Monday, 28 January 2013

MB0049 – Project Management

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MB0049_MBA_Sem2_Fall/August 2012
Master of Business Administration - MBA Semester 2
MB0049 – Project Management - 4 Credits
Assignment Set- 1 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
Q.1 Define Project Management Information Software. Discuss the various steps of PMIS planning.
Answer :  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.
An information system dealing with project management tasks is the project management information system. It helps
Q.2 Explain procurement process . What are the key steps involved in purchase cycle?
Answer :  Procurement process is the term used by businesses to describe the buying process, and can refer to the purchase of supplies or services. Many businesses use automated tools such as an Enterprise Resource Planning (ERP) system and Electronic Data Interchange (EDI) to assist procurement specialists or buyer with …………..

Q.3 Define project-type organisation and discuss it in detail
Answer : Project Type is one of the root characteristics of a project, which points its nature. Usually project type is a high-level definition of a project that helps to identify methodologies to be suitable, objects and resources to be involved into the project, and nature of products to be generated by this project. When an organization operates a conception of project type, this may indicate that this organization possesses different ……….
Q.4 Define value engineering. Discuss the scope of applying VE in project.
Answer :  Value engineering (VE) is a systematic method to improve the "value" of goods or products and services by using an examination of function. Value, as defined, is the ratio of function to cost. Value can therefore be increased
Q.5 Define project management, resource, process, and project cycle. Why is project management important?
Answer : Project management is the discipline of planning, organizing, securing, managing, leading, and controlling resources to achieve specific goals. A project is a temporary endeavour with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables),[1] undertaken to meet unique goals and objectives,[2] typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations),[3] which are repetitive, permanent, or semi-permanent functional activities to produce products or services. In practice, the management of these two systems is often quite different, and as such requires the development of distinct technical skills and management strategies.
The primary challenge of project management is to achieve all of the project goals[4] and objectives while honouring the
Q.6 What are the key steps included in risk management process? What are the strategies used to reduce risk?
Answer : Risk Management - Key Steps in Risk Management

The first thing to understand in risk management is that it's a on-going activity. It's not about identifying risks upfront and then forging ahead regardless. It's too easy to forget the risks once the project is started and fail to recognize and raise new risks when the project is underway.

The key steps to risk management are summarized below.

MB0049_MBA_Sem2_Fall/August 2012
Master of Business Administration - MBA Semester 2
MB0049 – Project Management - 4 Credits
Assignment Set- 2 (60 Marks)
Note: Each question carries 10 Marks. Answer all the questions.
Q.1 Define activity, event, and path as used in network development. What is a dummy activity? Describe the CPM model.
Answer : Activity : It is physically identifiable part of a project which require time and resources for its execution. An activity is represented by an arrow, the tail of which represents the start and the head, finish of the activity.

Q.2 Discuss the advantages of using PM software package. What are the common features available in PM software packages?
Answer : advantages of using PM software package
Project management software provides small to large businesses, who undoubtedly juggle a number of tasks, with a solution that helps keep them organized. There are a wide variety of project management software packages available, including web-based applications accessible from any location. Each software boasts its own set of features, but they all share common benefits businesses can appreciate.
Collaborate on Projects

Q.3 Define risk management. What are the different types of risks that can affect a project?
Answer : 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.
Q.4 What are the roles and responsibilities of project leader? Describe the leadership styles for project managers.
Answer : Project Leader Roles and Responsibilities
Project Leader Role Description
Your role as a Project Leader (PL) is extremely vital in assuring the successful implementation of your project with volunteers. This role if taken up with the right attitude and accompanying smile is sure to provide you with an experience worth cherishing.

Here’s what you can do for WV:

Q.5 Explain the life cycle of a project. Describe the various phases of project management life cycle.
Answer : Project Management - Project Life Cycle
The Project Life Cycle consists of four phases:
1)      Define
2)      Plan
3)      Do It!
4)      Close
Q.6 What is project control? Discuss the various elements of project control.
Answer : Project control refers to all the activities and processes available to successfully manage project risks. For the PMP test, project control entails a total of 12 distinctive processes out of the 44 project management
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