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IT Project Management
September 2022 Examination
Q1. A consultancy organization is planning
to implement Project Tracking applications for
their key projects. The senior manager is going
to initiate request for proposal (RFP) for
the same. Provide the structure of
the RFP with required fields. (10 Marks)
Ans 1.
Introduction.
The requestFor Proposal (RFP) process provides
a mechanism for organizations to acquire better products and services for their
project solutions than they might otherwise be able to provide from internally
developed project solutions. It is a document that lists all of the
requirements and needs of a project. Organizations may need to create formal
documents that articulate the needs they have for a software solution. These
formal documents or requirements could be either for a package solution or
customized development or both. There are of course intricacies to
Q2. Describe the methods
of project budgeting and explain the project budgeting method for
cost estimation and resource allocation. (10
Marks)
Ans 2.
Introduction.
The
Project Budget is a tool used by project managers to estimate the total cost of
a project. Large commercial projects can have project budgets that are several
pages long. Such projects often have a large number of costs associated with
them, such as labor costs, material procurement costs, and operating costs. A
project budget allows the project manager to determine how much the project is
likely to cost. It's important to have a project budget before implementing any
project as it helps set expenditure expectations and is critical in
Q3. Describe following
risk treatment strategies.
a. Treat, Tolerate (5 Marks)
Ans 3a.
Introduction.
Risk Treatment Strategiesz: A risk management strategy is a key part of the risk
management lifecycle. After identifying risks and assessing the likelihood of
them happening, as well as the impact they could have, you will need to decide
how to treat them. The approach you decide to take is your risk management
strategy. Risk Treatment is the
b. Terminate, Transfer
(5 Marks)
Ans 3b.
Introduction
Risk Treatment Strategies
Risk
treatment is a collective term for all the tactics, options, and strategies
chosen to respond to a specific risk, bound to achieve the desired outcome
concerning the threat. Risk management options are used severally in risk
treatment strategies to deal with the risks.
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