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Smu assignments mba 2nd semester

Price 1300/- all subjects (whole assignments)


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Question 1: Explain the phases of project management life cycles.


Answer: Phases of Project Management Life Cycle:Project management is a rationally planned and organised effort to attain a specific goal. It comprises of
organising, coordinating and managing different tasks and resources for successful completion of project. A
project lasts for a definite period of time and then finishes. Projects are usually made up of different diverse
elements or mini-tasks that are completed separately and finally combined together to make the completed
project. Figure 1.3 depicts the phases of project life cycle which is followed by the project management.

1. Project initiation: Project initiation is the first step in the project development cycle, and in simple terms:
starting up the project. A project is initiated by defining its reason, business goals, and scope. The cause for
initiation and the suggested solution to be implemented must be defined. A project team is put together to
define early milestones, and preliminary budget proposal. The information in project initiation assists in
performing an end of Phase study for getting a GO No GO decision.
2. Project planning: Once the project is defined and project team is assembled, the next phase is the indepth Project Planning phase. This includes developing the PMP (Project Management Plan), for guiding
the team throughout the project development stage. In this phase the required skills of development team,
non-labour resources, risks plan, detailed action items and milestones are explained.
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3. Project development: On the basis of inputs received in the shape of project feasibility study,
preliminary project evaluation, project proposal and customer interviews, the following outputs are
produced:
System design specification
Programme functional specification Project
Programme design specification
Project plan
4. Project implementation: In this phase, the requirements are built and programmed. The product is
presented for client acceptance and full implementation after the quality assurance analysis. If the client has
accepted the final product, the project is finished and closed down.
5. Project closure: It includes giving the final output to the customer, handing the project documentation,
manuals, source code, and network layouts. At last a Post Implementation Review is to be carried out to
identify the extent of project success and document review outcomes.

Question 2: Write short notes on:


Economic feasibility of a project
Need for project planning
Diversity management
Rules for network construction
Answer: Economic feasibility of a project:- The economic feasibility aspect of a project relates to the
earning capacity of the project. Earnings of the project depend on the volume of sales. Here, the following
important indicators are taken into consideration:
Present demand of the goods produced through the project i.e. market Facility (or) getting a feel of the
market.
Future demand of the goods. A projection may be made about the future demand. The period normally
depends upon the scale of investment.
Determining the extent of supply to meet the expected demand and arriving at the gap.
Deciding in what way the project under consideration will have a reasonable chance to share the market.
Anticipated rate of return on investment. If it is positive, the project justifies the economic norm in the
relationship between cost and demand.
Future demand can be estimated after taking into consideration the potentialities of the export market, the
charges in the income and prices, the multiple uses of the product, the probable expansion of industries and
the growth of new industries. The market share of the proposed project could be identified by considering
the factors affecting the supply position such as competitive position of the unit, existing and potential
competitors, the extent of capacity utilization, unit cost advantages and disadvantages, structural changes,
and technological innovations bringing substitute into the market.
The commercial feasibility of a project involves a study of the proposed arrangements for the purchase of
raw materials and sale of finished products, etc. This study comprises the following two aspects:
arriving at the physical requirement of production inputs such as raw materials, power, labour, etc at
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various levels of output and converting them into cost. In other words, deciding costing pattern.
Matching costs with revenues with a view to estimating the profitability of
the project and the break-even point. The possibility ultimately decides whether the project will be a feasible
proposition or not. The technical analysis of a project feasibility study serves to establish whether or not the
project is technically feasible and it also provides a basis for cost estimating.
Need for project planning:- The purpose of project planning is to identify various areas of the project
work and the influencing factors, and subsequently define the boundaries of the project performance. In
addition, scope of the project also needs to be explicitly mentioned in the list project objectives. Further it
serves as a guide
through its well defined directions to perform the project.
Planning is basic to all human activities and requires common sense. It is a trap laid down to capture the
future. It helps in bridging the gap between where you are to where you want to be. In a way, the complexity
of the process aids in identifying the implication of such a plan and whether it relates to immediate future or
a long term perspective.
Planning thus involves:
brainstorming on various possible alternative courses of action,
choosing the most appropriate one (or ones)
agreeing what you can expect to achieve
calculating the human and material resources needed to reach your objectives
anticipating possible problems, and
getting agreement among all concerned about clear targets and timetables for the work in view.
Planning techniques can address many organisational problems and opportunities, including institutional
development of your organisation and planning of disaster preparedness activities. Whether the priority is
capacity building, disaster preparedness, immediate emergency action, or new initiatives such as advocacy
for vulnerable groups, good planning can increase your chance of success. It helps you to analyse and assess
the present needs and future challenges. It gives you the means to test out various possibilities, think through
the difficulties that might occur, and prepare to overcome them. Good plans always allow for flexibility to
adapt to the changing circumstances.
Diversity management:- Diversity management is a management strategy to promote and maintain a
positive workplace environment in the organisation. It is crucial for growth in todays competitive
marketplace. Diversity management works on the principle of acceptance. Diversity
management inspires the employees to recognise that everyone is different. They should not be afraid or be
biased about these differences. Employees are encouraged to live with the fact that there are different
interests, different values, and different physical and emotional characteristics present in the organisation.
Also, this does not have to obstruct the productiveness or produce conflict. Figure 4.14 depicts an example
of a complete diversity management programme.

A strong diversity management programme encourages the development of skills and talents of the
employees. It boosts the communication among employees and in the long run, increases the productivity of
the department.
Rules for network construction:- The rules to be observed in constructing the network diagram are
discussed below:
Every activity must have a preceding and a succeeding event. An activity is numerically represented by the
pair of preceding and succeeding events. In the dinner project, for instance, the activity send invitations is
designated as (1-2).
1. Each event must have a distinct number. The number specified to an event can be chosen in any way,
provided this condition is fulfilled. In practice, yet, events are numbered in the manner that the number at
the head of the arrow is greater than that at its tail.

2. There must not be any loops in the project network; a situation similar to the one shown in Figure 5.2 is
not permissible.
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3. The preceding and succeeding events are not same for more than one activity. This signifies that every
activity is represented by a uniquely numbered arrow and a situation depicted in Figure 5.3 is not
permissible.

A dummy activity is also be used for representing a constraint, obligatory to show proper relationship
between activities. Figure 5.5 shows part of a network diagram having a dummy activity (dotted arrow line).
In Figure 5.5, X, represented as (7-6), is a dummy activity showing a certain logical relationship. According
to this figure, activities P (4-6) and Q (5-7) must be completed before activity R (6-8) can start.
Question 3: What are the key steps for effective risk management?
Explain any five identification techniques.
Answer: Steps in Risk Management
In risk management, the following steps should be considered for effective risk management:
Step 1 Recognition of assets at risk: The foremost step in the risk management technique is to carefully
identify the assets which might generate risks in project operations. These assets may fall under various
groups, such as tangible and intangible assets, movable and immovable assets etc.
Step 2 Valuation of assets: The assets identified and grouped in the previous step are to be valued and
categorised into different classes such as critical and essential.
Step 3 Identifying the intimidation: Threats can be distinct as anything that contributes to the
intermission or devastation of any service/product. Various compulsions can be grouped into environmental,
internal, and external threats.
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Step 4 Risk consideration: The process of risk appraisal includes not only assessment as to the
provability of occurrence but also the assessment as to the impending severity of loss, if risk materialises.
This will support in determining the appropriate risk lessening strategy, the residual risk, and the investment
required to alleviate the risk.
Step 5 Emergent strategies for risk management: After risks identification and assessment, one must
apply various risk management techniques such as risk avoidance, risk reduction, risk retention and risk
transfer etc.
Identification techniques:- For each class (phase and point of view), we may use some proven risk
identification techniques quoted in the literature to identify the possible risks. These techniques include:
Assumption analysis: Assumptions made in planning stage of the project are taken as true, real, or
certain. A closure scrutiny of these may reveal possible risks.
Brain storming: Brain storming is a useful tool to generate the possible risk events in quick time. It is
performed by a cross-function team following set procedures
Checklist: The checklist is developed based on past experience. It provides a useful guide in listing
foreseeable risks.
Delphi: Delphi study is carried out with the help of a group of experts. Since the experts are people who
have a deep insight into the system functioning, it is possible to gather useful information in this way.
Interview: Interview may be held with knowledgeable people to identify or to gain more in-depth
knowledge of certain risks or to create a list of control measures.
Observations: We may visualise the risks by directly examining/ observing the current process.

Question 4: Write a short notes on:


Parametric estimating tool of cost estimating
Procurement process
Project teams responsibilities in project execution
Project termination
Answer: 1.Parametric estimating tool of cost estimating:- Project cost estimating scares a lot of people.
They don't know how much something will cost, but they know whatever value they give, they will be held
to it by their manager.
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Experience with Similar Projects:


The less experience you have with similar projects, the greater the uncertainty. If you've managed
similar projects, you will be able to better estimate the costs of the project.

Planning Horizon:
The longer the planning horizon, the greater the uncertainty. The planning horizon you are
considering may be the whole project or just a certain phase. Either way, you will be able to better
estimate costs for the time periods that are closer to the present.

Project Duration:
The longer the project, the greater the uncertainty. This is similar to planning horizon in the sense
that if a project is of a shorter duration you are more likely to account for most of the costs.

People:
The quantity of people and their skill will be a huge factor in estimating their costs. Early in the
project, you may not even know the specific people that will be on the project. That will increase the
uncertainty of your cost estimates.

Fortunately, there are some tools and techniques used by professional project managers that you can use to
develop more accurate cost estimates.
Expert Judgment

Expert judgment uses the experience and knowledge of experts to estimate the cost
of the project. This technique can take into account unique factors specific to the
project. However, it can also be biased.

Analogous
Estimating

Analogous estimating uses historical data from similar projects as a basis for the cost
estimate. The estimate can be adjusted for known differences between the projects.
This type of estimate is usually used in the early phases of a project and is less
accurate than other methods.

Parametric
Estimating

Parametric estimating uses statistical modeling to develop a cost estimate. It uses


historical data of key cost drivers to calculate an estimate for different parameters such
as cost and duration. For example, square footage is used in some construction
projects.

Bottom-Up
Estimating

Bottom-up estimating uses the estimates of individual work packages which are then
summarized or "rolled up" to determine an overall cost estimate for the project. This
type of estimate is generally more accurate than other methods since it is looking at
costs from a more granular perspective.

Three-Point
Estimates

Three-point estimates originated with the Program Evaluation and Review


Technique (PERT). This method uses three estimates to define an approximate range
for an activities cost: Most Likely (Cm), Optimistic (Co), and Pessimistic (Cp). The
cost estimate is calculated using a weighted average: Cost Estimate = (Co + 4Cm +
Cp)/6

Reserve Analysis

Reserve analysis is used to determine how much contingency reserve, if any, should
be allocated to the project. This funding is used to account for cost uncertainty.

Cost of Quality

Cost of Quality (COQ) includes money spent during the project to avoid failures and
money spent during and after the project due to failures. During cost estimation,
assumptions about the COQ can be included in the project cost estimate.

Project

Project management estimating software includes cost estimating software


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Management
Estimating
Software
Vendor
Analysis

applications, spreadsheets, simulation applications, and statistical software tools. This


type of software is especially useful for looking at cost estimation alternatives.
Bid Vendor analysis can be used to estimate what the project should cost by comparing
the bids submitted by multiple vendors.

2. Procurement process:An effective procurement process plays in important role in the successful implementation of a project. A
procurement process starts with the identification of the required materials and equipments. Delayed
delivery, manufacturing defects, incorrect specifications, belated replacement pilferage, shortage, etc are
common problems in almost all projects. An efficient project management can avoid much of these
problems by proper planning and control of procurement and efficient post-procurement materials
management.
A project procurement process covers the following functions:
Request to invite bids or tenders: This covers the listing requirements of equipment, preparing
specifications, and sending request to invite bids.
Shortlist suppliers: This includes identifying the required number of suppliers out of the possible ones.
Invite bids: This element covers the invitation of bids to receiving them.
Evaluate, negotiate, and choose bid(s): This involves making comparative statement of various
elements of price, negotiate technical and commercial aspects including price, select the lowest bidder(s),
and get the approval of a competent person.
Prepare and place orders: This includes writing the purchase order which describe the products and
state all the commercial terms in simple and clear words, obtaining the signature of a competent, authorized
person, and send order to supplier and get his or her acknowledgement.
Order fulfillment: This includes monitoring the progress of manufacturing of equipment, its quality,
packaging, and associated documentation.
Transport and shipping: This covers all the formalities needed to get the equipments from the supplier
to the project site.
Receive, inspect and store equipment at site: This includes activities like general inspection, marking
the identification number, and inspecting and storing it at a secure place.

3. Project teams responsibilities in project execution


The project team members are expected to assist in the management of the project as well; albeit, at a more
functional level. The critical project 1management elements for the project team to provide assistance with
include:
Performance monitoring: Implement an execution plan to measure the actual performance as compared
to planned performance. For example, the actual project schedules will need to be reviewed periodically and
compared to baseline schedules in order to discern if the project is performing according to plan. If the
project is not performing according to baseline, steps will be taken to get the project back on track. The same
monitoring and analysing should take place on budgets, quality, risks, scope, etc.
Provide project status: While the project manager is responsible for relaying project status to parties
outside the project team, the project team is expected to report the status to the project manager. This
includes communicating information both on a formal and an informal basis.

4. Project termination:- Project termination is one of the most serious decisions of a project management
team and its control board. The decision of project termination affects all the stakeholders of the project and
can put some negative impact on the organisations growth. So it is important to critically evaluate all the
aspects before taking the decision. The project manager and his or her team members will feel that they
personally failed. It can also put a negative impact on the team members motivation level and their
productivity.
The following are the key reasons to terminate a project:
Technological reasons
Results of project requirements or specifications are not clear or impractical
Fundamental change in project requirements or specifications, so that the underlying contract cannot be
changed accordingly
Lack of project planning, especially risk management
The planned result or product of the project turn into obsolete, is not any longer needed
Sufficient human resources, tools, or material are not accessible
The increase in project cost leads lower profit than expected
The parent organisation do not exist longer
The change in strategy of parent organisation, leads towards the project does not support the new strategy
Essential conditions disappear
Lack of management support
Insufficient customer support
Strategy to avoid the negative impact of project termination
The following are the key strategies that should be followed to avoid the negative impact of project
termination decision:
There should be a clear strategy for project termination, and it should be communicated to all the
stakeholders
The criteria of project success and termination should be clear and communicated to every stakeholders
High level management attention, even for smaller projects, and in times when everything seems to be on
track
There should be periodical review meetings with the control board before taking the decision
There should be open discussions with the control board about the problems and possible solutions or
alternatives, including termination
There should be a clear commitment of control board and high level management towards the project
management team in order to enable the team to follow the project closure procedures
Upon successful termination, the project manager and his or her team should be appreciated for regular
project closure

Question 5: What is Quality planning? Explain the inputs, tools and techniques and outcomes of
quality planning?
Answer: Quality planning
Quality planning is the process of identifying the quality standards that are related to the project and
determining how to these standards can be achieved. It is one of the significant processes of project
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planning and should be performed on a continuous basis and in parallel with the other project planning
processes.
A good quality planning process starts with a clear definition of the goals of the project. What is the product
or deliverable likely to achieve? What does the product look like? What functions will it perform? How do
you evaluate customer satisfaction? What determines the success of a project?
Answering these questions will help you in identifying and defining quality goals. It will also allow you to
discuss the approach and plans required to accomplish those goals. This includes measuring the risks to
success, setting high standards, documenting everything, and defining the methods and tests to attain,
control, forecast and validate success. You should make sure that you include quality management tasks in
the project plan and delegate the tasks to work groups and/or individuals who will report and track quality
metrics. For example, the desired management quality may need cost or schedule adjustments, or the desired
product quality may need a detailed risk
analysis of an identified problem. Before ISO 9000 Series was developed, the activities mentioned here as
quality planning were broadly considered as part of quality assurance.
Inputs to quality planning
Quality policy: Quality policy refers to the overall intentions and direction of an organisation pertaining
to quality, as formally expressed by top management.
Scope statement: The scope statement comprises the key objectives of the project that are needed by
different stakeholders.
Product description: It includes the details of technical issues and other concerns which may influence
quality planning.
Standards and regulations: The project management team must acknowledge all the relevant standards
or regulations that may influence the project.
Tools and techniques to quality planning
Benefit/cost analysis: The quality planning process should acknowledge benefit/cost trade-offs. The
benefits should cover higher productivity, lower cost and high customer satisfaction.
Benchmarking: In this, we compare actual or planned project practices to practices of other projects to
produce ideas for improvement and to find a suitable standard to measure performance.
Flowcharting: It is a diagram that depicts how different elements of a system relate to each other.
Design of experiments: It is an analytical technique that helps identifying which variables affect the
overall income the most.
Outcomes from quality planning
Quality management plans: It provides input to the overall project plan and must deal with quality
control, quality assurance, and quality improvement for the project.
Operational definitions: It particularly explains what something is, and how it is measured by the
quality control process.
Checklists: It is a structured tool that helps in verifying if a set of required steps has been performed.
Inputs to other processes: The quality planning process may discover a need for further activity in some
other area.
Question 6: Describe the various types of project performace evalution techniques. List any Four
benefits of performance measurement and evaluation.
Answer: Types of project performance evaluation
The following are the types of project performance evaluation techniques:
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(i) Process (or implementation) evaluation: It is also called formative evaluations which are designed to
improve the implementation of a program, policy or strategy as it unfolds. In this type of evaluation we
measure the level to which a program is effective as it was planned. It usually considers the program
activities conformance to statutory and regulatory requirements, program design, and professional standards
or customer expectations.
(ii) Outcome evaluation: It is also called summative evaluations which are designed to judge a program,
policy or strategys relevance, success and/or cost-effectiveness which includes its relative contribution to
the intended outcomes. This type of evaluation measures the level to which
a program attains its outcome-oriented objectives. It mainly focuses on outputs and outcomes including
unintended effects to evaluate program effectiveness but may also consider program process to understand
how outcomes are produced.
(iii) Impact evaluation: This is a type of outcome evaluation that measures the net effect of a program by
evaluating program outcomes with an estimate of what would have happened in the absence of the program.
This type of evaluation is used when external factors are known to influence the programs outcomes, in
order to isolate the programs contribution to achievement of its objectives.
(iv) Cost-benefit and cost-effectiveness analyses: Cost-benefit and costeffectiveness analyses compare a
programs outputs or outcomes with the costs (resources expended) in order to produce them. When applied
to existing programs, they are also regarded as a variety of program
evaluation. It measures the cost of meeting a single goal or objective, and can be used to identify the least
cost alternative to meet that goal. This analysis aims to recognize all relevant costs and benefits, generally
expressed in dollar terms.
Benefits of Performance Measurement and Evaluation
It is tools to develop management and improve decision making at all levels. Participatory approaches, on
the other hand, can assist to build capacity for ongoing improvement at local levels. The following chart
shows some of the key benefits of performance measurement and evaluation and how they can be used.
Benefits of performance Measurement and Evaluation
Benefits of performance
Policy and programme planning
and development
Decision making about funding

Clarifying goals

Tracking progress
Reporting results

Measurement and Evaluation


Results may confirm policy and programme
direction or identify gaps that need to be
addressed.
Finding out what works well/not so well can
be used to guide future funding
decisions/priorities.
At the outset, developing a road map
clarifies goals, explains the big picture and
ensures that everyone shares a common
focus.
Enables monitoring and if required, permits
adjustments to be made along the way.
Promotes accountability and communicates
what works well to facilitate improvement and
ongoing development.
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Smu assignments mba 2nd semester


Price 1300/- all subjects (whole assignments)
Kindly contact
Devendra kumar kachhi
(8602695861)
Email-rockdev61@gmail.com
I will create always new assignments for all semester for every student

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