Question

Do your best to answer each question thoroughly and provide examples for full credit.

2. We plan to succeed but then we don’t. Explain why? Then list & briefly discuss the            8 steps of how to develop a risk management plan

3. Describe the reasons why a WBS is a necessity in any project?

4. Name at least five things you can find out by reading the project plan.

5. Explain why PERT/CPM is important in any project?

Answer 1

Answer2) Steps to develop a Risk Management Plan

• Implement a risk management framework
• Consider the objectives of the firm to develop the plan
• Identify risks
• Analyze and evaluate risks
• Manage risks
• Communicate and inform all stakeholders
• Monitor and review
• Document the major risks identified and measures to reduce risks

Answer3) Importance of WBS

• Budget and cost estimation
• Monitoring work progress
• Identify and define project scope
• Divide and assign responsibilities among teams
• Breaking down tasks into realistic achievable targets

Answer4) Project Plan shows

• The timeframe of the project
• Budget
• Risks
• Project Objective
• Work procedures

Answer5) Importance of PERT/CPM

• In PERT/CPM, one can examine the project flow in advance and thereby discuss and decide with team about timelines
• It helps to divide tasks into small realistic components to be executed and targets to be achieved.

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