435 Tools such as Gantt charts can be used to manage the schedule. Challenges and issues may arise that must be overcome. External risks may cause a change in the scope of a project. What are some of

435

Tools such as Gantt charts can be used to manage the schedule. Challenges and issues may arise that must be overcome. External risks may cause a change in the scope of a project.

1. What are some of the risks that must be considered in preparing a schedule? What external forces affect a project? Why do projects tend to go over the planned schedule?
2. Continuing with the personal project you started in Week 2. What are some external events that could affect this project? What factors and risks may affect the schedule? What tools could you use to plan and/or change the schedule? Again, do not discuss costs in your response, as this will be covered in Week 4.

The cost component of a project must be carefully planned and managed throughout the life of a project. First, a budget must be established for the project. The selection of vendors involves a careful process of considering reputation, scope of work to be done, and time required to completion. Risks and uncertainty should be factored in to the plan. As the project progresses costs need to be monitored and controlled.  

1. For projects in general, what are some of the considerations that must be factored when preparing a budget? What are some of the risks that must be considered in selecting vendors and dealing with unexpected external events? As the project progresses, what are some of the strategies for reducing unexpected costs?
2. Continuing with your personal project from weeks 2 and 3. Prepare a budget of all costs associated with the project. Discuss what factors and risks may affect the costs?  What are some of the strategies you can implement to reduce unexpected costs?

What competencies were you able to develop in researching and writing the Comprehensive Project due in Unit 5? How will these competencies and knowledge support your career advancement in management?