Discussion Question (DQ5)
After posting your response to the questions above, please respond to at least two other postings of your classmates (Develop your response in nor less than 5 lines)
5-1) Project contingency can be applied to projects for a variety of reasons. List three of the key reasons why a project organization should consider the application of budget contingency.
Project contingency means an emergency which may be anything at any stage of duration so a project manager should be well prepared to deal with it.
1) a well-planned budget should be prepared, and some amount of money should be kept aside to deal with emergency if our funds fail to be raised then we can use it.
2) if our project fails to earn as expected then the saved money will help to return the public money as their shares and dividends if any. otherwise they will not invest from next.
3) if our material supplier fails to supply at any time then we should have enough money kept aside to contact another supplier.
5-2) Define the following terms:
· Path: group of activities sequenced by relationship through project network logic
· Activity: any piece of work that will be performed during the project which has an expected time and cost for completion
· Early start: the earliest possible date upon which an uncompleted activity or project can start based on sequencing and scheduling constraints
· Early finish: the earliest possible date upon which an uncompleted activity or project can be completed
· Late start: the latest date an activity may start without delaying other project milestones or the project’s expected completion date
· Late finish: the latest date an activity may end without delaying other project milestones or the project’s expected completion date
· Forward pass: a process that works forward though the project network to determine the earliest start and earliest finish time for an activity
· Backward pass: a process that works backwards through the project network to calculate the latest finish times for an uncompleted activity
· Node: a convergence point of dependent paths in a network
· AON: Activity on Node; a method of logic that determines activity networks in which a node depicts an activity and arrows indicate sequencing between nodes
· Float: a calculation which determines the amount of time an activity can be delayed from its earliest start date without delaying the project’s completion date
· Critical Path: the path through the project network having the least amount of float time and the longest time duration
· PERT: Project Evaluation and Review Technique; a network analysis system based on events and probability used when activities and their duration are difficult to define
Classmate 2 :
5-1. Project contingency can be applied to projects for a variety of reasons. List three of the key reasons why a project organization should consider the application of budget contingency
Contingency budget can be defined as the amount of money included to cover the potential events that is not accounted for in cost estimation. A project organization considers the application of budget contingency because of various. First, a project organization should consider the application of budget contingency because it sets aside additional resources that can be included if an unexpected happens in future business activities. The second key reason why a project organization should consider budget contingency is that contingency budgeting allows management to provide lower sales goals with higher cost targets. Lowering sales goals at a higher cost target is a safety precaution because it helps outperform a budget compared to the actual sales. The third and last key why a project organization should consider budget contingency is because it reduces normal conditions or problems in projects. For example, there may arise interaction costs or higher costs during the process of project development. The contingency budget will protect any problem arising during the project life cycle (England & Moreci, 2012).
5-2. Define the following terms
Path: Path in project management is a group of activities or work sequenced by relationship through project network logic.
Activity: An activity is a piece of work or task that will be done during a particular project. The project activity includes the expected cost and time for completion.
Early start: Early start is the earliest probable date a project or uncompleted activity can start base on the scheduling or sequencing constraints.
Early finish: Early finish is the earliest date an uncompleted project or activity can be completed.
Late start: Late start is defined as the latest date activity or the latest date a project may start without delaying other project’s expected completion date or other project milestones.
Late finish: Late finish is the latest date a project or activity may end without delaying other project’s expected completion date or other project milestones.
Forward pass: Forward pass can be defined as the process that works forward through the project network in determining the earliest start and the earliest finish time for a project or an activity.
Backward pass: Forward pass can be defined as the process working backward through the project network to compute the latest finish time for an uncomplicated activity.
Node: Node is the convergence point of a dependent path in a network.
AON: AON is activity on Node. AON is a logic method determining the activity networks on which a node depicts an activity and arrow indicating the sequencing between nodes.
Float or Slack: Afloat or a slack s a calculation determining the amount of time an activity can be delayed based on its earliest start date without delaying the project’s completion date.
Critical path: A critical path is a path through the project network having the least float time and the most prolonged time duration.
PERT: Project Evaluation and Review Technique (PERT) is defined as the network analysis system basing on the events and probability used when activities and their durations are complex to define.
England, K. & Moreci, J. (2012). Contingency—are you Covered? Project Management Institute. Retrieved from https://www.pmi.org/learning/library/contingency-are-covered-6099
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