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ih37 replied to the topic Due Diligence in the forum Intro to Project Management 6 years, 11 months ago
Questions that I would ask fall under subdivisions of the four main questions asked:
1) To further expand on the business need, I would ask how profitable/lucrative the medical device is when taking into account the patient demographic along with how effectively it provides a solution to a medical complication. If the device treats a condition that only a few dozen patients in the world suffer from, then unfortunately it will not likely initiate into a project let alone even be discussed. And if the condition is abundant in the human population, then it can also be assumed that many other companies are attempting to find a treatment as well, in which case the challenge becomes making your device perform better than theirs.
2) A question on the project’s objectives would be to reiterate what was mentioned in lecture, and that is whether or not the device is affordable, understandable, and achievable with the provided budget/resources. A product can have plenty of promise, but if it cannot be made understandable to your investors/stakeholders, it will arouse skepticism which can only harm your project’s outcome.
3) The complication of the project can be determined by asking individuals with prior experience, or anyone you can get your hands on about their success and experiences so the project at-hand can be reassessed if need be. This includes asking everyone involved in a project including those who get their hands dirty rather than just those who overlook the project from afar. My current job requires manufacturers to work 7-8 hours straight in a cleanroom (sometimes without break) because managers did not take into consideration the possibility of being understaffed and having team members quit on projects in pursuit of other opportunities.
4) The stakeholders are essentially everyone involved with and affected by the project’s outcome/deliverable. An essential question to ponder is what is the overall expectation of a project, and can I get all the stakeholders on the same page with regards to their provisions and expected outcomes.