Hard to create one estmate of how long an actvity will take so it takes even

# Hard to create one estmate of how long an actvity

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- Hard to create one estmate of how long an actvity will take so it takes even more efort to create 3 estmates - No guarantee of how good any of the estmates are - Can underestmate the risk of a schedule running long because it does not accurately address when two or more actvites need to be completed before a third can begin Downloaded by Shaun Mlangeni ([email protected]) lOMoARcPSD|3347332

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Monte Carlo Simulaton - A computerised mathematcal technique that allows people to account for risk in quanttatve analysis and decision making that furnishes the decision maker with a ranges of possible outcomes and the probabilites with when they will occur - An advantage of this simulaton is the fexibility it provides, this allows more realistc estmates - A disadvantage is the amount of tme necessary to estmate an entre range of possible outcomes - Another disadvantage is that special skills and sofware are necessary to efectvely use Monte Carlo Show the Project Schedule on a Gant Chart - A Gant chart is a horizontal bar chart that shows each work actvity on a separate line with the bar placed from the early start date to the early end date Perform Sales Calls Design Graphics Produce prototype Determine new product features 0 1 2 3 4 5 6 7 Actvity Time in work days Downloaded by Shaun Mlangeni ([email protected]) lOMoARcPSD|3347332
Downloaded by Shaun Mlangeni ([email protected]) lOMoARcPSD|3347332

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Chapter 11 Plan Risk Management - The process of defning how to conduct risk management actvites for a project - a future event is considered a project risk if it threatens the successful accomplishment of a project goal - Project Success measures - Meetng agreements This includes meetng the project requirements without going over cost and schedule - Customers success Addressing questons such as “Did the customers use the project results?” - Performing organisatons success Focus on whether the project helped the performing organisaton The performing organisaton is an enterprise whose employees have a direct involvement in executng and completng the project - Project teams success Deals with the project team for example “Did they become beter and more dedicated employees?” - A project risk is anything that may impact the project teams ability to achieve the general project success measures and the specifc project stakeholders’ priorites - A risk management plan is an important plan that is integral to the comprehensive project management plan that describes how risks are prioritsed and monitored for changing priorites - Risk breakdown structure presents a hierarchical organisaton of risks based on categories such as operatonal, strategic, fnance, external and project management Identfy Risks - The process of determining which risks may afect the project and documentng their characteristcs - Project managers are ultmately responsible for identfying all risks Informaton gathering - Essentally a brainstorming technique during which tme the queston “What could go wrong?” is repeatedly asked for anyone who is present for every actvity identfed in the
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