storage capacity of the current system by 50%. However, other secondary objectives include cost-saving, improved care quality, sample longevity, and increased efficiency in operations. Cattin et al. (2022) associates poor refrigeration of vaccines with 50% wastage, leading to significant losses. In such a case, modern equipment can attain ultra-low temperatures of -50 degrees Celsius, significantly increasing storage time and reducing associated wastage costs. At the same time, efficiency due to improved space capacity decreased opening frequency attained by compartmentalization, and enhanced sample availability will be useful. Overall, augmenting the quality of care and patient satisfaction rates are crucial organizational goals targeted by the equipment upgrade. As previously evaluated, the cost-benefit analysis supports the need for a new purchase.<\/p>\n
References<\/p>\n
Cattin,\u00a0M., Jonnalagedda,\u00a0S., Makohliso,\u00a0S., & Sch\u00f6nenberger,\u00a0K. (2022). The status of refrigeration solutions for last mile vaccine delivery in low-income settings.\u00a0Vaccine: X,\u00a011, 100184.\u00a0https:\/\/doi.org\/10.1016\/j.jvacx.2022.100184<\/p>\n
Drahl,\u00a0C. (2018). A matter of degree.\u00a0ACS Central Science,\u00a04(10), 1294-1297. https:\/\/doi.org\/10.1021\/acscentsci.8b00705<\/p>\n
Vyas,\u00a0D., Umemoto,\u00a0K., Vyas,\u00a0A., & Bhatt,\u00a0D. (2021). Procedure room innovation during the COVID-19 crisis: Protecting healthcare workers, while learning from history.\u00a0SSRN Electronic Journal.\u00a0https:\/\/doi.org\/10.2139\/ssrn.3901122<\/p>\n","protected":false},"excerpt":{"rendered":"
Running head: STRATEGIC FINANCIAL PROJECT-MILESTONE 1 1 2 STRATEGIC FINANCIAL PROJECT-MILESTONE 1 Strategic Financial Project-Milestone 1 Project Scope The project\u2019s scope covers upgrading a laboratory instrument in capital budgeting. Subsequently, the objectives and deliverables include improving the facility’s storage quality and sample longevity. Moreover, reducing overall costs is crucial due to the lowered expenses of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-105635","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=105635"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/105635\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=105635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=105635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=105635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}