Estimating Duration Activity

Use the work breakdown structure provided in Figure 2.6 for the credit card validation project an creating duration estimates. 1. How many activities have been created at the lowest level of the work breakdown structure (the activity list level) 2. What types of people will be needed to perform these activities 3. What tool and technique will you use to derive the estimate 4. Determine the duration estimate for each activity. Please place your answer on the WBS below. 1. Six activities have...

Scenario

TPMP has just placed you at the Pinnacle Candy Company as a temporary project manager. Y< have been assigned the EspressoFix Bar project. This project is going to create a new candy tha satisfy every coffee addict's need for coffee all wrapped up in a candy bar. The management at Pinnacle only wants to see if this new candy bar is marketable. Production of the finished produi be another project initiated later. You have been asked to estimate your project. You are very interested in making...

Decision Tree Analysis and Expected Value

Decision tree analysis is a form of quantitative analysis that represents the decisions that can be on a graphical tree. It is often used with expected value to determine the various monetary imp for the decisions you might make on your project. It multiplies probability times impact to create expected value. This exercise will focus on this form of quantitative analysis. The following formi describes expected value Risk Probability x Amount at Stake (or Impact) Expected Value If you have...

Project Selection Methods Financial Returns

Determine financial return for the three BIC projects. You might want to create tables for each p The best way to answer this exercise is by setting up a year-by-year expected cash flow matrix. The first table shows Kiosk cash inflows with an initial investment of 5,000,000. The next table shows financial advisor cash inflows with an initial investment of 8,000,000. This last table shows franchise cash inflows with an initial investment of 11,000,000. 1. Based on the three projects, which one...

Project Initiation and the Project Charter

Your answers should be similar to the following 1. Describe the product of the project. Do this in your own words, and don't hesitate to add som your own thoughts to this description. 2. What are the main goals and objectives of this project Again, don't hesitate to add some thii you know need to be included that may not be included in the exercise setup description. 3. What are the main, high-level project deliverables 4. List the responsibility and authority Jim Thoroughgood would require to...

Justifying a Project Project Selection Matrix

Complete the following matrix using the above information. Remember that the actual score for criterion is the rating times the weighting factor. Your answers should be similar to the following 1. Fill in the following Best Investment Company project selection matrix based on the informati above. 2. If you could choose only one project after this process, which one would it be and why 2. If you could choose only one project after this process, which one would it be and why 3. Does the project...

Creating a Procurement Management Plan

For each service CCC needs to procure (sound production, overseas artwork production, software development, and marketing), describe how you would recommend that CCC manage the scheduling and performance of each contract in unison with the other. 2. Describe how Marcus should manage CCC's procurement processes for the sound production contract. What procurement document should he use Should he use evaluation criteria How should he solicit bids Once CCC receives the bids, who do you recommend...

What This Book Covers

This book provides exercises based on concepts from the knowledge areas in the Project Management Body of Knowledge Guide. It is organized in order of how the PMBOK Guide discusses the knowledge area, except for integration management, which we have at the end since it brings everything else together. This book is organized as follows Chapter 1 This chapter covers Scope Management, including justifying proceeding with projects, project selection methods, project initiation and the project...

Evaluating and Selecting a Vendor

List the five general evaluation criteria CCC should consider for each contract. 2. You will help Marcus create criteria for the animation software development vendor. List four of the top criteria and rank them in importance. 3. You will help Marcus create criteria for the overseas artwork vendor. List four of the top criter and rank them in importance. 4. Why should CCC create evaluation criteria before sending out the requests for proposals 5. Marcus has a golfing buddy, Davis Neely, one of...

Negotiations

One of the necessary skills a project manager must have is negotiating. This skill is highly utilize during the staff acquisition process. In order to get the right people on your project, you will need to have a negotiating strategy. Here the steps to effective staff negotiations 1. Identify your target team. If you could have the best people for your project, who would be Step through your WBS and examine the staffing requirements outlined in your staffi management plan. Determine the right...

Background

Project planning requires the integration of many different types of information to plan the projec effectively. The responsibility assignment matrix (RAM) is an example of merging two different knowledge areas, integrated to create a planning output. The RAM combines an organization cl with project tasks and creates a planning tool that describes who will accomplish what on a proje These components are an organizational breakdown structure and the work breakdown structui Let's examine the two...

Components of a Communication Management Plan

A thorough communications management plan incorporates many details. First, you need to de' and where you will store your project information. You need to decide the structure of the filing m will be using electronic or hard copy. This plan will be published to team members so they know information, and where they should store the project information they create. Your plan for stora also include procedures for documentation and communication management. Your communications plan should include a...

Creating a Statement of Work SOW

Describe three elements in the SOW that you might recommend that CCC requires from the sound production company. Describe why they would be important in the SOW. 2. CCC has provided a description of the quality of work it expects from the marketing firm. It says, marketing materials must be of the highest quality as expected in the entertainment industry. Will this be a good enough description of the quality What might you do to improve this if you could 3. What three elements of the SOW might...

Chapter Quality Management

This chapter covers Quality Management, one of the knowledge areas found in PMI's Guide to t Project Management Body of Knowledge. This chapter sets the foundation for creating and cont the quality of the project. It starts with the quality planning process. After that we will spend time each of the quality planning tools as well as the cost of quality. Then, we cover Quality Assuranc close with Quality Control. Terrific Project Management Partners has a new challenge for you, this time at...

Types of Risk Responses

What response types does Tasha's team have to choose from 2. The team has decided that one of the biggest risks for this project is that the in-house gatewa program will not work. They have decided that they will create a prototype of the gateway, an test it on data they would convert. What kind of risk response type is this 3. The team has decided that there is not much it can do if the office is closed down for several days due to a large snowstorm shutting down the city. What kind of risk...

Chapter Cost Management

This section covers Project Cost Management, one of the knowledge areas found in PMI's Guide the Project Management Body of Knowledge. Project Cost Management sets the foundation for creating and controlling the costs of a project. In this chapter, we will begin by discussing Resou Planning. From there, we will introduce the steps of the cost planning process and cover the components of creating a budget and cost baseline. Finally, we conclude this chapter by discus controlling cost changes....

Earned Value Analysis

If you use earned value analysis, then you show variance and trends at the same time, and it is especially powerful if displayed graphically. Earned value analysis is one of the best ways to pro performance reporting, and PMI emphasizes it as the primary performance reporting methodolo project management. There are many terms and formulas you need to learn to be able to describe and use earned va analysis. Planned value (PV, also known as BCWS) Budgeted cost of work scheduled. This is what mo...

Team Building Activities

Team-building activities are any type of planned activities that increase the comfort level of the te in working with each other. There is a substantial body of literature published on this subject. Pr< managers need to be well aware of the types of activities that are available through this literature Team-building activities can be as simple as a group lunch or as complex as daylong facilitated sessions. Project managers should use team-building sessions at three different points in the te...

Creating a Scope Management Plan and Managing Scope

Note that the answers you have do not need to match the answers provided. You may think of o information or justifications besides those given. 1. Rate the stability of the scope. Base this on your own confidence factor and describe what yo think makes the scope stable and or unstable. 2. What are some reasons the scope might change How often do you think the scope might change Why 3. Fred Arlington, the project manager from the original project, thinks that the project needs to include hiring...

Creating a Risk Response Plan

What are some of the response plans for the risks to Tasha's project Complete the follows table by choosing five of the risks and entering the response type, owner, and a possible response plan for each. The gateway program will not convert some of the data in time for the new system to go live on the conversion days. The new system will not perform a function the old system performed. Upon going live, the new system does not work properly, and customer orders start backing up. The order takers...

Creating Your Risk Management Plan

Why should Tasha create a risk management plan 2. Describe elements of the methodology you will suggest Tasha use for this project. 3. Describe what Tasha should do to justify a budget for risk management on the project. 4. Describe the risk management processes you would recommend that Tasha implement and describe how often they should be performed. 5. Describe the roles and responsibilities of the stakeholders participating in the risk management process. 6. What is the difference between a...

Creating the Work Breakdown Structure

Wbs Graphic

Follow the scope information provided for the credit card validation project and create the work breakdown structure. 1. What format will you use to create your work breakdown structure 2. What is the name of the highest level component of the work breakdown structure 3. What are the main project deliverables on the second level of the work breakdown structure' This is high level. 4. Now that you have the main project deliverables defined, analyze each one and determine the substeps that make...