Mb0049 Project Management

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Spring 2012 (February 2012)Master of Business Administration - MBA Semester 2MB0049 – Project Management(4 credits)(Book ID: B1138)ASSIGNMENT-Set 1Marks 60 _________________________________________________________________________ Note: Each Question carries 10 marks. Answer all the questions.Q1. Define project management. Discuss the need for project management. Project Management is all about a mindset. The major characteristics of project mindset. 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. The mindset is normally to work outa comfort mode by stretching the time limits. b) Responsiveness:

It refers to quickness of response of an individual. The vibrancy and livelinessof an individual or an organisation are proportional to its capabilities to respond to evolving processes and structure.c) Information Sharing:

Information is power. Information is the master key to today’s business.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 oneto easily and conveniently work according to the plan. It also enables efficient use of projectresources 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 projectmanagement. Now let us have an assessment exercise
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