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mb033 set I

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Master of Business Administration- MBA Semester 2
MB0049 – Project Management - 4 Credits
(Book ID :)
Assignment Set- 1 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
Q1. Explain briefly the life cycle of a project.Ans1.
The Project Life Cycle refers to a logical sequence of activities to accomplishthe project’s goals or objectives
. Regardless of scope or complexity, any project goesthrough a series of stages during its life. There is first anInitiationor Birth phase, in which theoutputs and critical success factors are defined, followed by aPlanningphase, characterized bybreaking down the project into smaller parts/tasks, an Execution phase, in which the projectplan is executed, and lastly a Closure or Exit phase, that marks the completion of the project.Project activities must be grouped into phases because by doing so, the project manager andthe core team can efficiently plan and organize resources for each activity, and alsoobjectively measure achievement of goals and justify their decisions to move ahead, correct,or terminate. It is of great importance to organize project phases into industry-specific projectcycles. Why? Not only because each industry sector involves specific requirements, tasks, andprocedures when it comes to projects, but also because different industry sectors havedifferent needs for life cycle management methodology. And paying close attention to suchdetails is the difference between doing things well and excelling as project managers.Diverse project management tools and methodologies prevail in the different project cyclephases. Let’s take a closer look at what’s important in each one of these stages:
1)
 
Initiation
In this first stage, the scope of the project is defined along with the approach to be taken todeliver the desired outputs. The project manager is appointed and in turn, he selects the teammembers based on their skills and experience. The most common tools or methodologies usedin the initiation stage are Project Charter, Business Plan, Project Framework (or Overview),Business Case Justification, and Milestones Reviews.
 
2)
 
Planning
The second phase should include a detailed identification and assignment of each task until theend of the project. It should also include a risk analysis and a definition of a criteria for thesuccessful completion of each deliverable. The governance process is defined, stake holdersidentified and reporting frequency and channels agreed. The most common tools ormethodologies used in the planning stage are Business Plan and Milestones Reviews.
3)
 
The most important issue in this phase is to ensure project activities are properly executedand controlled. During the execution phase, the planned solution is implemented to solve theproblem specified in the project's requirements. In product and system development, a designresulting in a specific set of product requirements is created. This convergence is measured byprototypes, testing, and reviews. As the execution phase progresses, groups across theorganization become more deeply involved in planning for the final testing, production, andsupport. The most common tools or methodologies used in the execution phase are an updateof Risk Analysis and Score Cards, in addition to Business Plan and Milestones Reviews.
4)
 
In this last stage, the project manager must ensure that the project is brought to its propercompletion. The closure phase is characterized by a written formal project review reportcontaining the following components: a formal acceptance of the final product by the client,Weighted Critical Measurements (matching the initial requirements specified by the client withthe final delivered product), rewarding the team, a list of lessons learned, releasing projectresources, and a formal project closure notification to higher management. No special tool ormethodology is needed during the closure phase.
Q2. Examine the Tools used in project planning.Ans2.
Here are examples and explanations of four commonly used tools in project planning and project management, namely: Brainstorming, Fishbone Diagrams, Critical Path AnalysisFlow Diagrams, and Gantt Charts. Additionally and separately see  business processmodellingandquality management, which contain related tools and methods aside from the main project management models shown below.The tools here each have their strengths and particular purposes, summarised as a basicguide in the matrix below.
Matrix key:
B
F
C
=Critical Path Analysis Flow Diagrams** - optional/secondarytool
G
=Gantt Charts* -sometimes useful
 
BFCG
Project brainstorming and initial concepts, ideas, structures,aims, etc*****Gathering and identifying all elements, especially causaland hidden factors******Scheduling and timescales *****Identifying and sequencing parallel and interdependentactivities and stages* ****Financials - costings, budgets, revenues, profits, variances,etc*******Monitoring, forecasting, reporting ******Troubleshooting, problem identification, diagnosis andsolutions********'Snapshot' or 'map' overview - non-sequential, non-scheduled*****Format for communications, presentations, updates, progress reports, etc*****
brainstorming
Brainstorming is usually the first crucial creative stage of the project management and project planning process. See the brainstorming methodin detail and explainedseparately, because it many other useful applications outside of project management.Unlike most project management skills and methods, the first stages of the brainstorming process is ideally a free-thinking and random technique. Consequently it can beoverlooked or under-utilized because it not a natural approach for many people whosemains strengths are in systems and processes. Consequently this stage of the project planning process can benefit from being facilitated by a team member able to managesuch a session, specifically to help very organised people to think randomly andcreatively.
fishbone diagrams
Fishbone diagrams are chiefly used in quality management fault-detection, and in business process improvement, especially in manufacturing and production, but themodel is also very useful in project management planning and task managementgenerally.Within project management fishbone diagrams are useful for early planning, notablywhen gathering and organising factors, for example during brainstorming.Fishbone diagrams are very good for identifying hidden factors which can be significantin enabling larger activities, resources areas, or parts of a process.

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