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SMU Assignment paper-- MB049

SMU Assignment paper-- MB049

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Master of Business Administration-MBA Semester 2 Project Management – MB0049

1 Comment on the following a. Importance of DMAIS in project management cycle b. Knowledge areas of project management

a. >Importance of DMAIS in project management cycle: The projectised mantras of production management can be broadly identified as - Define Measure, Analyze, Improve, Standardize (DMAIS). These projectised mantras help in identifying, evaluating, and selecting the right improvement solutions for managing a project. The mantras also help in identifying the critical issues thus assisting the organization to adapt to the changes introduced through the implementation of different solutions. The phases associated with each projectised mantra of production management are: 1. Define: benchmark, customer requirement, process flow map, quality function deployment, project management plan 2. Measure: data collection, defect metrics, sampling 3. Analysis: cause and effect, failure modes and effect analysis, decision and risk analysis, root cause analysis, reliability analysis 4. Improve: design of experiments, modeling, and robust design 5. Standardize: control charts, time series, procedural adherence, performance management, preventive activities displays the various phases of DMIAS.

b.> Knowledge areas of project management: The Project Management Body of Knowledge (PMBOK) is a collection of processes and knowledge areas generally accepted as best practice within the project management discipline. As an internationally recognised standard (IEEE Std 1490-2003) it provides the fundamentals of project management, irrespective of the type of project be it construction, software, engineering, automotive etc. PMBOK recognises 5 basic process groups and 9 knowledge areas typical of almost all projects. The basic concepts are applicable to projects, programs and operations. The five basic process groups are: • Initiating • Planning

• • • •

Executing Monitoring and Controlling Closing Processes overlap and interact throughout a project or phase.

Processes are described in terms of: • Inputs (documents, plans, designs, etc.) • Tools and Techniques (mechanisms applied to inputs) • Outputs (documents, products, etc.) The nine knowledge areas are: 1. Project Integration Management 2. Project Scope Management 3. Project Time Management 4. Project Cost Management 5. Project Quality Management 6. Project Human Resource Management 7. Project Communications Management 8. Project Risk Management 9. Project Procurement Management Each knowledge area contains some or all of the project management processes. For example, Project Procurement Management includes: • Procurement Planning • Solicitation Planning • Solicitation • Source Selection • Contract Administration • Contract Closeout Much of PMBOK is unique to project management e.g. critical path and work breakdown structure (WBS). Some areas overlap with other management disciplines. General management also includes planning, organising, staffing, executing and controlling the operations of an organisation. Financial forecasting, organisational behaviour and planning techniques are also similar.

2. Write few words on: a. Project Characteristics b. WBS c. PMIS d. Project Management strategies-Internal & external

a.> Project Characteristics: A project plan can be considered to have five key characteristics that have to be managed: • Scope: defines what will be covered in a project. • Resource: what can be used to meet the scope. • Time: what tasks are to be undertaken and when. • Quality: the spread or deviation allowed from a desired standard. • Risk: defines in advance what may happen to drive the plan off course, and what will be done to recover the situation. b.> WBS: A work breakdown structure (WBS) in project management and systems engineering, is a tool used to define and group a project's discrete work elements (or tasks) in a way that helps organize and define the total work scope of the project. A work breakdown structure element may be a product, data, a service, or any combination. A WBS also provides the necessary framework for detailed cost estimating and control along with providing guidance for schedule development and control. Additionally the WBS is a dynamic tool and can be revised and updated as needed by the project manager c.> PMIS: Project Management Information System (PMIS) are system tools and techniques used in project management to deliver information. Project managers use the techniques and tools to collect, combine and distribute information through electronic and manual means. Project Management Information System (PMIS) is used by upper and lower management to communicate with each other. Project Management Information System (PMIS) help plan, execute and close project management goals. During the planning process, project managers use PMIS for budget framework such as estimating costs. The Project Management Information System is also used to create a specific schedule and define the scope baseline. At the execution of the project management goals, the project management team collects information into one database. The PMIS is used to compare the baseline with the actual accomplishment of each activity, manage materials, collect financial data, and keep a record for reporting purposes. During the close of the project, the Project Management Information System is used to review the goals to check if the tasks were accomplished. Then, it is used to create a final report of the project close.

To conclude, the project management information system (PMIS) is used to plan schedules, budget and execute work to be accomplished in project management. d. >Project Management strategies-Internal & external: Projects as building blocks in the design and execution of enterprise strategies can be with either external or

internal in nature. An external project is one undertaken for or on behalf of stakeholders who are not part of the enterprise structure such as design and construction of the bridge, highway or new product design. In an external project the customer is located outside the enterprise such as another company, government or military organization. An internal project is one to be carried out primarily for the improvement of organization process such as productivity improvement, training initiatives, organizational restructuring or reengineering. Internal projects usually have an internal customer such as a manufacturing manager who wishes to update the company's manufacturing equipment build new plant or develop enhanced information system capability. Companies that are in economic difficulties often undergo downsizing or restructuring. Improvements in organizational process can be gained from reengineering projects. The development of new award system flexible work practices improvement in quality or the flow of work on the production line can be accomplished by using project teams. Although many of these projects are modest compared to large projects that are being developed for an outside customer, for the member of the enterprise the internal projects usually indicate that a change in the operating policies is forthcoming.

3. What are the various SCMo soft wares available in project management? Explain each in brief. Supply Chain Monitoring (SCMo) The intent of this document is to define the structure of the Documentation System, its content, themethod of content generation and to attain common documentation of all standard processes of ODETTE.The documentation is valid for the SCM group of ODETTE. The Documentation System is intranet basedto provide immediate access to current, up-to-date process documentation.The system allows users to navigate through graphical structures to relevant documentation and processeswhich were created with the ARIS-Toolset.There are various advantages of using such a documentationsystem. The various SCMo softwares available in project management a.)Standard / Best Practices: Documentation system stores and presents standards and best processes tobe adhered to across the industry. This also helps the organisation to secure their correct applications. b.) Central Repository: It also offers a central location of all processes and system related information.This includes customising documentation to working guidelines.

c.) Adaptation: Adaptation is another unique objective achieved through documentation system. Theyallow flexible and quick adaptation in case of process changes or enhancement and provide the updatedinformation immediately. d.)Reference: It also provides easy and quick reference to the documents. They present the standardprocesses in the intranet, where users can look up the current processes whenever necessary. e.) Availability: Process documentation system is available at every working location.

4. List the various steps for Risk management. Also explain GDM andits key features.Answer:-

Risk Management Plan Risk management is an important part of project management. Although often overlooked, it is importantto identify as many risks to your project as possible and to be prepared if something bad happens. Aproject manager prepares a table of risk management plans to indicate the risk type, probability of eachrisk, impact of the risk on the project, risk exposure and a risk mitigation plan for each risk.Here are some examples of common project risks: Time and cost estimates too optimistic Customer review and feedback cycle too slow Unexpected budget cuts Unclear role and responsibilities Poor communication resulting in misunderstandings, quality problem and rework  Lack of resources commitment Stakeholders input is not sought or their needs are not properly understood Stakeholders changing requirements after the project has started Stakeholders adding new requirements after the project has started GDM? The Global Delivery Model (GDM) enables an industry or business to plan, design and deliver productsand services to any customer worldwide with speed, accuracy, economy and reliability. GDM enables itscustomer to leverage varied locations across the globe that provides optimised value for every componentof delivery. The key features of GDM are shown in figure

a.Standardisation It includes ingenious design and development of components and features which arelike to be accepted by 90% of world-wide customers. GDM heavily depends on Global Standards of Design focusing on highly standardised methods and processes of manufacture or development. It adoptsplug-and-socket concepts with minimum adaptable joints or connections. b.Modularisation GDM requires product or solution to be split up into smallest possible individualidentifiable entities. These entities will have

limited individual functioning capability but they can become powerful and robust in combination withother modules. c.Minimum Customisation GDM mandates only minimum changes or modifications to suit individualcustomers. d. Maximum Micro Structuring GDM encourages splitting of the Product Modules further into muchsmaller entity identifiable more through characteristics rather than application features. These MicrobialEntities are standardised even across Multiple Modules. Application of these Microbial Entities restwithin multiple Projects or Products or even as add-ons to suit customer needs later.

5 Answer the two parts: a. Importance of data management in project management-Comment. b. What is the significance of reviewing ROI?

a. Data management consists of conducting activities which facilitate acquiring data, processing it anddistributing it. Acquisition of data is the primary function.To be useful, data should have three important characteristics ± timeliness, sufficiency and relevancy (asshown in figure ). Management of acquisition lies in ensuring that these are satisfied before they arestored for processing and decisions taken on the analysis.

There should be data about customers, suppliers, market conditions, new technology, opportunities,human resources, economic activities, government regulations, political upheavals, all of which affect theway you function. Most of the data go on changing because the aforesaid sources have uncertaintyinherent in them. So updating data is a very important aspect of their management.Storing what isrelevant in a form that is available to concerned persons is also important. When a project is underwaydataflow from all members of the team will be flowing with the progress of activities. The data may beabout some shortfalls for which the member is seeking instructions. A project manager will have toanalyse them, discover further data from other sources and see how he can use them and take decisions.Many times he will have to inform and seek sanction from top management.The management will have to study the impact on the overall organisational goals and strategies andconvey their decisions to the manager for implementation. For example, Bill of Materials is a veryimportant document in Project Management. It contains details about all materials that go into the projectat various stages and has to be continuously updated as all members of the project depend upon it for providing materials for their apportioned areas of execution. Since information is shared by all members,there is an opportunity for utilising some of them when others do not need them. To ascertain availabilityat some future point of time, information about orders placed, backlogs, lead times are important for allthe members. A proper MIS will take care of all these aspects. ERP packages too help in integrating datafrom all sources and present them to individual members in the way they require. When all these are doneefficiently the project will have no hold ups an assure success. b.What is the significance of reviewing ROI? ROI Return on Investment (ROI) is the calculated benefit that an organisation is projected to receive in returnfor investing money, time and resources in a project. Within the context of the review process, theinvestment would be in an information system development or enhancement project.ROI information is used to assess the status of the business viability of the project at key checkpointsthroughout the project¶s life-cycle. ROI may include the benefits associated with improved missionperformance, reduced cost, increased quality, speed, or flexibility, and increased customer and employeesatisfaction.ROI should reflect such risk factors as the project¶s technical complexity, the agency¶s managementcapacity, the likelihood of cost overruns, and the consequences of under or non-performance.

Whereappropriate, ROI should reflect actual returns observed through pilot projects and prototypes.ROI should be quantified in terms of money and should include a calculation of the break-even point(BEP), which is the time (point in time) when the investment begins to generate a positive return. ROIshould be re-calculated at every major checkpoint of a project to see if the BEP is still on schedule, basedon project spending and accomplishments to date.If the project is behind schedule or over budget, the BEP may move out in time; if the project is ahead of schedule or under budget the BEP may occur earlier. In either case, the information is important for decision-making based on the value of the investment throughout the project life-cycle. Any project thathas developed a business case is expected to refresh the ROI at each key project decision point (that is,stage exit) or at least yearly

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