Monitoring
& Controlling Projects
1. What
do we mean by Project Risks? Please identify different types of risks
associated with projects and what are the means to mitigate them. Discuss. (10
Marks) – 800 Words
Answer:
INTRODUCTION:
Project risks are basically an
unexpected situation which hit the deliverables and make them sometimes
incapable of completing and submitting the projects on time. Being a project
manager who has all the responsibility that all the details about the project
must be submitted and completed on time, he must even be capable of handling
these unexpected circumstances, which can lead to either success or failure of
the project.
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2. Critical
Path Method is a deterministic way of scheduling projects but PERT method is a
probabilistic way. Discuss the advantages and limitations of both methods. (10
Marks) –
Answer:
INTRODUCTION:
There are various methods involved in
project management. The critical path method is one such method. This method
defines a series of tasks, which made it a large task in itself that are to be
fulfilled in order to start and conclude a project. These tasks involved in
this are referred to as critical tasks, which, if delayed, the whole project
will get delayed. This method helps in determining the total time duration
required to complete the project. PERT (Project Evaluation and Review
Technique) is a tool that
3. 3.a.
A Project is scheduled as follows:
Activity
Optimistic Time Most Likely Time Pessimistic Time
A.
5 days 6
days 7
days
B.
9 days 12
days 15 days
C.
6 days 7
days 9
days
D.
3 days 5
days 7
days
E.
2 days 4
days 6
days
Using
PERT Method Calculate:
1.
Estimated Time to Complete the Project
2.
Probability that the Project will be completed within 35 days?
3.
Standard Deviation of the Project
4.
Probability that this project will take more than 35 Days to complete?
Use
Z table for reference (cumulative) (5 Marks)
Answer:
INTRODUCTION:
PERT is a
probabilistic method where the activity time represented by a probability
distribution. This distribution of activity is based on three different times
estimate. Optimistic time refers to the smaller time required for completion of
project. Most likely time is the normal time required for completion of the
project. Pessimistic time is the largest time for the completion of the
project.
COMPUTATION
OF QUESTIONS:
a)
Estimated Time
to complete the
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