You’re managing an industrial design project. Your project is currently in the Initiating phase. The project charter has been created, and you are working on developing the preliminary scope statement. Which of the following is NOT something that you should do? A. Create the change control system B. Document initial project risks C. Identify internal and external constraints D. Write down any assumptions that you have made Alberto is the project manager of a software implementation project. His company has made an organization wide decision to move to a new accounting and human resources software package. He has read that some projects to implement the same package have resulted in the loss of personnel data when they tried to import it into the new system. He backs up the data so that it could be restored in the event of such a problem but also buys insurance to cover the cost of keying in the data manually if the implementation doesn’t work. Which response strategies are Alberto using? A. Mitigating and Accepting B. Mitigating and Avoiding C. Mitigating and Sharing D. Mitigating and Transferring
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
You’re managing an industrial design project. Your project is currently in the
Initiating phase. The project charter has been created, and you are working
on developing the preliminary scope statement. Which of the following is
NOT something that you should do?
A. Create the change
B. Document initial project risks
C. Identify internal and external constraints
D. Write down any assumptions that you have made
Alberto is the project manager of a software implementation project.
His company has made an organization wide decision to move to a new
accounting and human resources software package. He has read that
some projects to implement the same package have resulted in the loss of
personnel data when they tried to import it into the new system. He backs
up the data so that it could be restored in the event of such a problem but
also buys insurance to cover the cost of keying in the data manually if the
implementation doesn’t work. Which response strategies are Alberto
using?
A. Mitigating and Accepting
B. Mitigating and Avoiding
C. Mitigating and Sharing
D. Mitigating and Transferring
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