MB0049,MB0049 – Project Management, spring / summer 2012

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 today’s

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.

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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.

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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 project’s 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

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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 project’s 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.

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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

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Documents

MB0049,MB0049 – Project Management, spring / summer 2012