In managing the risk of the project schedule we are managing the risk that the project will not be delivered or completed on time. If we assume that the project’s possible completion dates are normally distributed and we promise the client the most likely of the project’s possible completion dates, what is the probability that the project will be delivered late?
A risk event in a project is something that can have an effect on the project:
A project manager is looking at the risk associated with the project schedule. Realizing that if the risks occur the project will be delivered to the stakeholders late, the project manager decides to consider the risk and promise delivery later than the most likely project completion date. He then takes the time between the promise date and the most likely completion date and distributes it among the activities of the project schedule. This creates float in the schedule. This process is called:
In the Monte Carlo technique, what is the criticality index?
A project manager wants to give some guidelines to the project team as to how risk events should be described. Which of the following items would not be appropriate in describing a risk event?
A project manager uses the break even point to justify his project. He presents this as a justification for buying a new machine. What risk does the project manager run by using this technique to justify buying a new machine for his company?
A project manager and her project team are analyzing risk in their project. One of the things that they might do to help identify potential risks or opportunities would be to review:
Goldratt’s critical chain theory says that in order to reduce risk in schedules we should:
A project manager holds the first risk meeting of the project team. The client is present at the meeting. At the meeting several risks are identified and assigned to members of the project team for evaluation and quantification. The result of the meeting is:
The management reserve for the project contains: