3. Compare and contrast crashing and fast tracking as a means of schedule compre

Question

3. Compare and contrast crashing and fast tracking as a means of schedule compression.

4. A firm hosts eCommerce transactions for other companies. The firm processes credit purchases supporting most major credit cards and is known as an inexpensive alternative to other larger competitors. The firm is deploying new security software that is state-of-the-art for eCommerce. It should increase security while speeding up transactions because of the new security algorithms.

Part 1: List and discuss the major risk management functions from a project management perspective for the eCommerce project.

Part 2: Describe a positive and negative risk event, the related consequences, and the risk response plans for the eCommerce project.

Explanation / Answer

There will be many methods to compress the schedule. The delay happened due to un realistic deadine, change in scope etc has to be compensated through some alternative methods.

Fast-track: Here the critical path is reviewed again to find out a sequential path of activities that can be performed parallel each other, thus can reduce the over all turn around time.

The benefit of fast tracking is that it will not cost us any extra amount; however, it comes with some increase in risks, because we generally plan for many activities in parallel.

Crashing

         Crashing is another schedule compression technique where you add extra     resources to the project to compress the schedule. While executing crashing, we will keep tab of the other paths as well, because there are possible that the duration of other paths could become equal to the duration of the critical path.

Examples of crashing are : giving over time, bringing more resources, motivating team members.

4.. Part.1

Part 1: List and discuss the major risk management functions from a project management perspective for the eCommerce project.

Risk management functions are:

Fraudulent gate ways for money transation

Website hacking

Information security

Pricing management

Stiff competition

Order fulfillment

Transportation and co ordination of vendors

Inventory optimization

Part 2:

Positive risk : Stiff competition is a positive risk that enables bringing more strategies to meet the requirement. Inventory optimization is also a positive kind of risk where the company will focus more inventory cost part ( especially will look into lean demand management and reducing holding cost).

Negative risk includes Fraudulent money gateways used in online shopping that actually create huge financial loss, information security is a biggest risk where the hackers can take the details of many financial credentials.

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