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megaproject management

Questions and Answers of MegaProject Management

How are overhead expenses allocated in work packages?
Explain the differences between internal and external project controls.
What are the three phases of the project control process?
What is contract administration?
What is the distinction between the project end-item and project side-items?What role does the project manager have regarding each?
What happens during the production or building stage? How is work planned and coordinated? Who oversees the work?
What does the plan for production/build include?
What is the role of interaction design in design and development?
What happens during the design stage? Who is involved? What do they do?What is the role of the project manager? How are design changes monitored and controlled?
What is the practice of “ fast-tracking? ” What are the associated potential benefits and dangers?
What risks materialized during the project and how were they handled?
Discuss the use of contingency plans and budget and schedule reserves to cover risks.
How were risks dealt with (through risk transfer, acceptance, avoidance, reduction, etc.)?
How were risks identified?
Was there a risk officer? Discuss her duties and role in the project.
Was a formal risk management plan created? Discuss the plan.
Was formal risk analysis performed? When was it done (during initiation, feasibility, planning, etc.)?
In your own judgment, was this a risky project? Why or why not?
What did the project manager and stakeholders believe were the major risks in the project?
Iron Butterfly, Inc. project manager for the LOGON project, Frank Wesley, is concerned about the development time for the robotic transporter. Although the subcontractor, Creative Robotics has
Iron Butterfly, Inc. submits proposals in response to RFPs and faces three possible outcomes: N1, Iron Butterfly gets a full contract; N2, Iron Butterfly gets a partial contract (job is shared with
Corecast Contractors has been requested by a municipality to submit a proposal bid for a parking garage contract. In the past, the cost of preparing bids has been about 2 percent of the cost of the
Softside Systems has a $100,000 fixed-price contract for installation of a new application system. The project is expected to take 5 weeks and cost $50,000.Experience with similar projects suggests a
Because of its geographical location, the Largesse Hydro project is threatened with delays and costs associated with bad weather. The likelihood of bad weather is estimated at 0.30 with a potential
Below is the network for the Largesse Hydro Project:The following table gives the baseline cost and time estimates (BCE and BTE), the cost and time estimates to correct for failure, and the
Where would criteria such as minimax, maximin, and minimax regret be used during the project life cycle to manage project risk?
How and where are risk time and risk cost considerations used in project planning?
Can risk be eliminated from projects? Should management try to eliminate it?
Risk management includes being prepared for the unexpected. Explain.
How does risk planning serve to increase risk-taking behavior?
List and review the principles of risk management.
One requirement of a power-generating system states that it must provide 500 kilowatt hour minimum output. The system has three power-generating Subsystems, X, Y, and Z. Constraints on physical size
What is a design margin? How does its application reduce risk?
Think of a project you are familiar with and problems the project encountered.List some ways that risk could have been reduced in the project and explain each.
Discuss briefly each of the following ways to handle risk: transfer risk, avoid risk, reduce risk, do contingency planning, and accept risk.
Do equations (1), (2), and (3) present good ways for rating the overall likelihood, impact, and consequences of risk? Discuss pros and cons of using these equations.
Tables 10-3 and 10-4 are for illustration purposes. Discuss the general applicability of these tables to rating risks in projects. Would you use these tables to assess the risk likelihood and impact
What is an influence diagram? How is it used to identify and analyze risk sources and to assign priorities to those sources?
A project involves development of a system with state-of-the-art hardware and software, both of which are very complex, and where system performance depends on another, external system that is being
Describe a CE diagram. Pick a problem (effect) of your own choice and use a CE diagram for illustration.
Briefly describe the following risk identification techniques: analogy, checklists, WBS analysis, process flowcharts, and brainstorming.
Describe each of the following sources of technical risk: maturity, complexity, quality, and concurrency or dependency.
Discuss the difference between internal risk and external risk. List sources of risk in each of these categories.
What factors make a project high-risk?
What is meant by risk of failure?
How does a person ’ s risk tolerance affect whether a risk is rated as high, medium, or low?
Should risks that have low likelihood be ignored? Explain.
Did the PCAS produce time-phased cost schedules and forecasts? Show some examples. How were they used by the project manager?
What kinds of costs summaries were prepared? Who were they sent to? How were they used? Show some examples.
Was the project budget broken down into cost accounts? If so(a) How were they related to the work packages and WBS?(b) How were they tied into the PCAS?
How were management and supervisory costs handled in the budget?
Describe the process of creating the project budget. Show a sample budget (or portion thereof).
What kind of PCAS was used? Was it manual or computerized? Describe the system and its inputs and outputs. Who maintained the system? How was it used during the project?
How were cost estimates tallied to arrive at a total project cost estimate? Who did this?
How were overhead costs determined? What basis was used for establishing overhead cost rates?
How often and under what circumstances were cost estimates revised during the project?
Was an LCC analysis performed? If so, who did it, when, and using what methods? How did the analysis affect the design, development, and production of the project deliverables or main end item?
What, if any, were the principle causes of cost escalation in the project?
When did estimating take place? How were estimates checked and accumulated?How were they related to the WBS?
How were project costs estimated? Who was involved? Describe the process.
Explain retention money and performance guarantee.
Using the data in problem 30, repeat Steps b and c using late start times. Then identify the feasible budget region using the cumulative curves.
Use the table below and network in Figure 8-21 to answer questions about the ARGOT project:(a) Compute the ESs and LSs for the project. Assume T s is the same as the earliest project completion
Chapter 7 discussed the impact of crashing activities and the relationship of schedules to cost. The method assumes that as activity duration is decreased, the direct cost increases, in some cases
The example in Table 8-2 shows three possible ways of apportioning total direct costs. Using the same example, suppose, the direct nonlabor (DNL) cost and G & A are broken down as
Refer Case 5-1, the Barrage Construction Company, in Chapter 5.In the case, the project manager Sean Shawn employed the analogy method with an adjustment to estimate the cost of constructing a
What might happen if top management submitted a bid for a project without consulting the business unit or department to be involved in the project?
What are the reasons for investigating the influence of schedules on project costs? What is the feasible budget region?
How are time-based forecasts prepared and how are they used?
How are control accounts aggregated horizontally and vertically? Why are they aggregated like this?
What is a control account and what kinds of information does it contain? How does a control account fit into the structure of the PCAS?
How is the overhead rate determined?
What expenses are included under direct nonlabor?
How are direct labor expenses determined?
What are six cost elements shared by most estimates and budgets?
Distinguish recurring costs from nonrecurring costs.
What is a time-phased budget? What is the difference between a budget and a cost estimate?
Describe the PCAS. What is its purpose and how is it used in project planning?
Describe the different kinds of contingency amounts and the purposes each serves.
What is the role of individual functional and subcontracting units in cost estimating?
Describe the process of using the WBS to develop cost estimates. How are these estimates aggregated into total project cost estimates?
For each of the following estimating methods, briefly describe the method, when it is used, and the estimate accuracy it provides:(a) Expert opinion(b) Analogy(c) Parametric(d) Cost engineering
Explain the difference between accuracy and precision. Give two original examples that illustrate the difference.
Explain the difference between a cost estimate and a cost target. What are the problems in confusing the two—in using cost targets as cost estimates?
Explain: what are LCC ’ s and how are they different from project costs?
What is the relationship between phases of the project life cycle and cost escalation?
How does the type of contractual agreement influence the potential for cost escalation?
How do changes in requirements cause cost escalation?
Describe what the term “ phased project planning ” means.
What is the purpose of a contingency fund (management reserve)? How is the contingency fund used and controlled?
Define cost escalation. What are major sources of cost escalation?
Why are accurate cost estimates so important, yet so difficult, in project planning?What are the implications and consequences of overestimating costs? Of underestimating costs?
Were people (other than the project manager) required to make commitments on the duration of activities? Comment on the possibility of changing this behavior.
How do you rate the risk of not finishing on time, and what are the factors contributing to this risk?
Discuss how they were applied and show examples. Discuss those applications that were not applied but seem especially applicable to the project.
In the project you are studying, discuss which of the following kinds of analysis were performed:(a) CPM/time–cost tradeoff analysis(b) PERT(c) Scheduling with resource constraints(d) CCM(e) GERT
Take an existing network (such as for LOGON); using your imagination (and the rules of GERT), redraw it as a GERT network.
Give some examples of projects where GERT could be used.
Describe how GERT overcomes the limitations of PERT/CPM.
Write an essay on the reasons why projects are often late.

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