Sunday, 29 November 2015

PM 0013 – MANAGING HUMAN RESOURCES IN PROJECTS

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Assignment

DRIVE
FALL 2015
PROGRAM
MBADS (SEM 3/SEM 5) MBAFLEX/ MBA (SEM 3) PGDPMN (SEM 1)
SUBJECT CODE & NAME
PM 0013 – MANAGING HUMAN RESOURCES IN PROJECTS
BK ID
B1939
CREDIT & MARKS
4 CREDITS & 60 MARKS


1 Write short notes on:

(a)Characteristics of a project
The three key project characteristics are:
·         Time
·         Scope
·         Budget
Time (sometimes known as timeframe or schedule): This refers to how long the project will take, and generally involves using past experience to predicate the likely time that parts of a project will take

Scope: Scope refers to what is included within the project and what is excluded. This is where you will establish if re-plumbing the


(b)Objectives of human resource management: HRM is useful not only to organization, but the employees working therein, and also the society at large also find it useful. The objectives can be as under:

·         Organizational Objectives: HRM is a

(c) Project team members: The Project Team is the group responsible for planning and executing the project. It consists of a Project Manager and a variable number of Project Team members, who are brought in to deliver their tasks according to the project schedule.

The Project Manager is the person



(d) Need for a project team: An organization can create a project using a top-down, bottom-up or a combined method. In the top-down method, upper management comes up with the ideas for a project. In the bottom-up method, employees and middle management create ideas for projects, and the combined method uses



2 Explain the various conflict resolution techniques.
Answer: With a basic understanding of the five conflict management strategies, small business owners can better deal with conflicts before they escalate beyond repair.

·         Accommodating: The



3 Write short notes on
(a)Skills required by a project manager:
·         Inspires a Shared Vision: An effective project leader is often described as having a vision of where to go and the ability to articulate it. Visionaries thrive on change and being able to draw new boundaries.
·         Good Communicator: The ability to communicate with people at all levels is almost always named as the second most important skill by project managers and team members. Project leadership calls for clear

 (b)Delphi technique of estimating manpower requirements of projects: The objective of most Delphi applications is the reliable and creative exploration of ideas or the production of suitable information for decision making.  The Delphi Method is based on a structured process for collecting and distilling knowledge from a group of




(c)Importance of leadership in project management: A project manager’s role on any project goes far beyond task-related deliverables. Although the project manager must be able to effectively manage goals related to time, scope and cost, his or her work does not stop here since the project manager must also be able to manage numerous issues


(d)Goal setting theory: In 1960’s, Edwin Locke put forward the Goal-setting theory of motivation. This theory states that goal setting is essentially linked to task performance. It states that specific and challenging goals along with appropriate feedback contribute to higher and better task performance.

·         In simple words, goals


4 Explain the modern methods of performance management?
Answer:
1.       Assessment centre method: This method was used for the first time in 1930 by the German army and then in 1960’s by the British army. This method tests a candidate in different social situations using a number of assessor and procedures. The performance of an employee an also his potential for a new job is evaluated in this method by assessing his performance on job related simulations. Characteristics that the concerned managers feel are important for the success of a particular job are included in these simulations. Techniques like business games role playing and in basket



5 Explain various types of collective bargaining.
Answer:
Conjunctive / Distributive Bargaining: Distributive bargaining is the most common type of bargaining & involves zero-sum negotiations, in other words, one side wins and the other loses.
·         Both parties try to maximize their respective gains.
·         They try to settle economic issues such as wages, benefits, bonus, etc.
·         For Example, Unions


6 Discuss the concept of issue logs.
Answer: The issue log is a project document where all the issues are recorded and tracked. When an issue log is created, it provides a tool for reporting and communicating all that is happening within the project. An issue log is an important tool which is used to manage these issues. It helps the project team to record issues that require

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PM 0012 – PROJECT FINANCE AND BUDGETING

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Assignment

DRIVE
FALL 2015
PROGRAM
MBADS (SEM 3/SEM 5) MBAFLEX/ MBA (SEM 3) PGDPMN (SEM 1)
SUBJECT CODE & NAME
PM 0012 – PROJECT FINANCE AND BUDGETING
BK ID
B1938
CREDIT & MARKS
4 CREDITS & 60 MARKS



1 Write short notes on:
(a) Key project resources: Committing to resources, both financially and contractually, means looking closely at your budget and the needs of the project. The tighter the budget, the more important it is that you run a streamlined project, and the more efficiently you'll have to utilize your resources. Your overall project resources will include:
·         How many people you need for the project: This is not necessarily the number of people who will be involved at any level, but the number of people you will need to get the project accomplished.



(b)Three main requirements of funding a project through project finance:
·         Applicants should have South African citizenship and should be 18 years and above. Applicants should have a legal status as adults. There will not be funding for ad hoc groups.
·         The NAC is unlikely to fund the entire budget of the project. Applicants are advised to raise other funding.
·         Funding generally granted for mainly the artistic program and applicants must declare all sources of funding.
·          
·          
 (c) Medium term financing for projects: Medium Term finance are sources of finance available for the mid-term of between 3 – 5 years typically used to finance an expansion of a business or to purchase large fixed assets.  It is usually the larger amounts of borrowing or the use of the funds that differentiates medium sources of finance from short term, although a number of the short term options are available for the mid-term.
The annual cost of medium term




(d) Bottom up estimation for creating project budget: Bottom up approach is used for creating projects. By using this approach project management system works properly and this approach is also beneficial for project managers also.

These five steps will send


2 What is off take contract? Explain the various types of off take contracts.
Answer: An agreement entered between a producer and a buyer to buy/sell a certain amount of the future production. It is generally negotiated long before the construction of a facility to guarantee a market for the facility's future production and improve chances of getting financing for the installation concerned.

These agreements are fairly common in the natural resource sector, where capital costs to extract the resources are important. They usually include several protective clauses and can take months to negotiate.


3 Explain the different key project documents.
Answer: In Project Management, one of the major responsibilities of the project manager is to keep proper documentation for the project and to keep the documents up to date. At any point in time during the life of the project, these documents can be really useful consulting about the various aspects related to the project. When it comes to managing the project effectively, there are certain documentation standards that the manager should adhere with. So, for a manager to know which documents these are and then keeping them and maintaining standards for these holds a lot of significance.




4 Write short notes on:
(a)Project parties in a construction project: A project cannot proceed without adequate financing, and the cost of providing adequate financing can be quite large. For these reasons, attention to project finance is an important aspect of project management. Finance is also a concern to the other organizations involved in a project such as the general contractor and material suppliers. Unless an owner immediately and


(b)Types of working capital: Working capital is classified into different types and the classification is based on the following views:
·         Balance Sheet View
·         Operating Cycle
·          


(c) Project cash flows: When beginning capital-budgeting analysis, it is important to determine a project's cash flows. These cash flows can be segmented as follows:
·         Initial Investment Outlay: These are the costs that are needed to start the project, such as new equipment, installation, etc.
·         Operating Cash Flow over a Project's Life: This is the additional cash flow a new project generates.
·         Terminal-Year Cash Flow: This is the final cash flow, both the inflows and outflows, at the end of the project's life; for example, potential salvage value at the end of a machine's life. Example: Expansion Project



 (d)Payback period method used to evaluate an investment on a project: Payback method does not consider the present value of cash flows. Under this method, an investment project is accepted or rejected on the basis of payback period. Payback period means the period of time that a project requires recovering the money invested in it. The payback period of a project is expressed in years and is computed using the following formula:



5 What are the problems associated with BOOT projects.
Answer: A BOOT funding model involves a single organisation, or consortium (BOOT provider) designing, building, funding, owning and operating the scheme for a defined period of time and then transferring this ownership across to an agreed party.
Customers enter into long term supply contracts with the BOOT operator and are charged accordingly for the service delivered. The service



6 Explain the different types of management contracts (a type of PPP).
Answer: PPPs can be categorized into two types: a PPP of a purely contractual nature and a PPP of an institutional nature. This categorization is adopted by the European Union and by many other countries.
In a PPP of a purely contractual nature, the partnership between the public and the private sector is based solely on contractual links,
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PM0011 – PROJECT PLANNING AND SCHEDULING

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Assignment

DRIVE
FALL 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:

1 Write short note on:

(A) Project deliverables
Deliverable is a term used in project management to describe a tangible or intangible object produced as a result of the project that is intended to be delivered to a customer (either internal or external). A deliverable could be a report, a document, a server upgrade or any other building block of an overall project.

A deliverable may be composed of





B) 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.

The PDRI was tested on a



(C) 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



D) Partnering
Establishing a long term win-win relationship based on mutual trust and teamwork, and on sharing of both risks and rewards. Partnering arrangement can be between labor and management, subordinates and the executive, suppliers and customers, and suppliers and suppliers. The objective is to focus on what each party does best, by




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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PM0010 – INTRODUCTION TO PROJECT MANAGEMENT

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Assignment

DRIVE
FALL 2015
PROGRAM
MBADS (SEM 3/SEM 5) MBAFLEX/ MBA (SEM 3) PGDPMN (SEM 1)
SEMESTER
FOURTH
SUBJECT CODE & NAME
PM 0010 – INTRODUCTION TO PROJECT MANAGEMENT
BK ID
B1936
CREDIT & MARKS
4 CREDITS & 60 MARKS



1. What are phases of project lifecycle?
Answer: The project life cycle consists of four phases, initiation, planning, execution (including monitoring and controlling) and evaluation. The project manager will then create the following plans:

Resource Plan: to identify the staffing, equipment and materials needed
Financial Plan: to quantify the financial expenditure required
Quality Plan: to set quality targets and specify Quality Control methods
Risk Plan: to identify risks and plan actions needed to minimise them
Acceptance Plan: to specify


2 Write short notes on:
(a)Project development
Answer: Project Management is the process and activity of planning, organizing, motivating, and controlling resources, procedures and protocols to achieve specific goals in scientific or daily problems. A project is a temporary endeavor designed to produce a unique product, service or result with a defined beginning and end (usually time-constrained, and often constrained by funding or deliverables), undertaken to meet unique goals and objectives, typically to bring about beneficial change or added value. The temporary nature of projects stands in contrast with business as usual (or operations), which are repetitive, permanent, or



(b) Project organisation: It is the way we deliver projects! Effective organisation is crucial to the successful delivery on time, to budget and to specification. However:
·         How much time and attention do we really pay to this topic when initiating new projects?
·         How much time and effort do we spend on improving the organisation, initiation and mobilisation of strategic projects?


(c) Factors affecting collection of market-related information: When the company makes profits, you often receive a part of it. This is the idea behind dividends. Every year, companies distribute a small amount of profits to investors as dividends. This is the primary source of income for long-term shareholders – those who don’t sell the stock for years together. Different companies issue varied amounts of shares when they



(d) Term loans as a means of financing projects: The financing of long-term infrastructure, industrial projects and public services based upon a non-recourse or limited recourse financial structure where project debt and equity used to finance the project are paid back from the cashflow generated by the project.




3 Explain the concept of Social Cost Benefit Analysis (SBCA)? List the application of SBCA and describe the challenges in SBCA.
Answer: Social cost-benefit analysis is a systematic and cohesive economic tool(method) to survey all the impacts caused by an urban development project. It comprises not just the financial effects (investment costs, direct benefits like tax and fees, et cetera), but all the social effects, like: pollution, safety, indirect (labour) market, legal aspects, et cetera. The main aim of a social cost-benefit analysis is to attach a price to as many effects as possible in order to uniformly weigh the above-mentioned heterogeneous effects. As a result, these prices reflect the value a society attaches to the caused effects, enabling the decision maker to


4 Discuss the financing of a power project.
Answer: Project finance is the long-term financing of infrastructure and industrial projects based upon the projected cash flows of the project rather than the balance sheets of its sponsors. Usually, a project financing structure involves a number of equity investors, known as 'sponsors', as well as a 'syndicate' of banks or other lending institutions that provide loans to the operation. They are most commonly non-recourse loans, which are secured by the project assets and paid entirely from project cash flow, rather than from the general assets or creditworthiness of the project sponsors, a decision in part supported by financial modeling. The financing is typically secured by all of the project assets, including the revenue-producing contracts. Project lenders are given a lien on all of these assets and are able to assume control of a project if the project company has difficulties complying with the loan terms.

Generally, a special purpose entity is created for each project, thereby shielding other assets owned by a project sponsor from the detrimental effects of a project failure. As a special purpose entity, the project company has no assets other than the project. Capital contribution commitments by the owners of the project company are sometimes necessary to ensure that the project is financially sound or to assure the lenders of the sponsors' commitment. Project finance is often more complicated than alternative financing methods. Traditionally, project financing has been most commonly used in the extractive (mining), transportation, telecommunications industries as well as sports and entertainment venues.

Risk identification and allocation is a key component of project finance. A project may be subject to a number of technical, environmental, economic and political risks, particularly in developing countries and emerging markets. Financial institutions and project sponsors may conclude that the risks inherent in project development and operation are unacceptable (unfinanceable). "Several long-term contracts such as construction, supply, off-take and




5 Explain the types of procurement contracts.
Answer: Procurement contracts can be broadly divided into three categories:
·         Fixed Price Contract
·         Cost Reimbursable Contract, and
·         Time and Materials

Fixed Price Contract
A Fixed Price Contract is also known as a lump-sum contract. This type of contract is used when there is no uncertainty in the scope of work. Once the contract is signed, the seller is legally bound to complete the task within the agreed amount of m




6 What is the purpose of project evaluation? Which the four dimensions of the project explain the purpose of project evaluation?
Answer: Project evaluation objectives:
·         Analyse the process of implementation, focusing on participation of the community
·         Analyse the impact or changes that have occurred within beneficiary households and the community
·         Identify problems and constraints that

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