Methodology The primary goal of a risk management plan is to understand what risks the project will be exposed to. The Project team supports the premise that “risk management goals and objectives should be consistent with and supportive of the enterprise’s business objectives and strategies.” Therefore, the risk management plan associated with this expansion utilizes the company’s vision and strategic objectives as its foundation. The risk management plan was developed with the goal of assisting
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Triangle is that, every project has a cost, a time in which it has to be completed and a set scope which is defined at the start of the project. If anyone of these aspects gets out of the control of the Project Manager, then the triangle will fall from one side. For Example, A project has reached its second milestone, and the Project Manager realizes he is behind the schedule, while the cost and scope are as planned. This means the triangle has fallen on one side. The main question that lies
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Management Body of Knowledge (PMBOK) A collection of the knowledge and best practices of the project management profession. Project Mangement Institute (PMI) A nonprofit international organization of project managers that promotes the field of project management. Risk Methodology A description of how you will manage overall risk. It includes the approach, required information, and techniques to address each risk. Risk Register A list of identified risks that results from the risk-identification process
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among others, are achieved. Key Components of project portfolio management Strategic pipeline flow. This component includes the processes of screening of project proposals and funneling them through the portfolio. Proposals which are developed from the agreed business strategies are screened and selected to go to the next phase of business case development. The business case is then examined and validated by all the relevant stakeholders and possibly external consultants. A decision is followed
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expert judgment is most important when estimates are dependent on an unknown variable. This is where acquiring the expert to fill in the variables with knowledge from experience is necessary. Analogous estimating is used when costs from a previous project inputted can save time on estimating with the variations of know differences from past projects. This is important on known stable projects similar in use. Analogous analysis will make adjustments for variables known (PMI, 2008). Parametric
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Placement of furniture and hardware installation * Commissioning * Go Live The outcome of this project will be that WF building will have a floor dedicated for computer labs, which will be beneficial for the Business and Lay faculty students. From AUT University’s
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target bay which serves as the target point for 192 lasers had to be installed 45 feet below ground. Concrete had to be poured for 18 hours to overcome this challenge. Another challenge occurred 6 months after the ground breaking when heavy rains from El Nino flooded the NIF worksite. It took wet weather construction engineers 3 weeks to restore the project. Then a month later, crews unearthed the remains of 16,000 year old remains of a mammoth. Construction was halted for 4 days until specialists
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early stages of any project that must be identified and dealt with to ensure the program meets the agreed upon output requirements defined by the customer or the organization. In addition, the project team requires effective and accurate communication from the very beginning. Specifically, clear definitions and direction are a must to achieve identified program goals. In this case study, five areas have been identified as the top issues to address and are listed in order of priority. Project Goals
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1. 1. Approximately what percentage of the wortd's gross domestic product is spent on projects? a. 10 percent b. 25 percent c. 50 percent d. 75 percent b. 25 percent 2. 2. Which ofthe following is a I'IOt a potential advantage of using good projectmanagement?a. Shorter developmenttimesb. Higher workermoralec. Lower cost of capitald. Higher profitmargins c. Lower cost of capital 3. 3. A ___ is a temporary endeavor undertaken to create a unique product, service, or result. a . program
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1. 1. Approximately what percentage of the wortd's gross domestic product is spent on projects? a. 10 percent b. 25 percent c. 50 percent d. 75 percent b. 25 percent 2. 2. Which ofthe following is a I'IOt a potential advantage of using good projectmanagement?a. Shorter developmenttimesb. Higher workermoralec. Lower cost of capitald. Higher profitmargins c. Lower cost of capital 3. 3. A ___ is a temporary endeavor undertaken to create a unique product, service, or result. a . program
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