MB0049 - PROJECT MANAGEMENT

DRIVE	FALL 2015
PROGRAM	MBA/ MBADS/ MBAFLEX/ MBAHCSN3/ PGDBAN2
SEMESTER	II
SUBJECT CODE & NAME	MB 0049 - PROJECT MANAGEMENT
BK ID	B1632
CREDIT & MARKS	4 CREDITS, 60 MARKS

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Assignment

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q. 1. Explain the phases of project management life cycle.

Answer:The process of directing and controlling a project from start to finish may be further divided into 5 basic phases:

1. Project conception and initiation: An idea for a project will be carefully examined to determine whether or not it benefits the organization. During this phase, a decision making team will identify if the project can realistically be completed. In this phase, the project team selects the project and decides if it will benefit the organization. They define the scope of the project and the desired outcomes. Before beginning a project, the team decides if the project is realistic and can be completed within the three key project constraints of time, money and scope.         

Q. 2.Write short notes on:

a. Economic feasibility of a project

Answer:A feasibility study may also include an economic analysis of the project. The purpose of economic analysis is to determine whether there is an economic case for the investment decision. This assessment goes beyond the items typically included in a financial analysis. Economic feasibility is interested in:

·         the economic

b. Need for project planning

Answer: A project plan is a crucial element of project management, as it defines the project's main objectives regarding collaboration, time constraints and finances. The plan is subject to change during the course of the project, and a clearly detailed plan should be implemented and updated regularly. Disregarding the planning stage will ultimately conclude with a failed project.

·         Accountability: A project plan allows those of authority to delegate tasks and assign roles and responsibilities related to the project's goals. A clearly defined plan eliminates the dilemma of task duplication

c. Diversity management

Answer:Diversity management is the strategy of using best practices with proven results to find and create a diverse and inclusive workplace. Diversity management is the “recognition and valorization of individual differences”. The concept of diversity encompasses acceptance and respect. It means understanding that each individual is unique, and recognizing our individual differences. These can be along the dimensions of race, ethnicity, gender, sexual orientation, socioeconomic status, age, physical abilities, religious beliefs,

d. Rules for network construction

Answer:As an experimental system, seed germination is well suited to assess coprediction for network construction. The decision to complete germination is a binary and irreversible developmental phase transition. The annotation of transcriptomic samples based on this developmental fate is therefore reduced to a simple binary classification. The generation of a network demonstrating developmentally regulated domains of genes and associations between the genes in Arabidopsis seeds reflects the accurate reconstruction of functional

Q. 3.What are the key steps for effective risk management?

Answer:A common definition of risk is an uncertain event that if it occurs, can have a positive or negative effect on a project’s goals. The potential for a risk to have a positive or negative effect is an important concept. Why? Because it is natural to fall into the trap of thinking that risks have inherently negative effects. If you are also open to those risks that create positive opportunities, you can make your project smarter, streamlined and more profitable. Think of the adage -“Accept the inevitable and turn it to your advantage.” That is what you do when you mine project risks to create opportunities.

Q. 4.Write a short notes on

a. Parametric estimating tool of cost estimating

Answer: In the Estimate Costs process, the cost of each project activity is estimated. An interesting thing about this process is that it also uses the same three tools used in the Estimate Activity Duration process. In the estimate activity duration process, you were determining the time taken by each activity and now, in estimating costs process, you have to calculate the total cost of the project.

In this process, the cost of each activity is determined

b. Procurement process

Answer: Procurement is the acquisition of goods, services or works from an external source. It is favourable that the goods, services or works are appropriate and that they are procured at the best possible cost to meet the needs of the acquirer in terms of quality and quantity, time, and location.Corporations and public bodies often define processes intended to promote fair and open competition for their business while minimizing exposure to fraud and collusion.

c. Project team’s responsibilities in project execution

Answer: The Project Team is the group responsible for planning and executing the project. It consists of a Project Manager and a variable number of Project Team members, who are brought in to deliver their tasks according to the project schedule.

·         The Project Manager is the person responsible for ensuring that the Project Team completes the project. The Project Manager develops the Project Plan with the team and manages the team’s performance of project tasks. It is

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d. Project termination

Answer:Project termination is one of the most serious decisions a project management team and its control board have to take. It causes frustration for those stakeholders who sincerely believed - and in most cases still believe – that the project could produce the results they expected, or still expect. The project manager and his or her team

Q. 5.What is Quality planning? Explain the inputs, tools and techniques and outcomes of quality planning.

·         Definition of quality planning

·         Description of the inputs to quality planning

·         Description of the tools and techniques to quality planning

·         Description of the outputs from quality planning

Answer:Quality Planning is a critical part of any project. It enables you to agree a set of quality targets with your customer. It then helps you to

Q. 6.Describe the various types of project performance evaluation techniques. List any FOUR benefits of performance measurement and evaluation.

Answer:Performance evaluation is the process by which information from the monitoring program is used to evaluate the status of the mitigation wetland in relation to the performance standards. In large measure, the performance standards will dictate the type of monitoring data needed and the analyses necessary to determine the mitigation wetland's level of performance.

Career Development: Performance evaluations allow managers to help employees with career development. Performing an unbiased evaluation can point out where employees are excelling and the areas needing improvement. After the

Dear students get fully solved  SMU MBA assignments

Send your semester & Specialization name to our mail id :

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