Homework
I. In project management, you will be called upon to be part of selecting which projects your firm may work on. List and discuss (In your own words) the different selection criteria below that you can use in evaluating and selecting a project, explain the benefits and downfalls of each. Provide an example for each item below and why this can be used in your project selection.
i. Financial Criteria
a. Payback
b. Net present value (NPV)
ii. Nonfinancial Criteria
a. Projects of strategic importance to the firm
iii. Two Multi-Criteria Selection Models
a. Checklist Models
b. Multi-Weighted Scoring Models
II. Discuss the critical path in a project. Describe why the critical path will be key in determining the duration of time a project will take to complete. Provide an example and list details why it is a critical path item.
III. Discuss scope creep and provide at least 4 ways this can lead to the failure of a project.
IV. There are two Methods for Estimating Project Times and Costs, list and describe in detail these two approaches and when you would choose each. Provide three project examples in detail and provide which approach you would choose and why.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.