Master of Business Administration - MBA Semester 2 MB0049 Project Management (4 credits)

Q4. What is Project Management Information System (PMIS)? What are the major aspects of PMIS? A project management information system (PMIS) is a part of management information systems (MIS) and manages information of a project centric organization. These electronic systems "help [to] plan, execute, and close project management goals."[1] PMIS systems differ in scope, design and features depending upon an organisation's operational requirements. Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard). Quantitative risk assessment requires calculations of two components of risk (R):, the magnitude of the potential loss (L), and the probability (p)that the loss will occur. In all types of engineering of complex systems sophisticated risk assessments are often made within Safety engineering and Reliability engineering when it concerns threats to life, environment or machine functioning. The nuclear, aerospace, oil, rail and military industries have a long history of dealing with risk assessment. Also, medical, hospital, and food industries control risks and perform risk assessments on a continual basis. Methods for assessment of risk may differ between industries and whether it pertains to general financial decisions or environmental, ecological, or public health risk assessment
A information systems is mainly aimed at providing the management at different

levels with information relatedto the system of the organization. It helps in maintaining a discipline in the system.A system is prone to malfunctions if not properly maintained. An information systemdealing with project management tasks is the project management information system. It helpin decision making in arriving at optimum allocation of resources. The information systems is based on a database of the organization. A project management information systemalso holds schedule, scope changes, risk assessment and actual results. Usual informationsystems are not designed for projects. Norm al information systems tell managers if they are working within the scope of the budget. The info rmation is communicated tomanagers at different levels of the organization depending upon the need. Upper managers need to know information on all projects regarding progress, problems, resource usage, costs and project goals. This information helps them takedecisions on the project. They should review the projects at each milestone and arrive

atappropriate decision. Project manager and department managers need to see each projectschedu le priority and use of resources to determine the most efficient use across theorganization. Project team members need to see schedule, takes lists and specification sothey know what needs to be done next.
The four major aspects of a PMIS are:(a)Provide information to the major stakeholders ie the right information atthe right time.

(b) Assist the team members, stakeholders, managers with necessaryinformation and summary of the information shared to the higher level managers.
(c)Assists the managers in doing what if analyses about project staffing, proposed staffing changes and total allocation of resources.

(d) Help organizational learning by helping the members of the organization learnabout project management. A good PMIS is possible to be developed from the team members and notfrom the systems administrators of the company. Organizations tend to allocate suchresponsibility by rotation among members with a well designed and structured data entry andanalytical format Q2. What are the different phases of contract management?
1.

Request: It all begins here, where users initiate contracts and find Authoring: Contract creation becomes much easier with automated

pertinent documents from within familiar applications.

2.

contract management, wherein users author with familiar word processing tools, as well as standardized language that can be included dynamically depending on the type of agreement.
3.

Negotiation: The ability to compare redlined versions of contracts

in various formats side-by-side, and quickly note any discrepancies, reduces negotiation time by half when contract processes are automated and streamlined.
4.

Approval: In the stage that causes the most bottlenecks in contract

processes, automated contract management allows users to preemptively strike by tailoring approval workflows, including parallel and serial approvals, and keep business clipping along at a rapid pace.

5.

Execution: Automated contract execution allows users to control

and shorten the signature process with tools such as eSignature and fax support, which associates faxed documents with their proper electronic file via barcode.
6.

Obligations management: This stage ensures that

deliverables are being met and that value isnt leaking from contracts. Users maximize contract value with fulfillment tracking, automated alerts linked to expirations, renewals, and key events, post-execution workflows, and sophisticated analytics and reporting.
7.

Amendment: Trying to manually gather all documents pertinent to

a deal can be a time-consuming challenge. Automated systems provide a single, effective view of a business relationship across multiple contract amendments.
8.

Audit and reporting: When you automate contract management

processes, you can utilize a full range of valuable audit and reporting tools such as contract compliance alerts, audit tracking at the field level, ondemand report generation, one-click access from reports to contract records, and easy integration with third-party reporting tools.
9.

Renewal: With manual contract management methods, renewal

opportunities often go unnoticed and potential revenue is lost. By automating your processes, you can quickly identify contract renewal candidates, allowing plenty of time to act, and automatically create new contract drafts based on the previous contract.