Reference no: EM132572851

Question 1: Do you agree with the following statement: "With proper planning it is possible to eliminate most/all risks from a project." Why or why not?

Question 2: Analyze Figure 7.2 in the attachment (degree of risk over the project life cycle). What is the practical significance of this model? What implications does it suggest for managing risk?

Question 3: Assessing Risk and Benefits: Suppose you are a member of a project team that is evaluating the bids of potential contractors for developing some sub-assemblies for your project. Your boss makes it clear that any successful bid must demonstrate a balance between risk and price. Explain how this is so; specifically, why are price and risk seen as equally important but opposite issues in determining the winner of the contract? Is a low price/high risk bid acceptable? Is a high price/low risk bid acceptable? Why or why not?

Question 4: Why is cost estimation such an important component of project planning? Discuss how it links together with the Work Breakdown Structure and project schedule?

Question 5: Think of an example of parametric estimating in your personal experience, such as the use of a cost multiplier based on a similar, past cost. Did parametric estimating work or not. Discuss the reasons why.

Question 6: Would you prefer the use of bottom-up or top-down budgeting for project cost control? What are the advantages and disadvantages with each approach?

Attachment:- managing risk.zip