This essay sample on Ilm 5 Assignment Examples provides all necessary basic information on this matter, including the most common “for and against” arguments. Below are the introduction, body and conclusion parts of this essay.
We show 9 cells corresponding to low, medium and high categories. I to 5 would have 25 cells( considering 100%). For egg Critical will have high priority. Other cells Critical, monitor and ignore. Same approach can be done with opportunities. 13. How would a decision tree be useful for a project manager? Mans) Decision tree handles both threat and opportunity .
It visuals gives you brief idea that what will happen in future and can be used for individual as well as for team. The interdependencies between task and risk can also be analyzed and we can define it as a node.
Even if client is increasing its demand we an calculate risk probability and and its action will be or won’t be sufficient or so. So Like this Project management can analyze future risk and if its with a team or individual he can manage It.
14. Is the FAME table more valuable than the risk matrix? Why (not)? Mans: FAME is quantitative analysis where as risk matrix is qualitative analysis. It is more precise and accurate if data are available. FAME is more rigorous and it includes an additional factor I. E decision analysis using expected monetary values and simulation.
FAME you calculate risk priority number using severity, failure likelihood and detection of Inability of failure. Decision tree Hadley threat and opportunity so overall FAME Is better than risk matrix.
15. How far should the cause-effect diagram be broken down into cofactors? Mans) Cause-effect diagram is also known as “Fishbone” diagram” It is used to solve qualitative problems which involves complex interaction of several causes. It will help you to define and display major causes and sub-causes and their root causes. You should make It by considering all ACT and for each of them 16.
Contrast the risk responses for threats and for opportunities. Mans: ) There are four approaches for threat and for opportunity . For threats -Avoid, transfer, mitigate and accept. For opportunity:- Exploit , share, enhance , accept. Avoid:- Eliminate threat entirely. Entirely. Mitigation: It is softening of danger of threat. Accept: This is accepted as no resource is available. For Opportunity :- Exploit:- We try to increase probability of new opportunity. Sharing:- includes partnering with another company of partner to increase opportunity. Enhance:-This is similar to mitigation in threat where resources are desired .
Accept:- Hence the project firm is capitalized can be understood. 17. What percentage of the total project effort do you think should be devoted to leaning? Why? Mans: ) In my opinion Project planning is must as if you don’t plan what is your goal of project and what resources are require then the outcome of the project won’t be the one you are expecting and it may lead to many disadvantages. The project goes from several stages like planning, implementation and then termination. Planning is the most important one so it should take 30 to 40 percent of importance in developing any project. 8) Why do you suppose that the coordination of the various elements of the project is considered the most difficult aspect of project implementation? Mans ) According to e co-ordination is difficult it may be of resources or of people associated with projects. Resources are not always available you have to gather and search for sources . Which can be difficult task sometimes. Lack of resources may lead to get not perfect outcome. Similarly with people and team working on projects, if they are mot motivated then it may cause difficulty for project manager or company to get harmony in work. 9)What kinds of risk categories might be included in the project charter? Mans) Scope risk, Schedule risk and Resources risk are three risk categories that can be included in project charter. Project charter defines real amount to a series of authorization. If the purpose and objective are not clear then it may lead to scope risk. If all milestone and outlines of events or phrase gates are not as per time decided then it will cause schedule risk. Finally if primary inspect, budget , capital and expense and list of conceptual items and purchase are not as per plan then it will lead to resource risk. 20.
In what ways may the WEBS be used as a key document to monitor and control a project? Mans) Work breakdown helps to designate broad task that include and gather tasks from the list and identify subtask. We can divide task by their function, process , geography which will help us to concentrate on small small task instead of broad work. We can divide from 2 t 20 subtasks in one broad task. The simple logic behind WEBS superlative. You can do work step by step and then can lead to sudden. 21 . Describe the process of subdivision of activities and events that composes the tree diagram known as the Work Breakdown Structure or Oozing chart.
Why is the input of responsible managers and workers so important an aspect of this process? Oozing chart helps to place task and activities to get together and gathered into road task as horizontal bars against time line to show start and end date of tasks, It helps PM to check conflict between needs of resources . Milestones are superimposed on bars. It also helps in scheduling project deadline. It is basically graphical portray of WEBS task duration. Its simple and you can plan , schedule and execute project by referring it. Variance is important factor which can be achieved by comparing planned duration and actual duration of project. 2. Why is project planning so important? Mans) Project planning is most important factor while starting any project. If base is to strong that building can not be strong. In procrastinating you describe the goal and objective of project . If goal is not clear the it becomes difficult to get best final output of project. While planning you also decide scheduling and resources if those are not as per planned then it may lead to risk and may harm project hence planning is most important. 23) What are the pros and cons concerning the early participation of the various functional areas in the project plan?
Mans) While doing early functional area participation you may do not know some new resources or client’s need. He may mom up with new requirement. Early participation does not give you dead line of finishing any task so there are chances of conflict and cross-functional management can occur. 24. Task 5-C is the critical, pacing task off rush project. Fred always nitpicks anything that comes his way, slowing it down, driving up its costs, and irritating everyone concerned. Normally, Fred would be listed as “Notify’ for task 5-C on the responsibility matrix, but the PM is considering “forgetting” to make that notation on the chart.
Is this unethical, political, or Just smart management? Mans) C is the critical nee and also it shows that person is contributing . It is all three as it is unethical because although Fred is not properly working and not doing his responsibility to projects but still those are important for project . It is political also in my opinion as everybody is against Fred due to his irritating actions and still he his writing “forgetting” and I would say he is smart manager also as Fried’s responsibility is critical and needed for project so if he dismiss then at the end it is going to hamper project only. Problems “monitor,” and “ignore” threats.
Explain your reasoning. Recommend and Justify a risk response for each threat. Impact The pharmacists may resist the changes The cost to implement the changes may be excessive The changes might reduce the quality of drug care in the hospital The project may run much longer than expected and not be ready for the coming fiscal year I would say threat 2) The pharmacists may resist the changes and threat 4 ) The changes might reduce the quality of drug care in the hospital are critical ones with high priority with high or medium impact. Threat 1 and 3 are ignore threats as they are low priority low impact. Assume you are in a degree program in college and are concerned about getting your degree. Create a fishbone (cause-effect) diagram, with “failure to get degree” as the problem outcome. Identify at least four possible threat risks for this problem to occur. Then for each threat list at least three reasons/factors for how that threat could conceivably come to pass. Finally, review your diagram to estimate probabilities and impacts of each threat to getting your degree. Based on this analysis, what threats and factors should you direct your attention to, as the project manager of your project to get your degree.