Porject Management

1)
a. How does the WBS differ from the project network?
b. How are WBS and project networks linked?

2)
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?

3)
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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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.