Which one of the following statements best defines an estimate? The value of useful work done at any given point in a project to give a measure of progress. An approximation of project time and cost targets, refined throughout the project life cycle. O A situation that affects or influences the outcome of the project expressed in time or cost terms. A prediction of a future condition or event based on information or knowledge available now.
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- During risk identification sessions, you and your team identified more than 150 risks for your project. You are afraid that evaluating each of these risks quantitatively will cost you an enormous amount of time, while not all of them are really relevant and important enough to justify such a measure. What should you do next? A. Identify risk triggers where possible. Analyze only those risks quantitatively for which no trigger could be found B. Use qualitative risk analysis in order to prioritize risks for further action, such as quantitative risk analysis C. Assess the probability of each risk qualitatively and further analyze only those risks with high probability D. Assess the potential impact of each risk qualitatively and further analyze only those risks with high impactA) Which of the following is NOT included in the risk register? a. Prioritized list of quantified risks b. Potential responses to identified risks c. Revised stakeholder tolerance d. A list of identified risks B) The Responsibility Assignment Matrix (RAM) is: a. Used to identify accountabilities and responsibilities in individual performance appraisals of project team members. b. Used for development of the project budget and network diagrams. c. Developed at the activity level and used to closely link project roles and responsibilities to project network activities. d. Used to illustrate the connections between work packages or activities and project team members. It ensures that there is only one person accountable for any one task to avoid confusion of responsibility. C) The process of cost estimation is defined in which process? a. Control Cost b. Plan Cost Management c. Estimate Cost d. Budget CostWhich of the following is NOT a tool or technique of Qualitative RiskAnalysis?A. Risk urgency assessmentB. Expected monetary value analysisC. Probability and impact matrixD. Risk categorization A new project management software tool has come onto the market. Youspend the weekend taking an online tutorial to learn about it. This is anexample of:A. Lessons learnedB. Not paying for copyrighted softwareC. Contributing to the project management body of knowledgeD. Enhancing personal professional competence Which of the following is NOT a tool in Risk Identification?A. Risk Urgency AssessmentB. BrainstormingC. Delphi techniqueD. SWOT Analysis
- Which of the following best describes a complexity surrounding the Medicaid program? Group of answer choices A)When the Medicaid program only covers the poor, and not those considered near-poor, it can contribute to the poverty trap. B)The federal government might not administer the program equitably, in terms of benefits and determining eligibility. C)Medicaid eligibility requires that welfare recipients work and limits the length of time they can receive Medicaid assistance. D)Out of total Medicaid spending, over half of the funds go to children, rather than those with higher medical needs, such as seniors, the blind, and the disabled.You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be complete within 12 weeks. (Round your answer to…You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) This answer has not been graded yet. (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) (c) Using all paths through the project network, estimate the probability that the project will be…
- You may need to use the appropriate technology to answer this question. Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 6 10 12 C Testing A, B 1 1 1 (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) please help with this one This answer has not been graded yet. (b) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.)90.8240 i got this and this is wrong answer. (c) Using all paths through the…Section 1: Scenario: Briefly describe the scenario you have been given, expanding on the situation as needed. Section 2: Change Management Plan Be sure to provide a risk analysis table as part of the assessment. In the design section, a budget is optional, but the scope of change must be defined and a backout plan is required. In the implementation section, be sure to document how end-user acceptance testing and documentation of the project will be performed and stored. Also, include a plan for removing/disposing of the old equipment. In the evaluation section, describe how you know the plan is complete. Section 3: Disaster Recovery Plan: Provide a disaster recovery plan as outlined in your scenario.What are the strategies for dealing with positive risks?A. Avoid, mitigate, transfer, acceptB. Transfer, mitigate, avoid, exploitC. Exploit, share, enhance, acceptD. Mitigate, enhance, exploit, accept In which process do you create the Risk Breakdown Structure?A. Risk IdentificationB. Risk Response PlanningC. Qualitative AnalysisD. Risk Management Planning
- Which type of preliminary estimate would be the best in each of the following situations and explain your answer rationale. a. Decide whether it is feasible to proceed with constructing a new small office building. b. Establish the budget for a bond issue to build three new elementary schools. c. Evaluate which of three alternate designs best fits the budget for a new clinic.What is the difference between Maximum Foreseeable Loss(MFL), Probable Maximum Loss(PML), and Estimated Maximum Loss(EML)? Please use your own word :)Please help with correct answers! Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 5 10 12 C Testing A, B 1 1 1 a) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) b) Using all paths through the project network, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.)