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The 2010 income statements of Leggett and Platt, inc. reports net sales of $4,076.1 million in 2010 and $4,250 million in 2009. The balance sheet reports accounts and other receivables, net of $550.5
Control Risk Response:A) Monitor and control risk responses, as well as tracking project progress. B) Not every detail of a project will materialise as expected – change control management is t
Contingencies-Develop Risk Response:A) What if the worst happens, or an unexpected event occurs? B) Technical risks – problematic C) Both schedule and cost risks need “trade-offs”
Transferring Risk: Pass risk to another party – if it occurs, they pay the consequences, not you: A) Fixed price contracts: remember to assess which party can best control the activities tha
Develop Risk Response:A) Having identified and analysed a risk the question arises: How should we respond and react to a specific event? B) Risk response requires some thought of contingency planning
Probability Analysis: Many kinds of probability analysis: A) FMEA, just presented, is one: the “likelihood” of a risk event happening is its “probability” of occurrence. B) P
Assess Risk-Risk Management Process:A) Once risks have been identified, these need to be sifted through and analysed for severity and implications. B) There are many methods for doing this, including
Identify RiskA) Risks exist because of both exogenous and endogenous factors: Exogenous factors include changes in technology, government regulation/policies, market fluctuations in prices and supp
Risk Occurrence and Impact:A) There are two elements that define risk in projects: the probability of an adverse event or occurrence the severity and cost of that event or outcome B) There is u
PRINCE2 Processes:A) Directing the project: conducted by senior managers/decision makers define the need for the project and the resources to be allocated B) Planning: provides a model of th
PRINCE methodology has the following key features: it has a focus on business justification it has a clearly defined organisational structure it is suitable for a product based on a new approach
PRINCE:A) Projects in a Controlled Environment. B) Standard project methodology for UK government organizations, its partners, and now many other organizations. C) Defines and categorises a project
PMBoK Knowledge Areas: Nine knowledge areas, into which good practices can be categorised: Project integration management Project scope management Project time management Project cost management
PMBoK Guide: A) Project Management Body of Knowledge, from the Project Management Institute (PMI) B) First established in 1987, then published as a book in 1996 – later editions in 2000 and 20
Advantages of using a methodology: It can help to provide direction to the project as a whole It can enable a saving in project timescales It can help to improve the quality of the project deliv
What is a methodology: It must include: a standard set of processes to follow a collection of templates to help you identify the project’s objectives and vision a collection of case studies
Project Management Methodologies: Structured set of procedures, tools, techniques, rules and regulations in project management Generally used project management methodologies, including PMBOK and
Cost Slope:A) The cost slope is the measure of sensitivity when crashing events: The slope between the normal point and the crash point can be computed; this gradient of the cost slope B) Cost
Resource Smoothing and Time Crashing: Smoothing is most applicable where there is slack and float within the network (i.e. away from the critical path. Crashing can be highly effective (and necessar
Scheduling for Effective Resource Utilisation:A) It is invariably ineffective to always start activities at their ES time: causes peaks and troughs in resource usage (people, materials, equipment a
Resource Management and Allocation:A) When resources are not capable of meeting peak demand requirements and are constrained, the project manager has to: Level resource usage. Prioritise and alloc
Schedules and Constraints:A) It is easily said (though often ignored) that schedules must be developed within the constraints that impinge upon the project manager and the organization. B) Constraini
Program Evaluation and Review Technique (PERT) A) Developed by US Navy and a consulting firm in 1958 for the Polaris submarine project. B) Technique as for CPM method, but activity durations have a
Pros and Cons of AON Method: Advantages of AON: No dummy activities are used. Events not used, just activities. AON easy to draw when dependencies and relationships are straightforward. Activit
Pros and Cons of AOA Method: Advantages of AOA: Simpler and easier to trace paths with activity-event numbering scheme – a sense of “flow”. AOA easier to draw with complex depen