Project Management

Project management.

Risk – dealing with the degree of uncertainty of the project through knowledge and experience.

Avoid – eliminate. To something to remove it – use another supplier f.e.

Accept – accept all or some of the consequences of a particular risk. The risk might be too small to do anything is not worthwhile.

Examples of risk response strategies. In catering business project could be risk of changes in governmental requirements for food services, thus risk response strategy in this particular situation could be ACCEPT.

5. Explain a project cost estimation structure and provide an example.

Each work package is split into different parts regarding price, such as work, equipment, travel, etc.

Project overhead – salary for project manager, project team members, etc.

Organizational overhead – other expenses that are indirect (printer paper, utilities)

Reserves : those that should be left as a reserve for unexpected cases.

6. What is a project scope? What do the elements of a 3-level WBS refer to? Provide an example of a WBS.

Levels – the WBS provides a graphically represent the project scope

7. Define project stakeholder management steps. Explain stakeholder categorization principles. Provide an example of a list of stakeholders and their categorization.

8. Define a concept of organizational project management maturity. What are the main features of maturity level 3?

9. Define a role of projects within organizational strategy using project, product and portfolio objectives. Provide an example of the hierarchy of project-related objectives.

• Product objective (benefit) expresses in measurable terms the level of utilization of the product (service, system) as necessary condition for reaching the portfolio objective