Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Looking for some assistance with this question Situation: Just like in the team project, you are the project manager for a home construction company. Another

Looking for some assistance with this question

image text in transcribedimage text in transcribed
Situation: Just like in the team project, you are the project manager for a home construction company. Another tropical storm is on the way. You are familiar with the possible costs and risks if the storm hits and causes a two week delay since you experienced the storm that hit your San Leo home while it was under construction. You are currently building another San Leo home, and it is essentially in the same condition as the previous home was on July 1. You have two choices: accept the risk that the storm will not hit, or accelerate the construction to get the roof and shingles on before the storm is scheduled to make landfall. If the storm hits while the roof is under construction but not finished, you will have to reconstruct half of what was completed for a cost of $12,000. The weather channel predicts a 60 percent chance of the storm making landfall close enough to your location to cause this damage. If you accelerate construction, it will cost you $8,000. Assignment: Update your risk register with the new information. Develop a decision tree with two alternatives: (1) accept the risk and continue construction, or (2) accelerate construction to avoid the risk. You have two states of nature, the storm causes damage 60% probability and the storm does not cause damage. Use expected monetary value analysis for these two decisions and select the preferred alternative (PIMBOK Guide, p. 339). Also, summarize how you can apply the processes used by project managers to incorporate the core value of responsible stewardship into project monitoring and controlling. Prepare a 500-word minimum response on how you would document your analysis and recommendation in a memorandum to your supervisor. Your response to responsible stewardship should be about 20% of your response. Also include at least three credible references in addition to the PMBOK Guide with at least one of these being a peer-reviewed journal article. Properly cite your response. While working on this assignment, refer to the Assignment Rubric for guidance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Supervision In The Hospitality Industry Leading Human Resources

Authors: John R Walker, Jack E Miller, Walker

6th Edition

0470077832, 9780470077832

More Books

Students also viewed these General Management questions

Question

14. Now reconcile what you answered to problem 15 with problem 13.

Answered: 1 week ago