Category: Project Management

Determine who will be responsible for the development of the risk management plan, and who will monitor the progress. Explain the components and corresponding responsibilities that comprise the Risk Management Plan.

Assessment 2: Risk, Scope, Components, and Value
Analyze the information in the case study or your work project to complete this assessment:

Define the scope of the risk plan and determine the risk management plan components.

Determine who will be responsible for the development of the risk management plan, and who will monitor the progress.

Explain the cost of not managing risk in this organization. Note that monetary value analysis requires an estimated dollar amount.

Define the boundaries of the risk management plan scope.

Explain the components and corresponding responsibilities that comprise the Risk Management Plan.

Describe the processes included in a risk management plan.

Evaluate risk impact analysis methods for application in a project

Determine how buffer time should be used either at key milestones within the construction phase or only at the end clearly stating the reasons for your choice.

PROJECT MANAGEMENT CONSTRUCTION PROJECT.

Identify the critical path for the construction phase.

Re-present key data in Table 3 to show task durations using Eli Goldratt’s Critical Chain approach. Show also the safety buffer for the phase as a whole.

Determine how buffer time should be used either at key milestones within the construction phase or only at the end clearly stating the reasons for your choice.

Determine a basis for the provision of contingency within the cost plan (for example, adopting a flat rate for the entire project or risk-related rates for different elements or phases). Make a clear recommendation, stating your reasoning.
10 marks

Analyse this data and, using the PERT technique, assess the probability of the arena construction works being completed before the end of December 2023.

What conclusions do you make as a result of your findings?
10 marks

Calculate the estimated cost of the arena construction at completion.
Calculate the estimated total duration of the arena construction and identify the estimated completion date.

10 marks

Analyse this information with respect to the project plan you prepared in response to task one and prepare a “traffic light” progress report indicating the status of each task on the following basis:

What conclusions do you draw?
10 marks