What are the two budgets of major concern for a project? Describe the purpose of each....

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What are the two budgets of major concern for a project?Describe the purpose of each. What is the difference between aStatic Budget and a Flexible Budget? What are the pros and cons ofeach? What are the four constraints that must be considered whendeveloping a project budget? Why? In doing risk analysis for yourproject, you have identified the following risks items: Risk P(Risk Probability) I (Cost Impact) Risk Contingency A .7 $20,000 B.25 $30,000 C .5 $16,000 D .10 $45,000 E .3 $18,000 F .30 $10,000Total $139,000 a) Calculate the expected value of each of theserisks. b) How much would you request for this project to be addedto your budget as risk contingency? c) Why wouldn’t you request theentire $139,000? d) What would you do in the event Risk Doccurs?

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1Budgeting includes expection of the cost and managing theactual cost of the project There are two types of budget See Answer

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What are the two budgets of major concern for a project?Describe the purpose of each. What is the difference between aStatic Budget and a Flexible Budget? What are the pros and cons ofeach? What are the four constraints that must be considered whendeveloping a project budget? Why? In doing risk analysis for yourproject, you have identified the following risks items: Risk P(Risk Probability) I (Cost Impact) Risk Contingency A .7 $20,000 B.25 $30,000 C .5 $16,000 D .10 $45,000 E .3 $18,000 F .30 $10,000Total $139,000 a) Calculate the expected value of each of theserisks. b) How much would you request for this project to be addedto your budget as risk contingency? c) Why wouldn’t you request theentire $139,000? d) What would you do in the event Risk Doccurs?