SOFTWARE PROJECT MANAGEMENT
RISK MANAGEMENT
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Question
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Question 88 of 100Question ID:612283The contingency reserves in the project you are leading were initially set at $200, 000. You perform an analysis every month to track the remaining reserve funds. After the first month, you determine that there is $190, 000 of the original contingency reserves remaining. The second month shows $175, 000, and the third month indicates $155, 000. You now need to communicate this information to stakeholders in conformance with the communications management plan.What should you do next?
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ACapture the data in a burndown chart
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BUse a tornado diagram to display the reserve information
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CUtilize a Gantt chart to share with stakeholders
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DUpdate the RACI chart with the remaining reserves
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Explanation:
Detailed explanation-1: -Project contingency reserve in project management refers to an allocation of the budget at a high level that is specifically reserved for project unknowns. This contingency reserve is allocated following the identification of project risks and uncertain events.
Detailed explanation-2: -Determine the risk involved in the project or task or business. Determine reserve amount based on risk calculation. Determine the percentage of risk and divide the total amount throughout the risk. Open a reserve account with a bank. More items
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