ASSIGNMENT

1.

How can risks be prioritized in a project management? Give any suitable example.

Ans : Risk Management Risks are those events or conditions that may occur and whose occurrence has a harmful or negative impact on a project. Risk management aims to identify the risks and then take actions to minimize their effect on the project. Risk management entails additional cost. Hence risk management can be considered cost effective only if the cost of risk management is considerably less than the cost incurred if the risk materializes. Risk prioritization – Risk prioritization focus on the highest risk. Prioritization requires analyzing the possible effects of the risk event in case it actually occurs. This approach requires a quantitative assessment of the risk probability and the risk consequences. For each risk rate the probability of its happening as low, medium or high. If necessary, assign probability values in the ranges given for each rating. For each risk, assess its impact on the project as low, medium, high or very high. Rank the risk based on the probability. Select the top few risk items for mitigation and tracking. Refer to a list of commonly used risk mitigation steps for various risks from the previous risk logs maintained by the PM and select a suitable risk mitigation step. The risk mitigation step must be properly executed by incorporating them into the project schedule. In addition to monitoring the progress of the planned risk mitigation steps periodically revisit the risk perception for the entire project. The results of this review are reported in each milestone analysis report. To prepare this report, make fresh risk analysis to determine whether the priorities have changed. 2. Mention any six characteristics of interpersonal behaviour. What are the types of reviews? Ans : 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 is therefore important that in a business environment, particularly in Project Management, an effort to evolve solutions jointly has great benefits, both

for the teams as well as the organization. The top management has the responsibility of encouraging such a culture to develop team work to healthy interpersonal behaviour. Interpersonal behaviour calls for: • Projection of a pleasant, but firm personality • 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 and exhibiting dependency • Putting team goals ahead of individual targets. The project manager should make it a habit of expressing appreciation openly for any good work done. Cross Functional Teams have become a necessity and the synergy they generate would be lost if interpersonal behaviour is not of high standard. As members are from different functions, understanding the requirements or compulsions of others is difficult. This fact 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. 2. 3. 4. Initiation Reviews (IR) Planning and Proposal Reviews (PPR) Procurement Reviews (PR) Quality Assurance Reviews (QAR)

A project review is a process where we capture information from the team experience and see the variances and deviations from the plan. These reviews help in increasing productivity and improve organizational success. The purpose of the reviews can be generally stated as under. Depending on the manager’s ability they can be made more meaningful. Performance improvement starts with commitment to an agreed plan. The reviews are meant to keep the activities 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 a decision based on this initial Review. Checking if all the necessary activities were done before presenting a customer the proposal or solution Checking if all the formal agreements and procedures were formally accepted and reviewed between the customer and the project delivery organization. Finding out the deviation and allowing elbow room for changes in the action plan for improvement.

3. What are the main considerations in planning P2M? Give relevant examples. Ans : 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 issues related to benefits and risks. Bringing about the attention of management to a defined set of benefits, which are understood immediately, which are managed throughout the implementation and at completion. Helping top management to set priorities, choosing options and allocate resources Setting up mechanisms to measure and ensure that the projects making contributions for realizing 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 transitions are 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 activities that 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 and identifying business areas responsible for different stages

in the above; 1. Making sure that the priorities that the above generate are relevant and the projects are 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 programme and project level – are acceptable to both the top management and managers;
3.

Planning the various points of review between various phases of the projects. The process has to incorporate all the important aspects which are to be addressed during implementation and management of the projects. It is important to identify all factors and incorporate resources – men, materials, technology and time – so that their provision can be planned.

Managing the Programme When we consider the portfolio of projects as a programme, the main considerations will be on 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 monitoring the change processes that get enmeshed during implementation. The specifics concerning the above are listed below: i) Evaluating the risks associated with the programme – the planned changes to the business operations; ii) Ensuring that the processes to ensure quality are sufficient and purposes are fully met; iii) Keeping track of the changes and developments external to the project environment and studying their impact on the programme. iv) Making sure that the personnel in business affected by the above are informed and trained so that the projects are smoothly; v) Ensuring that the support services like human resources and IT are able to adopt to the changes that take place in the projects and business operations as a whole. 4. What is the significance of reviewing ROI? Explain in detail.

Ans : ROI - Return on Investment (ROI) is the calculated benefit that an organization is projected to receive in return for investing money (resources) in a project. Within the context of the Review Process, the investment 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 checkpoints throughout the project’s lifecycle. ROI may include the benefits associated with improved mission performance, reduced cost, increased quality, speed, or flexibility, and increased customer and employee satisfaction. ROI should reflect such risk factors as the project’s technical complexity, the agency’s management capacity, the likelihood of cost overruns, and the consequences of under or nonperformance. Where appropriate, ROI should reflect actual returns observed through pilot projects and prototypes. ROI should be quantified in terms of dollars and should include a calculation of the breakeven point (BEP), which is the date when the investment begins to generate a positive return. ROI should be recalculated at every major checkpoint of a project to se if the BEP is still on schedule, based on 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 lifecycle. Any project that has developed a business case is expected to refresh the ROI at each key project decision point (i.e., stage exit) or at least yearly. Exclusions If the detailed data collection, calculation of benefits and costs, and capitalization data from which Return on Investment (ROI) is derived was not required for a particular project, then it may not be realistic or practical to require the retrofit calculation of ROI once the project is added to the Review portfolio. In such a case, it is recommended that a memorandum of record be developed as a substitute for ROI. The memorandum should provide a brief history of the program, a description of the major benefits realized to date with as much quantitative data as possible, and a summary of the process used to identify and select system enhancements. Some of the major benefits experienced by sites that installed the information system that would be important to include in the memorandum are: a) Decommissioning of mainframe computers b) Reduction/redirection of labour c) Elimination of redundant systems d) Ability to more cost effectively upgrade all sites with one standard upgrade package.

In each case above, identify the specific site, systems, and labour involved in determining the cited benefit. Identify any costs or dollar savings that are known or have been estimated. The memorandum will be used as tool for responding to any future audit inquiries on project ROI. For the Project Management Review, it is recommended that the project leader replace the text on the ROI document through 1) a note stating which stage of its cycle the project is in; (2) A bulleted list of the most important points from the memorandum of record; and (3) a copy of the memorandum of record for the Review repository. In subsequent Reviews of the information system, the ROI slide can be eliminated form the package. There is one notable exception to this guidance. Any internal use software project in the maintenance phase of its lifecycle that adds a new site or undertakes an enhancement or technology refresh that reaches the cost threshold established by Standard will need to satisfy capitalization requirements. It requires all agencies to capitalize items acquired or developed for internal use if the expected service life is two or more years and its cost meets or exceeds the agency’s threshold for internal use software. The standard requires capitalization of direct and indirect costs, including employee salaries and benefits for both Federal and Contractor employees who materially participate in the Software project. Program managers are considered to be the source of cost information for internal use software projects. If capitalization data is collected for the project in the future, the project would be expected to calculate and track its ROI. 5. What is meant by baseline? How is it reviewed?

Ans : Baseline The Baseline created can be used to compare the original project plan with actual events and achievements. This will display the days required for each task and project phase. For actual operating instruction please refer the Microsoft Project User Handbook. The Microsoft Project family of products offers tools to work on a Project from management point of view. Microsoft Project is designed for people who manage projects independently and don’t require the capability to manage resources from a central repository. Microsoft has a team project management solution that enables project managers and their teams to collaborate on projects. After creating a fairly complete final project plan it is a good idea to

create a baseline to compare the original project plan with actual events and achievements. Reviewing baseline This will display the days required for each task and project phase. It includes Tracking Progress After creating a baseline, if the project has begun, it is necessary to enter actual dates that tasks are being completed and the resource utilization used to complete them. Again review different views and the cost and summary tables before proceeding to the next section. Return to the Entry view of the Gantt chart before proceeding. Balancing Workloads At times people and equipment can become assigned more work than they can complete in normal working hours. This is called over allocation. Project can test for this condition and reschedule (or level) their workload to accommodate completing tasks during a normal day. Monitoring Variance After a baseline has been established and the project has begun, it is desirable to determine if tasks are being accomplished on time and /or if cost over runs are occurring. Creating Reports Project has many different built-in reports and has the capability building custom reports and exporting data to other MS Office applications for integration into other reporting venues. Explain in detail GDM and its key features?

6.

Ans : GDM - The Global Delivery Model (GDM) is adopted by an Industry or Business such that it has a capability to plan design, deliver and serve to any Customers or Clients Worldwide with Speed, Accuracy, Economy and Reliability. The key Features of GDM are · Standardization Modularization

Minimum Customization Maximum Micro structure Adoption of a Combination of the Greatest Common Multiple and the Least Common Factor of a Large Mass of Microbial Componentsa)

Standardization - Ingenious Design and Development of Components and Features which are like to be accepted by 90% of Worldwide Customers. Global Standards of Design focusing on highly standardized Methods and Processes of manufacture or Development. Adopt Plug and socket Concepts with minimum adaptable joints or Connections. Modularization - Product or Solution split up into smallest possible individual Identifiable Entities, with limited Individual Functioning Capability but powerful and robust in Combination with other Modules. Minimum Customization - Minimum Changes or Modifications to suit Individual Customers. Maximum micro structuring - Splitting of the Product Modules further into much smaller entity identifiable more through characteristics rather than application Features. Approach through Standardization of these Microbial Entities even across Multiple Modules. Application of these Microbial Entities to rest within multiple Projects or Products or even as add-ons suit belated Customer Needs.

b)

c)

d)

Special Features of GDM Some of the special features of GDM are · • • • • • • • • • Cuts across Geographical and Time Zone Barriers Unimaginable Speeds of Response and Introduction. Common Pool of Microbial Components Largely Independent of Skill Sets required at Delivery Stages Highly automated Processes Quality Assurance as a Concurrent rather than a Control Process Near Shore Development, Manufacture and Delivery for better Logistics Mapping of Economical Zones rather than Geographic Zones Continuous Floating virtual Inventory to save Time and Efforts.

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