THIRTEEN. On projects with a low complexity profile, _____. the process for evaluating risk is more formal with risk assessment meetings held during the life of the project to assess risks at different phases of the project an outside expert may be included in the risk assessment process and the risk assessment plan may take a more prominent role in the project execution plan the project management team may develop a list of items perceived to be higher risk and track them during project reviews the project manager may informally track items that may be considered risk items statistical models are sometimes used to evaluate risk because there are too many different possible combinations of risks to calculate them one at a time

Risk management is a strategic technique to identify, assess, monitor, and evaluate potential risks…

Answered: THIRTEEN. On projects with a low…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

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Problem 1CE

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Total Cost of Ownership (TCO) is the cost of ONLY the project implementation a. True b. False
Risk management involves identification, assessment, control, and response to project risks to minimize the likelihood of occurrence and/or potential impact of adverse events on the accomplishment of the project objective. Risk identification includes determining which risks may adversely affect the project objective and estimating what the potential impacts of each risk might be if they occur. Describe the steps involved to manage risk on a project. How can a risk assessment matrix help in this process? What risks for a project have the highest priority? Does the priority for a risk change as the project progress?
24
Describe the four different project evaluations or reviews: (1) individual performance review, (2) postmortem review, (3) project audit, and (4) evaluation of the project’s MOV with specific examples
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Office Automation Inc., developed a proposal for implementing a software system that will standardize the accounts payable function by automatically issuing an electronic payment upon receipt of the vendor invoice. Contained in the proposal is a list of activities that must be accomplished to complete the project. The following table contains relevant information about the activities. Time (weeks) Cost ($1,000s) Activity Description ImmediatePredecessor Normal Crash Normal Crash A Plan needs 10 8 30 70 B Order equipment A 8 6 120 150 C Install equipment B 10 7 100 160 D Set up training lab A 7 6 40 50 E Conduct training course D 10 8 50 75 F Test system C, E 3 3 60 (a). Develop a project network. (b) Develop an activity schedule. Activity EarliestStart LatestStart EarliestFinish LatestFinish Slack A B C D E F (c) What are the critical activities? (Enter your answers as…
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Explain too why other options are incorrect

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	the process for evaluating risk is more formal with risk assessment meetings held during the life of the project to assess risks at different phases of the project
	an outside expert may be included in the risk assessment process and the risk assessment plan may take a more prominent role in the project execution plan
	the project management team may develop a list of items perceived to be higher risk and track them during project reviews
	the project manager may informally track items that may be considered risk items
	statistical models are sometimes used to evaluate risk because there are too many different possible combinations of risks to calculate them one at a time