Solved
assignments for Rs.150 each
08627023490
Fall-2013
Master of
Business Administration - MBA Semester 2
MB0049-Project
Management-4 Credits
(Book ID:
B1632)
Assignment (60
Marks)
Note: Answers
for 10 marks questions should be approximately of 400 words. Each question is
followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60.
Q1. Describe the CPM model. Briefly explain.
Answer. CPM Model:
For projects
considered uncertain, the PERT model was developed and for projects which are
comparatively risk-free the CPM model was developed. Both the approaches start
with the development of the network and a focal point on the critical path. The
PERT approach is 'probabilistic' while the CPM approach is 'deterministic'.
This does not, however, mean that in CPM analysis we work with single time
estimates.
Q2. Define risk
management. What are the different types of risks that can affect a project?
Answer. Risk
Management:
Risk Management
is a field of management that deals with the possibility that various future
events may cause harm or threat to the organization. Risk Management comprises
of strategies and techniques to recognize and confront any threat faced by a
business in fulfilling its mission.
Q3. Briefly discuss the steps to close the project.
Answer. Steps for
Closing the Project:
To make sure
that the project is completed and finished in a proper manner, a sequential
process should be followed. Therefore, the steps involved in the sequential
process in the project closure include the following subsections:-
Finishing the
remaining work
As the project
nears completion, the project manager tends to relax and keeps out of meeting,
out of sight, and out of
Q.4 Discuss the various steps of
PMIS planning.
Answer. Planning of PMIS:
The success of
a PMIS depends on its effective planning. The PMIS is used for many purposes by
a project manager like budget estimation of costs, creating a schedule, define
the scope, etc. Hence, these should be considered while planning for PMIS. The
planning of PMIS includes the following steps:
1. Identify the
information needed
2. Capture data
3. Process data
into information and store it
4. Communicate
Q5. What are
the important approaches to project control?
Answer. Approaches to project control:
Variance
analysis
It involves a
comparison of the actual cost incurred on the project with the budgeted cost of
the project for a given time period to determine the variants. The approach is
inadequate for project control because of the following reasons:
·
It is backward looking rather than forward looking.
·
It only indicates budget variance within a given time period
and provides no information on the value of work
Q6. Describe
the project planning process and explain it in detail.
Answer. The
identification process:
Ø Identifying
initial requirements. For example, when a company identifies a need for a new
or improved product due to R & D results or a consumer survey, the
management of that company will acknowledge the necessity of improving the
existing product in accordance with the consumer’s demands.
Ø Validating them
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