PMAN 637 MidTerm Exam Answers
1) Terminology definitions. Define the following Risk Management terms, and illustrate with an example in two written paragraphs per project management term, citing our readings from Sessions 1-6. (6 points, 2 points each)
2) Discuss why a key motive for any project manager is the identification of opportunities that can improve a project’s budgeting or scheduling plans. Cite two references from your assigned articles and/or textbook readings to support your discussion of how a Project Manager could utilize such an opportunity to limit ‘scope creep’. 1-page limit. (3 points)
3) Incorrect activity duration estimates may push personnel or resources into projects too early or too late. The RBS diagram with the 4 standard headings used worldwide is on p.253 of the Heldman text (2013, 7thedition). Review this now.
Two estimating methods we have studied are parametric estimating and 3-point estimates. Explain how these could mitigate risks within two of the RBS headings used worldwide “project management” and “technical “risks. (4 points = 2 points per clear description of an estimating method that can be used to mitigate risks, ½ page for each)