Project Management Mba

Topics: Project management, Management, Risk management Pages: 32 (8754 words) Published: June 3, 2010

Q.1:-Define project management, resource, process and project cycle. Explain the life-cycle of a project.

Ans:-Project management:It is an art of controlling the cost, time, manpower, hardware and software resources involved in a project. as “the application of knowledge, skills, tools and techniques to project activities to meet project requirements”. Project management is accomplished through the application of and integration of the project management processes of initiating, planning, executing, monitoring and controlling, and closing. The project manager is the person responsible for accomplishing the project objectives.

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

Resource:We discussed earlier that the most important step to arrive at the relationship between the four constraints is to make an accurate assessment of the resources required, and the costs thereof. At this stage, we shall broadly classify the resources required under four categories.

(a) Manpower refers to all the man hours required from various personnel working directly or indirectly on the project.

(b) Materials refer to all materials that become part of the project. In the case of a building this will include cement, steel, aggregates, doors & windows, mechanical electrical/instrumentation equipment and materials, finishing materials like tiles water proofing, ironmongery, consumables utilized in the construction etc. In summary all materials that become part of the building structure. (c) Tools and Plants are those items that are deployed to aid the construction of the project like lifting equipment (cranes etc.), concreting equipment, welding machines, dozers, transport vehicles and all machineries deployed as construction aids. They do not become part of the project, they are utilized for the implementation of the project, and they are transferred to other projects after such utilization for the ongoing project. The owner may own some of these tools and plants in which case he will need to apportion an internally predetermined hiring cost of the same to the project. For the tools and plants deployed for the project and not owned by the owner, hiring costs charged by the external agencies shall be apportioned to the project.

(d) Infrastructure refers to temporary arrangements that need to be provided for project implementation and dismantled at the end of the project. Examples are labor camps, electric power and water supply systems built for the construction of the project, dedicated telecommunication facilities during construction at project sites etc. Each one of the abovementioned resources has a cost associated with it and the sum total of these costs will form a part of the project cost.

It should however be noted that several additional cost elements contribute to the total project cost like financing costs, insurance costs, overheads etc

Process:PMBoK organizes Project management processes into five groups, defined as the Project Management Process Groups, each group comprising one or more processes. This grouping helps in understanding the relevance and significance of the sequence of, and interaction between the various processes in project management. However, a process group is not a totally discrete phase occurring in isolation from another process group, and the processes have inherent interactions between themselves throughout the implementation of a project. We will briefly define these process groups as under,...
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