Unit 9 It Project Management Assignment 1 ( Learning Aim A)

Stakeholder Analysis {Ans: Chart/Grid of importance of stakeholder Vs Influence of stakeholder}Decision Trees and EMV {Ans: diagramming method used to help you select the best course of action in situations in which future outcomes are uncertain expected monetary value (EMV) is a type of decision tree where you calculate the expected monetary value of a decision based on its risk event probability and monetary value}def: WBS {Ans: Work Breakdown Schedule -process of subdividing project deliverables and project work into smaller, more manageable components and re-grouping in a structured document}Profit {Ans: Profits - DEFINITION of 'Profit' A financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity. Any profit that is gained goes to the business's owners, who may or may not decide to spend it on the business.}How Top Management Can Help Project Managers {Ans: Providing adequate resources Approving unique project needs in a timely manner Getting cooperation from other parts of the organization Mentoring and coaching on leadership issues}Advantages of project management {Ans: Better control of financial, physical, and human resources Improved customer relations Shorter development times