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MB0033 Project Mgt Set 1 2

MB0033 Project Mgt Set 1 2

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Published by: Saurabh MIshra12 on Nov 21, 2009
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 ASSIGNMENTSSubject code: MBOO33SET – 1Subject Name: – PROJECT MANAGEMENT
Q 1: How can risks cab be prioritized in a project management? Give any suitableexample.Answer:
 
Risk Management
Risks are those events or conditions that may occur and whoseoccurrence has a harmful or negative impact on a project. Risk management aims to identifythe risks and then take actions to minimize their effect on the project. Risk managemententails additional cost. Hence risk management can be considered cost effective only if thecost of risk management is considerably less than the cost incurred if the risk materializes.
Risk prioritization
Risk prioritization focus on the highest risk. Prioritization requiresanalyzing the possible effects of the risk event in case it actually occurs. This approachrequires a quantitative assessment of the risk probability and the risk consequences. For eachrisk rate the probability of its happening as low, medium or high. If necessary, assignprobability values in the ranges given for each rating. For each risk, assess its impact on theproject as low, medium, high or very high. Rank the risk based on the probability. Select thetop few risk items for mitigation and tracking.Refer to a list of commonly used risk mitigation steps for various risks from the previous risklogs maintained by the PM and select a suitable risk mitigation step. The risk mitigation stepmust be properly executed by incorporating them into the project schedule. In addition tomonitoring the progress of the planned risk mitigation steps periodically revisit the riskperception for the entire project. The results of this review are reported in each milestoneanalysis report. To prepare this report, make fresh risk analysis to determine whether thepriorities have changed.===================================================================
Q 2: Mention any six charactertics of interpersonal behavior. What are the types of reviews?Answer:Interpersonal Behaviour -
In a team the maxim that all members will do well to remember is“Learn to appreciate the problems
 
of others, and some others would appreciate yours”. It istherefore important that in a business
 
environment, particularly in Project Management, aneffort to evolve solutions jointly has great benefits,
 
both for the teams as well as theorganization. The top management has the responsibility of 
 
encouraging such a culture todevelop team work to healthy interpersonal
 
behaviour.Interpersonal behaviour calls for:
Projection of a pleasant, but firm personality
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Clarity of expression and communication
Patience in listening and reacting with empathy
Documentation and correct recording
Offer to help
Call for help whenever necessary
Seeking information before attempting decisions
Not waiting for things to go wrong
Motivation of others through efficiency and meticulousness, rather than urging andexhibiting dependency
Putting team goals ahead of individual targets.The project manager should make it a habit of expressing appreciation openly for any goodwork done. Cross Functional Teams have become a necessity and the synergy they generatewould be lost if interpersonal behaviour is not of high standard. As members are fromdifferent functions, understanding the requirements or compulsions of others is difficult. Thisfact should be impressed upon all the members and requesting them to cooperate is vital.
Reviews Types
The reviews are generally divided into four types which are conducted at different stages of the project.1. Initiation Reviews (IR)2. Planning and Proposal Reviews (PPR)3. Procurement Reviews (PR)4. Quality Assurance Reviews (QAR)A project review is a process where we capture information from the team experience andsee the variances and deviations from the plan. These reviews help in increasing productivityand improve organizational success. The purpose of the reviews can be generally stated asunder. Depending on the manager’s ability they can be made more meaningful. Performanceimprovement starts with commitment to an agreed plan. The reviews are meant to keep theactivities are according to the plan. The purpose of them can be states as:
Finding out the feasibility of the project and helping management team to take adecision based on this initial Review.
Checking if all the necessary activities were done before presenting a customer theproposal or solution
Checking if all the formal agreements and procedures were formally accepted andreviewed between the customer and the project delivery organization.
Finding out the deviation and allowing elbow room for changes in the action plan for improvement.
===================================================================
Q 3: What are main considerations in planning P2M? Give relevant examples.Answer:Consideration in Planning P2M
Some of the considerations for effective programme management are given below:Focusing on the various strategic initiatives taken up for multiple projects and the issuesrelated to benefits and risks.
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Bringing about the attention of management to a defined set of benefits, which areunderstood immediately, which are managed throughout the implementation and atcompletion.Helping top management to set priorities, choosing options and allocate resourcesSetting up mechanisms to measure and ensure that the projects making contributions forrealizing expected business benefits.Leading the organization on the path of ‘where it’ an ‘where it wants to be’Ensuring that the effects of the programme driven changes are coordinated, the transitionsare successfully managed. The operations are effective and efficient.
Process of P2M
The objectives sought to be achieved and the methods which are adopted and the activitiesthat are going to be undertaken i.e. the process include the following steps:Preparing and maintaining a set of activities and the workflow that is to be followed andidentifying business areas responsible for different stages in the above;
1.
Making sure that the priorities that the above generate are relevant and the projectsare run on the basis of their impact on the business as a whole;
2.
Structuring the programme so that the responsibilities and roles – at both programmeand project level – are acceptable to both the top management and managers;
3.
Planning the various points of review between various phases of the projects. Theprocess has to incorporate all the important aspects which are to be addressed duringimplementation and management of the projects. It is important to identify allfactors and incorporate resources – men, materials, technology and time – so thattheir provision can be planned.
Managing the Programme
When we consider the portfolio of projects as a programme, the main considerations will beon resources, risks associated with the programme, quality of the projects at every stage of the execution as meeting the requirements of the client as per the contract and monitoringthe change processes that get enmeshed during implementation. The specifics concerning theabove are listed below:i) Evaluating the risks associated with the programme – the planned changes to thebusiness operations;ii) Ensuring that the processes to ensure quality are sufficient and purposes are fullymet;iii) Keeping track of the changes and developments external to the projectenvironment and studying their impact on the programme.iv) Making sure that the personnel in business affected by the above are informed andtrained so that the projects are smoothly;
v) Ensuring that the support services like human resources and IT are able toadopt to the changes that take place in the projects and business operations as awhole.
===================================================================
Q 4: What is the significance of reviewing ROI? Explain in detail.
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