Preview

week 2 problems

Satisfactory Essays
Open Document
Open Document
597 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
week 2 problems
Chapter 3, Problems/Exercises, Questions 2 and 4. 2. What are some sources of risk in a systems analysis and design project, and how does a project manager cope with risk during the stages of project management?
A project manager should do a risk assessment for any project before starting. During this stage the project manager should identify uncertainties, analyze risks, and prioritize risks. Every project will have some form of risk, it could be the weather, lead person changing jobs, a new system not being compatible with other already in place systems and each of these risks should have a decision in place. Do we still continue the project, do we change something in the project (timeline, etc), or do we stop all together. By knowing what risks are involved and ways around them helps the project be successful or sometimes lets the project manager know that there are too many risks and that the project needs to be re-scoped, changed, or cancelled.
4. Suppose that you have been contracted by a jewelry store to manage a project to create a new inventory tracking system. Describe your initial approach to the project. What should your first activity be? What information would you need? To whom might you need to speak?
The initial approach to the project would be to do the system analysis to decide regarding the acceptance of the project. In system analysis we need to work in real-time environment. We need to spend some time in the jewelry store in order to have an interaction with the employees of the store. Information gathering must be done during system analysis. We need to take in the business needs and see how that will translate into a system. If there is a system in place, what is wrong with it and what works well? We also need to consider the economic feasibility, technical feasibility and operational feasibility. You would also need to set up a team pulling in people from the different departments this project can affect and start from there. These

You May Also Find These Documents Helpful

  • Good Essays

    week 3 problem

    • 2103 Words
    • 9 Pages

    Ken is 63 years old and unmarried. He retired at age 55 when he sold his business, Understock.com. Though Ken is retired, he is still very active.…

    • 2103 Words
    • 9 Pages
    Good Essays
  • Satisfactory Essays

    Week 3 problems

    • 597 Words
    • 5 Pages

    Presented below is an amortization schedule related to Spangler Company's 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2012, for $108,660.…

    • 597 Words
    • 5 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Week 1 Practice Problems

    • 581 Words
    • 3 Pages

    3.Determine the guaranteed range of values for a 360 kΩ resistor with a 5% tolerance.…

    • 581 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Unit 6 Assignment 2

    • 878 Words
    • 4 Pages

    Without going into details regarding the theory of project risk management we present still, the definition of this concept as it is proposed by the Project Management Institute professionals who, in The Project Management Body of Knowledge Guide, [Duncan, W., R.,…

    • 878 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Finance Part 2

    • 711 Words
    • 3 Pages

    6. Explain how you would conduct a scenario and sensitivity analysis of the project. What would be some project-specific risks and market risks related to this project? (20 pts)…

    • 711 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Project Management

    • 440 Words
    • 2 Pages

    6. What are risks, and why is it important to identify them in the project charter?…

    • 440 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Risk or threat is common and found in various fields of daily life and business. This concept of risk is found in various stages of development and execution of a project. Risks in a project can mean there is a chance that the project will result in total failure, increase of project costs, and an extension in project duration which means a great deal of setbacks for the company. The process of risk management is composed of identifying, assessing, mitigating, and managing the risks of the project. It is risk management that drives the decisions that may affect the development of the business capability and also the management of the project. . Issues differ from risks, as risks relate to the events that could be revealed or emerge and end up affecting the project's scope, budget, business performance, management objectives and schedule. Risks are measured in accordance to their most probable chance or chances of occurrence and the way that they can impact the program (Hillson & Simon, 2007). Risk can be defined as any kind of trepidation that could significantly impact the capability of the project to meet its scope, budget, change management, business performance objectives, and schedule.…

    • 1150 Words
    • 6 Pages
    Better Essays
  • Best Essays

    5DPP Assignment Nov 2014

    • 3145 Words
    • 10 Pages

    Institute, P. M., 2013. Project Risk Management Project Skills. fifth edition ed. s.l.:Project Management Institute.…

    • 3145 Words
    • 10 Pages
    Best Essays
  • Satisfactory Essays

    How do the five major variables of project management—scope, time, cost, quality, and risk—relate to this scenario?…

    • 321 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Before developing a risk management plan an analysis of risk needs to be performed. This analysis should include all aspects of the project that may be part of an uncertain event or condition that may have a positive or negative effect on the project objectives and outcome. The overall goal is to work to address any type of risk before they become problematic. Analyzing and relaying the level and probability of the risk to the stakeholders, sponsors and project team can help in reducing mistakes that can be cause for project failures. Some common mistakes that can be overlooked when analyzing risk, is not understanding the benefits of a risk management plan, not allowing time for risk management, not properly identifying and assessing risk.…

    • 1195 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    Risk management planning process is conducted to identify risks on the project, quantify and qualify the risk, and create an action plan to respond to the risk. Qualify and quantifying the risk are important processes as it is easy to say “the customers are complaining about XXX” but if there are 100 customers and only 2 complaints, then it is important to know that it is less that 2% of customers, and may not be worth the time or money to evaluate, monitor and manage the risk. Continuous control and monitoring, by placing the project team responsible for risks, will protect the organization. Not properly planning for risk can cause the…

    • 355 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    careful risk planning greatly mitigates the impact it can have. All projects carry some risk. The…

    • 1529 Words
    • 9 Pages
    Better Essays
  • Good Essays

    2. The chances of risk events occurring and their respective costs increasing change over the project life cycle. What is the significance of this phenomenon to a project manager?…

    • 673 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    A&D HIGH TECH

    • 263 Words
    • 2 Pages

    What is the critical path in the project? How would you assess the level of risk in the project?…

    • 263 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Risk Responses

    • 951 Words
    • 4 Pages

    Which aspects or areas of a project plan are more likely to be affected by risk responses? How do risk responses affect the different areas of a project plan?…

    • 951 Words
    • 4 Pages
    Good Essays