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Business Planning and Analysis Tools

Executive Summary

The report contained planning of executing the business and the tools was required to access the process. These were suggested to the management tools that can guide each part of the plan to a successful result. Using PESTEL analysis tool, the market based on hospital market was described to identify the factors of macro-environment of the business operation in the market.

Further, Risk Analysis and Mitigation tool was implemented and explained along with the vulnerable risks to identify and mitigate the possible risks in all the areas of the project. Apart from that, RACI Matrix Tool have been shown the role of each department and on of each task.

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Introduction

Project management is a way of managing all aspects of a project that is planned in advance as well as need to be executed along with workforce distribution. The report has been based on the helpline service that would give moral and psychological support. This can also diminish the pain of physical illness, whereas the carers can also get proper details about their beloved from this service, so that they are able to stay with them in the last hours. For establishing the idea, it requires a proper planning and some managing tools can make it easy to structure the things. In this regard, the path of execution of the given plan has been generated, which has discussed all the aspects, strengths, pitfalls, budget and issues of the planning and the structure using project tools and its applications.

Critical evaluation and discussion of the application of three tools

PESTEL Analysis

A PESTEL Analysis is considered as a strategic tool used in marketing analysis of a business to recognize and examine the constituents of the existing external environment that is impactful for the performance of an organization (Nurmi and Niemelä, 2018). It is a very effective substructure to implement in the strategic planning and discover the advantages and disadvantages of a business approach. This analysis helps an organization to realize its market situation in terms of having better position by strategic evaluation of planning and the conduction of market analysis in both new and current markets. PESTEL analysis should be implemented by a company before executing a particular project in terms of attaining a better knowledge about the factors of the target market and its environment.

PESTEL analysis is very much beneficial as it is cost effective with extensive comprehension, aware nesses in development and exploitation of new opportunities. However, it incorporates some limitations like, hidden internal components, quick changes of factors, time consumption, and difficulties in data collection and risk of information botch. The acronym of PESTEL stands for Political, Economic, Social, Legal, Environmental and Technological (Kara, 2018). These factors have been analyzed with respect to the Hospice Telephonic Helpline project.

PESTLE ANALYSIS TOOL PESTLE ANALYSIS TOOL  PESTLE ANALYSIS TOOL

Risk Analysis and Mitigation

Definition

This is a process of identifying the possible risk factors of a project by analyzing the risk factors involved in that task. The research analyst needs to find out the level of the risk and its impact on the process. That will further determine the need of mitigation and its precedence in the approach (Gupta and Thakkar, 2018). This toll consists of a table that declares the main factors of this tool. As risks can be generated in any part of the project, it is important to keep a control measure throughout the project. It can be helpful enough to assess the risk in its initial state and solve it to lower its effect on the process.

Analysis

 Risk Mitigation Tool  Risk Mitigation Tool  Risk Mitigation Tool  Risk Mitigation Tool

Critical evaluation

The advantages of this process can be easily understood by the table where all the possible threats are determined and the possible solutions are also discussed in prior. This helps the company leaders as they do not need to think about the solutions when the problems are already began (Haer et al. 2017). The precedence necessary for the selected types of misery is also described. The negative part can be hardly found, i.e. the generalized solutions may not always feasible in practical miseries. In that aspect the company need to study the solutions and the situations very well before applying them. If any modification is important that should be taken.

(RACI) Matrix - Responsibility, Accountability, Consulted and Informed (RACI)

Definition

This is a matrix representing the chart format of the responsibilities of each group of the company. The acronyms of RACI describe its format quite well. The responsible stakeholders for any task are selected with the matrix whereas the accountable individuals are also counted through it (Ahmed, 2019). The consultants of the project are determined clearly so that the employees can get a better knowledge about their task and supports. Finally the leaders who need to be informed for different kind of task are also discussed in this matrix. This tool promises the continuity of any project and can solve critical factors in an easy way.

Critical analysis

Is simplicity of showing data is the main advantage of this tool. The number of shareholders and working groups on any task can be easily counted with this matrix. So it can be analyzed whether the plan is moving to success or failure. The future conflicts can also be reduced by reducing the accountable person for each task. Contradictorily gives an overview for the groups handling the project but does not imply the roles of the group members (Marciniak and Jarzębowicz, 2017). The empty cells may create confusion in the understanding. Lastly it can be said for this project this works as a responsibility assigning chart which can help the employees broadly.

As the RACI matrix is used for understanding the roles and responsibilities of every associated individual to avoid all types of confusion. Now, the acronym of RACI is going to be evaluated with respect to the Hospice telephonic helpline project.

Responsible:

The persons, who complete the tasks of a project, are considered as Responsible (Kantor, 2020). In the context of the Hospice helpline service, the doctors, nurses, technicians or carers and the front office executive staffs are the responsible persons as they complete the tasks of serving patients. The executives will be directly associated with the helpline service, because they will communicate as the representatives of the hospice, with the patients and their families directly through telephone. On the other hand, the healthcare professionals will be attached to serve the patients.

Accountable:

The person, who oversees the inclusive completion of a work, is said to be accountable. However, the accountable person does not complete the task, yet executes its correct completion as per objectives (Tonchia, 2018). Here, in the concern of this project, the helpline coordinator will be the accountable person, as he will supervise all the tasks of the medical professionals and office executives and make those deliverable correctly. All the decisions and actions over those activities will be finalized by him.

Consulted:

The person, who initiates to provide necessary information for the completion of task, is considered as Consulted. It is about a two-way communication system (Ahmed, 2019). In the case of Hospice telephonic helpline service, it has been noticed that all the designated persons can be consulted in various situations. The coordinator can be the consulted person when the medical professionals need any information or approval regarding any case of patients. On the other hand, the medical professionals can also play the role of consulted, when the coordinator needs any information regarding the medical field in case of any situation of the service. Additionally, the executives can also consult with the coordinator and healthcare professionals regarding any information required to provide to the patients. Besides, both the parties may consult with the executives for getting any information of patients from their directory.

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Informed:

The person, who is kept informed with all the updates of progressions or decisions of a project, holds this position (Haughey, 2017). This role is associated with one way communication. In the context of this project, the manager of the helpline will play this role. All the activities that will happen in this domain and the decisions that will be made must be informed to the assigned manager. The ventures of every single employee and the decisions over those should be briefed to the person. The progressions of the tasks through telephonic helpline have to be well informed to the helpline manager.

 RACI Matrix Analysis  RACI Matrix Analysis

Conclusion

The structured plan of establishing the helpline centre has been elaborated in this approach, where tools used for describing the included tasks necessary to be performed for successful result and clearly described with the advantages and disadvantages of each project, which the designer need to keep in mind when designing the plan. The PESTEL analysis has been suggested to be implemented to discover all the external factors of the market of business operation.

Further, the Risk analysis and mitigation has been given to identify the possible risks in all the domains of the project including opportunities, schedule, expenses and standard. RACI matrix on the other side is another table format representation, which had given the task distribution amongst the employees with the details of responsibility. Hence, it can be concluded that the plan can be a grand success if these tools are followed and implemented properly, with the negative circumstances keeping in mind.

Reference

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