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exam 1 day six review sheet

exam 1 day six review sheet - 3 Product Team Capability a...

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1) Project Risk a. Risk i. The measure of probability and consequence of not reaching a defined project goal. ii. Risk involves the notion of uncertainty as it relates to project timing and costs. b. Risk Management Plan i. A plan that identifies the key risks to a projects success and prescribes way to circumvent them. 1. Strategic Fit a. The project may not be a good fit in that it may not be clearly linked to the strategic goals of the firm 2. Service/Product Attributes a. The project involves the development of a new service or product there may be a market, technological or legal risks. There is a chance that competitors may offer a superior product, or a technological discovery may render the service or product obsolete before it even hits the market. There may also be a legal risk of potential lawsuits or liability that could force a design change after the product development has begun
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Unformatted text preview: 3. Product Team Capability a. The project team may not have the capability to complete the project successfully because of the size and complexity of the project or the technology involved 4. Operations a. There may be an operations risk because of poor information accuracy, lack of communication, missing precedence relationships or bad estimates for activity times. c. Use of PERT/CPM i. Can be used to quantify risks associated with project timing ii. Example 1. An activity in a new product development project might be developing the enabling technology to manufacture it, an activity that may take from eight month to a year. 2. To incorporate the uncertainty into the network model, probability distributions of activity times can be calculated using two approaches, computer simulations and statistical analysis. 3. Helps to get the critical path....
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