The Project Management Cycle saves time and keeps everyone on the team focused. Fortunately, moderntechnology provides a variety of templates that will take you from start-to-finish, which makes the ProjectManagement Cycle user friendly no matter what your level of management experience!
b. Describe the need for feasibility studies Answer:-
is an evaluation and analysis of the potential of the proposed project which is based on extensiveinvestigation and research to give full comfort to the decisions makers. Feasibility studies aim to objectively andrationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities andthreats as presented by the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. As such,a well-designed feasibility study should provide a historical background of the business or project, description of theproduct or service, accounting statements, details of the operations and management, marketing research andpolicies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technicaldevelopment and project implementation.
Conducting a feasibility study is a good business practice. If you examine successful businesses, you will find thatthey did not go into a new business venture without first thoroughly examining all of the issues and assessing theprobability of business success.Below are other reasons to conduct a feasibility study.
Needs & Importances of feasibility studies
Gives focus to the project and outline alternatives.
Narrows business alternatives
Identifies new opportunities through the investigative process.
Identifies reasons not to proceed.
Enhances the probability of success by addressing and mitigating factors early on that could affect the project.
Provides quality information for decision making.
Provides documentation that the business venture was thoroughly investigated.
Helps in securing funding from lending institutions and other monetary sources.
Helps to attract equity investment.The feasibility study is a critical step in the business assessment process. If properly conducted, it may be the bestinvestment you ever made.
Q3. Describe the CPM model. Explain network cost system
Answer:-Introduction to Network Analysis of Projects and CPM
The Critical Path Method (CPM) is one of several related techniques for doing project planning. CPM is for projectsthat are made up of a number of individual "activities." If some of the activities require other activities to finish beforethey can start, then the project becomes a complex web of activities.
CPM can help you figure out: