Evaluate the below statement according to the project management terminologies and choosethe correct answer:It is the process of making a forecast or precise approximationChoose...of time and cost associated with a work package or activity.Graphically describes a project consisting of well-definedChoose..activities, the completion of which marks its end.One of the Perform Quantitative Risk Analysis process has aChoose..Tools and Techniques.Useful for building accountability through assigning specificChoose..tasks to team members.It is the standard format each path through the network mustbe continuous with no gaps, discontinuities, or danglingChoose...activities.Organizational Assets, Project Scope Statement, CostManagement Plan and Schedule Management Plan are inputsChoose..of:Choose...Work Breakdown StructureExpert JudgmentBar chartEstimatingA horizontal diagram formatPlan Risk Management

Project management is - the process of conducting the task of a team to accomplish all project…

Answered: Evaluate the below statement according…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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The following precedence diagram reflects three time estimates for each activity. Determine: Use Table B1 and Table B2. 9-10-12 3 8 5-7-10 8-10-14 11-12-13 6 11 14-18-26 10.5-13-15.5 10 8-8-8 1 5-6-7 2 4 13-13-13 7 7-10-12 a. The expected completion time for each path and its variance. (Round intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Path Mean Var. Std. Dev. 1-2-3-8-11 37.33 1-2-4-6-11 43.00 5.11 1-2-4-7-11 0.81 1-2-5-9-10-11 46.83 1.25 9-9-9 10-11-12 10-12-14
Analyze the characteristics of a project that calls for a predictive approach to the SDLC, and the one that calls for adaptive approach.
c. What is the expected project completion time? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Project completion time d. What is the probability of completing this project within 16 days? (Use Excel's NORMSDIST() function to find the correct probability for your computed Z-value. Do not round intermediate calculations. Round "2" value to 2 decimal places and final answer to 4 decimal places.) Probability 10 00 days 09994
(12) Cost budgeting can be best described by which of the following? A The process of developing the future trends along with the assessment of proba bilities, uncertainties, and inflation that could occur during the project B. The process of assembling and predicting costs of a project over its life cycle C. The process of establishing budgets, standards, and a monitoring system by whi ch the investment cost of the project can be measured and managed D. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis (13) The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline is called A Determine Budget B. Control Costs C. Estimate Costs D. Plan Cost Manag ement (14) Cost Variance (CV) is which of the following equations? A CV = EV - PV B. CV = EV - AC C. CV = EV / AC D. A and c (15) To assist in budget control, it is suggested that an estimate be created at the level of the…
RESEARCH TOPICS1. The difference between project feasibility and project appraisal and their significance toproject sustainability2. The interplay between the project components (Cost, time, scope and quality) and thesignificance to project performance and sustainability3. Report writing process and utility of project report to project management
a) Explain with examples the differences between the following pairs of terminologies in project risk management:i.Proximity and Dormancy of a Riskii.Stakeholder Risk Threshold and Toleranceiii. iv.Variability Risk and Ambiguity RiskQualitative Risk Analysis and Quantitative Risk Analysis Risk Review and Risk Audit.b) During the execution of a project, a risk is identified by a team member. This newly identified risk is currently not in the risk register. As a project manager, list and briefly explain the steps you will take to manage this risk.c) As a project manager, you will be required to implement risk response plans for your projects. List and explain any five (5) typical outputs of this process.
MODELLING AND SIMULATION 1. What is the best way to plan a simulation project? Why? 2. Does project management help you to simulate a model? In what way/s? 3. Car dealers have realized how profitable it can be to sell automobiles by using the Web. Pretend that you work for a local car dealership that is part of a large chain of car industry. Create a project management process (include the sub-processes) that you will implement in developing such web-based system.
You are the project manager for a railroad construction project. Your sponsor has asked you for a forecast for the cost of project completion. The project has a total budget of $80,000 and CPI of .95. The project has spent $25,000 of its budget so far. How much more money do you plan to spend on the project? A. $80000 B. $84,210 C. $59,210 D. $109,210
Using the attached document and the information it provides on a book bag drive, complete the following components for the comprehensive project plan.1. Human Resource Plan: Describe the resource requirements for the project and the roles and skills required of each team member, including the roles and responsibility of the project manager. Include details of the methods to be used for obtaining the team necessary to complete the tasks listed in the project schedule.2. Cost and Budget Estimate: Develop an approximation of the monetary resources needed to complete the project activities. In addition, aggregate the estimated costs of individual activities to prepare the project budget.3. Procurement and Acquisition Plan: Describe theplan to purchase or acquire products, services, orresources needed from outside the project team.The document should also forecast the processes of administering and closing procurement for the project.Compile Project Part 2 and Project Part 3 into a single…
Which of the following statements regarding PERT analysis is TRUE? Select one: O a Project variance is the sum of all activity variances. O b. Project standard deviation is the sum of all critical activity standard deviations. O c. Each activity has two estimates of its duration. O d. Only critical activities contribute to the project variance
Give an explanation of how earned value management (EVM) may be used to keep expenses under control and monitor the overall effectiveness of a project, and then hypothesise as to why it is not utilised more often. How can one determine if the data for cost variation, schedule variance, cost performance index, and schedule performance index are healthy or unhealthy? What are some basic rules of thumb?
A project management plan is a document used to coordinate all project planning documents and to assist guide the project’s execution and control. Plans created in the other knowledge areas are the subsidiary parts of the overall project management plan and provide more detailed information about that knowledge. With regards to the above information examine the inputs into quality planning.

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