MBA206-Project Management

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Master of Business Administration - MBA Semester 2

MBA206-Project Management

Set - 1

Q1. Define Purchase Cycle and its various phases.

Purchase Cycle                               3

7 Phases of Purchase Cycle           7

Answer. Purchase Cycle

Purchase cycle is a standard process that corporations and individuals progress through (in order) when purchasing a product or service. It is also known as the 'buying cycle' or 'purchase process'. This cycle discusses about the decision points that the buyer or the purchasing team goes through. Usually, purchase cycle of a project consists of the following elements.         

Q2. Explain Project manager and Project Team responsibilities

Project Manager Responsibilities                     5

Project Team Responsibilities                            5

Answer. Project manager’s responsibilities

A project manager’s responsibilities do not stop once the planning of the project is done. Because a project manager is responsible to internal and external stakeholders, the project team, vendors, executive management, etc, the visibility of the position is intensified. Many of these people will now expect to see and discuss the resulting deliverables that were so meticulously detailed in the planning phase. As a project manager, keeping oneself from getting “down in the weeds,”

Q3. State the five advantages of using project management software.

Advantages of using project management software.

Answer.

Set - 2

Q1. Explain the Shewhart Cycle.

Planning

Doing

Checking

Act

Answer. The Shewhart Cycle

PDCA (plan–do–check–act) is an iterative four-step management method used by the companies to control and continually improve their processes and products. PDCA is also referred to as the Deming circle/cycle/wheel, Shewhart cycle, control circle/cycle, or plan–do– study–act (PDCA).

Q2. Explain no-discounted cash flow techniques

Pay Back Period (PBP) method                                   5

Accounting Rate of Return (ARR) method                5       

Answer.  Pay Back Period method (PBP)

This is one of the simplest method of evaluating investment proposals and also widely used. PBP is defined as the length of time required to recover the original investment on the project, through cash flows earned. The cash inflow includes operating profit, less income tax payable, plus

Q3. Define five methods of conflict resolution

Forcing

Smoothing

Compromise

Problem solving

Withdrawal

Answer. Forcing

One way of resolving a conflict is when one party pressurises the other party to agree. It is used when one person has authority over another and uses it.

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