PM0011 – PROJECT PLANNING AND SCHEDULING

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Assignment

DRIVE	SRING 2016
PROGRAM	MBADS (SEM 3/SEM 5)MBAFLEX/ MBA (SEM 3)PGDPMN (SEM 1)
SUBJECT CODE & NAME	PM0011 – PROJECT PLANNING AND SCHEDULING
BK ID	B1937
CREDIT & MARKS	4 CREDITS & 60 MARKS

Question. 1. Write short notes on:

Hierarchy of organisational objectives

Answer:Hierarchy of Objectives:The hierarchy of objectives is a tool that helps analyze and communicate the project objectives. It organizes these objectives into different levels of a hierarchy or tree. Different organizations use different names for the various levels and the types of objectives at each level, but otherwise there is a great deal of similarity in approach.

This approach organizes objectives into three broad levels:

·         Policy

Porter model a tool for identifying investment opportunities

Answer:Michael Porter’s Five Forces is a model used to explore the environment in which a product or company operates to generate competitive advantage.

Michael Porter (Harvard Business School Management Researcher) designed various vital frameworks for developing an organization’s

Design phase of project management life cycle

Answer:Up to now, the project team and the client have focused on high-level questions regarding the project. These start with simple questions like "why is this solution important?," "what is the business value?" and "what are we going to deliver?" In the Design Phase, these questions are taken to a lower level of detail, and you start to ask the "how" questions. The big one is "how will we build this solution?"

At this point, the project team should have a complete set of requirements to work from, a set of direction-setting strategies and a Conceptual Systems Design. The design process comes next. Even if the project was small and the requirements were

Question.2 Budget Estimation of ABC Company Ltd.

ABC Company Ltd., established in 1985, is engaged in the manufacturing of leather accessories. Over the years, the company, which started out as a local firm,has made its mark as an international corporation. However, the company is still working as a traditional set up.

The high quality and durability of products have increased the demand of the products in the market. As the production of the organisation is being increased to meet the demand, the traditional set up is creating hurdles in the production process.

Organisation conflicts have arisen among the team members because of the unorganised hierarchical structure of the company, which is affecting the output of the organisation. Now that the management has decided to expand the business and opened up branches abroad, the company is facing two more problems. The first problem is in budgeting as the company is unfamiliar with international market conditions, strategy, and business policy while the second problem is conflicts at the time of team formation due to lack of experience of and exposure to multinational work

culture, which has further affected the output of the company.

The company can estimate the budget through two methods, the bottom - up approach

and the top - down approach. The bottom -up approach is generally followed by the MNCs as it is more accurate and reliable.

Mr.Parag has been appointed as the country head of the company and he has also been assigned the responsibility of incorporating the advanced project set up in the organisation.

Questions:

Which project estimation approach should be used by the company and why?

Bottom-up estimating (also called detail or resource-driven estimating)

Bottom-up estimating is an extremely helpful technique in project management as it allows for the ability to get a more refined estimate of a particular component of work. In bottom-up estimating, each task is broken down into smaller components. Then, individual estimates are developed to determine what specifically is needed to meet the requirements of each of these smaller components of the work. The estimates for the smaller individual components are then aggregated to develop a larger estimate for the entire task as a whole. In doing

Question.2. What type of project organisation structure should be used by the company and why?

This is one of the main benefits of projectized organized structure, as they are adaptive and learn from their own as well as from others’ experiences.

In projectized organizations, most of the resources are utilized in the project work. Projectized organizations are only interested in the project work which they get from external clients. Usually they have some small departments such as Admin,

Question.3 What is the importance of operational feasibility? Explain the factors that affect operational feasibility.

Answer:A feasibility study aims to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats present in the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained.

A well-designed feasibility study should provide a historical background of the business or project, a description of the product or service,

Question.4. Write short notes on:

Crashing

Answer:It is the process by which duration of project is reduced by INCREASING the amount of RESOURCES allocated. It is important to note that crashing is done only to CRITICAL activities. This can be achieved by any of the following approaches:

1)  Addressing productivity issues of the current resources and making them more efficient. This can be done by taking better care of resources ava

Precedence diagramming method

Answer:The precedence diagram method (PDM) is a tool for scheduling activities in a project plan. It is a method of constructing a project schedule network diagram that uses boxes, referred to as nodes, to represent activities and connects them with arrows that show the dependencies. It is also called the activity-on-node (AON) method.

·         Critical tasks,

Resource allocation

Answer:Resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets or central planning. In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.

In economics, the area of public

Scope creep

Answer:Scope creep (also called requirement creep, function creep and feature creep) in project management refers to uncontrolled changes or continuous growth in a project’s scope. This can occur when the scope of a project is not properly defined, documented, or controlled. It is generally considered harmful.

Question.5 What do you understand by cost of quality? Elaborate on various types of costs of quality associated with a project.

Answer:In process improvement efforts, quality costs or cost of quality is a means to quantify the total cost of quality-related efforts and deficiencies. It was first described by Armand V. Feigenbaum in a 1956 Harvard Business Review article.

Prior to its introduction, the general perception was that higher quality requires higher costs, either by buying better materials or machines or by hiring more labor. Furthermore, while cost accounting had evolved to categorize financial transactions into revenues, expenses, and changes in shareholder equity, it had not attempted to categorize costs relevant to quality, which is especially important given that most people involved in manufacturing never set

QUESTION 6. What do you understand by project scope? What are the various components ofproject scope? What is scope creep? Explain various reasons for scope creep.

Answer: Scope creep can mean many things depending upon context so it is probably best that I start by explaining my definition. For the purposes of this article, scope creep is the process by which a project grows beyond its originally anticipated size.

I’d be willing to bet that most people who read that sentence are likely to conjure up images of unscrupulous clients seeking to take advantage of well-meaning service providers, but scope creep is more often down to misunderstanding than anything else.

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