component of project planning Chapter
Question 1: Read, list and discuss:
a. The stages of group development
b. Types of conflicts
c. Types of negotiation
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?
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?
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?
component of project planning
1.Why is cost estimation such an important component of project planning? Discuss how it links together with the Work Breakdown Structure and project schedule?
2.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.
3.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?
Problems:These three problems require calculations and you MUST show your work. If you simply hand in the solutions, they will be counted as incorrect. Your task is to show me that you can figure out how to do the problems. . There are many ways to do the problem but if you are unfamiliar with how to calculate base 2 logarithms, the table will do that part for you.)
Problem 1: Calculate the fully loaded cost of labor for a project team member using the following data:
Hourly rate: $35/hr and also if $45/hr (two caluculation required)
Hours needed: 150
Problem 2. Assume that overhead is charged on a flat rate basis. Each member of the project is assigned an overhead charge of $150/week. What would the fully loaded cost of labor be for an employee, given that she is assigned to the project for 200 hours at $10.50/hour?
Problem 3. It took MegaTech, Inc. 100,000 labor-hours to produce the first of several oil drilling rigs for Antarctic exploration. Your company, Natural Resources, Inc. has agreed to purchase the fifth oil drilling rig from their manufacturing yard. Assume that MegaTech experiences a learning rate of 80%. At a labor rate of $35 per hour, what should you, as the purchasing agent expect to pay for the fifth unit?
Remember, the simplified formula for calculating learning rate time is given as: See the chart at the bottom of the page or underneath the problem for an easy way to calculate learning curves.
TN = T1C
Where TN = Time needed to produce the Nth unit
T1 = Time needed to produce the first unit
C = Learning curve coefficient
All the answers and problems with working solutions should be APA 6th edition with references and in-text citations any plagiarism is considered zero.