Project Management

Vacation Project Scenario: Imagine that you will have 10 days of vacation during summer of 2014

and you want to go abroad with your family for tourism.

Qs 1. Why this scenario can be called a project? What is project management? Give five examples of

project management activities related to the scenario. Give another five examples of activities that

would be part of this project but not part of its project management.

Qs 2. According to PMBOK (5th

– Name the 10 knowledge areas of project management.

– Name the 5 process groups.

– How many processes are there in total? What are their names?

Qs 3. Divide the project into 3 different phases. Can the processes of the 5 process groups be applied

to each of the phases? Explain with the help of a few examples.

Qs 4. During the execution of this project suppose you had to pay a higher than expected price for

hotel rooms. Make a fishbone diagram to analyze this matter.

Qs 5. Suppose that you are considering 2 different countries for your vacation project. From country

“A” you can bring back diamonds and from country “B” you can bring back gold. If the economy

remains stable, the projected yields for one year from these options are 12% and 8%, respectively. If

the economy is unstable, the projected yields from these options are 9% and 10%, respectively. The

probability of stable economy is 60% and unstable economy is 40%. Make a decision tree and

calculate the expected values for both the options.

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