Spring 2012 (February 2012) Master of Business Administration - MBA Semester 2 MB0049 Project Management (4 credits) (Book ID:

: B1138) ASSIGNMENT- Set 1 Marks 60 _________________________________________________________________________ Note: Each Question carries 10 marks. Answer all the questions. Q1. Define project management. Discuss the need for project management.

Project Management is all about a mindset. The major characteristics of project mindset.

Characteristics of project mindset a) Time: It is an important parameter in framing the right mindset. It is possible to improve the pace of the project by reducing the time frame of the process. The mindset is normally to work out a comfort mode by stretching the time limits. b) Responsiveness: It refers to quickness of response of an individual. The vibrancy and liveliness of an individual or an organisation are proportional to its capabilities to respond to evolving processes and structure. c) Information Sharing: Information is power. Information is the master key to todays business. Information sharing is an important characteristic of the project mindset today. A seamless flow of information is a key to build a healthy mindset among various stakeholders in a project. d) Processes: Project mindset lays emphasis on flexible processes. The major difference in a process and a system is in its capabilities of providing flexibility to different situational encounters. Flexible processes possess greater capabilities of adaptability.

e) Structured planning: Structured planning based on project management life cycle enables one to easily and conveniently work according to the plan. It also enables efficient use of project resources and prioritisation of the activities based on resource planning. Hence having a right mindset and flexible processes in place is very important for a sound project management. Now let us have an assessment exercise.

Dear Students, Get your complete assignments from Our ESTEEMED ORGANIZATION

smumbaassignment.com Just email to kvsude@gmail.com or S M S to +91 9995105420. for knowing the detailed Procedure. message Format - SMU MBA <Name> <E-MAIL ID> <SEM ? > To +91 9995105420 , we will reach back you with in 24H Or Directly call our Region East Office +974 55702886 . More Info, Kindly visit smumbaassignment.com Best Regards, Admin smumbaassignment.com

Q2. What is meant by risk management? Explain the components of risk management. 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 minimise 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 materialises.

Dear Students, Get your complete assignments from Our ESTEEMED ORGANIZATION

smumbaassignment.com Just email to kvsude@gmail.com or S M S to +91 9995105420. for knowing the detailed Procedure. message Format - SMU MBA <Name> <E-MAIL ID> <SEM ? > To +91 9995105420 , we will reach back you with in 24H Or Directly call our Region East Office +974 55702886 . More Info, Kindly visit smumbaassignment.com Best Regards, Admin smumbaassignment.com

Q3. Discuss the various steps in project monitoring and control. Project Monitoring and Control Any project aimed at delivering a product or a service has to go through phases in a planned manner in order to meet the requirements. It is very important to measure the performance of the Q4. What is Project Management Information System (PMIS)? What are the major aspects of PMIS?

Project Management Information System (PMIS) An information system is mainly aimed at providing the management at different levels with information related to the system of the organisation. It helps in maintaining discipline in the system.

Q5. What is PERT chart? What are the advantages of PERT chart? A number of activities make a project. Due to technological necessities, some activities can be performed only after some others have been completed. Some activities are independent of some other set of activities.

Q6. Write brief notes on the following: (i) Re-engineering and a) Reengineering: This is a process by which managers redesign a bundle of tasks into roles and functions so that organisational effectiveness is achieved. By doing so dramatic improvements in critical measures of performance like cost, quality and service are expected. There will be a radical rethink about the business processes adopted.

Spring 2012 (February 2012)

Master of Business Administration - MBA Semester 2 MB0049 Project Management (4 credits) (Book ID: B1138) ASSIGNMENT- Set 2 Marks 60 _________________________________________________________________________ Note: Each Question carries 10 marks. Answer all the questions. Q1. What are the various phases of project management life cycle? Explain Project Life Cycle and Process Flows The Project Life Cycle refers to a logical sequence of activities to accomplish the projects goals or objectives. It thus outlines the important processes that are required by any project from start to end. Normally a project will go through a sequence of processes . Project process flow In the preparation stage, the project manager, along with the associates and team members, draft the outline of the project. They identify the various factors required to be taken care of in the project. Based on their discussion, they formulate the plans and model the activities for execution. They prepare the budget. After the model is approved, they recommended it for implementation. During the planning stage, roles and responsibilities of the various members involved in the project are listed out. In addition, the project team works on the feasibility report to assess the project feasibility with respect to time, finance and technicalities. A thorough risk analysis is also performed to arrive at the uncertainty factors. The findings of the risk analysis are used to establish the control factors to be exercised during the execution of the project. Various monitoring tools are set to monitor the project progress. All the key issues found at the planning stage of a project are documented in a project plan. Project Plan

A project plan is documented with the following key issues Key stages of the project Project logic diagram Key stages responsibility chart Estimates for all key stages Optimised project Gantt chart Updated and reviewed project risk log Risk management forms for new high risks Project operating budget

Dear Students, Get your complete assignments from Our ESTEEMED ORGANIZATION

smumbaassignment.com Just email to kvsude@gmail.com or S M S to +91 9995105420. for knowing the detailed Procedure. message Format - SMU MBA <Name> <E-MAIL ID> <SEM ? > To +91 9995105420 , we will reach back you with in 24H Or Directly call our Region East Office +974 55702886 . More Info, Kindly visit smumbaassignment.com Best Regards, Admin

smumbaassignment.com

Q2. Write brief note on project planning and scoping. Project Planning and Scoping Before you create a project plan, you need to define the project scope. A project scope provides the information that you need to complete the project plan.

Q3. What is Return on Investment (ROI)? Explain its importance Return on Investment (ROI) is the calculated benefit that an organisation is projected to receive in return for investing money, time and 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 projects life-cycle. ROI may include the benefits associated with

Q4. Discuss the role of effective data management in the success of project management. The Role of Effective Data Management in the Success of Project Management Data management consists of conducting activities which facilitate acquiring data, processing it and distributing it. Acquisition of data is the primary function.

Q5. What is Project risk management? Explain its significance. Dear Students, Get your complete assignments from Our ESTEEMED ORGANIZATION

smumbaassignment.com Just email to kvsude@gmail.com or S M S to +91 9995105420. for knowing the detailed Procedure. message Format - SMU MBA <Name> <E-MAIL ID> <SEM ? > To +91 9995105420 , we will reach back you with in 24H Or Directly call our Region East Office +974 55702886 . More Info, Kindly visit smumbaassignment.com Best Regards, Admin smumbaassignment.com

Project risk management is all about the systematic process of identifying, analysing, prioritising and responding to risk by applying risk management principles and controlling the probability and/or impact of unfortunate events at the project level. It attempts to maximise the probability

Q6. Write brief note on project management application software. Support Software While software vendors are confident of making it work, two yawning gaps still remain: 1. Business processes which are not covered in such software

Dear Students, Get your complete assignments from Our ESTEEMED ORGANIZATION

smumbaassignment.com Just email to kvsude@gmail.com or S M S to +91 9995105420. for knowing the detailed

Procedure. message Format - SMU MBA <Name> <E-MAIL ID> <SEM ? > To +91 9995105420 , we will reach back you with in 24H Or Directly call our Region East Office +974 55702886 . More Info, Kindly visit smumbaassignment.com Best Regards, Admin smumbaassignment.com