PM0011 – PROJECT PLANNING AND SCHEDULING

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Assignment

DRIVE	SUMMER 2015
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

1 Write short note on:

(A) Project Rating Index (PRI): The PDRI is intended to evaluate the completeness of scope definition, specifically on industrial construction projects, at any point prior to the time a project is considered for authorization to perform detailed design and construction. This paper will highlight the importance of scope definition and its direct impact on project success, specifically focusing on how recent industry trends are changing the traditional project environment.

(B) Scope change control: A scope change is any modification to the agreed-upon project scope a defined by the approved WBS. Scope changes often require adjustments to cost, time, quality, or other project activities. These are fed back through the planning process, technical and planning documents are updated as needed and stakeholders notified as appropriate.A scope change is related to cost ,time and quality of project. To make project planning

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)

The estimator breaks a project into distinct line items, and then breaks those line items into smaller, distinct line items, and so on, until he or she arrives at the component (or resource) level – the level of detail at which the price of the components is relatively consistent across projects.

Top-down estimating (also called parametric estimating)

This approach typically relies on cost histories from past projects, and knowledge of the specific parameters of those projects. Using the previous example, reviewing previous bridge projects to determine that there are correlations between the cost of the bridge and key factors like size and the primary material used gives the estimator valuable data.

In other words, all things being equal, if the new bridge is 10% larger than the previous bridge, its top-down cost estimate might be 10% higher. While this approach can be fast, it is less likely to uncover potential cost-eating dangers like challenging site conditions or fluctuations in raw material costs.

The practical reality is that both approaches are likely to be used by most companies and on most projects. Top-down may be the only approach possible for a conceptual estimate for an early-stage project. And even later-stage estimates might involve a mix of items, some estimated top-down and others bottom-up.

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

Answer:

·         Flat Organizational Structure: Many small companies use a flat organizational structure, where very few levels of management separate executives from analysts, secretaries and lower-level employees. Flat organizations work best when a company has less than 20 employees, especially if the company employs one or two employees per department.

·         Functional Organizational Structure: A functional organizational structure is centered on job functions, such as marketing, research and development and finance. Small companies should use a functional

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

Answer: Operational feasibility is as important as technical feasibility (or any other kind of feasibility for that matter), and yet it can be the first thing to get brushed under the carpet. The conversation changes and that ‘intelligent system’ everyone was discussing is transformed back into a mere ‘thing’: a deliverable to drop into the organisation. We’ll find out later if we can make it happen; if we can weave it into departments and hearts as successfully as we can plug it into software platforms.

Working Lean means minimising waste. And operational feasibility should surely be fed into product development cycles like any other critical

4 Write short notes on

(a) Monte Carlo analysis: A problem solving technique used to approximate the probability of certain outcomes by running multiple trial runs, called simulations, using random variables. Monte Carlo simulation is

(b) Work break down structure: A work breakdown structure (WBS), in project management and systems engineering, is a deliverable-oriented decomposition of a project into smaller components. A work breakdown structure element may be a product, data, service, or any combination thereof. A WBS also provides the necessary

(c)Resource loading: Resource loading mainly involves your manpower or employees. In resource loading, each employee is assigned a task or a percentage of a project (X percent of the whole). Usually, it's 25 percent of the whole. Then the employee is assigned other tasks until he or she reaches 100 percent booked. This would then mean

(d) Definitive estimate (a method to estimate cost of a project):

"A definitive estimate is prepared from well defined data, specifications, drawings, etc. This category covers all estimate ranges from a minimum to maximum definitive type. These estimates are used for bid proposals,

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

Answer: The term “quality costs” has different meanings to different people. Some equate “quality costs” with the costs of poor quality due to finding and correcting defective work. Others equate the term with the costs to attain good quality. Others use the term to mean the costs of running the quality department. In my site, the term "

6 Explain some of ISO standards that should be considered by the project manager during project execution. List the advantages of project management software.

Answer:  Management system standards: ISO management system standards provide a model to follow when setting up and operating a management system. Like all our standards, they are the result of international, expert consensus and therefore offer the benefit of global management experience and good practice. These standards can be applied to any organisation, large or small, whatever the product or service and regardless of the sector of activity.

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Send your semester & Specialization name to our mail id :

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