MIST 5740S Quest 2 100% correct answers, latest updated

MIST 5740S Quest 2 100% correct answers, latest updated Risk Management the means by which uncertainty is systematically managed to increase the likelihood of meeting project objectives. Risk Management framework Identify risks. Analyze and prioritize. Develop a response Establish reserves Continuous risk management Identify Risks Systematically find all the factors that threaten project objectives. Analyze and Prioritize Assess each risk in terms of its possible damage and likelihood of occurrence. Most projects have an enormous number of potential risks. Quantifying the potential damage and the probability that a risk will occur enables the team to prioritize the risks, focusing their attention where it does the most good. Develop a response Create strategies for reducing the possible damage and/or probability the risk will occur. Establish reserves Set aside additional funding for the project that will be used in case specific risks occur—the known risks—as well as funding for the unknown risks Continuous Risk Management Implement the strategies and monitor the effects of these changes on the project. Risk strategies may require fine-tuning as they are put into effect. Communicate with the stakeholders as new risks are found, known risks are avoided, and risk reserves are spent. How can you use probability to calculate the Expected Value for a given risk o Probability x Impact = Expected Value o Because there are an infinite number of possible risks to your project, it is necessary to quantify the known risks in order to prioritize them and establish a budget for managing them. How can a project manager respond to risk, using the steps in the risk framework? Mitigate,Transfer,Acceptance,Avoidance Mitigate Decrease the effect of the risk Transfer Move all risk or some risk to a 3rd party Acceptance "Ok, let's proceed anyway" Avoidance Stop doing activity to avoid risk completely Group Think Doing one would shut down/omit ideas Every risk has Likelihood and Impact Work Breakdown Structure (WBS) • An outline of the work that is to be done to complete the project • A way to organize and control the project • A method to ensure that the plan is complete • A basis for all of your formal project management steps WBS Step One: Begin at the Top A WBS breaks down a project into descending levels of details, naming all the tasks required to create the deliverable named in the statement of work (SOW) WBS Step Two: Name All the Tasks Required to Produce Deliverables A task name describes an activity that produces a product. For example, if a WBS in a landscaping project lists "lawn" or "shrubs," you will need to add verbs to each task name: "lawn" becomes "put in lawn," shrubs" becomes "plant shrubs, "and so on. The next step is to break down each task into the lower-level, detailed tasks required to produce the product. o WBS Step Three: How to Organize the WBS Once all the work packages are identified, it is possible to rearrange them in different ways. For example, it can be useful to place work packages under different summary task headings; in this case, the overall project will remain the same even though the work packages are grouped differently The 8/80 rule. No task should be smaller than 8 labor hours or larger than 80. This translates into keeping your work packages between 1 and 10 days long. The reporting period rule. No task should be longer than the distance between two status points. In other words, if you hold weekly status meetings, then no task should be longer than one week. The "if it's useful" rule. The task is easier to estimate The task is easier to assign The task is easier to track The task is easier to estimate Smaller tasks tend to have less uncertainty, leading to more accurate estimates. The task is easier to assign Large tasks assigned to many people lose accountability. Breaking down the task can help to clarify who is responsible. Another potential benefit is that having smaller tasks assigned to fewer people can give you greater flexibility in scheduling the task and the resource. The task is easier to track The same logic applies as in the reporting period rule. Because smaller tasks create more tangible status points, you will have more accurate progress reports. How do you know if a work package is completed and was done correctly? Peer reviews, Checklists, Systematic testing Peer reviews These are common in many industries in the early part of a product development life cycle when there is nothing tangible to test. Peer reviews, also known as walk-throughs, are based on the premise that three to six heads are better than one Checklists For instance, an engineering group at an aerospace company has developed checklists for evaluating new drawings. Systematic testing. There are almost always tests to run later in a product's life cycle Effort time longest possible time for one person Early start The earliest date a task can begin, given the tasks preceding it. Early finish The earliest date a task can finish, given the tasks preceding it Late start The latest date a task can begin without delaying the finish date of the project. Late finish The latest date a task can finish without delaying the finish date of the project. Float Schedule flexibility Non partitionable can't be split up Critical path all of the tasks with zero or negative float Gantt Chart Most common method for displaying a project schedule Same schedule dates, horizontal Resource Leveling Optimizing the use of people and equipment assigned to the project Begins with the assumption that, whenever possible, it is most productive to have consistent, continuous use of the fewest resources possible.