Submitted by Muhammad Yahya Arslan

Roll no F17-1466
Exam term MID
Date 1/Mar/2021
Semester 8th
Subject Project Planning and Management
Submitted to Mr. Jawad Tariq

Department of Business Administration

QUESTION NO 1:

Briefly explain why project management is important and write down

project management advantages?

Answers:
Project management is the discipline of organizing and managing
resources e.g. people in such a way that the project is completed with in defined
scope, quality, time and cost constraints. Project management is the discipline
of initiating, planning, executing, controlling and closing the work of a team to
achieve specific goals and meet specific success criteria at the specified time.
Definition project management: project management keeps everything
moving smoothly on time and on budget that means when the planned time
frame is coming to an end the project manager may keep all the team members
working on the project to finish on schedule. For example, in architecture the
plan starts with an idea, progress to drawings and moving on to blue print
drafting with thousands of little pieces coming together between each step. The
architect is just one person providing one piece of the puzzle. The project
manager puts it all together.
Importance:
Project management most importance of project following some points.
 Consistent communication
No project plan is completed with out a solid communication structure
communication in project management is a largest importance in project
management. When start the project consistent communication aspects
that can have significant effect on performance of a team.
 Effective resources allocation
The biggest resources any project managers have at their disposal is the
team members. Similarity other resources like the budget, tools,
machinery, and others can be arranged effectively to avoid project delays
during execution. Through properly allocating each resource in the
beginning you can also monitor the phases that are more damaging
accordingly.
 Higher productivity
The job of project management is interconnected with being productive.
Through proper utilization of resources and having an efficient system in
place, a team can easily get more work done in a shorter amount of time
and increase productivity.
 Improved morale
 with continuous success and effective performance, your team gains more
confidence. Effective project managers inspire their team by incentivizing
and regularly rewarding top performance to keep everyone motivated.
 Quality control
 Learning by retrospection
 Better planning
Planning a project effectively right from the start lays the foundation for
successful project
 More flexibility
 Higher risk tolerance
Advantages:
 better efficiency in delivering services
 improved / increased/ enhanced customer satisfaction
 enhanced effectiveness in delivering services
 improved growth and development within your team
 greater standing and competitive edge
 opportunities to expend your services
 better flexibility
 increased risk assessment
 increase risk assessment
 increase in quality
 increase in quantity

QUESTION NO 2:

Explain all levels of project management phases with their diagrams and
characteristics?

Answers:
A project phases is a collection of logically related projects activities that
concludes when one or all objectives of the projects are achieved. A project
could be divided in to any number of phases. A phase may stress process from a
specific project management process group but each will execute most or all
processes in one or the other form. The flow of project phases is usually
sequential, but they can overlap too in some conditions. Different phases
typically have a different effort or duration. They are considered elements of the
project life cycle due to their high-level nature.
Characteristics:
 all passes have similar characteristics, irrespective of their number
comprising a project.
  To achieve the primary objective or deliverable of the phase, one requires
the unique process to the phase or its activities.
 In the end some form of transfer or hand-off of the work product is
expected to be produced as the phase deliverable.
 This phase end gives the time to re evaluate the activities underway and
to modify or dismiss the projects.
These all types of the phases to phases relationship.
1. Single phase project
2. Sequential phases project
3. Overlapping phases project
single phase project

if the single-
phase project specifically monitoring and controlling process. First the step of
initiating process in the project-based start. After the planning the process
project planned and the planned execute process and showing the all employed
after start the project through time and action plan. When the project closing
process. Project completely in timely.
Sequential phases project.

in a sequential relationship a phase starts only when the previous phase is

complete.
Step by step nature of this approach reduces uncertainty. But may eliminate
options for reducing the overall schedule.
Overlapping phases project

A phase starts prior to completion of the previous one. May require additional
resources to allow work to be done in parallel, may increase risk and can result
in rework if a subsequent phase progresses before accurate information is
available from the previous phase.

QUESTION NO 3:

What do you know about project portfolio management moreover explains

goals of portfolio management?

Answers:
if the projects and events divided different category allocate the work
performance. Sub portfolios and operations grouped together to facilitate
effective management of efforts to meet strategic business objectives.
Is centralized management of one or more portfolios that enable executive
management to meet organizational goals and objectives through efficient
decisions making on portfolio projects programs and operations. Investment that
meet the long-term financial objectives and risk tolerance of a client a company
or an institution.
For example, energy program sub portfolio infrastructure program. Building
structure program sub categorized for diversification and project complete in
time and action plan.
Goals of project management
 Finish on time
To succeed you need to manage your scope very carefully. Implement a
change control process so that any changes to the scope are properly
 managed. Always keep your plan up to date recording actual planned
progress identify any deviation from plan and fix them quickly.
 To finish under budget
to make sure that your project costs don’t spiral you need to set a project
budget at the starts to compare against. Include in this budget all the types
of project costs that will accrue. Whether they are to do with people
equipment’s, suppliers or materials then work out how much each task in
your plan is going to cost to complete and track my deviations from this
plan.
 To meet the requirements
the goal here is to meet the requirements that were set for the project at
the start whether the requirements were to install a new it system build a
bridge or implement new processes your project needs to produce
solutions which meet these requirements100%.
 To keep customer happy
To ensure that your project sponsor customer and other stakeholder are
happy at the end of your project you need to manage their expectation
carefully. Make sure you always keep them properly informed of
progress.
 To ensure a happy team
If you can do all of this with a happy team then you be more then willing
to do it all again for the next project. And that how your staff will feel
also staff satisfaction is critical to your project’s success.