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Project Management Risk Assessment
You are the project manager for a new multi-million dollar building renovation for your organization. The company needs to maximize the space that they have and the best approach is to do a staggered build out in order to better maximize the space in the existing building. You feel that the best approach was to negotiate with multiple contractors on a fixed price contract. Different contractors discussed other contracts with you, particularly ones to address the current market fluxuations in the raw materials market. You ignore those other companies and settle on an agreement with a local company, who is willing to accept your terms for a fixed price contract.
You find out that a few weeks into a four month project that raw materials have increased by 250%. The contractor meets with you to discuss a price increase for the project. You have already committed a fixed price to the company and there is no contingency in the budget. The contractor advises that he will go bankrupt if he is forced to finish the project at this price and so the contractor sends you notification that they are stopping work on the project.
Word of the work stoppage flies through your company and your boss calls you to his office for an update. You explain what has happened but he feels that you are responsible for allowing this to get to this point. You are told by your boss to work something out with the contractor and to go into the negotiation with a good plan on how to mitigate the costs.Upon reflection of this situation, consider the below questions and how might this situation been different with a different contract approach.
Discuss the following questions.•Do you feel that the contract type selected was incorrect?•What kind of abuses did you identify?•What kind of positive or negative incentive could have improved this situation?
Suppose an asset is sold for less than its book value at the end of a projects life, and generates a loss that is fully deductible from the firm's ordinary income.
Appraise a non-technical reader the different types of quality assurance that are available. As part of your appraisal you consider at least three different quality assurance bodies.
Show the processes involved in determining and managing project budgets while explaining what points and pitfalls project managers should keep in mind when performing these functions.
What is the net salvage value of the asset? List the NET cash flows of year 1 through year 5.
What elements define a marketing plan? What are the necessary strategic steps to reach the company's goal
Why have many U.S. states allowed casino gaming? Why is casino gaming controversial? Do you think casino gaming should be legalized? Explain the economic and social factors that would affect a state that has legalized casino gaming.
Machine breakdown and repair in a twelve machine factory having three repair mechanics would develop which type of queuing system line structure concerning machine breakdowns?
Using Excel or pencil and paper, what is the discounted profitability index of the project?
Compute the internal rate of return for each project.
Prepare a project network consisting of at least 20 steps that should be done to complete the project. Be sure to indicate some degree of precedence relationship among the activities.
Verify the prospective partners capabilities and assess its strenths and weaknesses. adopt a code of conduct that will clarify the resonsibilities of each parner and the ethical behavior that will be expected for each partner
Project performance: List the desired outputs from the project. Specify the performance criteria for the project.
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