Question

1. Discuss the tradeoffs between the three objectives in Project management. How do these tradeoffs depend on the life cycle of the project?

2. Identify some multicultural factors requiring special consideration in projects and project managers.

3. Discuss the advantages and disadvantages of housing projects within each of the three major organizational forms: functional, pure project or matrix organization. Explain the effects of the organizational form on coordination and interaction both within the project team and between the team and the rest of the firm.

4. Fisher and Ury developed “principled negotiation” to 1) allow a conflict to be settled without irreparable harm to the project’s objectives, 2) allow (and foster) honesty between the negotiators, and 3) seek solutions to the conflict that not only satisfy the needs of the conflicting parties, but also satisfy the needs of other parties to the conflict, as well as the needs of the parent organization. Describe this negotiation technique.

5. Discuss the duties and responsibilities of the project manager. How critical is the project manager for the success of the project? Would you like to be a project manager? Why or why not?

6. Describe risk management and how it applies to projects. Explain how risk can be measured for projects.

Answer 1

answer-

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6-Risk Management is “the systematic application of management policies, procedures, and practices to the tasks of establishing the context, identifying, analyzing, assessing, treating, monitoring and communicating”. Risk management is an essential for all businesses irrespective of their size, location, and nature.

Risk management in a business involves identifying, evaluating and prioritizing risk and thereby on the basis of such evaluation and prioritization using coordinated economical application of the resources for the purpose of minimizing, monitoring and controlling the probability or impact of such risks. It is the process of identifying potential risks in advance, analyzing them and taking precautionary steps to prevent them. Risk management is prominently done when a business makes a financial investment so as to identify the economic risks and their impacts and to tackle them.

its role in projects-

Managing risks on projects is a process that includes risk assessment and a mitigation strategy for those risks. Risk assessment includes both the identification of potential risk and the evaluation of the potential impact of the risk. A risk mitigation plan is designed to eliminate or minimize the impact of the risk events—occurrences that have a negative impact on the project. Identifying risk is both a creative and a disciplined process. The creative process includes brainstorming sessions where the team is asked to create a list of everything that could go wrong. All ideas are welcome at this stage with the evaluation of the ideas coming later.