Risk Analysis

Correct Answer: Restrict access to non-essential online resources

Restricting access to non-essential online resources is the most appropriate solution to address network slowdowns during peak usage hours. This approach directly targets the root cause of the problem by reducing the overall network load during critical periods. By limiting access to non-essential resources, the available bandwidth can be prioritized for critical online resources that students and staff need for their educational and administrative tasks. This solution is cost-effective, quick to implement, and does not require significant infrastructure changes or disruptions to working hours. It allows the institution to maintain access to essential resources while effectively managing network traffic during high-demand periods, thus mitigating the risk of users being unable to access critical online resources.

Correct Answer: Quantitative risk analysis

The best approach would be a Quantitative risk analysis, as it uses numerical data to figure out the probability of a project succeeding considering the risk involved. In this case, the risk of servers crashing and delaying the project. It provides the project manager with a statistical estimation of the probabilities. Other options like Qualitative risk analysis aims to identify and prioritize risks using a subjective approach which is not suitable here as we have a quantifiable risk. Cost-benefit analysis does not specifically focus on risk but rather determines the best approach to achieve benefits at minimal costs, and SWOT analysis is a strategic planning tool which analyzes strengths, weaknesses, opportunities, and threats but doesn't give a specific risk quantification which is needed in this context.

Correct Answer: Find alternative materials for the project.

The best decision for the project manager, in this case, is to find alternative materials for the project. This answer is the most practical and efficient considering the situation. The project manager should always look for ways to keep the project on track, and finding substitute materials is a good way to do that, given the shortages. Stopping the work until the shortage is solved (second answer) could lead to significant delays, increased costs, and it is not a pro-active solution. Furthermore, the duration of the shortage is uncertain. Increasing the budget to purchase the materials at a higher cost (third answer) is also not the best solution as it will increase the project cost, and considering it's a worldwide shortage, the prices might be extremely high or the required quantity not available. Changing the project scope to exclude the use of the material (fourth answer) might mean compromising the quality or the purpose of the project, which is not advisable unless absolutely necessary.