Topics: Project management, Management, Risk management Pages: 14 (4429 words) Published: December 12, 2012
Master of Business Administration - MBA Semester 2
MB0049 – Project Management
(4 credits)
(Book ID: B1138)

Q1. What is meant by project management ? Discuss the need for project management.

Answer: Project Management is all about a mindset. The major characteristics of project mindset:

a) Time:  It is an important parameter in framing the right mindset. It is possible to improve the pace of the project by reducing the time frame of the process.

b) Responsiveness:  It refers to quickness of response of an individual. The vibrancy and liveliness of an individual or an organisation are proportional to its capabilities to respond to evolving processes and structure.

c) Information Sharing:  Information sharing is an important characteristic of the project mindset today. A seamless flow of information is a key to build a healthy mindset among various stakeholders in a project.

d) Processes: Project mindset lays emphasis on flexible processes. The major difference in a process and a system is in its capabilities of providing flexibility to different situational encounters. Flexible processes possess greater capabilities of adaptability.

e) Structured planning: Structured planning based on project management life cycle enables one to easily and conveniently work according to the plan. It also enables efficient use of project resources and prioritisation of the activities based on resource planning. Hence having a right mindset and flexible processes in place is very important for a sound project management.

Need for project management:
Project management is necessary because –
a) A project requires huge investments which should not go waste b) A loss in any project would have direct or indirect impact on the society c) Prevent failures in projects
d) Scope of the project activity may undergo a change
e) Technology used may change during the course of project execution f) Consequences of negativity in project related problems could be very serious g) Changes in economic conditions may affect a project.

Q2. Write brief note on project planning and scoping.
Answer: The purpose of project planning and scoping is to first identify the areas of the project work and the forces affecting the project. The planning and scoping should be such that the project manager is able to assess every stage of the project and also enabling the assessment of the quality of the deliverable of the project at every stage. First let us list the steps involved in project scoping. These steps include: i) identifying the various parametric forces relevant to the project and its stages. ii) Enabling the team members to work on tools to keep track of the stages and thereby proceed in the planned manner. iii) Avoiding areas of problems which may affect the progress of the project. iv) Eliminating the factors responsible for inducing the problems. v) Analysing the financial implications and cost factor at various stages of the project. vi) Understanding and developing the various designs required at various stages of the project. vii) Identifying the key areas to be included in the scope through various meetings, discussion and interviews with the clients. viii) Providing a base and track to enable alignment of project with the organisation and its business objective. ix) Finding out the dimensions applicable to the project and also the ones not applicable to the project. x) Listing out all the limitations, boundary values and constraints in the project. Understanding the assumptions made in defining the scope after completing the project scoping, you can start your project plan. Project planning involves three processes:

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...
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