Q1. Week 4 – It is time to estimate your project’s budget. Your project sponsor has set a limit on the amount of money you can spend. You know your budget will exceed that limit. Using the information covered in the required readings, describe the importance of properly establishing a project budget. What is the best method or methods to accurately estimate the budget for a unique project? What controls can you implement to keep your budget in check?
Q2. Week 5 – (PLEASE USE WEEK 4, Q1. TO ANSWER THIS QUESTION)
Risks are best handled by developing a risk matrix, which is a plan for identifying and managing potential risks. Develop and post a risk matrix for the project you proposed in Week 4 or for the Hard Rock hotel under construction collapses: Buildings around Canal Street site evacuated. In your risk matrix, state the risk, describe it and what might cause it, and note the risk of occurrence (probability) as high, medium, or low. Describe the impact of the risk occurring and discuss how it could be prevented, mitigated, or recovered from if it happens.
Q3. Week 6 – Your project sponsor and customer are impressed with your project schedule, but due to some factors out of your or their control, you’ve been told to deliver your project early. Using the information from the readings, explain how you would go about assessing the possibility of delivering your project early. How will that affect scope, costs, and schedule? Should you “crash” the project or use another approach? What will determine your decision?
