PM 0010 – INTRODUCTION TO PROJECT MANAGEMENT

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ASSIGNMENT

DRIVE	SPRING 2016
PROGRAM	MBA
SEMESTER	III
SUBJECT CODE & NAME	PM 0010 – INTRODUCTION TO PROJECT MANAGEMENT
BK ID	B1936
CREDIT & MARKS	4 CREDITS & 60 MARKS

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.

Question.1. Define project and also elaborate different characteristics of a project?What do you understand by Project Management and also discuss itsobjectives?

Answer:Problems arise in every organization. Such problems as what products/systems to develop, should capacity be expanded, or should a computer be purchased are just a few of an endless number of continuing problems about which management must concern itself if the firm is to survive. These problems and their alternative solutions establish some elements of change around which the organization must adapt. Projects are generally established to carry out these changes and someone is always responsible for each project's successful completion.

In the past, a company typically decided to undertake a

Question.2. Explain in detail the stages of Project Management Lifecycle withexamples?

Answer:The project manager and project team have one shared goal: to carry out the work of the project for the purpose of meeting the project’s objectives. Every project has a beginning, a middle period during which activities move the project toward completion, and an ending (either successful or unsuccessful). A standard project typically has the following four major phases (each with its own agenda of tasks and issues): initiation, planning, implementation, and closure. Taken together, these phases represent the path a project takes from the beginning to its end and are generally referred to as the project “life cycle.”

Initiation Phase: During the first of these phases, the initiation phase, the project objective or need is identified; this can be a business problem or opportunity. An appropriate response to the need is documented in a business case with recommended solution options. A feasibility study is conducted to investigate whether each option addresses the

Question.3. Explain the various types of project plans?

Write a short note on Financial Feasibility of a Project?

Answer:Project planning is part of project management, which relates to the use of schedules such as Gantt charts to plan and subsequently report progress within the project environment.Initially, the project scope is defined and the appropriate methods for completing the project are determined. Following this step, the durations for the various tasks necessary to complete the work are listed and grouped into a work breakdown structure. Project planning is often used to organize different areas of a project, including project plans, work loads and the management of teams and individuals. The logical dependencies between tasks

Question.4. Discuss any two types of Capital Budgeting Techniques in Projectselection?

What are the activities performed by procurement management?

Answer:Capital budgeting, or investment appraisal, is the planning process used to determine whether an organization's long term investments such as new machinery, replacement machinery, new plants, new products, and research development projects are worth the funding of cash through the firm's capitalization structure (debt, equity or retained earnings). It is the process of allocating resources for major capital, or investment, expenditures. One of the primary goals of capital budgeting investments is to increase the value of the firm to the shareholders.

Many formal methods are used in capital budgeting, including the techniques such as

Question.5. Discuss the concept and objectives of project evaluation?

Briefly explain the Planning-Monitoring-Controlling (PMC) Cycle?

Answer:Projects need to demonstrate clear goals, objectives and viability - with measurable outcomes and indicators. This document provides you with the preliminary planning framework to help you build such a project.

There are essentially three phases in a project lifecycle:

Phase 1: Needs assessment

Your group knows there are some crime problems/

Question.6. Discuss the importance of controlling and types of control?

Explain the different types of Project Termination?

Answer:Control may be grouped according to three general classifications:[3]

·         The nature of the information flow designed into the system (open- or closed-loop control)

·         The kind of components included in the design (man or machine control systems)

·         The relationship of control to the decision process (organizational or operational control).

Open- and closed-loop control: A street-lighting system controlled by a timing device is an example of an open-loop system. At a certain time each evening, a mechanical device closes the circuit and energy flows through the electric lines to light the

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