Using your own words, explain why managing risks requires information about uncertainty and the likelihood of occurrence of the different outcomes. Describe how this information can be used to reduce the overall risk of a given project.
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- Since the project that is referred to in Question 1 involve innovative technology andinherent uniqueness, managing uncertainty and risks on the project is of utmostimportance. How will you plan risk management and identify risks on the project?What possible risk response strategies can you use for negative risks.Extending the project's scope or adding components might also result. Give examples to help us grasp the contrasts between the two notions. What caused these two issues? What would happen if this project's two worst-case scenarios occurred simultaneously?It would be useful to explain the processes that are necessary for project management by providing an example, but is this even possible? How exactly is it feasible for a system to be a scientific success while at the same time being a financial disaster for the organisation? Specifically.
- The outcomes may expand the project's scope or add new features. To help us understand the differences, please offer examples. How do you suppose these two issues started? What would happen if these two adverse outcomes occurred simultaneously, making this effort the worst-case scenario?MODELLING AND SIMULATION 1. Do we need to criticize someone’s ideas during a brainstorming session? Support your opinion. 2. Is it possible to conduct all the orientation activities in a single visit? Why? 3. How do project parameters affect the simulation?An illustration of the steps involved in project management would be useful, but is it even possible? If a system may be a scientific triumph but a financial disaster for the company, how does that work?
- Every project has some level of risks, and a Project Manager must plan for these risks, whether known or unknown. As the project manager of OPS, explain to your sponsor what risks exist for the project and how you would plan for or respond to them. If the CRM software project is implemented it will help to keep and maintain customer data, report about project situations, and adapt the input data to develop the business in alignment with Grace’s strategic goals.You’re managing a project with a schedule performance index (SPI) of 1.07and a cost performance index (CPI) of 0.94. How would you BEST describethis project?A. The project is ahead of schedule and within its budgetB. The project is behind schedule and within its budgetC. The project is ahead of its schedule and over its budgetD. The project is behind schedule and over its budget Which of the following is the BEST example of a reward system?A. Everyone will get a bonus of $500 if the project meets its quality goals, $500 if itmeets its budget goals, and $600 if it comes in on time.B. The team member who works the hardest will receive $1000C. The five team members who put in the most hours will get a trip to DisneylandD. The team will only get a bonus if the project comes in 50% under budget, scheduleand quality metric goals. Even though the team leads know this goal is unrealistic,they agree that it will motivate the team to work harder”Traditional projects focus on long-term planning and stability. Laufer, Hoffman, Russel, and Cameron (2015) suggested that project managers also have to deal with the following: a)Events that are big and events that are small b)Events that could have been predicted but were not c)Events that were managed poorly d)Events that could erode the project manager's authority
- You have been hired by a contractor, who wants you to manage a constructionproject for one of their clients. The project team has been working for twomonths, and is 35% done with the job. Two of your team members come toyou with a conflict about how to handle the ongoing maintenance for a pieceof equipment. You know that they can safely ignore the problem for a while,and you’re concerned that if your project falls behind schedule before nextweek’s stakeholder meeting, it will cause problems in the future. You tell thetwo team members that the problem really isn’t as bad as they think it is, andif they take a few days to cool off about it you’ll help them with a solution.This approach to conflict resolution is known as ______.A. WithdrawalB. CompromiseC. SmoothingD. Forcing You are a project manager for a software project. As you are defining thescope of the work you need to do, you sit down with all of the project’sstakeholders and record all of the requirements you can get from…What is the role of the project leader in a predictive project team and an agile project team, respectively?You are managing a project with a total budget of $450,000. According to theschedule, your team should have completed 45% of the work by now. But atthe latest status meeting, the team only reported that 40% of the work hasactually been completed. The team has spent $165,000 so far on the project.How would you BEST describe this project?A. The project is behind schedule and within its budgetB. The project is ahead of schedule and within its budgetC. The project is ahead of schedule and over its budgetD. The project is behind schedule and over its budget Which of the following is the correct order of the Monitoring & Controllingprocesses for Scope Management?A. First Scope Verification, then Scope ControlB. There is not enough information to decideC. First Scope Control, then Scope VerificationD. Both happen simultaneously