2025_EML Capstone Projects

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7. Risk and Change Management In developing a Smart Inventory Management System for the healthcare industry, identifying potential risks and formulating mitigation strategies is essential to ensure project success. One of the primary risks is technical risks , which may arise from integration challenges with existing healthcare systems, potentially leading to data incompatibility. To mitigate this risk, a thorough systems analysis should be conducted before implementation, ensuring compatibility of existing software and hardware. Engaging with IT specialists to evaluate integration capabilities and creating robust testing protocols can further reduce technical risks (Sittig et al., 2020). Another significant risk is financial risks , which can manifest as budget overruns due to unforeseen costs in software development or hardware procurement. To address this, it is crucial to develop a detailed budget that includes contingency funds of at least 10-15% of the total project cost. Regular financial reviews should be conducted to monitor expenditures against the budget and make necessary adjustments (Homauni et al., 2022). Additionally, operational risks may arise from staff resistance to adopting new technologies, which could hinder the implementation of the project. To mitigate this, comprehensive training programs and change management strategies should be implemented. Fostering stakeholder engagement by involving staff in the decision-making process and addressing their concerns regarding the new system is vital (Yeole & Kalbande, 2018). Data security risks, such as breaches in patient confidentiality and non-compliance with healthcare regulations like HIPAA, are significant concerns. To mitigate these, adopting advanced encryption, strict adherence to standards, frequent security audits, and staff training on data privacy are vital. Additionally, project timeline risks due to technical challenges or resource issues can be managed through agile methodologies that allow flexibility, iterative development,

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