Question: project management Question 1: You are deciding between taking the Go Bus, Mega Bus, or train to attend a Project Management Professionals conference in Ottawa.
project management
Question 1: You are deciding between taking the Go Bus, Mega Bus, or train to attend a Project Management Professionals conference in Ottawa. You are mindful of your budget and are trying to find the best monetary value while managing the risks of getting there on time. You review your research and look over the following data before you make your final decision Traveling via Go Bus: ticket price is $150 and probability of the bus being on time is 60%. If the bus is late, the impact on your cost and time is $80. Traveling via Mega Bus ticket price is $200 and the probability of the bus being on time is 50%. If the bus is late, the impact on your cost and time is $70. Traveling via train ticket price is $220 and the probability of the train being on time is 95%. If the train is late, the impact will be $40. 1.1. Draw a decision tree outlining each option, the risk, probability, and impact for all choices (show your work you can use shapes function on word, draw and upload a picture, or any other software showing the decision tree as discussed in class) 1.2. Based on your calculations, which method of transportation is a better choice and will result in the best monetary value? (show your work and calculations for each option) Question 2: Using EMV, calculate your contingency reserve based on the following information: a) Your project team just graduated from a process improvement seminar and they predict a 20% probability of saving $14,000 in project costs. b) Due to COVID-19 supply chain delays there's a 60% probability that your project supplies will be delayed and will cost the project $36,000. c) Your area has a hurricane warning and your risk specialists have calculated a 45% chance of damage equal to $62,000 in value, d) The probability that your supplier may be able to offer a bulk discount is 30% and will save the project $23,000 2.1. Calculate the EMV for each point above. (Show your work, which formula you used, and clearly state when you would add or subtract costs from the reserve) a) b) ees
