Question 1

Project management systems help in smooth functionating and supply of product without
any inconvenience. There are different approaches that can be used . Two of the major
approaches are Agile approach to project management and other being traditional
approaches to project management.

Traditional Approach to project management

It is a rectilinear cyclic approach which follows a specified organized structure in a

sequential form in all phases. The series of pattern followed is similar for all products. The
variable with respect to cost and time are fixed. It is a process that has least indulgence of
the customer and follows organized and conventional documentation.

Advantages
- The responsibility and requirements are fixed and helps in smooth functioning
- This approach prevents any diversion from the specified instructions as permission
needs to be taken from the project manager who has the ultimate control
- In case of failure , the accountability is fixed as the power is vested only in project
manager and makes it convenient to approach for quick updates
- Standard method for documentation is used and can set a guideline for prospective
projects

Disadvantages
- This approach is rigid and inconvenient for large projects
- The time consumption is more due to formal documentation

Agile approach to Project Management

It a not limited and defined approach . This process is adaptive and incorporates changes
through co-operation to bring the most desired outcomes. This process is engaging for the
customers and follows an inclusive interaction

Advantages
- Agile projects due to their flexibility suit the needs of modern times
- The interactive team work gives way to creative ideas and gives shared control of the
project to all members
- The project works in divided attainable tasks ensuring constant development

Disadvantages
- There is no set standard to be used to guide for future products
- In case of failure , it is unknown as to who must be contacted for accountability as all
members of team have shared ownership

-
Difference between traditional and agile approach
- The project scale for traditional approach is large scale whereas small and medium
for agile approach
- The customer interaction is very low whereas agile approach has a high customer
involvement
- Traditional approach has standard requirements whereas agile approach changing and
evolving
- Traditional approach is rigid whereas agile approach is convenient and flexible
- The. Process of development for traditional approach is fixed whereas it can be
changed for agile approach
- The project accountability only exists for project manager in case of traditional
approach , whereas, all members share accountability in case of agile approach
- Traditional approach is not convenient for complicated projects whereas , the
complex projects are best suited for agile approach

- Which approach should be used based on circumstance

- Both agile and traditional approach can be used depending on various factors . In the

present times , Agile is a more flexible choice , however , considering several factors,

traditional approach can be more desired. There are certain intricate products which

require a more formal documentation such as in cases of medicines , traditional

approach is preferable. where modern technology is incorporated, it is better to use agile

approach. In cases where there is a team with a high number of people, it is better to use
Traditional Approach . It is better to use traditional approach when requirements are

mentioned with clarity Agile approach shall be used in cases where the requirements are

not given with clarity.

Question 2

a)By way of aligning a project a set strategy is made out to attain the project goal by
analyzing and fixing resources that may be used in completing a project and helps prevent
failure in attaining the objectives of the organization. It is an effective way to utilize
resources to the advantage of the organizations

Question 2

b)Payback period fails to consider investment risks and cash inflow which happens after the
payback period and therefore does not analyze the all in all profitability considering all
factors. The value of time and money is disregarded by using this method solely. Markov
chains.

c) There are several causes of scope creep and various methods can be used to minimise it

1. Absence of clarity of Scope

In order to do a project with a favourable outcome , clarity is cruicial. When the scope is not
clearly decided before the project starts leads to problems in future and creates hassle.
To avoid this problem , it is important to make sure that there is sufficient clarity about the
scope of project . There must be inclusion of team members in discussing the scope to have a
better preparation and team member are aware of the requirements

2. Contradictory opinion of stakeholders

This affects the deadlines of the project when varying opinions of stakeholders keep coming in .
There is a high risk of confusion with regards to the prioritized task due to varying opinions. This
happens due to the fact that too many stakeholders are included . To avoid this situation , it is
advised to restrict the number of stakeholders that are included or to reach a consensus with all
the stakeholders to complete the project in a way that is commonly agreed to by all .

3. Not considering features to be of prime importance

Project features come together and bring forth the ultimate project . When no priority is given to
the features they lead to lack of clarity as what can be excluded from the scope when
compromises need to be made . To avoid this situation, it is pertinent to identify the crucial
features in the making of the poduct