INSTRUCTIONS
You must answer 2 of the 4 questions below, they are worth 25 points each. These questions are #1-4, indicate which questions you are responding when you turn this in. You will not receive any extra points if you answer more than 2.
This must be done in word format or pasted directly into the text box in Canvas when you turn in the assignment
1) In project management, you will be called upon to be part of selecting which projects your firm may work on. List and discuss (In your own words) the different selection criteria below that you can use in evaluating and selecting a project, explain the benefits and downfalls of each. Provide an example for each item below and why this can be used in your project selection.
- Financial Criteria
- Payback
- Net present value (NPV)
- Nonfinancial Criteria
- Projects of strategic importance to the firm
- Two Multi-Criteria Selection Models
- Checklist Models
- Multi-Weighted Scoring Models
2) Discuss the critical path in a project. Describe why the critical path will be key in determining the duration of time a project will take to complete. Provide an example and list details why it is a critical path item.
3) Discuss scope creep and provide at least 4 ways this can lead to the failure of a project.
4) There are two Methods for Estimating Project Times and Costs, list and describe in detail these two approaches and when you would choose each. Provide three project examples in detail and provide which approach you would choose and why.