Reference no: EM133011857

Lab Review Questions: Managing Project Risks

1. Why is it helpful to have a high level of participation in risk management activities?

2. Explain the concepts risk avoidance, risk acceptance, risk transference, and risk mitigations as responses to risk. Provide an example of each.

3. Discuss five (5) common sources of risk on projects and suggestions for managing each?

4. List the various types of information that are often contained in the risk register.

5. Find an example of a risk response plan on the Internet or any other source? What are the common elements of this plan?

Part B:

Lab Exercises: Set up the Work Breakdown Structure (WBS)

Learning outcomes from Lab 5

1. Using MS Project 2016 to set up the WBS
a. Enter WBS elements (summaries)
b. Create the outline for your WBS
c. Insert WBS row number column
d. Hide or show the underlining details

2. Save MyBicycleProject file

1. set up the WBS

• Open Microsoft Project.
• Select "blank Project"
Create a blank Project

• You created a blank project when you clicked on "blank project" at the beginning of this practical.
• Click the Project tab and select Project Information.

The Project Information dialog box will now be displayed. This allows you to set dates for the project, select the calendar to use etc. The start date will be set to today's date by default.

• Set the start date (of the project) to Monday of next week. You achieve this by selecting the date in the calendar and then clicking OK. The Project Information dialog box will now disappear. (Note that this means that the screen shots shown in this document will have different dates to your exercises)Enter Project Properties - change the title and author
• Click the File tab and select Info to view the project information on the right-hand side.
• Click on the "Project Information" drop down box on the right-hand side (above the information about the start date etc.)

• Select "Advanced Properties".
• Type BicycleProject in the Title text box and type your name in the Author text box, then click OK.
• Click on the "back-arrow" symbol to return to the normal view of the project.

Enter the WBS
Work out your work breakdown structure, time estimates and predecessor/successor relationships for your bicycle project.

a. Enter your bicycle project tasks from above WBS
Click on the "Task tab" and enter the bicycle project tasks in the "Task Name" column.
b. Create the outline using the Indent and Outdent controls for your WBS
• Click the Task Name field of the row to be indented.
• On the Task tab » Schedule Group » Click Indent Task to increase the indent level
• On the Task tab » Schedule Group » Click Outdent Task to decrease the indent level

c. Insert WBS row number column
• Right click the Task Name heading » Click Insert Column » Click WBS. The result will be something like

Task Mode WBS Task Name Duration
0 0 Build a Bicycle Project 1 day?
1 1 Frame 2 day?
2 ... .....
3 .... ....

d. Hide or show the underlining details
• Click Hide Subtasks (minus sign in the box before the task name) to hide underlying details, or
• Click Show Subtasks (plus sign in box) to show underlying details.

3. Save MyBicycleProject file

Attachment:- Managing Project Risks.rar