Performing A Cost Benefit Analysis

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(A). Performing a cost-benefit analysis would help the project manager and team compare and establish vendor financial and non-financially benefits. By performing a cost-benefit analysis, the project manager can gain benefits by selecting vendors and suppliers that specialize in certain areas. Performing the cost-benefit analysis would highlight vendor strengths in delivery, flexibility, quality and reliability, fair price, familiarity, and financial and business stability that would best meet the established project budget and hospitals and ambulatory care facilities with the necessary framework for EHR exchange. Choosing a vendor with a good delivery history would eliminate waste when purchasing needed EHR software and equipment, this…show more content…
Vendor familiarity, technical capability and financial business stability would also be determined by performing a cost-benefit analysis. Meeting delivery, flexibility, quality and reliability, fair price, familiarity, and financial and business stability are all reflected in vendor cost and would be reflected in the cost-benefit analysis and will aid in the vendor selection process. Request for information is the phase in the project where vendor information is requested. A request for information may include information such as rates, experience, and relevant reasons for the vendor’s application. A request for information or RIF is a good way to establish the vendor’s communication ability with potential clients. Electronic Health Records systems are very reliant and dependent on quality data and communication. If a vendor cannot provide or omits requested information, such vendor should not be considered as a resource to develop the EHR system necessary for the hospital and ambulatory care facilities project. Request for information does not require financial information and is very broad in scope. For financial information, a Request for Proposal or RFP should be submitted. Request for proposal is the formal portion of the request for process. Request for proposal should follow strict rules on procurement for content, timelines, and vendor responses. RFP is a clear
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