1.Explain the process of mind mapping. Mind mapping begins with a project name. Develop a “project name” and potential deliverables to go along with the core “project.” Report the project name and the potential deliverables.
2.What is the basis of the WBS? How can this tool become the center of the project?
3.What are the benefits of being able to assign tasks to team members? How does a responsibility matrix help assign tasks?
4.List and describe the components that make up the organization of the WBS.
A General Manger of Harley-Davidson has to decide on the size of a new facility. The GM has narrowed the choices to two: large facility or small facility. The company has collected information on the payoffs. It now has to decide which option is the best using probability analysis, the decision tree model, and expected monetary value.
FacilityDemand OptionsProbabilityActionsExpected Payoffs
LargeLow Demand0.4Do Nothing($10)
Low Demand0.4Reduce Prices$50
High Demand0.6Do Nothing$40
Determination of chance probability and respective payoffs:
Determination of Expected Value of each alternative
– The diagram is accurate and labeled correctly. The diagram clearly illustrates the sequence of events and their probability of occurrences.
– A step-by-step breakdown of the calculations for the chance of probability and respective payoff is clearly communicated. The results of the calculations are accurate.
– A step-by-step breakdown of the calculations for expected value is clearly communicated. The results of the calculations are accurate.
-Clear and concise statement explaining the decision and a description of elements that lead to the decision.