Saintleo PRM520 Module 7 Assignment Latest 2019 MAY Question # 00601214 Subject: Education Due on: 05/11/2019 Posted On: 05/11/2019 11:58 AM Tutorials: 1 Rating: 4.9/5
PRM520 Monitoring, Controlling, and Closing Projects
Module 7 Assignment
Situation:
Just like in the team project, you are the project manager for a home
construction company. Another tropical storm is on the way. You are familiar
with the possible costs and risks if the storm hits and causes a two week delay
since you experienced the storm that hit your San Leo home while it was under
construction. You are currently building another San Leo home, and it is
essentially in the same condition as the previous home was on July 1. You have
two choices: accept the risk that the storm will not hit, or accelerate the
construction to get the roof and shingles on before the storm is scheduled to
make landfall. If the storm hits while the roof is under construction but not
finished, you will have to reconstruct half of what was completed for a cost of
$12,000. The weather channel predicts a 60 percent chance of the storm making
landfall close enough to your location to cause this damage. If you accelerate
construction, it will cost you $8,000.
Assignment:
Update your risk register with the new information. Develop a decision tree
with two alternatives:
(1) accept
the risk and continue construction, or (2) accelerate construction to avoid the
risk. You have two states of nature, the storm causes damage 60% probability
and the storm does not cause damage. Use expected monetary value analysis for
these two decisions and select the preferred alternative (PMBOK® Guide, p.
339).
Also,
summarize how you can apply the processes used by project managers to
incorporate the core value of responsible stewardship into project monitoring
and controlling. Prepare a 500-word minimum response on how you would document
your analysis and recommendation in a memorandum to your supervisor. Your
response to responsible stewardship should be about 20% of your response. Also
include at least three credible references in addition to the PMBOK® Guide with
at least one of these being a peer-reviewed journal article. Properly cite your
response. While working on this assignment, refer to the Assignment Rubric for
guidance.
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