Assignment 1 1 page
read case study 6.1 - Columbus Instruments. After reading, answer questions #1 and 2. Remember your response should be at least one page long.
Assignment 2 1 page
Part1
Select one of the following to answer:
· Do you agree with the following statement " With proper planning, it is possible to eliminate most /all risk from a project"? Why or why not?
· What are the benefits and drawbacks of using the various forms of risk identification mentioned in the chapter (e.g. brainstorming meetings, expert opinion, etc)?
· Explain the difference between managerial contingency and task contingency
Part2
Write a comment for the following paragraph
Task contingency vs Marginal contingency
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Task contingency is used to offset budget cutbacks, schedule overruns, or other unpredicted situations. This allows some release of pressure from the project workers. This will help them to be able to feel safer when there are certain difficulties during the project. The most common contingency plan, because it involves a smaller amount for less risky situations. It’s mostly used as a safety net.
Marginal contingency is used in higher-risk or even disastrous situations. If there is a change to the project that will cause a fundamental change entirely a marginal budget would be better equipped to handle the issue. This also means if there is an unexpected accident or tragedy that happens that sets back the project by an unknown amount they will at least have the marginal contingency to keep the project afloat or start again.
Both of these however need to be completely run through both the top manager and project manager in order to make sure that the availability of contingency funds is accurate and reasonable. If there is any type of miscommunication or secrecy between these two then there runs the risk of unnecessary competitiveness that will be harmful to the project.
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