Reference no: EM133011861

Lab Review Questions: Project Risks

1. What are the two main criteria used when evaluating risks during qualitative risk analysis?

2. Should every risk, no matter how major or minor, have a contingency plan created to address it? Why or why not?

3. What is an example of transferring risk?

4. When a project manager is gathering information about risks, is it a good idea for her to set a limit on the number of risks that will be considered? Why or why not

5. Relative to the project's life cycle, when is the cost per risk discovered typically highest and why?

Part B:

Adding Resources

Learning outcomes from Lab 6

1. Using MS Project to add and assign resources

• Create Resource Pool
• Assigning resources
• Understand Gantt chart and network diagram presentation.
• Verify the accuracy of the network diagram.
• Identify the critical path

2. Save file billing-system-resources.mpp file
Adding Resources
• Open MyFirstWBS.mpp file (File you created in Lab 4) and save it to a file called billingsystem-resources.mpp. You now have a copy of your work to use to for lab6. You will use this billingsystem-resources.mpp file as the starting point for this week's practical.
Create the resource pool

• Make sure you are using the Gantt chart view and the Entry table.

• Select the "Resource Sheet" option from the View ribbon. In the table that is
• displayed, you should see columns for the resource name, type, material label, initials, group, max units, std rate etc. (If this is not the table you see displayed, select Entry from the Tables drop-down list in the Data group on the View ribbon.)

• Add the following information about the resources for the project. The resources could include both workers and materials such as equipment hire. In our example we only have to add the staff responsible for the tasks. The staff resources that are available for our example project are listed in the table below. An example of the first entry you should see in your completed resource table (details for the programmer) is given in the following screenshot:

Note:
a. You are to enter the resource units into Microsoft Project as a percentage. The default percentage is 100%. 100% indicates that there is one of those resources available. If, as in the case of programmers, there are 2 available, you enter 200%. Similarly, if there was a full-time programmer and one part-time (or 0.5 time) programmer available, you would enter 150%. When you group resources together in this way it means that they are interchangeable, i.e. all programmers can do the same work, have the same skill level and get the same salary. If you need to make a distinction then you should enter the details of the different resources separately.
b. It is easy to switch between hourly and annual pay rate. If you enter the numeric value/yr, the entry will be an annual pay rate.
c. If you entered an hourly rate, then that group could qualify for overtime rates which would then be entered in the "Ovt rate" column.
d. In the "Accrue at" column, there are various options available in the drop down list: start, prorated, end. Prorated means that the cost/payment is accrued on a day to day basis. Start means payment is required at the start. End means the payment is required when the work is complete.
e. The calendar can also be changed for each resource entry. This would allow you to take into account the differences in availability of work groups or individuals in the project.

Attachment:- Project Risks.rar