Jasmine Pradnya

NPM: 2006482060

QUIZ 1 Project Management

Answer the following questions:

1. What is defined as a project?
A project is a temporary endeavor undertaken to create a unique product,
service, or result. The temporary nature of projects indicates that a project has a
definite beginning and end. Every project creates a unique product, service, or
result. The outcome of the project may be tangible or intangible. To be more specific,
A project can be considered to be any series of activities and tasks that:
- Have a specific objective to be completed within certain specifications
- Have defined start and end dates
- Have funding limits (if applicable)
- Consume human and nonhuman resources (i.e., money, people, equipment)
- Are multifunctional (i.e., cut across several functional lines)

2. What are advantages in using Project Management approach?

Advantages in using Project Management approach are :
- Identification of functional responsibilities to ensure that all activities are
accounted for, regardless of personnel turnover
- Minimizing the need for continuous reporting
- Identification of time limits for scheduling
- Improves company performance
- Identification of a methodology for trade-off analysis
- Measurement of accomplishment against plans
- Enables strategic alignment
- Increases efficiency
- Improves collaboration
- Provides exciting opportunities
- Ensures focus & direction
- Ensures proper planning

3. What are its disadvantages?

Disadvantages of using Project Management approach are :
- Project complexity
- Customer’s special requirements and scope changes
- Organizational restructuring
- Project risks
- Changes in technology
- Forward planning and pricing

4. Name and explain briefly Project Phases

 Jasmine Pradnya
NPM: 2006482060

Project initiation : Turning an abstract idea into a meaningful goal. Initiation ensures
the project’s benefits outweigh the costs.
- Selection of the best project given resource limits
- Recognizing the benefits of the project
- Preparation of the documents to sanction the project
- Assigning of the project manager
Project planning : A process to establish the total scope of effort, define and refine
objectives and develop action to achieve the objectives.
- Definition of the work requirements
- Definition of the quality and quantity of work
- Definition of the resources needed
- Scheduling the activities
- Evaluation of the various risks
Project execution : simply means putting your project plan into action. It often
begins with a project 'kick-off meeting'. During this phase, you will carry out the tasks
and activities from your project plan to produce the project deliverables.
- Negotiating for the project team members
- Directing and managing the work
- Working with the team members to help them improve
Project monitoring and control : Often overlap with execution as they often occur at
the same time. They require measuring project progression and performance, and
dealing with any issues that arise from day-to-day work.
- Tracking progress
- Comparing actual outcome to predicted outcome
- Analyzing variances and impacts
- Making adjustments
Project closure : During this last phase, you will complete your work and dissolve
the project. Closure doesn't necessarily mean success, but simply the final point of the
project
- Verifying that all of the work has been accomplished
- Contractual closure of the contract
- Financial closure of the charge numbers
- Administrative closure of the paperwork