Words are not specified so
try to answer in minimum words. send each copy separately and mention the word
count.
As we have to do 3 copies
so make sure these copies are unique because if similarity is detected it can
be very troublesome.
questions numbers and
pages are mentioned and readings are attached. we have to answer all of them.
Question #1. Page
222, Case, Heublein: Planning a Project Management and Control
System, By: Herbert F. Spirer and A. G. Hulvey. Please read and answer
questions 1-6 on page 229.
Question #2. Page
230, Reading, The Evolution of Agile2 , By: S. F. Gale, Please
read and answer questions 1-4 on page 232.
Question #3. Page
286, Case, Fuddruckers and the Crystal Coast Music Festival,
By: Scott M. Shafer and Shaunta McCracken, Wake Forest University. Please read
and answer questions 1-4 on page 288.
Question#4. Page
289, Reading, Building Resiliency, By D. Burba, Please read and
answer questions 1-4 on page 290.
Attachments area
Solution
Case Heublein: Planning a Project Management and
Control System
Question 1: Which of the project
planning aids described in the chapter was used in the case?
The
project planning tools used in the chapter include WBS, Gantt chart,
responsibility chart, agile project management, waterfall approach, phase gates,
and RACI matrix. The tool used in the case for project planning is the WBS and
RACI matrix. A work breakdown structure is used to meet the needs of the
project. There are two ways used to represent the work breakdown structure
including textual or graphical format. The textual format gives the benefit of
easy understanding during all the steps of account management.
Question 2: How did their project
plan differ from the project charter described in the chapter?
The
project plan in the case defines the objectives of the project, the structure,
costs, network, schedule, resource allocation, accountability chart, control
system, and milestones or subdivision of the project. This project plan differs
from the project charter defined in the chapter in the way that this plan does
not include communication with the stakeholders. Stakeholders are not engaged
in the processes within a project. Stakeholders are most interested in the
profits and activities of the project, so they should be a part of the menu of the
project plan.
Question 3: How did their WBS differ
from that described in the chapter? How did their accountability matrix differ?
The
difference between the WBS used in the chapter and the case is that WBS
includes structures of different companies in the chapter. There are levels of
WBS characterized in the form of numbering. They are also characterized concerning
the date. But WBS used in the chapter includes hierarchical numbering of the
different steps of the project. The difference of the accountability matrix is
that a complete RAIC matrix is used in the chapter, whereas only a responsibility
chart is used in the case.
Question 4: What was wrong with the
previous focus on cost-benefit? Does the PM&C system still include a
cost-benefit analysis?
A
cost-benefit analysis was used before the implementation of PM&C. There have been some disadvantages of using
cost benefit analysis such as the cost of some of the projects increased from
their budget. Because there is also a cost that incurs on the analysis of cost
and benefits from the project. So the PM&C now does not include the cost-benefit
analysis in the project. The management rejected the cost-benefit analysis. The
cost-benefit analysis is considered at the second level in the PM&C.
Question 5: Why did lagging
depreciation legislation increase the importance of using capital funds
optimally?
The
capital funds need to be used optimally because the costs are increasing due to
inflation. There is no match between the depreciation legislation and the
increasing costs due to inflation. Depreciation costs should be minimized to
get more profits in the presence of inflation. The depreciation cost incurred
in the projects minimizes the profits obtained from the projects. So this
legislation increases the importance of using the capital in effective ways.
The project must be cost-efficient to eradicate the negative effects produced
due to inflation.
Question 6: What do you think of
developing a system that accommodates the unique needs of each group versus
developing a more standardized system? What are the advantages and
disadvantages of each approach?
The
PM&C program is designed to meet the specific needs of the people. The
advantages of this system include more commitment and engagement of the
workforce towards their responsibilities. PM&C system cannot be
standardized to have the same rules imposed on all the groups because diverse
groups are working in the system. People were in favor of the system focusing
on the individual needs rather than a standardized system.
Reading: The Evolution of Agile2
Question 1: Contrast Agile with Scrum
in terms of structure and frequency of delivery?
There are short repetitions in the
delivery of work in agile. There is less documentation of requirements in
agile. The visibility of progress ensures frequent delivery. Opportunities are
created in the agile for real time feedback. Changes can be made at any step of
the process. Comparatively, leaders are responsible prepare documents of
activities and tasks to be delivered. These are implemented from top to bottom.
There is a specific deadline for each task.
After the completion of the project, feedback is obtained from the
customer.
Question 2: Can project teams switch
from traditional Waterfall to Agile by themselves? What will happen if they
try?
Project
teams cannot shift from a waterfall approach to the Agile by themselves because
it needs to change the whole model rather simply changing the process. There is
a need for thorough documentation in the agile approach. A strategy needs to be
documented to include the steps of progress from the present state to the future.
The document of strategy has to be kept simple, including the purpose of
shifting to agile. It should be able to include changes that will occur in the
future. All the processes and changes that occur in the project must be written
in the strategy. If the project teams try to shift from the traditional
approach to the agile approach by themselves, they will fail to do so because
it needs to change the complete system with the involvement of higher
management of the projects.
Question 3: Is there a danger in
abandoning plans and documentation with Agile?
There is some extent of
risk in the agile approach because people need to have decision-making power
and expertise to adopt the agile approach. Change management must be
incorporated into this approach. Political issues also arise in this approach.
Stakeholders must be educated about the time of delivery. The stakeholders can
cause the deadlock of the process if they are not educated properly about the
importance of the repetition of deliveries and feedback.
Question 4: The “Agile branches out”
sidebar points out that Agile is even used in construction. What types of
construction would probably not?
The agile approach can be used by the
construction companies to improve the capacity of delivery. The agile approach
can be used by smaller companies that don’t have the experience to work with
the traditional approach. But it cannot be used by large companies because it
needs lengthy documentation of the projects. Large companies have large
processes that are difficult to be documented from start to the end.
Documenting all the steps of a project will be very time consuming and costly
for large companies.
Case: Fuddruckers and the Crystal Coast Music
Festival
Question 1: Does serving as the food
vendor for the Crystal Coast Music Festival qualify as a project? Why or why
not?
Kathryn Regan is running a food
restaurant and is going to serve the food for the music festival being a vendor
in the event. Serving the food for the crystal coast music festival as a vendor
can be termed as a project because all the steps of a project are incorporated
in this process. Initiation, planning, execution, and monitoring of the steps
are used while serving food. Planning for the materials to prepare food,
quality, and quantity of food and time to purchase the chicken and other items
must also be decided earlier. Cost is also scheduled for this purpose to gain
more profit. Planning is implemented to increase the results and profitability
of the project by keeping in view previous and present circumstances in such
events.
Question 2: What are the sources of
uncertainty facing Kathryn Regan? Can anything be done to help mitigate the
uncertainty?
The uncertainty faced by Kathryn
Regan is the changing weather and the percentage of people attending the event.
The number of people attending the event depends on the weather conditions. If
the weather would be favorable, more percentage of people will come to attend
the event, and if the weather is not favorable, the number of attendants will
be reduced. It also depends on the amount of food consumed by different people
that also need to be anticipated. So the planning should be done following the
number of people and their consumption. Weather forecasts can be obtained
before the occurrence of an event to avoid this uncertainty. It will help to
make an idea of the number of people. Tickets of the event sold can also be
counted for this problem.
Question 3: Would you recommend
Kathryn go with the limited or broad menu? How much of each food item would you
recommend Kathrayn's order? (Hint: you might consider simulating alternative
scenarios and comparing the results of the simulation runs.)
Kathryn should choose the limited
menu option for the event because food items will be ordered before three days
in the limited option that can imitate the uncertainty of weather to some
extent, and the food and chicken need to be ordered before one week of the
event occurred in the broad menu option. So there will be more cost and risk in
choosing the broad menu option. The amount of food ordered by Kathryn Regan
should be ⅓ pounds of burgers, ¼ pounds of hot dogs, and potato chips.
Question 4: Based on your projected
order quantities, develop a budget for the project.
The cost of hamburgers for the quantity
mentioned above is $1.01. The cost of hot dogs is $0.55, and potato chips are
$0.40. Sales tax implied for the prepared food is 1%. So the total budget
required for the project is $2.828.
Building Resiliency
Question 1: Why do managers perceive
organizational change and the agility to change quickly and easily, as
increasing risks?
The
culture and structure of an organization need to have the flexibility to
incorporate change. The competition in the markets is increasing rapidly, so
the organization must be able to adopt this change rapidly. They must be agile
to avoid the risks of competition and unpredictable markets.
Question 2: The article emphasizes
that increasing the organization’s agility, although difficult, isn’t the most challenging
task. What is?
The
challenge for the organization that is trying to become agile is to change the
nature of their culture. They need to find out the ways to instill the
capabilities in the project. A complete shift of the project needs a change in
every step of the project.
Question 3: The first two of the
three capabilities for mastering change and risk management seem sufficient.
Why the third?
In
addition to strategic flexibility and supportive culture, organizations must
have the collective leadership the leaders must be able to guide their workers
about the work and changes occurring in the processes.
Question 4: What’s the problem with
pressure from management to minimize risk impacts—shouldn’t they be worried
about risks too?
If
more pressure is inserted from the management, risk impacts can be lessened. It
then needs a risk manager to avoid this problem. Pressure can be inserted from
outside the organization, such as regulations imposed by the authorities. It
can be inserted from within the organization such as management. Management may
ask to increase the delivery without increasing the risk. They must be worried
about risks and have a risk manager to solve this problem.
2
Project Management
Questions and
Answers
Case, Heublein:
Planning a Project Management and Control System, By: Herbert F. Spirer and A.
G. Hulvey.
1.
Which
of the project planning aids described in the chapter was used in the case?
The project planning aid which are
mentioned in this chapter are WBS, RACI matrix, Responsibility chart, waterfall
approach, GANTT chart, APM, and Phase gates. But in the case study, only WBS
and RACI Matrix are utilized, as mentioned in the chapter, and this tool is
used by the project manager to structure the project. The Work Breakdown
Structure is used to specify general goals, defining the elements and
activities which comprise the outputs, deliverables and to show the hierarchal
relation between objectives, elements, and activities. An accountability chart
is given in case of a simple responsibility chart.
2.
How
did their project plan differ from the project charter described in the
chapter?
The project plan described in the
case study includes the introduction of the plan, the objectives of the plan, a
structure for the plan, the costs which will be incurred in the project, the
schedule of the plan, an accountability chart is also made, the control systems
are identified for managing risk, the network system for major projects and further
subdivisions of the project. All the elements of the case study project plan
are according to the project charter in the chapter, but one element is missing
which is to include the process of managing the stakeholders.
3.
How
did their WBS differ from that described in the chapter? How did their
accountability matrix differ?
The WBS structure described in
the chapter contains different WBS structures of different companies. One
company has made structure level wise by giving levels 0, 1, 2, 3, and 4. Another
company has made WBS according to the dates of the project duration. But the
WBS in the case hierarchical numbering is used. The chapter contains the RACI
matrix and simple responsibility chart for accountability, whereas the case
contains an accountability matrix that includes the strategy of the program.
4.
What
was wrong with the previous focus on cost-benefit? Does the PM&C system
still include a cost-benefit analysis?
The case indicates that Heublein
Inc. was focused on cost-benefit analysis before the application of PM&C,
and now the PM&C doesn’t include the cost benefit analysis as it was
involved in the weakening of the process. In cost benefit analysis, the major
projects went over from the budget. And there was a need to use the capital
fund in a way that is effective and efficient for the company as the
depreciation legislation was not keeping speed with the speed of the cost
increasing due to inflation.
5.
Why
did lagging depreciation legislation increase the importance of using capital
funds optimally?
As there is slow progress in the
legislation of the depreciation, which the company records and it is not coping
up with the increasing cost due to inflation, that’s why the capital funds are
to be used optimally to complete the project. The capital funds will be used
efficiently to complete the projects without having a problem with the slow
progress in the legislation of the depreciation.
6.
What
do you think of developing a system that accommodates the unique needs of each
group versus developing a more standardized system? What are the advantages and
disadvantages of each approach?
The system of accommodating the
unique needs of each group is better than following a standardized system. The
benefit of accommodating the unique needs of each group is that if the unique
needs of each group are accommodated than the managers do the work with whole
heart and dedication. Whereas the disadvantage of this group approach is that
each group will different rules. And the benefit of the standardized system is
that all the groups will follow the same rule, but the disadvantage is that it
will not meet the diverse needs of each group. Because the needs of each group
are different and to meet the needs of each group, there should be
accommodation for the unique needs of each group.
Reading, the
Evolution of Agile2, By: S. F. Gale
1.
Contrast
Agile with Scrum in terms of structure and frequency of delivery.
The project planning tools Agile
and Scrum are different in structure and frequency of delivery. The Agile includes
the short repetitions of the work, and there are frequent deliveries. But the
Scrum tools include the prioritized backlog of tasks, and this is delivered in
sprints. The tasks are delivered fast than in the Agile. In agile, the
deliverables were frequent, but in Scrum, the deliverables are delivered fast.
2.
Can
project teams switch from traditional Waterfall to Agile by themselves? What
will happen if they try?
The project teams can switch from
Agile to Waterfall by transitioning their project planning tool. And the teams
require simple strategy documentation for transferring from Waterfall to Agile.
The simple documentation will help the management to adopt the agile tool
easily because they have to manage a little change. And mostly small companies
can easily transfer from a traditional approach such as the Waterfall approach
to the agile approach as it is easy and convenient for them. But the large
companies will face difficulties in implementing the change, and it will
require long methods and training processes to implement the change.
3.
Is
there a danger in abandoning plans and documentation with Agile?
By adopting the agile project
planning tool, the project manager has to give more time for the change
management and to teach the change to the team members and stakeholders. Hence,
the agile tool requires a radical change in the attitude because sometimes
there can be political hurdles as well in adopting agile. Adopting agile
requires a decision from senior management because agility will make the
organization able to adopt the change easily, while on the other hand, the
traditional approaches do not adopt the changes easily. So there is always a
risk to switch to Agile as the planning and documentation will need a lot of
time for implementation of Agile.
4.
The
“Agile branches out” sidebar point out that Agile is even used in construction.
What types of construction would probably not?
Agile is used in construction
planning also, but the larger companies face difficulties in adopting agile
because it requires a long and complicated process for change management. So
the large construction companies would probably not adopt agile, whereas the
smaller companies adopt the Agile easily because it is easy to manage a change
in small organizations rather in large organizations. So, it is proved that
large construction projects would probably do not adopt the agile process for
their projects.
Case, Fuddruckers and
the Crystal Coast Music Festival, By: Scott M. Shafer and Shaunta McCracken,
Wake Forest University.
1.
Does
serving as the food vendor for the Crystal Coast Music Festival qualify as a
project? Why or why not?
Yes, serving as the food vendor
for the Crystal Coast Music Festival qualify as a project because it includes a
plan which comprises the elements of the project planning, including the
allocation of cost, the scheduling, managing the tasks. And it does not fall in
the category of the project if we see the points of setting up an objective and
goals. Because Katharayn has not defined specific objectives, this event is of
one day; she has made a plan but not looking it as a project as it is her job
to provide food vendor service, and she doesn’t have to do projects every day
for new orders. All the orders are delivered by making a plan which contains the
elements of the project but misses one of the elements in each plan because the
plan can be different for different clients.
2.
What
are the sources of uncertainty facing Katharayn Regan? Can anything be done to
help mitigate the uncertainty?
The sources of uncertainty are
the weather condition and the number of people who will attend the event.
Katharayn is uncertain about the weather condition and the number of people who
will attend the event because mostly in bad weather conditions, many people are
unable to attend the event. Katharayn can mitigate this uncertainty by a
well-researched analysis and authentic weather forecasting. And for every plan,
an analysis and weather forecasting is necessary to avoid any risk as these
risks can become the loss for her food vendor service. So proper analysis and
weather forecasting should be done for minimizing uncertainty.
3.
Would
you recommend Katharayn go with the limited or broad menu? How much of each
food item would you recommend Katharayn order? (Hint: you might consider
simulating alternative scenarios and comparing the results of the simulation
runs.)
Katharayn should go with the
limited menu because if she adopts the broad menu, than she has to order the
chicken 1 week before the event for chicken sandwiches and at that time, the
weather forecasting is not certain. In a limited menu, there is no need to
order chicken, and she can arrange the items 3 days before the event which is
more favorable than the broad menu option.
4.
Based
on your projected order quantities, develop a budget for the project.
The case study includes an
estimated cost for all the items of food to serve on the person; according to
the calculations, approximately $3 cost will be incurred to serve one person.
This will help to make the budget for the limited menu.
Reading, Building
Resiliency, By D. Burba
1.
Why
do managers perceive organizational change and the agility to change quickly
and easily, as increasing risks?
The Organizational managers
perceive the change and the agility for changing quickly and easily with the
increasing risks because the organizational change can only be successful if
there is agility in the culture of the organization. The companies with
developed agility can easily respond to the changing environment, and the
chances of risk are low in that organizations as there system is flexible.
2.
The
article emphasizes that increasing the organization’s agility, although
difficult, isn’t the most challenging task. What is?
For increasing organizational
agility, the organizations face difficulty, but it’s not possible. Yet it is
the most challenging task to incorporate this change and to teach the employees
about this new culture, but the organizations which can move to the culture of
agility can complete many successful projects because they become able to
respond to changing market conditions.
3.
The
first two of the three capabilities for mastering change and risk management
seem sufficient. Why the third?
The first two capabilities,
including the supportive culture and the flexible strategic managements, are
not sufficient for mastering change and manage the risk. The collective
leadership is also necessary to implement the change because the leaders play
an important role in the incorporation of change.
4.
What’s
the problem with pressure from management to minimize risk impacts shouldn’t
they be worried about risks too?
With the increased pressure from
management to minimize the impacts of the risk can be crucial because with the
risks, there is no security of deliverables at the time and without putting the
organization at risk. And the organization needs a strong operational risk
manager to handle this. The management is also worried about the risks, but
they put the responsibility to the risk manager to manage the risk.
References
Meredith, J. R., Mantel Jr, S. J., & Shafer, S. M.
(2017). Project management: a managerial approach. John Wiley &
Sons.
3
Table of Contents
Project Management
Case Heublein: Planning a Project Management and Control
System
Q1: Which of the project planning aids
described in the chapter was used in the case?
WBS,
Gantt chart, responsibility chart, agile project management, phase gates,
waterfall approach, and RACI matrix are the aids of the project planning that
have been discussed in the chapter. The aids of project planning that are
utilized in the case include WBS and RACI matrix.
Q2: How did their project plan differ from
the project charter described in the chapter?
The
menu of the project plan that is defined in the case includes objectives,
structure, cost, resources, accountability chart, control system, and dividing
the project into sub-parts. The additional point in the project charter is
communication with the stakeholders. Stakeholders are not given information and
updates about the project in the project plan.
Q3: How did their WBS differ from that
described in the chapter? How did their accountability matrix differ?
The
WBS that is used in the chapter is divided into different levels. Structures of
different companies are exemplified in the chapter in which WBS is divided on
the base of the sequence. The WBS is also divided with respect to the date.
Comparatively, different steps of the project WBS are divided according to
hierarchical numbers. The accountability matrix of the case is also different
from that used in the chapter. The case only includes a responsibility chart
rather than having a complete RAIC matrix, as explained in the chapter.
Q4: What was wrong with the previous focus
on cost-benefit? Does the PM&C system still include a cost-benefit
analysis?
PM&C
was focused on the cost-benefit analysis in a previous time. Cost-benefit
analysis proved to have some drawbacks; for example, it was not cost-efficient.
Even after the conduction of cost-benefit analysis, the cost of some projects
got increased from that of the budget allocated to the project. The cost-benefit
analysis does not prove to be beneficial for the project. The cost-benefit
analysis did not also include the cost of depreciation and the effects of
inflation. These are the reasons for the rejection of the cost-benefit analysis
and rating it on the second number by the management.
Q5: Why did lagging depreciation
legislation increase the importance of using capital funds optimally?
The
depreciation costs incurred on a project are not mentioned in the cost-benefit
analysis. This decreases the effectiveness of a project. Profitability and the
results of a project are decreased due to inflation and depreciation. If
depreciation costs are made less and recorded properly, they can help increase
the profits obtained from a project. This is the reason for increasing the need
to use capital investment more effectively to get more output. The negative
effects that are produced due to depreciation must be removed by making the
project cost-efficient and effective.
Q6: What
do you think of developing a system that accommodates the unique needs of each
group versus developing a more standardized system? What are the advantages and
disadvantages of each approach?
I
prefer designing a system that can fulfill the needs of every group working on
a project. All the groups should be given equal importance on the base of their
needs. The advantage of using the system that is individually designed is that
it increases the level of commitment and interest of the workers. They are
devoted to fulfilling their responsibilities. There is no benefit in applying
the same rules and responsibilities for different groups of people. The
disadvantage of the standardized approach is that the workforce will not stay
dedicated to working because people have a different set of thoughts and needs as
they are based on diverse groups. So the best choice is to fulfill the needs of
people individually.
Reading: The
Evolution of Agile2
Q1: Contrast Agile with Scrum in terms of
structure and frequency of delivery?
The
delivery of agile is more frequent and fast due to the visibility of progress.
The steps of the project are discussed and maintained by having proper
real-time feedback, while the processes of the project are continued. Short
repetitions occur in the process of delivering the work according to the
feedback and work is altered according to the advanced requirements at any
time. Requirements are documented in fewer amounts in the agile. In the scrum,
the system required feedback after completing the whole project. The deadline
is given for every work and process, and these have to be completed on time.
There is more amount of documentation in the scrum. Leaders prepare documents
about all the activities and impose them from the top to the bottom level.
Q2: Can project teams switch from
traditional Waterfall to Agile by themselves? What will happen if they try?
Shifting
from one approach to another is not as simple and easy as it seems to be.
Project teams don’t have the authority and power to change the approach and
shift it from waterfall to agile. The agile approach requires documentation of
all the steps of the project. The progress of the project from the point of
start to the end needs to be documented, and strategy is also written
completely. Purpose of selecting the agile approach and leaving the waterfall
approach also needs to be entered into the documents. But all the documents are
required to be written in a simple form. They should not be written in complex
words. All these steps cannot be accomplished by the project teams while trying
to shift by themselves. They need the help of higher management and authority
to execute this paradigm shift.
Q3: Is there a danger in abandoning plans
and documentation with Agile?
The
process of documentation in agile is complex that imposes some amount of risk
or danger. Strong decision making power is required in the workers before
choosing the agile approach. They need to have expertise in working with the
agile approach. As feedback is obtained in all progressive steps and change is
executed, they must be able to handle the change management. Stakeholders also
need to be considered and informed about the delivery of the process.
Stakeholders are a key part of a project, and they can cause the whole of the
project to stop if they are not given proper information about the iterations
in the project.
Q4: The “Agile branches out” sidebar points
out that Agile is even used in construction. What types of construction would
probably not?
The
capacity of delivery can be increased by using the agile approach in
construction companies. The project of construction can be completed in less
amount of time if the agile approach is followed in the processes. But the
companies possessing no expertise to follow the traditional approach are the
only ones using this approach in construction projects. Construction companies
working on a large scale and having more number of projects being executed
cannot follow the agile approach because it will not be time-efficient for them
to put all the length processes in the documents.
Case: Fuddruckers
and the Crystal Coast Music Festival
Q1: Does serving as the food vendor for
the Crystal Coast Music Festival qualify as a project? Why or why not?
Kathryn
Regan is running a food restaurant. She has made a plan of serving the food at
the event is also a project because of people. The steps of a project include
initiation, planning, execution, and monitoring. All these steps are followed
to increase the profitability of this project. So it can be termed as a
project.
Q2: What are the sources of uncertainty
facing Kathryn Regan? Can anything be done to help mitigate the uncertainty?
The
uncertainty faced by Kathryn is due to the changing conditions of weather and
consumption patterns of people. She has to consider the number of attendants
and their amount of consumption while purchasing the items for preparing items
so that food will be enough to serve all the attendants and wouldn’t be wasted.
The solution to this problem is to get the weather forecast before the event.
The food can be planned to prepare accordingly after having the information
about the weather conditions of that day.
Q3: Would you recommend Kathryn go with
the limited or broad menu? How much of each food item would you recommend
Kathrayn's order? (Hint: you might consider simulating alternative scenarios
and comparing the results of the simulation runs.)
There
are two options to select the menu that is limited and the broad menu option.
The restriction of the broad menu option makes it less preferable. More amounts
of cost and risk are present in the broad menu. More food items need to be
prepared, and chicken will have to be purchased one week before the event that
may cause a risk of loss due to the uncertainty of weather. So I will recommend
her to use the limited menu option so she will have to order the items just three
days before the event causing reduced chances of risk. She should order 1/3
pounds of burgers, ¼ pounds of hot dogs, and potato chips for the event to get the
maximum offer.
Q4: Based on your projected order
quantities, develop a budget for the project.
The
budget required for a project will be $2.828 per product. Because the sales tax
implied is 1%. The costs of hamburgers, hot dogs, and potato chips are $1.01,
$0.55, and $0.40, respectively. The total budget can be calculated after
knowing the number of attendants of the event.
Building Resiliency
Q1: Why do managers perceive
organizational change and the agility to change quickly and easily, as
increasing risks?
The
competition and unpredictability in the markets are increasing rapidly over
time. This implies the need for the organizations to adopt and manage change;
otherwise, they will be left far behind in this era of advancements.
Q2: The article emphasizes that increasing
the organization’s agility, although difficult, isn’t the most challenging
task. What is?
The
basic challenge faced by an organization adopting the change is to change the
entire culture of the organization. The workforce needs to be trained about the
newly adopted processes of a project that needs an investment of more time and
cost. They must have the skills and expertise to work in new ways.
Q3: The first two of the three
capabilities for mastering change and risk management seem sufficient. Why the
third?
Collective
leadership is required to adopt the change and managing the risk that may arise
due to change. It is the responsibility of the leaders to help their workers in
learning skills according to the requirements of the new project.
Q4: What’s the problem with pressure from
management to minimize risk impacts—shouldn’t they be worried about risks too?
The
management should be concerned about managing the risk and should hire a
manager responsible for managing risk. But extra pressure from outside and
inside the organization may also impact the productivity of the risk manager.
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