Master of Business Administration - MBA Semester 2 MB0049 Project Management (4 credits) (Book ID:B1632 ) ASSIGNMENT- Set 1 Marks 60

Roll No. 1208031128 Student Name: Arun Kr. Mishra

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Master of Business Administration - MBA Semester 2 MB0049 Project Management (4 credits) (Book ID:B1632 ) ASSIGNMENT- Set 1 Marks 60 Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions Q-1Describe the CPM model. Briefly explain. Ans-The critical path method (CPM) is a step-by-step technique for process planning that defines critical and non-critical tasks with the goal of preventing time-frame problems and process bottlenecks. The CPM is ideally suited to projects consisting of numerous activities that interact in a complex manner. In applying the CPM, there are several steps that can be summarized as follows:

Define the required tasks and put them down in an ordered (sequenced) list. Create a flowchart or other diagram showing each task in relation to the others. Identify the critical and non-critical relationships (paths) among tasks. Determine the expected completion or execution time for each task. Locate or devise alternatives (backups) for the most critical paths.

The CPM was developed in the 1950s by DuPont, and was first used in missile-defense construction projects. Since that time, the CPM has been adapted to other fields including hardware and software product research and development. Various computer programs are available to help project managers use the CPM. CPM.: 1. CPM is activity oriented i.e., CPM network is built on the basis of activities. 2. CPM is a deterministic model. It does not take into account in uncertainties involved in the estimation of time. 3. CPM places dual emphasis on project time as well as cost and finds the trade off. between project time and project cost. 4. CPM is primarily used for projects which are repetitive in nature and comparatively small in size. Q-2 Define risk management. What are the different types of risks that can affect a project? Ans-introduction: Risk is inevitable in a business organization when undertaking projects. However, the project manager needs to ensure that risks are kept to a minimal. Risks can be mainly between two types; negative impact risk and positive impact risk. Not all the time would project managers be facing negative impact risks as there are positive impact risks too. Once the risk has been identified, project managers need to come up with a mitigation plan or any other solution to counter attack the risk. Project Risk Management:-Managers can plan their strategy based on four steps of risk management which prevails in an organization. Following are the steps to manage risks effectively in an organization.

Risk Identification Risk Quantification Risk Response

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Risk Monitoring and Control

Let's go through each of the step in project risk management: Risk Identification: Managers face many difficulties when it comes to identifying and naming the risks that occur when undertaking projects. These risks could be resolved through structured or unstructured brainstorming or strategies. It's important to understand that risks pertaining to the project can only be handled by the project manager and other stakeholders of the project. Risks, such as operational or business risks will be handled by the relevant teams. The risks that often impact a project are supplier risk, resource risk, and budget risk. Supplier risk would refer to risks that can occur in case the supplier is not meeting the timeline to supply the resources required. Resource risk occurs when the human resource used in the project is not enough or not skilled enough. Budget risk would refer to risks that can occur if the costs are more than what was budgeted. Risk Quantification:-Risks can be evaluated based on quantity. Project managers need to analyze the likely chances of a risk occurring with the help of a matrix.

Using the matrix, the project manager can categorize the risk into four categories as Low, Medium, High, and Critical. The probability of occurrence and the impact on the project are the two parameters used for placing the risk in the matrix categories. As an example, if a risk occurrence is low (probability = 2) and it has the highest impact (impact = 4), the risk can be categorized as 'High'. Risk Response:-When it comes to risk management, it depends on the project manager to choose strategies that will reduce the risk to minimal. Project managers can choose between the four risk response strategies which are outlined below.

Risks can be avoided Pass on the risk Take corrective measures to reduce the impact of risks Acknowledge the risk

Risk Monitoring and Control:-Risks can be monitored on a continuous basis to check if any change is made. New risks can be identified through the constant monitoring and assessing mechanisms. Risk Management Process:-Following are the considerations when it comes to risk management process.

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Each person involved in the process of planning needs to identify and understand the risks pertaining to the project. Once the team members have given their list of risks, the risks should be consolidated to a single list in order to remove the duplications. Assessing the probability and impact of the risks involved with a help of a matrix. Split the team into subgroups where each group will identify the triggers that lead to project risks. The teams need to come up with a contingency plan whereby to strategically eliminate the risks involved or identified. Plan the risk management process. Each person involved in the project is assigned a risk in which he/she looks out for any triggers and then finds a suitable solution for it.

Risk Register:-Often project managers will compile a document which outlines the risk involved and the strategies in place. This document is vital as it provides a huge deal of information. Risk register will often consist of diagrams to aid the reader as to the types of risks that are dealt by the organization and the course of action taken. The risk register should be freely accessible for all the members of the project team. Project Risk; an Opportunity or a Threat:-As mentioned above risks contain two sides. It can be either viewed as a negative element or a positive element. Negative risks can be detrimental factors that can haphazard situations for a project. Therefore, these should be curbed once identified. On the other hand, positive risks can bring about acknowledgements from both the customer and the management. All the risks need to be addressed by the project manager. Conclusion-:An organization will not be able to fully eliminate or eradicate risks. Every project engagement will have its own set of risks to be dealt with. A certain degree of risk will be involved when undertaking a project. The risk management process should not be compromised at any point, if ignored can lead to detrimental effects. The entire management team of the organization should be aware of the project risk management methodologies and techniques. Enhanced education and frequent risk assessments are the best way to minimize the damage from risks.

Q-3 Briefly discuss the steps to close the project Ans-3 Your customer just accepted (according to the previously agreed-to Acceptance Criteria) the final project deliverable (or Work Product). In a meeting with your Customer and the Project Sponsor, all were in agreement to conclude the project and declare Project Success. Your customer is pleased with the final Work Product and the Sponsor is pleased that you closely managed the project, keeping it on-schedule and on-budget (within the agreed tolerances and met their Acceptance Criteria). As Project Manager, you deliver the good news to your Project Team and congratulate them on a job well done (I recommend sending a letter, not an email, to their individual supervisors describing the value of their contribution to a successful project and recommending a favorable review and reward. Typically, this letter will go into their personnel file).
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This page describes a few final steps to closing out the project (under PRINCE2, these activities are the Closing a Project (CP) Stage). Remember, you will require the assistance of your project team for some of the Project Closure work, so if possible, dont release all them to their functional areas until the Project Closure process is complete. Project Execution Clean-up Activities These project closure activities are initiated following your meeting with your Customer and Project Sponsor and other primary Stakeholders. During this meeting, the stakeholder have reviewed the end-user acceptance and confirmed that you and your project team have satisfied the project objectives. You are instructed to closeout the project. There will be several areas of clean-up to address before announcing the project success and closure:

Create a Project Punchlist of outstanding items from the project. After you get concurrence on the list from the Customer and Project Sponsor, work with the team to closeout the items as quickly as possible. Work with your finance and legal teams to ensure that all project-related contract commitments are finalized and closed. Complete a final accounting of the project budget. Make sure that surplus funding is applied to closing-out the punch-list items, as agreed-to by your Project Sponsor. Prepare your final Project Report. Make sure to provide a complete picture of the successes and failures (if any) of the project. Include the following: o Your objective evaluation of the success of the project (Did the project attain its critical success factors and goals?) o Outline the project accomplishments o Include important project data good or bad o Describe significant project changes and their effect on the project o Describe issues requiring further work and recommend participation by team members o Provide a final project accounting and explain the variances o Finally, provide recommendations for future projects.

Q-4Discuss the various steps of PMIS planning Answer: -4 The identification process The main steps in the identification process of any project are: i) Identifying initial requirements ii) Validating them against the project objective iii) Identifying the criteria such as quality objectives and quantitative requirements for assessing the success of both the final product and the process used to create it iv) Identifying the framework of the solution v) Preparing a template of the frame work of solution to illustrate the project feasibility vi) Preparing relevant charts to demonstrate the techniques of executing the project and its different stages vii) Preparing a proper project schema of achieving the defined business requirements for the project viii) Identifying training requirement ix) Making a list of the training program necessary for the personnel working on the project x) Identifying the training needs of the individuals working in various functions responsible in the project
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xi) Preparing a training plan and a training calendar xii) Assessing the capabilities and skills of all those identified as part of the project organisation b) The review Process The main steps in the review process of any project are: i) Establishing a training plan to acquaint the project team members with the methodologies, technologies and business areas under study ii) Updating the project schedule to accommodate scheduled training activities iii) Identifying the needs for review and reviewing the project scope iv) Reviewing a project with respect to its stages and progress by preparing a plan for the review, fixing an agenda to review the project progress and keeping the reports ready for discussion about stage performance v) Reviewing the project scope, the objective statement, the non conformances in the project stages and identifying the need to use the project plan vi) Preparing a proper project plan indicating all the requirements from start to finish of the project and also at every stage of the project vii) Preparing a checklist of items to be monitored and controlled during the course of execution of the project c) The analysis process The main steps in the analysis process of any project are: i) Comparing the actual details with that in the plan with reference to project stages. ii) Measuring various components of the project and its stages frequently to control the project from deviating and also monitor the performance. iii) Deciding how the task, the effort and the defects are to be tracked, what tools to be used, what reporting structure and frequency will be followed at various stages. iv) Identifying the preventive and corrective steps to be taken in case of any variance v) Performing root cause analysis for all problems encountered. If all the above steps are performed, scoping and planning become effective and the ideal outcome are achieved. Q-5What are the important approaches to project control? Ans- Project planning is an essential part of project management. Successful completion of a project is heavily dependent on effective planning. A project plan allows you to complete a project within a specified timeline and a specified budget. Project planning is fundamental in order to avoid failure and disappointment. In project management, effective planning is absolutely required if the individual or group wishes to deliver a finished project on time and on budget. A project schedule will provide all involved with an outline and detailed activities to minimize risk to the final result and delivery. The basics you will get from the schedule include how long the project or any single stage within it will take. But a good schedule should also inform you of the following particulars: a) Who is accountable for each aspect of the project b) The approach chosen to target the problem with c) Major deliverables from the project d) Exact timing of key decisions and points for review Every successful project delivers your future organization and helps it to accomplish its strategic goals. If organizations must flourish and keep up with competitive, its members must be effective at project management. Appropriate, careful planning will ensure that projects will not overrun deadlines and/or pile on unexpected costs. Such a situation would only endanger the anticipated corporate benefits of the organization. The project schedule is the framework on which the actual resource plans and cost breakdowns are mapped. It makes explicit each stage and activity, which combine to form the entire project. This greater
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visibility encourages accurate real time status reports and analyses from multiple perspectives. So the ability to build and manage a project schedule is a top priority if one needs to succeed at ones project. Another immense benefit to planning is that in case a problem arises, it functions as an alarm mechanism. At such a point risk management and going through contingencies for various scenarios can occur in order to restrict the damage or compromise resulting from the problem. One final word of advice, though: a good plan is also a flexible one, so dont be too preoccupied with maintaining its rigid form all through the duration of the project.

To establish and operate an effective organization, all managers perform several major functions or activities. These functions enable managers to create a positive work environment and to provide the opportunities and incentives .The key management functions include planning, organizing, directing, controlling. Each of these functions are critical to the success of any manager and organizations. Planning is the process of analyzing the situation, determining the goals/ objectives that will be pursued in the future, and deciding in advance the actions that will be taken to achieve the goals. The following are the steps involved in PLANNING PROCESS 1. Reviewing the current operation situation. 2. Conducting the current operation strengths/ weaknesses. 3. Studying the External environmental factors affecting the operation. 4. Studying the expectations of the operations. 5. Determine the opportunities for improvements/growth and negatives constraints. 6. Based on the above analyses, determine the goals and objectives for the operation for the future period. 7. Based on the objectives, determine your strategy how you are going to achieve the objectives. 8. Based on the strategy, determine the action plans that have to be implemented. 9. Your action plan will determine the resources required manpower, finance and materials 10. Finally a system to monitor the plan / its progress. Q-6 Describe the project planning process and explain it in detail. Answer: Planning is one of the most important project management and time management techniques. Planning is preparing a sequence of action steps to achieve some specific goal. If you do it effectively, you can reduce much the necessary time and effort of achieving the goal. A plan is like a map. When following a plan, you can always see how much you have progressed towards your project goal and how far you are from your destination. Knowing where you are is essential for making good decisions on where to go or what to do next. One more reason why you need planning is again the 80/20 Rule. It is well established that for unstructured activities 80 percent of the effort give less than 20 percent of the valuable outcome. You either spend much time on deciding what to do next, or you are taking many unnecessary, unfocused, and inefficient steps. Planning is also crucial for meeting your needs during each action step with your time, money, or other resources. With careful planning you often can see if at some point you are likely to face a problem. It is much easier to adjust your plan to avoid or smoothen a coming crisis, rather than to deal with the crisis when it comes unexpected.
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Action plan techniques Learn to plan efficiently. Simple and powerful techniques to convert your goals and ideas into an effective action plan. Get Organized Now! Ideas, tips, tools and more to help you organize your home, your office and your life! Time management skills and techniques main page Time management lessons with an in-depth discussion of the important time management skills, techniques, and activities. Personal time management and goal setting guide main page Practical information and advice on various personal time management and goal setting topics.

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