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MB0049 - PROJECT MANAGEMENT.docx

MB0049 - PROJECT MANAGEMENT.docx

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ASSIGNMENT DRIVE FALL PROGRAM SEMESTER SUBJECT CODE & NAME BK ID CREDITS MARKS 2013 MBADS / MBAN2 / MBAHCSN3 / PGDBAN2 / MBAFLEX II MB 0049 - PROJECT MANAGEMENT B1632 4 60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Q.1 Describe the CPM model. Briefly explain. Answer : Assumptions : 1. The critical path does not change; 2. The project completion time is a normally distributed random variable; and 3. The activity completion times are statistically independent will not be influenced by management intervention. Procedure: Let's have a look at how critical path method is used in practice. The process of using critical path method in project planning phase has six steps.

Q.2 Define risk management. What are the different types of risks that can affect a project? Answer: Definition of risk management : Risk management is the identification, assessment, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives, whether positive or negative) followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Types of risks : 1.Macro risk levels:

Macro risk describes political risks that affect all businesses that operate in a foreign country. Examples of macro risks include the possibilities that a nation could raise taxes, fall into civil war or devalue its currency. Business managers

Q. 3 Briefly discuss the steps to close the project. Answer : Closing a project should be treated as an integral part of the project plan. The closing process does not begin at the end of the project, but during the planning phase. Each step should be as carefully planned and executed as any other portion of the project. The closure phase will vary depending on the size and complexity of the project, but it should include five basic items: 1. Ensure Final Project Deliverables Meet Project Specifications: First, it is the project manager’s responsibility to ensure that the final project deliverables meet the specifications outlined in the project plan.

Q. 4 Discuss the various steps of PMIS planning Answer : Identify the information needed : The main steps in the identification process of any project are: i) Identifying initial requirements ii) Validating them against the project objective iii) Identifying the criteria such as quality objectives and quantitative requirements for assessing the success of both the final product and the process used to create it iv) Identifying the framework of the solution v) Preparing a template of the frame work of

Q.5 What are the important approaches to project control? Answer: Explanation of approaches : Variance analysis : If projects went exactly as planned, this tool would be unnecessary. Variance Analysis is the comparison of planned results and actual results. The planned results may be found in the Project Management Plan and compared to work performance information. The project manager should be certain that the data itself is trustworthy, and then examine how much variance exists between planned and actual results. Then, the potential impact and causes of any variance should be analyzed, along with determining what action may be needed. Variance Analysis is listed in the fourth edition PMBOK® as a tool of Control Schedule, Control Costs, Control Scope, Report Performance, and as part of the Monitor and Control Risks process. When Earned Value Management is utilized, the formulas of SV and

Q.6 Describe the project planning process and explain it in detail.

Answer: The planning process can be viewed as a somewhat circular flow of topics and action steps, where the results from one step initiate study and action in the next step. However, the process does not necessarily always flow in one direction. Issues that arise in a particular step may cause the planning team to go back to an earlier step to do additional work. If desired, the order of the steps can even be altered to suit the particular needs of the planning team. The main steps in the project planning process are: 1. identification process :  Identifying initial requirements. For example, when a company identifies a need for a new or improved product due to R & D result or a consumer survey, the management of that company will acknowledge the necessity of

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