OPEN BOOK EXAM QUESTIONS START ON THE NEXT PAGE Question 1 35 Marks (1050 words) 1.1 Explain what precisely is meant by a project ‘business case’ 1.1.1 Develop a simple table of positive and negative cash flows over the lifetime of your project, based on a set of basic cost and revenue inputs 1.1.2 Apply the appraisal metrics such as Return on Capital, Payback and Net Present Value (NPV) 1.1.3 Decide whether your project may be financially viable. Refer to page 6-16 in your study guide 1.2 Five risks that may impact on your project and appropriate response to manage the risk 1.2.1 Identify and explain five typical risks your project may encounter 1.2.2 explain the possible ways you can manage the risk by emphasising on the basic risk management process: identification, analysis, prioritisation, response, monitoring/review 1.2.3 Recommend appropriate responses to various risks. Refer to page 22-26 in your study guide Question 2 20 Marks (600 2.1 Develop a simple Gantt chart from a set of tasks • Create a Gantt chart based on a set of inputs (e.g., a table of tasks with estimated durations and predecessors) words) 2.2 Construct a network diagram from a set of tasks • Create a network diagram based on a set of inputs (e.g. a table of tasks with estimated durations and predecessors) 2.2.1 Apply critical path analysis to determine the planned duration of a project • Isolate the critical path on your network diagram • Find the planned duration of your project 2.3 Recommend and justify three ways that time could be saved on your project. Refer to page 34-43 in your study guide Question 3 20 Marks (600 words) 3.1 Explain the variety of resources needed by your project • Emphasise on the key types of resources required by a project such as finance, human resources, equipment, facilities, and materials 3.2 Recommend and justify three options that you can adopt for reducing cost in the delivery of your project. Refer to page 51-53 in your study guide Question 4 25 Marks (750 words) 4.1 Explain the concepts of a baseline plan and an approved budget • Concept of a baseline plan • Concept of an approved budget 4.2 Calculate the difference between planned and actual progress • Interpretation of a Gantt chart to determine the planned progress of any task at any point • Comparison of planned and actual progress for each task • Comparison of actual spending with the budget for each task and the entire project 4.3 Explain a range of tactics that could be used to recover lost time Give options for interventions where required to recover lost progress 4.4 Recommend ways in which project management software can be used to plan and monitor a project. Refer to page 66-76 in your study guide Reference list 1. Appendix (optional)
