Advance Project Risk Management

   

Added on  2021-05-31

13 Pages1867 Words49 Views
ADVANCE PROJECT RISKMANAGEMENT
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Table of Contents1.Task – 1 Decision Tree/Precision Tree....................................................................................3a)Decision Tree Development.................................................................................................3b)Expected Monetary Value.................................................................................................3c)Precision Tree.......................................................................................................................42.Task – 2 Primavera Planners P6...............................................................................................42.1Planning............................................................................................................................43.References..............................................................................................................................132
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1.Task – 1 Decision Tree/Precision Treea)Decision Tree DevelopmentThe development of decision tree is used to resolve the outdoor construction projectbecause this project has the constructing work in a coastal area and it is reviewing the progresson August 1. It has problem based on two aspects like lost due to hurricanes and poor weatherconditions. These two aspects are does not provide the effective project within project time. Thehurricanes and poor weather conditions are makes the chances to delay the project. So, to reducethis problem to decide to speed up the work and it makes the additional cost of $150 per day.This process is used to makes the chances the project on August 31.b)Expected Monetary ValueExpected Monetary value is calculated by using the three aspects like weather conditions,material cost and labor cost. Here, we are using the weather condition to calculate the expectedmonetary value. Because, the outdoor construction project is has problem based on weatherconditions and hurricanes. The poor weather condition is leads to delay the project. The minorhurricanes creates the 40 % chances to delay the project that is 6 days delay on the project. Themajor hurricanes creates the 20% chances to delay the project that is 12 days delay on theproject. The expected monetary value calculation is shown below.Weather condition – Minor hurricanes 40/100 * (6*150) = $360Weather condition – Major hurricanes 20/100 * (6*900) = $108020/100 * (6*1200) =$14403
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c)Precision TreeThe Precision tree is show below.s2.Task – 2 Primavera Planners P62.1PlanningOverall project planning is shown below.Task NameDurationResource NamesProject Office246 days Scope12 days Start Project1 dayTask dependent Determine Project Office scope3 daysTask dependent Document high-level Project Office requirements including resources2 daysTask dependent Justify Project Office via business model3 daysTask dependent Secure executive sponsorship2 daysTask dependent Scope complete1 dayTask dependent Planning115 daysTask dependent Analysis/Logistics20 daysTask dependent Review Project Office scope documentation1 dayTask dependent Establish a management framework3 daysTask dependent Analyze business objectives2 daysTask dependent Define mission statement2 daysTask dependent4
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