PROJECT MANAGEMENT (LOOSELEAF)-W/ACCESS
7th Edition
ISBN: 9781260216011
Author: Larson
Publisher: MCG
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Chapter 4, Problem 2E
In small groups, identify real life examples of a project that would fit each of the following priority scenarios:
a. Time-constrain, Scope-enhance, Cost-accept
b. Time-accept, Scope-constrain, Cost-accept
C. Time-constrain, Scope-accept, Cost-enhance
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Students have asked these similar questions
Given a project with the following characteristics, answer the following questions: 1. You are the project manager of a project to build fancy birdhouses. 2. You are to build two birdhouses a month for 12 months. 3. Each birdhouse is planned to cost $100. 4. Your project is scheduled to last for 12 months. 5. It is the beginning of month 10.
6. You have built 20 birdhouses and your CPI is 0.9091.
a.Based on the given characteristics, justify the performances of the project in terms of cost and schedule B. Compute the schedule performance index (SPI) of the project. C.You are required to compute the project’s percentage of completion and present it to the Senior management. Derive the necessary formula for the percentage.
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Dan, the project manager, has indicated in a planning meeting that the team should identify and avoid any circumstances of ‘scope creep.’ What does Dan means?
Select one:
a.
He does not want the team members to discuss the project scope with other project stakeholders
b.
He wants to be the only person responsible for scope management throughout the project duration
c.
He wants the team members to make any changes to the project scope that they deem necessary
d.
He does not want the continuous or uncontrolled growth and changes in the project's scope at any point after the project begins
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
Chapter 4 Solutions
PROJECT MANAGEMENT (LOOSELEAF)-W/ACCESS
Ch. 4 - What are the six elements of a typical scope...Ch. 4 - What questions does a project objective answer?...Ch. 4 - What does it mean if the priorities of a project...Ch. 4 - What kinds of information are included in a work...Ch. 4 - When would it be appropriate to create a...Ch. 4 - How does a communication plan benefit management...Ch. 4 - You are in charge of organizing a dinner-dance...Ch. 4 - In small groups, identify real life examples of a...Ch. 4 - Develop a WBS for a project in which you are going...Ch. 4 - Prob. 4E
Ch. 4 - Develop a WBS for a local stage play. Be sure to...Ch. 4 - Use an example of a project you are familiar with...Ch. 4 - Prob. 7ECh. 4 - Your roommate is about to submit a scope statement...Ch. 4 - Make a list of the major deliverables for the...Ch. 4 - How would developing a WBS alleviate some of the...Ch. 4 - Where can Nicolette find additional information to...Ch. 4 - Prob. 4.1.4CCh. 4 - What factors and forces contributed to scope creep...Ch. 4 - Is this an example of good or bad scope creep?...Ch. 4 - How could scope creep have been better managed by...
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- Given a project with the following characteristics, answer the following questions:You are the project manager of a project to build fancy birdhouses.You are to build two birdhouses a month for 12 months.Each birdhouse is planned to cost $100.Your project is scheduled to last for 12 months.It is the beginning of month 10. You have built 20 birdhouses and your CPI is 9091. a. Assuming that the COST variance experienced so far in the project will continue, how much more moneywill it take to complete the project? b. If the variance experienced so far were to stop, what is the project's estimate at completion?arrow_forwardYou are conducting a small IT project. The duration of this project is 30 days, and you have allocated $60,000 for it. Your manager asked you to check how the project is doing financially at the end of day 25. You have spent $40,000 and completed 95% of the work. Calculate the following values for the project so far. The cost variance (CV). The cost performance index (CPI). How is the project doing, is it under budget or over budget? Use the CPI to calculate the estimate at completion (EAC) for this project. Is the project performing better or worse than planned?arrow_forwardThe four types of project closures are: Group of answer choices a. finite, infinite, continuous, discrete b. crashed, finished, successful, unsuccessful c. none of these d. normal, premature, perpetual, failedarrow_forward
- Can you detect the risk management of the project “Organising a Fan Convention at Birkbeck. This could be to organise an event/concert that could connect students/staff with a celebrity of their liking. Identify – minimum 15 different risks • Analyse Use the probability/impact matrix and place all risks there For 5 risks, from different boxes, explain in detail why you think they have that level of probability and impact on the project. (use 1-2 slides) • Response strategies and specific response actions• Use the simplified risk register provided in the lecture and seminar• For 5 risks, propose a response strategy AND specific response actions for each of these. • At least one of these 5 risks should be a positive riskarrow_forwardJustify the use of earned value management (EVM) to control expenses and monitor the effectiveness of a project, and speculate as to why it is not used more often. How can one determine if a cost variation, a schedule variance, a cost performance index, or a schedule performance index is favorable or unfavorable? What are some general criteria to follow?arrow_forwardWhat are the two common approaches in considering the risk elements in a project evaluation?arrow_forward
- Potential risks within a project: should be addressed proactively early in the project life cycle should be addressed as they occur instead of planning for failure ahead of time should be eliminated by a good initial baseline plan should be avoided by the development of good risk response plansarrow_forwardCalculate the cost budget for the project below with a contingency reserve of 20% is applied to the cost estimate and 4% management reserve is applied to the cost baseline. Control Account Cost /$ Project Management 1,000,000 Design 4,000,000 Execution 10,200,000 Certification 600,000 Marketing 4,500,000 Launch 320,000 You have a budget at completion of $2500. You had planned to have $2200 worth of work accomplished by now. However, you have just found out that you are only 60% complete with the task. What is your SV? A project was budgeted at $1,000,000. Meanwhile, the project is executed, and the following current figures have been assessed: PV: $500,000 EV: $450, 000 AC: $550, 000 Assuming that the cost variance was…arrow_forwardA project manager is in charge of a project, and while they agree that a 60-hour work week is unsustainable, they still desire for the project team to be effective. They should anticipate stress from a client or sponsor on a regular basis, to continue their projects within schedule and budget constraints while not compromising scope or quality. How can a project manager keep the project team active while avoiding excessive overtime? Select three of the following project management tactics —the three which may be the best choices for increasing project team efficiency. a. Trying to appeal to group members' higher-order needs (self-actualization & esteem)b. Projects and individuals should set S.M.A.R.T. targets.c. Getting the staff to believe that the consumer is always correct.d. Team members' psychological profiles (MBTI) are used to fit them to tasks.e. Keeping track of workflow with Kanbanf. Using team velocity as a predictor of efficiencyg. Brooks' Law is being used in every…arrow_forward
- 34arrow_forwardAnswer following 4 questions 1: The probability that the project would be completed within 40 days: Group of answer choices 0.0228 0.0456 0.4772 0.9772 None of the above 2: The probability that the project would take longer than 40 days is: Group of answer choices 0.0228 0.0456 0.4772 0.9772 None of the above 3: The probability that the project would be completed within 20 days: Group of answer choices 0.0228 0.0456 0.4772 0.9772 None of the above 4: The probability that the project would take longer than 20 days to finish: Group of answer choices 0.0228 0.0456 0.4772 0.9772 None of the abovearrow_forwardSuppose you are a senior project manager and five employees work under your supervision. Your team has performed extremely well and successfully executed the project. As a reward you are looking forward to gift mobile phone to each member of your team. You have numerous mobile phone brands available in the market from which you have to decide. Explain why decision making is necessary. Use eight steps of decision making process and explain which cell phone you will gift. Also do calculationsarrow_forward
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