Master of Business Administration - MBA Semester 2 MB0049 Project Management (4 credits) (Book ID: B1138) ASSIGNMENT- Set 1 Marks

s 60 ___________________________________________________________ Note: Each Question carries 10 marks. Answer all the questions. Q1. Define project management. Discuss the need for project management. Ans. Project: A project is a set of activities which are n/wed in an order and aimed at achieving the defined goals for which the project is undertaken, under completion of all the activities, the goals of the project would have been achieved. Management: Management is the technique of understanding the problems and needs and controlling the use of resources, such as cost, time, manpower, and materials. Project management: It is an art of controlling the cost, time, manpower, and hardware and software resources and the limitations involved in a project. Need: 1) Preventing project failure: a project requires huge investments, which should not go waste. A lost in any project would have direct or indirect impact on the society. Project management helps an organization prevent failures in project. 2) Controlling project scope: scope of the project activity may undergo a change. Project management helps an organization define and control project scope. 3) Improving understanding: lack of understanding of the project among the participants leads to failure. Project management helps participants understand the project and its purpose.

4) Managing risks: a project is vulnerable to various risks. A project is affected if the technology used is changed during the course of project execution. Similarly changes in economic conditions may affect a project. Project management is very useful in assessing and mitigating such risks. 5) Managing project problems: consequences of ignoring project related problems can be very serious. Project management helps in identification and communication of problem areas. Q2. What is meant by risk management? Explain the components of risk management. Ans. Risk is an inherent part of any project. Risks can be at any stage of the project life cycle and create impact based on it. In simple words, project words, project risk can be defined as the possibility that something may go wrong, or at least not turn out as planned. In any project, it is difficult to assess the quantum of risks involved. Therefore careful planning will result in minimizing the risk in a project is based on the estimates of the past data available with the project management team. The data may have been from the recorded information about past projects executed successfully or from the experience of the project management team member. Components: 1) Risk assessment:- identify the possible risks and assess the consequences by means of checklists of possible risks, surveys, meeting and brainstorming and reviews of plans, processes and products. The project manager can also

Q3. Discuss the various steps in project monitoring and control. Ans.

Q4. What is Project Management Information System (PMIS)? What are the major aspects of PMIS? Q5. What is PERT chart? What are the advantages of PERT chart? Q6. Write brief notes on the following: (i) Re-engineering and (ii) Restructuring