3) It is determined that the benefit of the internal ticket tracking system proj
ID: 376803 • Letter: 3
Question
3) It is determined that the benefit of the internal ticket tracking system project will be in the range of US $150,000 to US $230,000 The overall cost of the project is approximately US $250 000 Team members could learn new skills and the staff would benefit from its use Which of the following tools could be used by management to determine whether this project should be done? Statistical sampling Design of experiments Cost of quality A. B. C. D. Cost-benefit analysis A project manager has made a change to the project What should she do NEXT? A. Request change control board involvement. B. Assign resources C. Evaluate impact D Revise the project management plan and/or project documents.Explanation / Answer
3 Answer: D ( Cost - Benefit Analysis )
Cost Benefit Analysis – Cost Benefit Analysis helps to determine the amount of cost going to incur in the project and the results/ benefits expected from the project. This tool helps to understand the expected potential benefits against the costing of the project. This is one of the decision tools which are being utilized by the manager to understand the project benefits, the organization will gain, after investing the cost in any particular project.
Current Scenario – Here the management is planning to incur the cost from around $ 250000 for the upcoming project and they are expecting benefits in the range of $130000 to $230000 along with the improvement in skill set of the employees. Hence in this case the benefits are reviewed against the cost of the project. Hence the best tool here is to use the Cost benefit analysis tool to make the decision here.
( 4 ) Answer: D - Revise the project management plan and or project documents.
The project manager has done a change to the project. Then the next action for her is to revise the project management plan and or project documents. So the project plan reflects the change in the project and the project can be tracked for progress against the revised project plan. The project documents should reflects the current scenario of the project, hence the applicable project documents needs to be updated simultaneously. So whenever a change is made in the project, after reviewing the impact and obtaining the approval of the change review board, the project plan and documents needs to be updated immediately, so that the project reflects the latest status of the project.
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