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Expando, Inc., is considering the possibility of building an additional factory that would produce a new addition to its product line. The company is currently considering two options. The first is a small facility that it could build at a cost of $6 million. If demand for new products is low, the company expects to receive $10 million in discounted revenues (present value of future revenues) with the small facility. On the other hand, if demand is high, it expects $12 million in discounted revenues using the small facility. The second option is to build a large factory at a cost of $9 million. Were demand to be low, the company would expect $10 million in discounted revenues with the large plant. If demand is high, the company estimates that the discounted revenues would be $14 million. In either case, the probability of demand being high is .40, and the probability of it being low is .60. Not constructing a new factory would result in no additional revenue being generated because the current factories cannot produce these new products. Construct a decision tree to help Expando make the best decision.
Taking a cue from the above, planning is a scrupulous effort that needs to be well documented in order for projects to succeed.
What characteristics do you look for when identifying a project stakeholder?
What are the possible implications of this change request? What is one of the basic tools for managing changes?
Just as deciding how to communicate with your key stakeholders is important, listening to your key stakeholders is important for effective communication.
What are some ways in which project selection affects risk? How can these risks can be reduced?
Determine what leadership steps you would take to enable you to achieve this across the different time zones and cultures. What conclusions can be drawn?
Essay Question: You have been assigned to a new innovative project in your organization. The scope has been completed. You next need to create a WBS and a WBS dictionary. What information should be contained in a WBS dictionary?
Prepare a project risk document for an employee training program that I am developing.
Imagine that you have been selected as the PM for a process or product improvement activity or the design of a new product or service in your organization.
Why is risk management an important aspect of project management?
This entry provides instructions and an example that shows how one can properly create a project schedule and manage a budget via MS Project.
Determine which of the eight traits or skills associated with being an effective project manager would be the most effective when managing a group of newly hired engineers. Justify your position.
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