BSBPMG522 Assessment Answers: Assessment Task 1 Instructions And Provide Answers To All Of The Questions Below:
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1) List three project management tools and explain their use in project management.
– Gantt Chart is A Logic Network indicates the sequence of activities in a project over time. It shows which activity logically precedes or follows another activity. It can be used to identify the milestones and critical path of a project. It will help you understand the dependencies in your project, timescale, and its workflow. Valuable information that you may otherwise overlook can be revealed using this technique.
– PERT Chart is The Program Evaluation and Review Technique, commonly abbreviated to PERT is a model for project management developed by the United States Department of Defense’s US Navy Special Projects Office in 1958 as part of the Polaris mobile submarine-launched ballistic missile project. PERT is a method for analysing the tasks involved in completing a given project, especially the time needed to complete each task and identifying the minimum time required to complete the total project.
– Product Breakdown Structure (PBS) In project management, a Product Breakdown Structure (PBS) is an exhaustive, hierarchical tree structure of components that make up a project deliverable, arranged in whole-part relationship. A PBS can help clarify what is to be delivered by the project and can contribute to building a work breakdown structure.
– Work Breakdown Structure (WBS) at The United States Department of Defense (DOD) created the Work Breakdown Structure concept as part of the Polaris mobile submarine-launched ballistic missile project. A Work Breakdown Structure is a hierarchical decomposition of the deliverables needed to complete a project. It breaks the deliverables down into manageable work packages that can be scheduled, costed and have people assigned to them. A Work Breakdown Structure is a standard project management tool and the basis for much project planning.
2. ) Explain the use of a GANTT chart in project management.
Gantt Chart is A Logic Network indicates the sequence of activities in a project over time. It shows which activity logically precedes or follows another activity. It can be used to identify the milestones and critical path of a project. It will help you understand the dependencies in your project, timescale, and its workflow. Valuable information that you may otherwise overlook can be revealed using this technique.
3.) Explain the use of a PERT chart in project management.
PERT is a method for analysing the tasks involved in completing a given project, especially the time needed to complete each task and identifying the minimum time required to complete the total project.
4.) Explain the use of a work breakdown structure in project management.
A Work Breakdown Structure is a hierarchical decomposition of the deliverables needed to complete a project. It breaks the deliverables down into manageable work packages that can be scheduled, costed and have people assigned to them. A Work Breakdown Structure is a standard project management tool and the basis for much project planning.
5.) Explain the use of the critical path method in project management.
Critical Path Analysis is commonly used with all forms of projects,
including construction, aerospace and defense, software development,
research projects, product development, engineering, and plant
maintenance, among others. Any project with interdependent activities
can apply this method of mathematical analysis. The first time CPM was
used for major skyscraper development was in 1966 while constructing the
former World Trade Center Twin Towers in New York City. Although the
original CPM program and approach is no longer used, the term is
generally applied to any approach used to analyze a project network
6.) Outline three types of documents and sources of information that are used to define the parameters of a project.
7.) Explain the importance of planning for risks in a project and list three processes that can be used to identify risks as part of a risk assessment process for a project.
8.) Explain the importance of a risk management plan in identifying and managing risks for a project.
9.) Explain risk avoidance in project management.
Risk avoidance in project management is a risk treatment that avoids,sidesteps or discontinues the action that trigger a particular risk.the following are a few example :
-business strategy :a bank consider expanding its products to include financial derivatives.after completing a business plan,the bank determines that the plan is risky and decide not to pursue the strategy
-investing: an investment adviser recommends a stock to a client.the client reads the company’s most recent financial report and finds it’s a complex business with difficult to understand risk factors and decides against the investment
-health & safety : a company shuts down a construction site in bad weather to avoid the risk that someone will get hurt
-information security : a retailer discontinues collection of personal data such as costumers ages and telephone numbers to avoid the risk that such data would be stolen in an information security incident.
10.) Explain the use of risk mitigation strategies in project management.
Risk mitigation strategies are action plans you conceptualize after making a thorough evaluation of the possible threats, hazards or detriments that can affect a project, a business operation or any form of venture. The purpose of such strategies is to lessen or reduce, if not totally eliminate the adverse impacts of the known or perceived risks inherent in a particular undertaking, even before any damage or disaster takes place.
Source : https://www.brighthubpm.com/risk-management/47934-risk-mitigation-strategies-and-risk-mitigation-plan/
11.) Explain the concept of risk acceptance in project management.
Although there has been a great acceptance of risk management over the last decade, there is still room for improvement in the practice. As with any new idea, there have been multiple variations developed in application. The situation doesn’t warrant a grand effort to standardize. However, the practitioner should be aware of the differences and the risks inherent in applying risk management.With any new concept, there will be a drive for both better theoretical understanding and application to new areas. One example in the case of risk management is the application to software. However, the resulting more detailed theoretical description of risk has created a conflicting set of definitions that can cause problems when merged with the original versions. One part of this paper looks at both views and seeks to explain what the differences are, their potential impact, and which way a project lead should go when faced with such a conflict in definitions.
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