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  • Dkonara921 replied to the topic Funding in Medical Devices Industry in the forum Introduction to Project Management 6 years, 8 months ago

    I think that the company should fund the project if it has sufficient funds. If the firm doesn’t have enough to fund two or more proposed projects, then the one that offers the least risk or requires less money should be taken first and the bigger project should be pushed farther back. The reason is because funding big projects is quite risky especially since that means a lot of work and people may be needed in order to produce the desired results. Having small victories will lead to bigger gains in the long run. It’s not worth taking a huge risk on a project that requires “too much” money to fund, especially if the project can be funded later on. I do not believe that any idea should be dropped. If an employee believes that his/her project is worth funding and has gone through a lot of trouble to make a proposal, then there must be some evidence that the project idea will yield good results. Small-scale projects will yield good results sooner so it’s more prudent for a firm or company to prioritize small projects over big ones. Then, the small returns/gains from the projects could be used to fund the larger projects. A firm/company should make funding decisions based on feasibility and risk, rather than potential gains for choosing one project over the other.