Option #2: Lease or Buy The PMP Certification Exam may include Lease or Buy Anal

Option #2: Lease or Buy
The PMP Certification Exam may include Lease or Buy Analysis questions. Although it’s not the only reason for learning this material, this assignment helps prepare you for that type of question on the exam. The assignment is relevant whether you plan to take the PMP exam, have already passed the exam, or have no plans to take the exam.
This assignment requires both calculations (using only addition and multiplication) and written answers. Start by reading the scenario, and then answer the questions and perform the calculations below.
Scenario:
You are the project manager of a campaign rally that your non-profit holds each year to promote the adoption of greyhounds. You will require the use of a large tent for the week of the rally. You must determine if you should lease or buy a tent, and, if leasing, for how long.
Scenario 1 – The cost of the tent is $1,580.
Scenario 2 – You can lease the tent for seven days, with a set-up and return charge of $700 and daily fee of $125.
Scenario 3 – You can lease the tent for 10 days, with a set-up fee of $375 and a daily fee of $125; however, you will have to hire individuals to take down the tent and return it for a charge of $195. If you choose this option, the daily fee is discounted by 20%.
Answer the following questions:
What is the economical choice and why? Show this in your calculations as well.
What do you recommend to the sponsor of your project and why?
Thinking strategically, what reasons might management use to opt for the less economical choice?
Include your calculations in an appendix, which comes after the references page.
Submission:
Prepare a 3- to 4-page paper (not including the required title and references pages and the appendix showing calculations) explaining lease-buy analysis in terms of project risk.
Support your paper with a minimum of two current (no older than five years) scholarly sources