Question

The project budget baseline for XYZ is $3,500,000 with the following risks assessment: Risk Event Probability Impact Expected Value Parts delayed in Customs 40% $100,000 Strong labor training equates to quick assembly 60% ($50,000) Heat sink assembly requires rework 85% $150,000 (source: Paul Martinsen, PMP)

4.Why is the generic four-stage control cycle useful for understanding how to monitor and control projects?

Answer 1

answer-

4- The generic process of this control cycle has four stages in which project manager set goals of the project then second stage is measure the performance or progress of the project. when these steps are done then in next stage, comparison of performance or progress is done based on set standards/goals and actual goal achieved. if there is any lack or deviation in progress that performance is not up to set goals or standards then effective actions are take to control.

These measurements will reveal any deviations as related to time line or budget. Following identification of deviations, corrections can be made. The project monitoring and measures of control are continuously looped in the cycle for control of the project. Accurate progress measurement is vital to the project outcome.this why we use this control cycle to monitor and control projects.

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