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Published by Vikas Walia
Smu Solved Assignments by Vikas Walia
To get all solved mail on vikaswalia02@gmail.com
Smu Solved Assignments by Vikas Walia
To get all solved mail on vikaswalia02@gmail.com

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Published by: Vikas Walia on Feb 22, 2013
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Master of Business Administration - MBA Semester 2MB 0049 - Project Management
(4 credits)
(Book ID:B1632 )ASSIGNMENT-Set 1
 Q1. Describe the project planning process and explain it in detail.
Answer: Project planning
is an essential part of project management. Successful completion of a project is heavilydependent on effective planning. A project plan allows you to complete a project within a specified timeline and aspecified budget. Project planning is fundamental in order to avoid failure and disappointment. In projectmanagement, effective planning is absolutely required if the individual or group wishes to deliver a finished project ontime and on budget. A project schedule will provide all involved with an outline and detailed activities to minimize risk to the final result anddelivery. The basics you will get from the schedule include how long the project or any single stage within it will take.But a good schedule should also inform you of the following particulars:a) Who is accountable for each aspect of the project b) The approach chosen to target the problem with c) Major deliverables from the project d) Exact timing of key decisions and points for reviewEvery successful project delivers your future organization and helps it to accomplish its strategic goals. If organizations must flourish and keep up with competitive, its members must be effective at project management. Appropriate, careful planning will ensure that projects will not overrun deadlines and/or pile on unexpected costs.Such a situation would only endanger the anticipated corporate benefits of the organization.The project schedule is the framework on which the actual resource plans and cost breakdowns are mapped. Itmakes explicit each stage and activity, which combine to form the entire project. This greater visibility encouragesaccurate real time status reports and analyses from multiple perspectives. So the ability to build and manage aproject schedule is a top priority if one need
s to succeed at one’s project.
Another immense benefit to planning is thatin case a problem arises, it functions as an alarm mechanism. At such a point risk management and going throughcontingencies for various scenarios can occur in order to restrict the damage or compromise resulting from the
problem. One final word of advice, though: a good plan is also a flexible one, so don’t be too preoccupied with
maintaining its rigid form all through the duration of the project. To establish and operate an effective organization, allmanagers perform several major functions or activities. These functions enable managers to create a positive workenvironment and to provide the opportunities and incentives .The key management functions include planning,organizing, directing, controlling. Each of these functions are critical to the success of any manager andorganizations. Planning is the process of analyzing the situation, determining the goals/ objectives that will bepursued in the future, And deciding in advance the actions that will be taken to achieve the goals.
 
 The following are the steps involved in PLANNING PROCESS1. Reviewing the current operation situation. 2. Conducting the current operation strengths/ weaknesses. 3. Studyingthe External environmental factors affecting the operation. 4. Studying the expectations of the operations. 5.Determine the opportunities for improvements/growth and negatives constraints. 6. Based on the above analyses,determine the goals and objectives for the operation for the future period. 7. Based on the objectives, determine your strategy how you are going to achieve the objectives. 8. Based on the strategy, determine the action plans that haveto be implemented. 9. Your action plan will determine the resources required manpower, finance and materials 10.Finally a system to monitor the plan / its progress.
Q2. a. Explain the life cycle of a project
Answer:-
The Five Steps in the PM Life Cycle
No matter what project it is that you’re preparing for, the project management li
fe cycle can assist you and your teamin narrowing the project's focus, keeping it's objectives in order and finishing the project on time, on budget and with aminimum of headaches.Every project management life cycle contains five steps: Initiation, Planning, Execution,Monitoring/Control and Closure. No one step is more important than the other and each step plays a crucial role ingetting your project off the ground, through the race, down the stretch and across the finish line.
1) Initiation
 In this first step you provide an over-view of the project in addition to the strategy you plan on using in order to
achieve the desired results. During the Initiation phase you’ll appoint a project manager who in turn
- based on his or her experience and skills - will select the required team members. And lest you think you need to be a Bill Gates or Donald Trump in order to see your project take on a life of its own, fear not: there are some great to get you throughthe Initiation phase of the project management life cycle.
2)Planning
 The all-important second step of any successful project management life cycle is planning and should include adetailed breakdown and assignment of each task of your project from beginning to end. The Planning Phase will alsoinclude a risk assessment in addition to defining the criteria needed for the successful completion of each task. Inshort, the working process is defined, stake holders are identified and reporting frequency and channels explained.
3 & 4) Execution & Control
 Steps Three and Four take you into deeper water. When it comes to the project management cycle, execution andcontrol just may be the most important of the five steps in that it ensures project activities are properly executed andcontrolled. During the Execution and Control phases, the planned solution is implemented to solve the problemspecified in the project's requirements. In product and system development, a design resulting in a specific set of product requirements is created. This convergence is measured by prototypes, testing, and reviews. As the Executionand Control phases progress, groups across the organization become more deeply involved in planning for the finaltesting, production, and support.
5) Closure
 By the time you reach Step Five - Closure - the project manager should be tweaking the little things to ensure that theproject is brought to its proper conclusion. The Closure phase is typically highlighted by a written formal projectreview report which contains the following elements: a formal acceptance of the final product (by the client), WeightedCritical Measurements (a match between the initial requirements laid out by the client against the final deliveredproduct), lessons learned, project resources, and a formal project closure notification to higher management.
 
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:-
 A
feasibility study
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:

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