Homework Assignment #3
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?
The chances of risk events and estimated costs changing over the project life cycle are high. These events will impact project change control mechanisms. Moreover, such changes could be significant enough to require changes in scope. The project manager must ensure that these changes are recorded and kept updated. Otherwise the integrity of the project control system will quickly deteriorate and be come useless as a management tool.
4.) What is the difference between mitigating a risk and contingency planning?
Mitigating a risk refers to taking action to either reduce the likelihood that a risk (bad event) will happen and/or reduce the impact the risk has on the project. Contingency planning is developing response if the risk occurs. Mitigating is preventive while contingency is reactive.
1.) How does resource scheduling tie to project priority?
Usage and availability of resources are major problem areas for project managers Attention to these areas in developing a project schedule can point out resource bottlenecks before the project begins. Project managers should understand the ramifications of failing to schedule resources. The results of resource scheduling are frequently significantly different from the results of the standard CPM method.
2.) How does resource scheduling reduce flexibility in managing projects?
For resource-constrained projects, resource scheduling (leveling) reduces flexibility because (after leveling) slack is reduced and the amount of critical/near-critical activities increases; therefore, the number of CP’s may also increase. Further, scheduling complexity increases due to the fact that resource constraints are ADDED to technical constraints. The original CP...
Please join StudyMode to read the full document