Please I need every answer must be correct also very important ASAp SHORT ANSWERS Total of 50 Marks Define the difference between Monitoring and Controlling a project (4 nmarks) What is a Project Milestone List 2 characteristics of an effective project milestone (6 marks) 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) b) If you were making a decision based purely on Payback Period, which project would you select (1 mark) Project Apple Project Orange Fixed Investment $90,000 Fixed Investment $400,000 Avg Annual Profit $ 9,000 Avg Annual Profit $ 10,000 Annual Cash Inflow $30,000 Annual Cash Inflow $ 40,000 What are 3 headings that you would find on an effective Project Status Report (6 marks) a) What is Scope Creep (2 marks) b) Give 2 common reasons why scope creep occurs (2 marks) c) Give 2 examples of what PM's can do to control Scope Creep (2 marks) 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 When estimating a project budget, the PM may be required to identify reserve funds to address known and unknown risks List the 2 types of reserve funds and describe the purpose for each (6 marks) For the following questions, utilize the project data below Assume all tasks start on the same day (6 marks) TASKS AB takes 7 days TASK C takes 9 days TASKS DEF takes 8 days TASKS DGH takes 10 days What is the critical path for this project (1mark) Define Slack Time (i e Explain what it is) (2 mark) What is the slack time for C (1 mark) What is the slack time for A (1 mark) What is the slack time for G (1 mark) LONG ANSWERS Total of 50 Marks 1 You are in a job interview and your stellar smarts, charm and sense of style are all contributing towards it going extremely well They see that you have 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 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) 2 You have been hired to the Project Management team in charge of building, marketing and opening George Browns new residence In managing this project you have been asked to construct a risk assessment form List out the 4 most important headings that appear on this form and complete the risk assessment (4 marks X 4 rows 16 marks) 1 2 3 4 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 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 package Feel free to make assumptions where necessary Use the space below to create the WBS and the chart on the next page to create the schedule (18 marks)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 07, 2024

Please I need every answer must be correct also very important ASAp SHORT ANSWERS - Total of 50 Marks Define the difference between Monitoring and

Please I need every answer must be correct also very important ASAp

SHORT ANSWERS - Total of 50 Marks

Define the difference between "Monitoring" and "Controlling" a project (4 nmarks)

What is a Project Milestone? List 2 characteristics of an effective project milestone (6 marks)

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)

b) If you were making a decision based purely on Payback Period, which project would you select? (1 mark)

Project Apple Project Orange

Fixed Investment = $90,000 Fixed Investment = $400,000

Avg. Annual Profit = $ 9,000 Avg. Annual Profit = $ 10,000

Annual Cash Inflow = $30,000 Annual Cash Inflow = $ 40,000

What are 3 headings that you would find on an effective Project Status Report? (6 marks)

a) What is Scope Creep? (2 marks)

b) Give 2 common reasons why scope creep occurs? (2 marks)

c) Give 2 examples of what PM's can do to control Scope Creep. (2 marks)

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

When estimating a project budget, the PM may be required to identify reserve funds to address known and unknown risks. List the 2 types of reserve funds and describe the purpose for each. (6 marks)

For the following questions, utilize the project data below. Assume all tasks start on the same day. (6 marks)

TASKS AB takes 7 days

TASK C takes 9 days

TASKS DEF takes 8 days

TASKS DGH takes 10 days

What is the critical path for this project? (1mark)

Define Slack Time? (i.e. Explain what it is) (2 mark)

What is the slack time for C? (1 mark)

What is the slack time for A? (1 mark)

What is the slack time for G? (1 mark)

LONG ANSWERS - Total of 50 Marks

1. You are in a job interview and your stellar smarts, charm and sense of style are all contributing towards it going extremely well. They see that you have 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.

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)

2. You have been hired to the Project Management team in charge of building, marketing and opening George Browns new residence.

In managing this project you have been asked to construct a risk assessment form. List out the 4 most important headings that appear on this form and complete the risk assessment. (4 marks X 4 rows = 16 marks)

1.
2.
3.
4.

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 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 package. Feel free to make assumptions where necessary. Use the space below to create the WBS and the chart on the next page to create the schedule. (18 marks)