ML0018-Project Management in Retail

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ASSIGNMENT

PROGRAM	MBADS (SEM 4/SEM 6)MBAFLEX/ MBA (SEM 4) PGDROMN (SEM 2)
SEMESTER	2
SUBJECT CODE & NAME	ML0018-Project Management in Retail
CREDIT	4
BK ID	B1844
MAX.MARKS	60

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.

1 Describe the various Project Management Tools.

Answer: The project management process typically includes four key phases: initiating the project, planning the project, executing the project, and closing the project. An outline of each phase is provided below.

Initiating the Project

The project management techniques

2 Explain the Retail Project Formulation for Franchise Business

Answer: A clear and definite plan outlined by the retailer to tap the market A plan to build a long-term relationship with the consumers Process of strategy formulation in retail is the same  as that for any other industry It starts with the retailer defining or stating the mission for the organization The mission is at the core of the existence of the retailer Other aspects of the strategy may change over a period of time or vary for different markets.

Retail Strategy:

3 Explain Project Risk and its types

Answer: Risk Analysis is often conducted in two different ways – Qualitative and Quantitative. For a proper risk assessment of any project plan or project management system, it is vital to understand the basic defining difference between them.

Risk analysis is an essential managerial perception that is needed to identify existing and potential threats, vulnerabilities, and other workplace hazards that can compromise the performance of any organizational set-up and overall performance. How

4 Describe different activities related to the Retail Project Execution

Answer: Retail Project Merchandisers are responsible for executing merchandising projects to display products at a variety of different retail accounts within an assigned territory.

Retail Project Merchandisers Responsibilities

5 Briefly explain Retail Project life cycle stages.

Answer: Project management includes:Developing a project plan, which includes defining project goals and objectives, specifying tasks or how goals will be achieved, what resources are need, and associating budgets and timelines for completion Implementing the project plan, carefully to make sure the plan is being managed according to plan.

6 Write short notes on:

a) Maximin Decision Rule(Pay off model)

Answer: Minimax is a decision rule used in decision theory, game theory, statistics and philosophy for minimizing the possible loss for a worst case (maximum loss) scenario. Originally formulated for two-player zero-sum game theory, covering both the

b) ISO 9000

Answer: The ISO 9000 family addresses various aspects of quality management and contains some of ISO’s best known standards

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