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8. For the following questions, utilize the project data below. Assume all tasks SHORT ANSWERS - Total of 50 Marks start on the same day. (6 marks) 1. Define the difference between "Monitoring" and "Controlling" a project (4 TASKS AB takes 7 days TASK takes 9 days marks) TASKS DEF takes 8 days TASKS DGH takes 10 days a) What is the critical path for this project? (1 mark) b) Define Slack Time? (Le. Explain what it is) (2 mark) 2. What is a Project Milestone? List 2 characteristics of an effective project c) What is the slack time for C? (1 mark) milestone (6 marks) d) What is the slack time for A? (1 mark) 3. You have been asked to evaluate 2 projects using only profitability models. Show the formula and calculate Average Rate of Return (ARR) and Payback Period (PP) for the following projects. (8 marks). a) If you were making a decision based purely on Average Rate of Return, which project would you select? (1 mark) e) What is the slack time for G? (1 mark) b) If you were making a decision based purely on Payback Period, which project would you select? (1 mark) LONG ANSWERS - Total of 50 Marks Project Apple Project Orange 1. You are in a job interview and your stellar smarts, charm and sense of style Fixed Investment = $90,000 Fixed Investment = $400,000 Avg. Annual Profit = $ 9,000 Avg. Annual Profit = $ 10,000 are all contributing towards it going extremely well. They see that you have Annual Cash Inflow = $30,000 Annual Cash Inflow = $ 40,000 taken a college Project Management course and are very interested in how you can apply all your learning to their projects. They ask you for a list of the major stages, steps, tools and activities that you typically would go through in managing ANY project from start to finish. 4. What are 3 headings that you would find on an effective Project Status Report? (6 marks) List out what your answer to this question will be. You can use bullet points to highlight 8 high level steps (in order) that you would go through in your approach when managing any project from start to finish. (16 marks) (* Note the answer to this question is not taken from any 1 slide in your study packages but rather how you would bring all the elements that you studied in this course together and be able to apply to a real project) You have been hired to the Project Management team in charge of 5. a) What is Scope Creep? (2 marks) building, marketing and opening George Browns new residence. b) Give 2 common reasons why scope creep occurs? (2 marks) In managing this project you have been asked to construct a risk assessment c) Give 2 examples of what PM's can do to control Scope Creep. (2 marks) form. List out the 4 most important headings that appear appear on this form and ma complete the risk assessment. (4 marks X 4 rows - 16 marks) 6. You have been hired to the Project Management team responsible for delivering a new residence facility for George Brown College. List 3 stakeholder categories, a potential stakeholder (title or function) that would belong to each, and one primary requirement for each. (6 marks) Stakeholder Category Stakeholder Requirement 3. You have been hired to Project Manage the 2022 Student Business Awards Ceremony. This is an event where award winning students are recognized by industry partners and professors. The evening itinerary typically includes award presentations, photographs, invited family & friends and food/drink reception Create a first draft of the project schedule for this event. Be sure to include a WBS and all the important elements that you typically would find on a 7. When estimating a project budget, the PM may be required to identify Microsoft Project type of gantt chart. This is a first draft so 4 work packages will be sufficient, and "Level 2" details should share 3-4 activities for each work reserve funds to address known and unknown risks. List the 2 types of package. Feel free to make assumptions where necessary. Use the space reserve funds and describe the purpose for each. (6 marks) below to create the WBS and the chart on the next page to create the schedule. (18 marks)