What is meant by risk management

Assignment Help Project Management

Reference no: EM133580973

Project Management

Question 1
A software development company is working on a new e-commerce platform for a major retail client. The following tasks are required for the project. Shown in the table are the task name, preceding tasks, normal durations (working days), minimum durations (working days), cost at the normal time (£'s) and the cost slope (the cost per working day to crash, in £'s):

Task ID	Preceded By	Normal Time (days)	Minimum Time (days)	Cost at Normal Time (£)	Cost Slope per Day (£)
A	-	3	2	1,500	750
B	-	4	2	1,200	500
C	A, B	5	3	2,000	1,000
D	A	2	1	800	400
E	B	3	1	1,000	500
F	C	4	2	1,600	800
G	D, E	5	3	2,500	1,250
H	F, G	2	1	600	300

So, for example, Task ‘B' would normally take four working days at a total cost of £1200 but could be performed at a minimum time of 2 working days.

You may assume that a pro-rata reduction in time and costs of tasks is an acceptable assumption to make for these tasks.

Miscellaneous management and other overheads are estimated to amount to £400 per day for the duration of the project.

Questions:

a) If all activities were to occur at their normal durations, find the project duration, identify the critical path(s), and calculate the total project costs.

b) Crash the project to a minimum duration at the lowest possible cost. Explain why your solution represents a minimum time solution and find the total cost.

c) Identify the lowest total cost solution.

Scenario A

Project Case Study: Developing a Mobile App for a Local Restaurant

A local restaurant is looking to develop a mobile app to enhance customer experience and increase sales. The project aims to create a user-friendly app that allows customers to browse menus, place orders online, and pay for their meals.

Project Scope: Develop a mobile app with features for browsing menus, online ordering, and payment integration.

Project Schedule: Complete the project within 12 weeks.

Project Budget: Allocate a budget of £25,000 for the project.

Question 2

Based on Scenario A, answer the following question:
a) What is a RACIMatrix?
b) Create a RACI Matrix with at least five roles and responsibilities for this project.

Question 3
Based on Scenario A, answer the following question:

a) Software companies often face a wide choice of alternative projects. In such situations, it is sensible that they should adopt a ‘project portfolio process' (PPP). Explain what is meant by this.
b) Create a project selection matrix with at least five criteria.

Question 4

Based on Scenario A, answer the following question:
a) What is meant by Risk Management?
b) Create a quantitative risk assessment plan for this project with five identifiedrisks.

Reference no: EM133580973

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