PROGRAM - MBA
SUBJECT CODE & NAME PM 0010 – INTRODUCTION TO PROJECT MANAGEMENT
1. What are phases of project
lifecycle? List the advantages of project management.
FIVE phases of project lifecycle
Initiation: This is the first phase of project lifecycle.
In this stage, a project charter, which
is also called
the project statement,
is defined. This statement provides the project idea,
outlines the project objectives, identifies the project manager and stakeholders, and defines the role and
authority of the project manager. The
project charter will be discussed later in this unit in detail.
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2. Write short notes on:
(I) Project development
(II) Project organisation
(III) Factors affecting
collection of market-related information
(IV) Term loans as a means of financing projects
(I)
Project development
In this
phase of project management lifecycle, the progress of the project is
monitored and controlled.
This phase also
provides a measure
to ensure that the project
deliverables meet the expectations of
customers or clients. This phase is
considered complete after
the testing and
approval of the project. The main purpose of this phase
is to verify whether the project is adhering to the plan and if there are any
deviations, to determine the extent of deviation.
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(II)
Project organisation
Project organisation is one of the most crucial parts of project
planning. It is a structure that
is designed for
the successful execution
of a project.
It provides a complete framework for a project and ensures that the
project is arranged in a manageable
structure. In project organisation, the complexity of a project is structured
and the sequence of project activities is defined. The first step of
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(III)
Factors affecting collection of market-related information
An organisation
can identify the
current market trends
and tastes and preferences of
customers by collecting
market-related information. There are
various factors that affect
the collection of
market-related information, which are as
follows:
Cultural diversity: The most
crucial factor is
cultural sensitivity and diversity. The tastes and preferences of
customers vary according to their cultures. A classic example of what a western
retail
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(IV)
Term loans as a means of financing projects
These are
secured long term
loans provided by
financial institutions and commercial banks to organisations or
individuals to start a new project
or expand and
redesign existing projects.
Two types of
term loans are provided
in India, ‘rupee
term loan’ and
‘foreign currency term loan’.
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3. Explain the concept of Social
Cost Benefit Analysis (SBCA)? List the application of SBCA and describe the
challenges in SBCA.
Importance of SBCA
The main
objective of an organisation is to earn maximum returns from a project.
However, some projects
are not attractive
in terms of
monetary gains; rather, they are initiated for a social cause. For
example, road and dam construction projects may not generate high returns, but
have a social impact. In
CBA, the total
cost and expected
returns of a
project are estimated in monetary
terms. The CBA approach involves the estimation of cost incurred on raw
materials, labour, rents and acquiring
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4. Discuss the financing of a
power project.
Financing a Power Project
Power projects are
critical for the economic growth and development of any country. Power
projects include hydro-power
projects, thermal power projects, nuclear power projects, etc.
As any
other infrastructure project,
power projects also
have state government, EPC
contractor, project sponsors,
suppliers and O&M contractors as key parties. In a power project, PPA is signed by the SPV and the SEB, whereby
the produced power is purchased by the SEB. The financial condition
and performance level
of SEBs are
not satisfactory in India.
Subsidised rate of
electricity causes
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5. Explain the types of
procurement contracts.
The types
of procurement contracts are as follows:
·
Fixed-Price
contracts
·
Cost Reimbursable Contracts
·
Unit Price Contracts
Fixed-Price contracts: The
fixed price contract,
which is also
called the lump-sum contract, is
an agreement to provide a well-defined
product to the buyer at a fixed total price. This type of contract may involve
incentives from the buyers to the sellers for exceeding project objectives by the seller, such
as
delivering end-products to the buyer before the deadline. For example, a contract between a buyer
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6. What is the purpose of project
evaluation? Which the four dimensions of the project explain the purpose of
project evaluation?
Purpose of project evaluation – measuring project success
The purpose of project
evaluation is to measure the “success” of a project. Accordingly, projects are
evaluated on the basis of the indicators of success or failure such as
profitability, competency, efficiency
and future prospect. The success of a project has been defined by different
researchers through some models. One of such models was proposed by Shenhar et
al. in 1997.
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SUBJECT CODE & NAME PM0011 – PROJECT PLANNING AND SCHEDULING
1. Write short notes on:
· Hierarchy of organisational objectives
· Porter model a tool for identifying investment opportunities
· Design phase of project management life cycle
· Scope change
· Hierarchy of organisational objectives
· Porter model a tool for identifying investment opportunities
· Design phase of project management life cycle
· Scope change
Ans- Hierarchy of organisational objectives
In an organisation, objectives follow a logical framework that is characterised
by a hierarchy under different levels. The hierarchy of objectives is shown in
below figure:
As shown in above figure,
objectives are divided into overall objectives, divisional and departmental
objectives, and individual and performance based objectives. The top management
is interested in the
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Porter model
This model was introduced by
Michael Porter and is one of the most popular tools used by organisations to
identify investment opportunities. In this model, Porter advocated that the
attractiveness and profit potential of an industry is determined by five
forces. These five forces are depicted in below
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Design phase:
Refers to the third phase of
the project management life cycle. Design phase is mainly concerned with
rendering a detailed description of the operations and functions of a project.
It should be noted that the inputs that are identified and approved by the MRD
serves as an input for the design phase. In the design
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Q2. Budget Estimation of ABC Company Ltd.
ABC Company Ltd., established
in 1985, is engaged in the manufacturing of leather accessories. Over the
years, the company, which started out as a local firm,has made its mark as an international
corporation. However, the company is still working as a traditional set up.
The high quality and
durability of products have increased the demand of the products in the market.
As the production of the organisation is being increased to meet the demand,
the traditional set up is creating hurdles in the production process. Organisation
conflicts have arisen among the team members because of the unorganised
hierarchical structure of the company, which is affecting the output of the organisation.
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3. What is the importance of operational
feasibility? Explain the factors that affect operational feasibility.
Ans- The importance of
operational feasibility is highlighted in the following points.
• Helps in assessing the capability of the project
in fulfilling the desired organisational goal
• Helps in analysing and tackling any resistance from management, team, and individuals
• Helps in evaluating the probable impact of the project on the environment
• Helps in analysing and tackling any resistance from management, team, and individuals
• Helps in evaluating the probable impact of the project on the environment
• Assists
in proper implementation of the project
• Helps in periodical review of the implemented project
• Assists in analysing the impact of the project on the end-users
• Helps in periodical review of the implemented project
• Assists in analysing the impact of the project on the end-users
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4. Write short notes on:
· Crashing
· Precedence diagramming method
· Resource allocation
· Scope creep
Ans- Crashing
· Crashing
· Precedence diagramming method
· Resource allocation
· Scope creep
Ans- Crashing
In order to reduce the duration of a project, organisations often
assign additional resources to the project task. This technique of assigning additional
resources to reduce the project duration is termed as crashing.
According to BusinessDictionary.com, schedule crashing is "Reducing the completion time of a project by sharply increasing manpower and/or other expenses."
According to BusinessDictionary.com, schedule crashing is "Reducing the completion time of a project by sharply increasing manpower and/or other expenses."
According to schedule
crashing, factors such as number of labourers, number of hours required to
complete a task, and the number of calendar time required to accomplish a task,
are connected with each other by a mathematical formula. For instance, if a
person require 5 days to complete a40-hour task(40
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5. What do you understand by cost of quality?
Elaborate on various types of costs of quality associated with a project.
Ans- Cost of Quality (COQ)
Cost of quality indicates the sum of conformance cost and
non-conformance cost. Conformance means delivering products that meet the
quality requirement of the customer; whereas, non-conformance indicate the products
that are rejected for not complying with the quality norms of the customer.
There is a general perception
among people that the cost of a product is directly proportional to its
quality, that is, higher the quality of a product, dearer will be its cost. This
perception is because of the general thinking that greater quality demands
buying of more expensive material or machinery or hiring
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6. Explain some of ISO standards that should be
considered by the project manager during project execution. List the advantages
of project management software.
Ans- There are various ISO standards that should be considered by
a project manager during the xecution of
a project. Some such ISO standards are mentioned below:
ISO 9000 (Quality
Management): The
ISO 9000 certification was introduced by International Organisation for
Standards which aim to bring in consistency in the quality standards of
different countries. The ISO 9000 Standards focus on management and leadership,
especially with regards to
quality management and processes. This ISO 9000 series helps organisation to meet and exceed the
quality management and processes. This ISO 9000 series helps organisation to meet and exceed the
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PROGRAM MBA
SUBJECT CODE & NAME PM 0012 – PROJECT FINANCE AND BUDGETING
1. Write short notes on:
· Project cost estimation
· Role of project sponsors
· Trade credit
· Importance of project budget
Ans- Estimation of Project Costs
The cost of the project is the money
required to complete the project. Cost estimation is very important for the
planning and execution of any project so that appropriate finances can be
allocated at the right time. However, at times, the overall cost may go beyond
the budgeted cost due to project delays. If the demand for money cannot be met
at that time, then the project might have to be shelved. Therefore, it is
important to use judgement and experience along with application of scientific
principles and techniques
to estimate the cost of a project.
to estimate the cost of a project.
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2. Answer the
following questions:
1. What is a Letter of Intent (LOI)? What is its purpose?
2. What are the basic features of EPC (Engineering, Procurement and Construction) contracts? Give any 4 advantages of entering into a EPC contract?
1. What is a Letter of Intent (LOI)? What is its purpose?
2. What are the basic features of EPC (Engineering, Procurement and Construction) contracts? Give any 4 advantages of entering into a EPC contract?
Ans-1.Letter of Intent
A
Letter Of Intent (LOI) may be defined as an agreement between two or more
parties to do business together before signing the contract. It signifies an
intention to do the business at later date. It is the first step in negotiation
of a commercial transaction to agree upon the business terms of the transaction.
The intent of one party towards another with regard to an agreement is outlined
through an LOI and only the
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2.
The basic features of EPC contracts are as follows:
A single point of responsibility: In
an EPC contract, the contractor is responsible for all designing, engineering,
procuring, constructing and testing activities. Therefore, in case of any
problem, the project company will look for only the contractor to fix the
problem and give compensation if required.
A
fixed completion date: The time period is fixed for completion
of the facility after the commencement
of the EPC contract. If this date is not met, the contractor is liable to pay
delay liquidated damages
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3..Explain the
different key project documents.
Ans-Key Project Documents
According to John Rakos "The
success of any project is crucially dependent on the documents produced for
it."
It is very essential for any project manager to keep proper documentation for the project for effective management. These documents help to know the various aspects of the project whenever needed during the life of the project. These documents are as follows:
It is very essential for any project manager to keep proper documentation for the project for effective management. These documents help to know the various aspects of the project whenever needed during the life of the project. These documents are as follows:
Business case: It
is a kind of agreement or contract or a decision analysis report which
signifies that the project has been approved for commencement. It is managed
between two parties for offering of services.
In the business case, the resources involved in the project along with its cost and schedule are mentioned.
In the business case, the resources involved in the project along with its cost and schedule are mentioned.
• Owner
protected against changing prices for materials, labour etc.
4.. Write short notes
on:
· Developments in financing of construction projects in India.
· Importance of cost of capital in project selection.
· Principles employed by organisations to manage working capital.
· Developments in financing of construction projects in India.
· Importance of cost of capital in project selection.
· Principles employed by organisations to manage working capital.
Ans- Developments in financing of
construction projects in India
Indian construction is in a nascent
stage as compared to other developed countries, such as US or UK. India lacks
in basic constructions, such as highways, airports and seaports. The Indian government
is striving to address the problem by encouraging the private sector to invest
in construction projects.
Let us discuss the developments in
financing of construction projects in India in detail:
Improvement
in participation of capital market: This indicates increasing participation
of equity investors in construction projects. In Indian capital market, there
has been a tremendous growth in equity capital investment. Project sponsors
with high reputation get adequate equity supply from the capital
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5. .What are the
problems associated with BOOT projects.
Ans-Problems in BOOT Projects
Although BOOT model is beneficial for
certain projects, there are many risks and problems associated with it and may
act as a constraint in the implementation of these projects. The main problems
associated with BOOT projects are as follows:
• There are problems with
BOOT projects in reaching the construction stage. There may be many reasons for
this. One of those reasons may be unavailability of experienced developers. If
the developer is not
experienced enough, then the project may face many problems in its completion. The other reason may be
experienced enough, then the project may face many problems in its completion. The other reason may be
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6..Explain the
different types of management contracts (a type of PPP )
Ans- The different types of management
contracts are discussed as follows:
Supply
or service contract: It is a type of management contract,
which involves supply of raw materials, equipment, labour, etc. by a private concessionaire
to a public entity. The appointment of private agencies by the concerned
authorities for maintaining cleanliness in the railway station is an example of
such type of contract. In a supply or service contract, the private
concessionaire has the freedom to enter into supply and/or service contracts
with other entities for supplying the desired equipment, labour, power and
energy
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PROGRAM - MBA
SUBJECT CODE & NAME PM 0013 – MANAGING HUMAN RESOURCES IN
PROJECTS
1 Write short notes on:
i) Financial resources
ii) Need for human resources
management
iii) Project team members
iv) Challenges in developing a
project team
i) Financial resources
Finance is
the lifeblood of any project.
Financial resources refer
to the money or fund that a business or project requires
in the forms of cash, loan etc.
Following
are some the elements of a project for
which financial resources are required:
·
Land and site
development
·
Buildings and civil
works
·
Plant and machinery
·
Technical know–how
and engineering fees
·
Expenses on
technicians
·
Expenses on
training of employees
·
Preliminary and
capital issue expenses
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ii)
Need for human resources management
Human resources in
all organisations are
increasingly gaining importance because they
ensure execution of
strategies in projects
to achieve organisational goals.
Therefore, human resource is one of most vital factors for a project to
succeed. Following points emphasise the
need for
human
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iii)
Project team members
A project requires multiple activities to be performed.
It cannot be handled by
one person. Therefore,
besides the project
sponsor and the
project manager, a team is required to complete a project. The term team indicates a group
of two or
more people who
perform together so
that
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iv)
Challenges in developing a project team
Type
of organisation: The
biggest challenge in developing a project team depends largely on the
type of organisation. For example, motivating and developing a team/member
in a functional organisation is
very difficult as resources are borrowed and it takes time
for them to adjust in the project
team.
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2. What are the stages in a
conflict process?
Below are the stages in a
conflict :
Potential opposition
or incompatibility stage:
It is the
first stage that creates opportunities and scope for
conflict. In this stage, some conditions such as difference of opinions that
may give rise to a conflict are created.
Cognition
and personalisation stage: It is the stage where the conditions of potential
opposition or incompatibility stage
negatively affect a
person and leads to a conflict. This stage deals with two
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3. Write short notes on
i) Role of a project manager
ii) Productivity measurement
method
iii) Importance of leadership
in project management
iv) Goal setting theory
i)
Role of a project manager
Some of the
key responsibilities performed by project manager include:
·
Setting a
meaningful project objective
·
Aligning the
project objective with organisation objective
·
Contributing
innovative ideas for the success of project
·
Resolving the
project issues
·
Monitoring the
project performance
·
Managing the budget
of the project
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ii)
Productivity measurement method
This method calculates
the productivity or work rate of different employees for estimating the future needs of the
workforce for a particular task. Normally, sales rate is used as a forecaster in
estimating the manpower need.
A historical trend of the sales
record is measured
in relation to
number of employees involved in the business. The ratio of employees to the sales provides a labour
productivity
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iii) Importance of leadership
in project management
A project comprises
of various tasks
and activities that
need to be performed by different people using
different resources at different times in the project lifecycle. For successful
execution of these tasks, it is important to
have a leader
who is able
to strategies, plan
and lead the
collective efforts of the
team members for
achieving the project
goals. A leader
is committed towards the
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iv)
Goal setting theory
Edwin
Locke, an American psychologist and a pioneer in goal-setting theory
explains that specific
and difficult goals
lead to higher
performance than easy goals. It also suggests that feedback and commitment
lead to higher performance and bridges
the gap between
the actual and
expected performance of individuals.
It also suggests
that for self-improvement, an individual should have
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4. Explain the modern methods of
performance management?
Modern methods
are amongst the
most widely used
performance measurement
techniques. These include
the methods as
shown below:
a) Human
Resource Accounting
b) Assessment
centers
c) Behavioural
anchored rating scales
d) Management
by Objectives
e) 360
degree appraisal
f) Balanced
Scorecard (BSC)
Human resource
accounting: This method
aims to assess
the effectiveness of Human Resource Management (HRM) activities and
tries to value manpower as assets and not as expenses. In terms of
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5. Explain various types of
collective bargaining.
Below are the types of collective
bargaining:
Distributive bargaining:
It is a type of bargaining
where both the
parties stress on supporting their own benefits. Distributive bargaining
involves less flexibility and understanding
between the parties
because it prioritises
the interest of one party over other and leaves no scope for win-win
situation. For example, the employee union of an organisation wants the
organisation to raise their
salary. On
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6. What is a Human Resource
Information System(HRIS).
Human resource Information System (HRIS)
An organisation
may run multiple
projects simultaneously. For
effective management of human resources and ensure smooth flow of
information, it is important for the organisation to manage employee information and data at one place. A sound
Human Resource Information System (HRIS) helps in consolidating such
information. A HRIS
is a technology-based system that helps
an
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