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Assignment (Project Management)

Assignment (Project Management)

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INDIAN INSTITUTE OF MODERN MANAGEMENT (IIMM)
Registration No. :
IIMM/DH/1/2007/5516
Course :
PM & HRD
ASSIGNMENT :-
Project ManagementAnswer 1. (a)Project
The most obvious characteristic of a Project is that it has to achieve a particular purpose and this isnormally indicated in the Project’s name: Mumbai-Pune Expressway Project, Reliance Petroleum RefineryProject, Bharati Telecom Project, The Hindustan Lever Compensation Survey Project, NagarjunaFertilizers Project, The Chinnaswamy Stadium Project, The National Sports Complex Project, The HindujaHospital Project, etc.This distinguishes it from routine activities which are part of an organization’s normal business,such as running a payroll, editing a daily news paper or producing another ten thousand tins of beans, or cars, or motors or bicycles.A Project is a job that is done one time. Cooking a meal is a project. A heart surgery is a project.A Project involves a single, definable purpose, end-time or result, usually specified in terms of cost, schedule and performance requirements.Every project is unique in that it requires doing something different than was done previously,Even in ‘routine’ projects such as home construction, variables such as terrain, access, zoning laws, labour market, public services and local utilities make each project different. A project is a one-time activity never to be exactly repeated again.Finally a project is the process of working to achieve a goal; during the process, a project passesthrough several distinct phases, called the project life cycle. The tasks, people organizations and other resources change as the project moves from one phase to the next. The organization structure and resourcestructure expenditure slowly build with each succeeding phase; peak; and then decline as the project nearscompletion.Moreover, no two projects are the same. A project to stage this year’s Filmfare Awards contestmay look similar to last year’s, but its objectives will be different the circumstances will have changed andit will involve different people.
The main characteristics of a Project are that:
1.It is an instrument of change.2.It has a clearly identifiable start and finish.3.It has a specific aim4.It results in something being delivered5.It is unique6.It is the responsibility of a single person or body7.It involves cost, resources and time8.It uses a wide variety of resources and skills.
Another way of looking at a Project is that:
1.It has a start and a finish2.It has a time frame for completion3.It has a unique one timeness4.It has an involvement of several people on a ad-hoc basis.5.It has a limited set of resources.
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6.It has a sequencing of activities and phases.
Need for a Project
A project could be undertaken for one of these needs:
To acquire balancing resources to correct imbalances in capacity
To upgrade the technology
To replace the used-up or worn out assets
To expand projections of existing activities
To diversify into allied and new lines
Analysis & design of objectives and events
Planning the work according to the objectives
Assessing and controlling risk (or Risk Management)
Estimating resources
Allocation of resources
Organizing the work 
Acquiring human and material resources
Assigning tasks
Directing activities
Controlling project execution
Tracking and reporting progress (Management information system)
Analyzing the results based on the facts achieved
Defining the products of the project
Forecasting future trends in the project
Quality Management
Issues management
Issue solving
Defect prevention
Identifying, managing & controlling changes
Project closure (and project debrief)
Communicating to stakeholders
Increasing/ decreasing a company's workers
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Answer 1. (b)
Project Management is the application of skills knowledge, tools & techniques to meet or exceedstakeholder requirements from a project.The tools are a means to an end. The desired end is a successful project that contributes to the business success of the organization as well.Project Management is too often thought in terms of discrete tools such as schedules and statusreports with a concomitant lack of understanding of its value and corresponding lack of commitment toeffective implementation.Project management focuses on a project. A project is an undertaking that has a beginning and anend and is carried out to meet established goals within cost, schedule, and quality objectives. ProjectManagement brings together and optimizes the resources necessary to successfully complete facilities,tools, and equipment; information, systems, and techniques and money.
A Typical Project life cycle
All projects have the same basic underlying structure. Whatever be the project, it will develop over four distinct phases:1.The Conceptual and Definition phase2.The Planning Phase3.The Implementation or Execution phase4.The Completion and review PhaseProject Management means Management of all four phases of a Project’s life cycle to meet theestablished goals of Time, Cost and Quality.
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