Porject Management

a. How does the WBS differ from the project network?
b. How are WBS and project networks linked?

a. Project risks can/cannot be eliminated if the project is carefully planned? Explain.
b. The chances of risk events occurring and their respective costs increasing change over the project life cycle. What is the significance of this phenomenon to a project manager?

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a. What is the difference between avoiding a risk and accepting a risk?
b. What is the difference between mitigating a risk and contingency planning?

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a. How does the WBS differ from the project network?

The project network is the tool used for planning, scheduling, and monitoring project progress e.g. A visual flow diagram of the sequence, interrelationships, and dependencies of all the activities that must be accomplished to complete the project.

“An activity is an element in the project that consumes time?for example, work or waiting, which the WBS is not designed to do. The Work packages from the WBS are used to build the activities found in the project network. An activity can include one or more work packages. The activities are placed in a sequence that provides for orderly completion of the project. Networks are built using nodes (boxes) and arrows (lines). The node depicts an activity, and the arrow shows dependency and project flow” (from Chapter 6 attached).

In other words, the project network is developed from the information collected for the WBS and is a graphic flow chart of the project job plan (see p. 4 of attached chapter for the steps to create a project network). The project network depicts the project activities that must be completed, the logical sequences, and the interdependencies of the activities to be completed and in most cases the times for the activities to start and finish along with the longest path(s) through the network, referred to as the critical path. The primary inputs for developing a project network plan are work packages. Remember, a work package is defined independently of other work packages, has definite start and finish points, requires specific resources, includes technical specifications, and has cost estimates for the package. However, the project network of dependency, sequencing, and timing of each of these factors are not included in the work package and a project network activity can include one or more work packages (Chapter 6).

See Figure 6.1 that shows a segment of the WBS example from Chapter 4 and how the information is used to develop a project network described on page 2 of the attached …

Solution Summary
In terms of project management, this solution explains how the WBS differs from the project network as well as how they are linked. It also explains the statement: Project risks can/cannot be eliminated if the project is carefully planned; and then explains the significance of the following phenomenon to a project manager, mainly that the chances of risk events occurring and their respective costs increasing change over the project life cycle. It further explains the difference between avoiding a risk and accepting a risk as well as the difference between mitigating a risk and contingency planning.

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