...The Benefits of Risk Management Benefit #1 One potential benefit of implementing risk management is that it enables better informed and more believable plans, schedules and budgets. The FMECA (Failure Modes and Effects Criticality Analysis) risk management technique is a qualitative method that is carried out by a single analyst. This technique is used to analyze the potential failure of equipment or systems. The analyst must have a thorough understanding of the system under investigation. The technique identifies areas of the project that have a high risk for failure so that resources can be used effectively on the problem regions. For a company like Yahoo!, which has a high focus on technology and an expansive database system, the FMECA technique would be extremely beneficial. Isolating the problem areas before implementing new hardware or a new system will provide the information they need to plan out such a project and make informed decisions regarding schedules and budgets. Benefit #2 Risk management discourages the acceptance of financially unsound projects. The use of the probability-impact table technique is an effective method for identifying the potential impact of risks. The risks are mapped out on a table and rated on a scale according to their probability and their impact on the company. Basically, it would identify what the possible risks are and how bad it could be if they happened. The risks being analyzed would depend on the project. If Yahoo! Is considering...
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...and selection, conducting induction and ensuring that the company’s policies (such as health and safety and equal opportunities) complied with legislation. Typically, she would only visit regional offices to attend disciplinary or grievance meetings. Whilst the company has broad guidelines on how each department is managed, the general attitude among senior management at HQ has been that as long as each office is performing adequately, they are happy not to intervene or get too involved at regional level unless directly asked to do so. However following the recent growth of the firm from a relatively small, tight-knit organisation to a larger, more bureaucratic company, the senior managers are keen to introduce a ‘performance culture’ into the firm and to formalise and standardise its key HR processes. As part of an ongoing process of reviewing HR policies and practices at the regional sales offices, you have been asked to compile details of the way in which reward is handled in each office with a view to standardising practices across the firm. Currently, all basic pay is determined according to what senior management feel is the ‘going rate’ for sales representatives nationally through a rudimentary benchmarking exercise conducted every two years by the...
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...How Management 521 Will Benefit Me Moving Toward My Career Path Even though I have had an unusual, very challenging time with this class, which is my first class in the MBA Program, I can honestly say, it has been an “experience.” For me, Management 521 has been very helpful is so many ways. For example, the title alone, “Management 521,” stands out more than expected with me because of what I’ve gone through these last 6-8 weeks in my personal life. I had to learn how to “manage” my circumstances and “evaluate” the importance of each circumstance and find a “solution” to the issues that I was dealing with. That is management in a nutshell, in my opinion, and throughout the course of this class I have seen the parallels between management in the business world, and management outside of the realm of business. With all of that being said, I have a better understanding on management now. The major element that I’ve learned throughout this course is practicing good ethics. Good ethics will carry a person a very long way. I’ve learned that it is extremely important to be honest, secure, and follow company policies; thus, if a manager exhibits these qualities, then there employees will hopefully follow their example, which is what the manager should aim toward. “Leading by example” should be the motto that every manager should follow. I conclusion, I would like to add that Management 521 will help me move toward my career path because I have taken the understanding...
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...A Self-Servicing Option 1.0 Executive Summary Argus Health Systems, Inc. is a pharmacy benefit management company (PBM) that provides information management services to healthcare organizations, specifically, managed care organizations, and pharmacy benefit management companies, alike. Headquartered in downtown Kansas City, Missouri, Argus was founded in 1983. The key executives are President and CEO Jonathan J. Boehm, Senior Vice President Candy Yakimo, Vice President and Controller Elizabeth Toohill, Senior Vice President of Strategic Alliances Roderick McKinney, and Director of Marketing Stu Goldstein. In addition to their roles, they are excited about the enhancement tool that Argus will offer. In its key role as administer of prescription drug benefits to thousands of health insurance plans, including plan sponsors, health maintenance organizations, and other PBMs, Argus currently employs three hundred and fifty- five people. Argus revenue comes from healthcare systems support, claims processing, electronic prescribing, pharmacy auditing, call center services, clinical services, and health informatics. In the PBM industry, it is customary to log each customer work request that has been received for tracking purposes. A target date is assigned, and subsequently, the request gets forwarded to the appropriate department to complete the work. Very often, high priority requests evolve into multiple tasks that need to be assigned to two or three different departments. In...
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...1. What was the rationale for PBMs? Medco Cost Containment Services was a pharmacy benefit manager (PBM). Pharmacy benefit managers (PBMs) are private companies that administer pharmacy benefits and manage the purchasing, dispensing and reimbursing of prescription drugs. PBMs provide their services to health insurers or to large health care purchasers. PBM services to their clients may include negotiating rebates or discounts from pharmaceutical manufacturers, processing claims for prescription drugs and negotiating price discounts from retail pharmacies. PBMs also develop formularies and manage utilization of drugs through prior authorization or utilization reviews. 2. Does Medco fit with Merck’s strategy? Medco did fit Merck’s growth strategy. Having lost their virtually unrestrained ability to raise prices, many prescription drug makers are striking deals to get their products into other segments of the market in the hopes of keeping sales and profits growing. 3. What does Medco bring to Merck? What are the advantages and disadvantages? Medco's customer base of 33 million customers at the time. Advantage: By acquiring Medco and including its drug in Medco’s formulary it would be really easy to supply Merck’s drug to a huge customer base. Disadvantage: Merck failed to consider the second side of the coin, where in Medco can lose customer base, either US customer or other pharmaceutical companies. 4. What does Medco get from the Merck acquisition? 1. Sales force substitution:...
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...providing quality walk-in medical care and pharmacy benefits management. CVS Health opened its first store in 1963 and was known as Consumer Value Stores. They then sold health and beauty products. The company was founded in Lowell, Mass. by brothers Stanley and Sidney Goldstein, and partner Ralph Hoagland. Throughout the 60s they grew to 17 stores and opened their first store with a pharmacy department. During the 1970s, they grew to over 200 stores, acquiring stores from Clinton Drug & Discount and Mack Drugstores; they also hit $100 million in annual sales in 1974. In the 1980s they broke ground on the store support center in Woonsocket, RI, which still in 2015 is where their company headquarters belongs. By the end of the 1980s they had nearly 750 stores and had reached $1.6 billion in sales. In the 90s they had acquired more than 3200 stores from Arbor Drugstores, People’s Drug, and “the largest acquisition in the history of the U.S. retail pharmacy industry” from Pevco. They now claimed stores in the Midwest along with the east coast and were breaking ground in the south. In this time frame they also launched the program known as Pharmacare, a pharmacy benefit management company that provided a wide range of services for employers and insurers. In the early 2000s they opened their first MinuteClinic. They acquired 1260 stores from Eckerd as well as their $1 billion mail order and pharmacy benefits management businesses and distribution centers. They later acquired...
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...Key Success factors in the drugstore chain industry • Convenient locations of drugstores in targeted neighborhoods and markets • Cost control/Inventory control • Effectively competing with Pharmacy benefit manager programs • Consumer friendly shopping experiences (drive-thrus, extended hours, specialized staff, targeted product offerings, store design). Walgreens has continued to build stores in well researched areas, making stores conveniently located in high volume areas and areas with a large senior population. This strategy has worked remarkably well for Walgreens over the years to gain a competitive advantage. They have also looked for ways to cut costs to remain competitive in a changing market, by focusing on supply chain management they were able to save billions of dollars. The culture of the organization allowed Walgreens to adapt its strategy to compete with PBMs by creation of their own in store program to comply with company health plans. They were effectively able to identify this issue and strategically align themselves to compete in the market. Throughout the years Walgreens has relied on their recognition of being a consumer friendly store, and has continued to add elements to stores to better serve select target markets. The merger of Express Scripts and Medco brings together two large and successful PBMs under one roof. The merger of the companies will allow for more buying power from drug makers and will help them scale down costs due to higher...
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...payment directly to a provider or member for benefits described herein. • The plan member is obligated to pay for all health care services received. The member will receive a discount at time of purchase or service only from those providers who have contracted through the plan. • If, for any reason, within thirty (30) days of inception of membership, you are not completely satisfied with Plan Benefits you may request cancellation and receive a refund of monies paid. (Subject to a $25 processing fee.) • Since the Co-Health Collegiate Plan is not Insurance it does not contain any health restrictions.You can use benefits immediately when you receive your ID Card. • Florida Discount Medical Plan Organization: NewBN, Inc. D/B/A New Benefits LTD. 14240 Proton Road Dallas, TX 75244 Welcome Students, We are pleased to welcome you to the Co-Health Group Collegiate Plan. This Plan has been specifically designed to meet the needs of today’s College and University students (international or domestic) attending school in the United States. The Co-Health Plan provides you with the savings, through discounts, in certain Health Care. In the Collegiate Plan we are offering these savings on the Vision, Dental and Pharmacy Programs. They are the three Health Care areas where you are most likely to incur unexpected expenses during the school year. Now you can get substantial savings to help you offset these expenses. And you can use the Collegiate Plan benefits where you go to school, at home or if you...
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...acquisition of Medco Containment Services Incorporated (Medco). The Chief Operating Officer, Executive Vice President of Sales and Marketing, and the Chief Financial Officer have all stated their thoughts and concerns regarding this matter. It is my job to make the final recommendation to the Board of Trustees. Executive Summary Merck is a leading pharmaceutical manufacturer and Medco is a leading pharmacy benefits manager. Both companies have a strong hold on their piece of the market. In 1992, Merck had revenue of $9.7 billion while Medco recorded $2.2 in revenue.4 Benefits of the merger include: * Increased marketing potential through Medco’s accumulated data * Access into the Managed Care market * Decreased costs in sales and marketing efforts Risks include: * Merging of corporate cultures * Loss of R&D dollars due to subsidizing Medco * Regulatory and compliance threats. The stated price for the merger is $6.6 Billion. At the time of the merger, I would have recommended to the Board to proceed with the merger as benefits seem to out-weigh the risks. However, in looking back, due to the FTC findings stating the merger did create an unfair advantage to Merck, I would have to re-evaluate. Merck was unable to issue the intended Medco IPO which had a planned offer price of $20 to $22 per share. In 2003 announced its plan to spin off Medco to existing Merck shareholders for .1206 shares of Medco stock for every share of Merck stock...
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...Performance Management: Its Definition and Benefits for Organizations and Its Employees Jelissa Edwards Management 0100 Sasha Chatar October 24, 2014 Performance management is understood to be an ongoing process that manages employees and staff performance in alignment with the organization’s overall goals and performance. It is also understood that the aim is to help employees and staff members understand how their skills and efforts contribute to the organization. The management of performance within an organization can be of benefit to the organization and its employees in various ways. It can provide clear accountability and improve productivity for organizations as well as removing doubt by providing a clear understanding of expectations and motivating employees. THE DEFINITION OF PERFORMANCE MANAGEMENT Michael Armstrong, former Chief Examiner of the Chartered Institute of Personal Development (CIPD), defines performance management as “a systematic process for improving organizational performance by developing the performance of individuals and teams. It is a means of getting better results from the organization, teams and individuals by understanding and managing performance within an agreed framework of planned goals, standards and competence requirements.”1 PERFORMANCE MANAGEMENT BENFITS FOR ORGANIZATIONS AND EMPLOYEES Organization Benefits Performance management is carried out through the use of performance assessments— also known as performance...
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...Issues and benefit of Customer Relationship Management System CRM deals with aspects of the work with clients, whether these involve sales procedures or service-related issues. It is the most often used to control information, marketing campaigns and market participation. The data that is collected can later on be analyzed to come up with innovative solutions to the most common customer-related problems. The CRM allows a company to identify its target customers, to optimize sales management, streamline information exchange between different departments, improve company relationships with customers through personalization, identify customer needs and analyze distribution patterns. Even though CRM is focused on a specific area, it comes with a few issues and benefit that can help us nor in the same time troubled us as both small and large companies. One of the benefit of CRM is that it decrease the cost of customer acquisition which the data retrieved is able to allow company focus their target audience and therefor steer their entire marketing efforts on that targeted audience. The next is that CRM is able to increase sale by locating areas of improvement so that the company is able to improve and provide a better customer service. Which will lead in a higher sales through satisfaction. CRM will also increase efficiencies which information gather can be access quickly and spontaneously. CRM is also able to provide us a better and more accurate data through analytics and reporting...
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...organizations are tasked with the proper management of electronic document and records. In the case, of some organizations, electronic records are gradually being utilized and require compliance with laws and/or policies. For compliance to work, with electronic records, organizations often search for and implement an electronic records management system or ERMS. An electronic records management system is a system that uses modern technology to help an organization with the formation, sharing, use, preservation, and disposal of electronic records while maintaining compliance to laws and policies. Records management is a useful system if properly integrate and utilized by trained organization personnel. In order, for the system to be utilized, then an organization should develop records management plans prior to purchase and integration should be performed. By preparing and using a plan for an electronic records management system. Then the process of researching and locating a vendor with an organization’s sought ERMS requirements will prove to be stress-free. During the planning process, for the electronic records management system, an organization will uncover the benefits and challenges into integrating a system. Benefits The benefits of developing a records management plans allow an organization to discuss and make a needs assessment of what type of ERMS would best suit their record managing requirements. Essentially, record management plans are conducted to highlight the...
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...The aims and benefits of Occupational Health and Safety Management As known to all, there are always such-and-such potential hazards in people's work activities or work environment, which may cause property damage, be harmful to environment, affect human’s health and even cause injury or accident. People call the possibility of one or some danger causing incidents and its possible consequence as risk. The object of contemporary occupational health and safety management is the occupational safety and health risks. These hazards may be chemical, physical, biological, related to human work efficiency and others, the factors of which include personal factor, equipment factor, environmental factor and organizational and management factor. Occupational health and safety is a series of measures and the corresponding activities adloyee’s income, prevent employee from injury and create less stress from employee, thus employee may obtain more physical and psychological satisfaction. Occupational health and safety management includes accident investigation and recording, work system designing, examination of workplace, training, complete incentives, supervision and employee aids plan. What is a hazard? The Occupational Health and Safety Regulation 2001 defines a hazard as ‘anything (including work practices or procedures) that has the potential to harm the health or safety of a person’. Hazards can be grouped into five broad areas: o physical eg. noise, radiation, light...
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...Compensation and Benefit Management: A Study on Pacific Bangladesh Telecom Limited (CITYCELL) Submitted By: Submitted To: Mr. A.K. Nazmul In Partial Satisfaction of Requirements for the Human Resource Management Course Fall, 2008 Dhaka, Bangladesh Letter of Transmittal Date: 27th November, 2008 To Mr. A.K. Nazmul Faculty, School of Business American International University- Bangladesh. H: 83/B, R: 4, Kamal Ataturk Avenue, Banani, Dhaka-1213 Subject: Submission of term paper. Sir, We are glad to submit herewith the report for Human Resource Management .We are grateful to you for assigning this work as this has given us an opportunity to make a practical demonstration to relate our classroom theoretical knowledge to a virtual real life scenario and thus broaden our applied knowledge. We have all along enjoyed our working on this project and we shell feel glad to give any further clarification, you desire from us on this paper. With Regards, Acknowledgement I specially thank our faculty Mr. A.K. Nazmul for giving us this wonderful opportunity and approval to submit a formal report...
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...are the dangers and the benefits of corporate social responsibility, for employees, management, organisation, society and the environment? An organisation have the leading and progressively essential role in our daily life, for example, the growing of most of the large firm and increase globalisation that refer to the organisation operating their businesses competing with the corporation in the world. One of an idea that has been the concern of the people in the recent years is the social responsibility. Social responsibility is one of the main problems in the business world. There has a link in between society, business and the government. In the past decade, the economic result of the decisions made by them is a major concern. “Currently, the organisations must also think about the authorization, honourable, ethical along with developmental outcomes with their selections.” (Anderson 15). This essay will discuss “ what the dangers and the benefits of corporate social responsibility, for employees, management, organisation, society and the environment. It will argue about the importance for an organisation to have corporate social responsibilities, which bring the advantages and the disadvantages to the society, cooperation and the government. Corporate social responsibility (CSR) is not explain that how much profit that the firm may earn and then donate to some charity organisation, but it is the connection with several actions that bring the benefits to the society. Corporate...
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