Question 1 20 pts (TCO 3) Compare and contrast fast tracking and scope reduction

Question

Question 1 20 pts

(TCO 3) Compare and contrast fast tracking and scope reduction as means of schedule compression.

Question 2 20 pts

(TCO 5) A firm hosts data-mining servers and performs data mining for other companies that do not desire the costs of hardware, software, or expertise to data mine their data. The firm is planning to roll out faster data-mining software that will reduce the time to sift through customers' data by a fraction of the present time.

Part 1: List and discuss the major risk management functions from a project management perspective for the data-mining software project. (15 points)

Part 2: Describe a positive and negative risk event, the consequences, and the risk-response plans for the data-mining software project. (15 points)

Explanation / Answer

As we know during the development of a project there might come a situation you have to compress the schedule, to manage the project you have to use some compression techniques.

but before proceeding to that you must decide which techinque to be use.

there are some techniques named as Fast Tracing, Crashing ,Scope Reduction.

Fast Tracking:- In fast tracking you review the project n find out that which activities can be carried out parallely.

once you have find out which activities are to be processed parallely you can start working on it.

The advantage of this scheduling is that it does not increase the costing of project, how ever it comes with a risk that earlier thoes activities which are scheduled to be carried out sequencially now running parallely.

Scope Reduction:- To cut back the remaining time you wish to finish the project,which is not so enough due to some reasons. You'll be able to cut back the scope of what's needed from the project. This needs buy-in from the project sponsor.

This can be better technique as compare to fast track as it does not include any risk of carrying out the activities parallely.

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