Business Finance – Operations Management
From the project details below, in two pages put together Design of Project and Project Life Cycle. Also, summarize the Design of Project and Project Life Cycle in a short (3 slides) PPT.
Project: Disaster Recovery Planning and Business continuity
The concept of this paper is to examine and understand what role does the disaster recovery planning and business continuity play in the development of an easy process for a business to come out of a disaster. Tyson’s Health insurance (THI) is a business based out of Tyson’s, VA. THI has 200 ensures and approximately a 1 million dollars budget.
In the current business landscape, THI could potentially be facing several disasters. The extent of the disasters can expand in its scope from the natural disasters to some even worse manmade disasters (Herbane, 2010).
We will conduct a business impact analysis (BIA) of our Tyson’s health insurance firm. This will identify all of our systems, applications and tools that are used to store all information of our insurer. It will also determine the impact to our business if our firm went down due to natural or manmade disasters. Mainly we analyze the impact on critical Information such as Patients health record till date and care delivery.
As a next step after analyzing we will determine the possible points of failure and develop a plan to reform those vulnerabilities. As a firm which directly handles personal health information and personal health records we are covered by HIPAA and will make sure we meet the typical HIPAA requirements of a disaster recovery plan.
Also, we are putting together the financial budgeting of each insurance plan that our Tysons’ health insurance firm offers. The budgeting process, also called benefit-cost analysis, helps our insurance company determining and detailing the short-term and long-term goals. The benefit-cost analysis includes the following:
1. List alternative insurance plans
2. List stakeholders ( Policy holder, Tysons’ health insurance firm, the insured, etc.)
3. Select measurement(s) and measure all cost/benefit elements.
4. Predict outcome of cost and benefits over relevant time period.
5. Convert all costs and benefits into a common currency($)
6. Apply discount rate(Ages, time period, etc)
7. Calculate net present value of each insurance plan option
8. Perform sensitivity analysis.