Project Management Tools and Techniques: A Comprehensive Overview

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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
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BSBPMG522 Undertake project work
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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
Written Questions
QUESTION 1
List five project management tools and explain their use in project management.
1. Gantt chart: It is the most famous chart in project management, it tracks all the task over
time. It tracks the task between interdependency & time as it's used in every day. It
displays the task, milestone, resources & phases.
2. Logic Network: It shows the activity sequence in the project. Critical path & milestone are
identified by the logic network.
3. PERT (Program Evaluation & Review Technique) chart: The task analyze by the PERT
method that is included for completing the project, for the time required for task &
recognize the minimum required time for completing the project.
4. PBS (Product Breakdown Structure): It will help to understand, what requires to deliver?
& accord to build the structure of work breakdown.
5. WBS (Work Breakdown Structure): It is the decomposition of the hierarchical of the
required deliverables for completing the project (Milosevic et al. 2016).
QUESTION 2
Discuss the use of a GANTT chart in project management
1. The use of Gantt to show the task, duration & task sequence.
2. It is the timeline of the project.
3. It is the graphical chart that includes the plan, for coordination & task will be track.
QUESTION 3
Discuss the use of a PERT chart in project management.
1. It utilizes before the beginning of the project & for deciding the task duration.
2. Project display as the network diagram in PERT.
3. It scans the task & the minimum require time to accomplished the project.
QUESTION 4
Discuss the use of a work breakdown structure in project management.
1. It is used to scan the risk potential in the project.
2. Easy to estimate the budgets of the department, for each work breakdown structure of
projects.
3. It is used to detect the delay in the deliverable of subparts.
4. It indicates the milestones of the project & the points of control.
5. For calculating the risk, time & cost of the project.
6. If the work breakdown structure is integrated with the breakdown structure of the
organization, then the manager of the project will scan the points of communication &
formulate it across an organization (Harrison and Lock 2017).

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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
QUESTION 5
Discuss the use of the critical path method in project management.
1. It is used for scheduling the activities of the project.
2. It will present the time to accomplish a particular task & the whole project.
3. It will help to track the critical activity.
4. It will represent the project activities in the visual.
5. For managing the project maintenance, use the initial method of the critical path.
6. An activity of higher level uses the critical path.
7. Diagram of critical path uses to display the progress of the project.
QUESTION 6
Discuss the importance of a project charter in project management.
1. The project charter is a very vital document for any project
2. It is used to measure the success of the project.
3. It delivers important information for the beginning of the project.
4. It ensures the manager of the project that understands the requirement of the sponsor.
5. It tells the importance of business & project existence.
6. It delivers the requirement for high-level projects.
7. It avoids the variation between the stakeholders.
8. Matches the project accompanied by the objective of the organization.
9. Connects the on-going organization operation with the project.
10. Describe the project outcome (Denard 2016).
QUESTION 7
Discuss why it is important to plan for risks in a project.
1. Regulate the advance retaliation to the problems.
2. Maybe measured by the manager of the future.
3. Understanding the eventuality budget.
4. Growth return on the investment.
5. Discuss risk to handle it.
6. Examine the threat & opportunities.
7. Create the responses for the risk.
8. To register the risk in the project.
9. Track the risk & identified task.
10. Take the risk measure for each task (Betáková et al. 2016).

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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
QUESTION 8
Outline three examples of tools or techniques that could be used to identify risks as part of
the risk assessment process for a project.
1. Assessment for the quality of risk data: For identifying the risk data need to gather. The
manager of the project will try to detect the precision the information that needs to be
analyzed for the qualitative analysis such as available data, data integrity etc.
2. Analysis of the expected value of monetary: It is measured to regulate the risk of overall
ranging.
Formula:
EMV = P*I (EMV is the Expected monetary value, P is Probability & I am Impact)
3. Regulate the impact & the quantitative probability
 Interview
 Estimating the time & the cost
 Records of history
 Judgment of expert
 Analysis of Monte Carlo
 Decision trees (Gagliano et al. 2015).
QUESTION 9
Outline at least four types of information that could be included in a risk management plan
for a project?
1. Avoid in the risk: It is used to avoid to prove the technologies that are existing, develop
the strategy that has a high probability of achievement.
2. Share in the risk: It makes partner share the activities of risk for responsibility. Through
this organization will gain some profit that is absorbed with the success of the project.
3. Reduction in the risk: Manager of the project will hire the employees to view the plan of
technical or for calculating the cost of the project to develop the confidence in plan &
decrease the risk of the project.
4. Transfer in the risk: It transfers the risk from project to another party. Insurance purchase
on the items is known as transferring risk method. Transferring the risk to the company
of insurance from the project.
QUESTION 10
Discuss risk avoidance in project management.
It is abolished of threats, task & vulnerability that will affect the organization products
negatively. Its objective is to reduce the damages & the consequences of financial events
that are threatened. It is the method to decrease the vulnerabilities which may pose the
hazards. It may be accomplished by the procedure & policy, and implementation of
technology (Sadgrove 2016).
QUESTION 11
Discuss the use of risk mitigation strategies in project management.
The strategy of mitigation mainly has three components are:
1. Goals of mitigation: It just the guidelines that will know what the company desire to
achieve through the plan. They are represented for the reduced & losses to avoid the
known threats.

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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
2. Actions of mitigation: These are activity & the project that support to fulfill the desired
goal.
3. Action plan: It tells how the action of mitigation will be executed, how to prioritize the
actions, incorporate & the administer in the group for the plan for an existing mechanism.
Each action plan has the jurisdiction plan specifically for that threat & the jurisdiction.
QUESTION 12
Discuss the concept of risk acceptance in project management.
It is the premise of the risk, as the profile of reward of the risk is attractive & will be
intolerance of the risk. Generally, it is not possible to get success without risk. So,
acceptance of risk is commonly known as the treatment of risk, it includes the reduce,
transfer, accept & avoid. Examples are below:
1. Investment: Investment involves the risk level.
2. Insurance: The industry of insurance is the assumption of risk for the fee.
3. Derivations: Used for the convey risk between the fee of the business.
4. Project: These also involve the risk as the overrun cost potential.
5. Equity of business: It is not possible in every business; potential profit returns the
accepted risk from it (Kerzner and Kerzner 2017).

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BSBPMG522 Student Assessment Pack v2.04 November 2018
© Adelaide Educators Pty Ltd ABN 84136893831
RTO ID: 40336 CRICOS ID: 03187D
References
Betáková, J., Zeman, R., Dvorský, J. and Pavlenko, T., 2016. Differentiation of the assessment of identified
risks in the process of preparing and creating a municipal land plan. WIT Transactions on Ecology and the
Environment, 204, pp.287-296.
Cagliano, A.C., Grimaldi, S. and Raffle, C., 2015. Choosing project risk management techniques. A theoretical
framework. Journal of Risk Research, 18(2), pp.232-248. Sadgrove, K., 2016. The complete guide to business
risk management. Routledge.
Denard, H., 2016. A new introduction to the London Charter. In Paradata and transparency in virtual
heritage (pp. 83-98). Routledge.
Harrison, F. and Lock, D., 2017. Advanced project management: a structured approach. Routledge.
Kerzner, H. and Kerzner, H.R., 2017. Project management: a systems approach to planning, scheduling, and
controlling. John Wiley & Sons.
Milosevic, D.Z. and Martinelli, R.J., 2016. Project management toolbox: tools and techniques for the practicing
project manager. John Wiley & Sons.