MBA - Online Dis 4

Reflection and Discussion Forum Week 4 - Please read chapter 7 & 8 and aswer the below 4 questions based on learning outcomes 

Chapter 7: Risk Management 

Learning Objectives

1. Define project risk.
2. Recognize four key stages in project risk management and the steps necessary to manage risk.
3. Explain the Project Risk Analysis and Management (P R A M) process.

Chapter 8: Cost Estimation and Budgeting

Learning Objectives

1. Understand the various types of common project costs and key differences between them.
2. Apply common forms of cost estimation for project work, including ballpark estimates, definitive estimates, parametric estimates, and learning curve.
3. Apply top-down, bottom-up, activity-based, and time-phased budgeting procedures for cost management.
4. Recognize the appropriateness of applying contingency funds for cost estimation.

Questions to answer:

1. Reflect on the assigned readings for the week. Identify what you thought was the most important concept(s), method(s), term(s), and/or any other thing that you felt was worthy of your understanding.

2. Give some examples of projects using each of the risk mitigation strategies (accept, minimize, share, or transfer).  How successful were these strategies?  In hindsight, would another approach have been better?

3. Consider the following observation: “The problem with risk analysis is that it is possible to imagine virtually anything going wrong on a project. Where do you draw the line? In other words, how far do you take risk analysis before it becomes overkill?” How would you respond.

4. Imagine you are developing a software package for your company’s intranet. Give examples of the various types of costs (labor, materials, equipment and facilities, subcontractors, etc.) and how they would apply to your project.

 Respond to the post of at least two peers, using 100 words minimum each.

[Your initial post should be based upon the assigned reading for the week, so the textbook should be a source listed in your reference section and cited within the body of the text. Other sources are not required but feel free to use them if they aid in your discussion].

 [Your initial post should be at least 2 pages and in APA format (including Times New Roman with font size 12 and double spaced). Post the actual body of your paper in the discussion thread then attach a Word version of the paper for APA review]

[Your initial posting should be completed by Thursday at 11:59 p.m. EST. All peer replies must be completed by Sunday at 11:59 p.m. EST]