Find a video(s) showing A PROJECT in IS/IT/digital worlds in healthcare with business / market value. Then, conduct the following, and every item is required:
Provide the title of the video (s), and the Web link(s). Then, summarize it--including details, features, functions, contents, etc.), markets, and elaborate business value(s) it delivers/ enables/inspires.
While the previous project in the video you reviewed may only showcase a product or a service, from a project management sense, it needs schedule and cost management in place to make it well managed.
Also, please put yourself in the shoes of the project owner/ project manager, and reflect on the following:
- Discuss what is schedule management (Ch. 6). Also, identify and define at least two (2) components/concepts within schedule management that are applicable and important to the project you reviewed. Explain why they are relevant and meaningful.
- Discuss what is cost management (Ch. 7). Also, identify and define at least two (2) components/concepts within cost management that are applicable and important to the project you reviewed. Explain why they are relevant and meaningful.
Mentoring:
You are expected to demonstrate critical thinking by explaining and justifying why and how your chosen video stories are good examples for showing the relevance and importance of your identified components/concepts in course materials. This can be done by identifying key storylines in videos that are related, through your well-reasoning and explaining your rationale. Also, it is helpful to cite more journal articles, and industrial ground-breaking stories. Personal career experiences if related and well justified are welcome too.
Explain/ define any new term or jargon when firstly mentioned.
Full Answer Section
- Personalized health education: Based on patient data, Kleo delivers educational content and reminders to promote self-care and medication adherence.
- Early intervention: Kleo identifies potential health concerns and alerts care teams for timely intervention.
- Improved patient engagement: Kleo provides a conversational interface for patients to ask questions, report symptoms, and receive emotional support.
Markets:
Kleo targets hospitals, health systems, and post-acute care providers seeking to improve patient outcomes, reduce readmission rates, and optimize staffing resources.
Business Value:
- Reduced healthcare costs: Early intervention and improved patient engagement can prevent complications and hospital readmissions.
- Improved patient outcomes: Proactive monitoring and personalized education empower patients to manage their health more effectively.
- Enhanced patient satisfaction: 24/7 access to support and education improves patient experience.
- Optimized staffing: Nurses are freed from routine monitoring tasks, allowing them to focus on more complex patient care needs.
Project Management Considerations:
- Schedule Management (Chapter 6):
- Work Breakdown Structure (WBS): Developing Kleo likely involved a complex WBS, breaking down the project into smaller, manageable tasks. This could include tasks like data collection and analysis for AI development, user interface design, integration with patient monitoring devices, and clinical trial planning. A well-defined WBS ensures all project components are identified and sequenced efficiently.
- Gantt Chart: Creating a Gantt chart would have been crucial for visualizing the project timeline, scheduling tasks, and identifying dependencies. For example, developing the AI algorithms might need to be completed before building the user interface. A Gantt chart helps the project manager track progress, identify potential delays, and make necessary adjustments to stay on schedule.
- Cost Management (Chapter 7):
- Cost Estimation: Estimating project costs throughout the development lifecycle is essential. Kleo's development likely involved significant costs for data acquisition, AI development, software engineering, clinical trials, and regulatory compliance. Accurate cost estimation helps secure funding, manage resources efficiently, and avoid budget overruns.
- Cost Control: Monitoring project expenses throughout development is crucial. Tracking costs associated with personnel, hardware, software, and regulatory processes allows the project manager to identify areas for potential cost savings and ensure the project stays within budget.
Why these concepts are important:
Schedule and cost management are fundamental to any successful project, including the development of a complex healthcare solution like Kleo. A well-defined WBS and Gantt chart ensure all tasks are completed on time and in the correct order. Similarly, accurate cost estimation and control prevent budget overruns and ensure efficient resource allocation. In the case of Kleo, staying on schedule and within budget is critical for a successful product launch and market adoption.
Critical Thinking and Rationale:
The Kleo video demonstrates the importance of schedule and cost management in healthcare IT projects. The project undoubtedly involved a vast amount of data collection, AI development, software engineering, and clinical trials. A well-defined WBS ensures all these tasks are broken down into manageable steps and sequenced in the correct order. A Gantt chart would have been essential for visualizing the project timeline, identifying dependencies, and tracking progress. Similarly, accurate cost estimation throughout the development process allows the project manager to secure funding, manage resources efficiently, and avoid budget overruns that could jeopardize the project's success.
This project highlights the growing trend of AI-powered solutions in healthcare. A recent article in the Harvard Business Review (https://hbr.org/2021/05/how-ai-vendors-can-navigate-the-health-care-industry) discusses how AI is being used for tasks like diagnostics, treatment recommendations, and drug discovery. Effective project management is essential for ensuring these innovative solutions are developed efficiently and brought to market successfully.
While my personal experience doesn't directly involve AI-powered healthcare solutions, I have witnessed the importance of schedule and cost management in various IT projects. For example, during a website development project, a well-defined WBS helped ensure all content creation, design, and coding tasks were completed on time. Cost control measures also helped us stay within budget by monitoring expenses associated with software licenses and contractor fees.