Question

In which phase(s) do you identify project stakeholders?

Initiating, Planning, Execution

Initiating and Planning

Initiating, Planning, and Monitoring & Controlling

All phases

Your project objective is to replace all of your internal photocopy machines. You have been givien a large set of requirements from the users. Having evaluated solutions from four vendors you realize that not every vendor can satisfy all the requirements. There is some risk involved and you decide to use the Expected Monetary Value (EMV) method to analyze the problem. If you just used EMV, which of the following vendors would you select?

		Vendor 1: 80% probability of success and a profit of $20,000
		Vendor 2: 90% probability of success and a profit of $19,000
		Vendor 3: 75% probability of success and a profit of $18,000
		Vendor 4: 85% probability of success and profit of $20,000

Answer 1

1.

We identify stakeholders in

initiation: Defining the project

Planning: Breaking the project to parts and who will be doing them.

Hence option C

2.

	Net EMV = Prob * Profit
Vendor 1: 80% probability of success and a profit of $20,000	16000
Vendor 2: 90% probability of success and a profit of $19,000	17100
Vendor 3: 75% probability of success and a profit of $18,000	13500
Vendor 4: 85% probability of success and profit of $20,000	17000

Hence option B