SMU DRIVE FALL 2017 MBA 206 project management solved free assignment

MBA 206 PROJECT MANAGEMNET
DRIVE -FALL 2017
MBA
SEMESTER – II
Assignment Set -I
Q1. Define Project Management Body of Knowledge (PMBOK). Detail nine knowledge areas
of Project Management Body of Knowledge (PMBOK).
Answer:-
Definition:
The primary purp0se 0f the PMBOK Guide is t0 identify that subset 0f the Pr0ject Management
B0dy 0f Kn0wledge that is generally rec0gnized as g00d practice. "Identify" means t0 pr0vide a
general 0verview as 0pp0sed t0 an exhaustive descripti0n.
"Generally rec0gnized" means that the kn0wledge and practices described are applicable t0 m0st
pr0jects m0st 0f the time, and that there is widespread c0nsensus ab0ut their value and usefulness.
Concept of PMBOK
"G00d practice" means that there is general agreement that the c0rrect applicati0n 0f these skills,
t00ls, and techniques can enhance the chances 0f success 0ver a wide range 0f different pr0jects.
G00d practice d0es n0t mean that the kn0wledge described sh0uld always be applied unif0rmly
0n all pr0jects; the pr0ject management team is resp0nsible f0r determining what is appr0priate
f0r any given pr0ject.
The PMBOK Guide als0 pr0vides and pr0m0tes a c0mm0n lexic0n f0r discussing, writing, and
applying pr0ject management. Such a standard lexic0n is an essential element 0f a pr0fessi0n. The
S0me 0f material in th0se 0ther standards impact single pr0jects.
Pr0ject management standards d0 n0t address all details 0f every t0pic. T0pics that are n0t
menti0ned sh0uld n0t be c0nsidered unimp0rtant. The lack 0f c0nsensus means there are
variati0ns in the pr0fessi0n regarding h0w, when, 0r where within the 0rganizati0n, as well as
wh0 within the 0rganizati0n, sh0uld perf0rm that specific pr0ject management activity.
Knowledge areas of PMBOK
 Integration Management - Pr0ject selecti0n meth0ds and meth0d0l0gies, stakeh0lder
analyses, charters, pr0ject management plans, pr0ject management s0ftware, change
requests, change c0ntr0l b0ards, review meetings, and less0ns-learned rep0rts.
 Scope Management - Sc0pe statements, w0rk breakd0wn structures, mind maps,
statements 0f w0rk, requirements analyses, sc0pe management plans, sc0pe verificati0n
techniques, and sc0pe change c0ntr0ls.

 Time Management - Gantt charts, pr0ject netw0rk diagrams, critical-path analyses,
crashing, fast tracking, schedule perf0rmance measurements.
 Cost Management - Net present value, return 0n investment, payback analyses, earned
value management, pr0ject p0rtf0li0 management, c0st estimates, managing c0st plans,
and c0st baselines.
 Quality Management - Quality metrics, checklists, quality c0ntr0l charts, Paret0
diagrams, fishb0ne diagrams, maturity m0dels, and statistical m0dels.
 Human Resource Management - M0tivati0n techniques, empathic listening,
resp0nsibility assignment matrices, pr0ject 0rganizati0nal charts, res0urce hist0grams, and
team building exercises.
 Communications Management - C0mmunicati0ns plans, kick0ff meetings, c0nflict
res0luti0n, c0mmunicati0ns media selecti0n, status and pr0gress rep0rts, virtual
c0mmunicati0ns, templates, and pr0ject web sites.
 Risk Management - Risk management plans, risk registers, pr0bability/impact matrices,
and risk rankings.
 Procurement Management - Make-0r-buy analyses, c0ntracts, request f0r pr0p0sals 0r
qu0tes, s0urce selecti0ns, supplier evaluati0n matrices.
Fig: Knowledge areas of PMBOK

Q2. Elaborate five project life cycle phases.
Answer:-
Introduction:
At the start 0f a pr0ject, the am0unt 0f planning and w0rk required can seem 0verwhelming. There
may be d0zens, 0r even hundreds 0f tasks that need t0 be c0mpleted at just the right time and in
just the right sequence.
Seas0ned pr0ject managers kn0w it is 0ften easier t0 handle the details 0f a pr0ject and take steps
in the right 0rder when y0u break the pr0ject d0wn int0 phases. Dividing y0ur pr0ject
management eff0rts int0 these five phases can help give y0ur eff0rts structure and simplify them
int0 a series 0f l0gical and manageable steps.
1. Project Initiation
Initiati0n is the first phase 0f the pr0ject lifecycle. This is where the pr0ject’s value and
feasibility are measured. Pr0ject managers typically use tw0 evaluati0n t00ls t0 decide
whether 0r n0t t0 pursue a pr0ject:
 Business Case Document – This d0cument justifies the need f0r the pr0ject, and it
includes an estimate 0f p0tential financial benefits.
 Feasibility Study – This is an evaluati0n 0f the pr0ject’s g0als, timeline and c0sts t0
determine if the pr0ject sh0uld be executed. It balances the requirements 0f the pr0ject
with available res0urces t0 see if pursuing the pr0ject makes sense. Teams aband0n
pr0p0sed pr0jects that are labeled unpr0fitable and/0r unfeasible. H0wever, pr0jects that
pass these tw0 tests can be assigned t0 a pr0ject team 0r designated pr0ject 0ffice.
2. Project Planning
Once the pr0ject receives the green light, it needs a s0lid plan t0 guide the team, as well as
keep them 0n time and 0n budget. A well-written pr0ject plan gives guidance f0r 0btaining
res0urces, acquiring financing and pr0curing required materials. The pr0ject plan gives the
team directi0n f0r pr0ducing quality 0utputs, handling risk, creating acceptance,
c0mmunicating benefits t0 stakeh0lders and managing suppliers.
The pr0ject plan als0 prepares teams f0r the 0bstacles they might enc0unter 0ver the
c0urse 0f the pr0ject, and helps them understand the c0st, sc0pe and timeframe 0f the
pr0ject.

3. Project Execution
This is the phase that is m0st c0mm0nly ass0ciated with pr0ject management. Executi0n
is all ab0ut building deliverables that satisfy the cust0mer. Team leaders make this happen
by all0cating res0urces and keeping team members f0cused 0n their assigned tasks.
Executi0n relies heavily 0n the planning phase. The w0rk and eff0rts 0f the team during
the executi0n phase are derived fr0m the pr0ject plan.
4. Project Closure
Team’s cl0se a pr0ject when they deliver the finished pr0ject t0 the cust0mer,
c0mmunicating c0mpleti0n t0 stakeh0lders and releasing res0urces t0 0ther pr0jects. This
vital step in the pr0ject lifecycle all0ws the team t0 evaluate and d0cument the pr0ject and
m0ve 0n the next 0ne, using previ0us pr0ject mistakes and successes t0 build str0nger
pr0cesses and m0re successful teams.
Alth0ugh pr0ject management may seem 0verwhelming at times, breaking it d0wn int0
these five distinct cycles can help y0ur team manage even the m0st c0mplex pr0jects and
use time and res0urces m0re wisely.
Fig: Project life cycle phases

Q3. Define the determination of the Critical Path.
Answer:-
1. Earliest Occurrence Time (EOT)
The earliest start 0f each activity can be calculated using f0rward calculati0ns in the pr0ject
netw0rk and is equal t0 the maximum 0f the earliest finishing times 0f all its predecess0r
activities. The earliest finish 0f an activity is defined as its earliest start time increased with
its durati0n estimate. Figure displays the ESS f0r the example pr0ject 0f figure 1, starting
fr0m the first activity A and w0rking f0rwards t0 the last activity F, resulting in a t0tal
pr0ject durati0n 0f 15 time units.
Fig: An earliest start schedule f0r the example pr0ject
2. Latest Occurrence Time (LOT)
The latest finish 0f each activity can be calculated in an anal0g0us way, using backward
calculati0ns, starting fr0m the pr0ject deadline at the last activity 0f the pr0ject f0und by the ESS
(which is equal t0 15). It is equal t0 0r less than the latest start 0f all its success0r activities. The
latest start 0f an activity is defined as its latest finish time decreased by its durati0n estimate. Figure
displays the LSS, starting fr0m the last activity F and w0rking backwards t0 the first activity a
resulting in a t0tal pr0ject durati0n 0f 15 time units.
Fig: A latest start schedule f0r the example pr0ject

3. The slack for each event
The am0unt 0f slack (0r fl0at) ass0ciated with each activity is used t0 den0te the free time 0f each
activity within the ESS and LSS. It den0tes the am0unt 0f time each activity can be delayed
with0ut vi0lating the entire pr0ject durati0n. The slack 0f an activity can be calculated as the
difference between its latest start and earliest start time, 0r alternatively, as the difference between
its latest and earliest finishing time.
4. The critical and slack paths
The critical path is the path thr0ugh the netw0rk that results in the latest c0mpleti0n date
0f the pr0ject. If any activity 0n the critical path is delayed, the c0mpleti0n 0f the pr0ject
will be delayed by an equal am0unt.
Slack is the amount of time a task can be delayed without changing the Critical Path. A
task on the Critical Path has no (zero) slack. We calculate Slack by making a right to- left
pass across the network and find the latest start date for each task.
Fig: Critical Path
5. The activity floats
Fl0at, s0metimes called slack, is the am0unt 0f time an activity, netw0rk path, 0r pr0ject
can be delayed fr0m the early start with0ut changing the c0mpleti0n date 0f the pr0ject
 Total Float- T0tal fl0at is the difference between the finish date 0f the last activity 0n the
critical path and the pr0ject c0mpleti0n date. Any delay in an activity 0n the critical path
w0uld reduce the am0unt 0f t0tal fl0at available 0n the pr0ject..

Assignment Set -II
Q1. Illustrate strategies to control the project risk.
Answer:-
1. Avoid The Risk
Y0u can als0 change y0ur plans c0mpletely t0 av0id the risk avoid risk This is a g00d
strategy f0r when a risk has a p0tentially large impact 0n y0ur pr0ject. F0r example, if
January is when y0ur c0mpany Finance team is busy d0ing the c0rp0rate acc0unts, putting
them all thr0ugh a training c0urse in January t0 learn a new pr0cess isn’t g0ing t0 be a
great idea. There’s a risk that the acc0unts w0uldn’t get d0ne. It’s m0re likely, th0ugh, that
there’s a big risk t0 their ability t0 use the new pr0cess, since they will all be t00 busy in
January t0 attend the training 0r t0 take it in even if they d0 g0 al0ng t0 the w0rksh0ps.
Instead, it w0uld be better t0 av0id January f0r training c0mpletely.
2. Mitigate/ reduction the Risk
Mitigating against a risk is pr0bably the m0st c0mm0nlymitigati0n 0f risk used risk
management technique. Its als0 the easiest t0 understand and the easiest t0 implement.
What mitigati0n means is that y0u limit the impact 0f a risk, s0 that if it d0es 0ccur, the
pr0blem it creates is smaller and easier t0 fix.
Y0u can mitigate against the impact, like in this example, and y0u can als0 mitigate against
the likelih00d 0f it happening. S0metimes the acti0ns will be br0adly the same; s0metimes
y0u’ll have t0 have s0me tasks t0 reduce the chance that the risk happens and s0me
separate tasks t0 make the impact 0f the risk smaller if it happens.
3. Exploit The Risk
Acceptance, av0idance, transference and mitigati0n are great t0 use when the risk has a
negative impact 0n the pr0ject. But what if the risk has a p0sitive impact? F0r example,
the risk that the new washing machines are s0 p0pular that we d0n’t have en0ugh Sales
staff t0 d0 the dem0nstrati0ns? That’s a p0sitive risk – s0mething that w0uld have a benefit
t0 the pr0ject and the c0mpany if it happened. In th0se cases, we want t0 maximize the
chance that the risk happens, n0t st0p it fr0m happening 0r transfer the benefit t0 s0me0ne
else!

4. Transfer the Risk
Transference is a risk management strategy that isn’t used very 0ften and tends t0 be m0re
c0mm0n in pr0jects where there are several parties. Essentially, y0u transfer the impact
and management 0f the risk t0 s0me0ne else. F0r example, if y0u have a third party
c0ntracted t0 write y0ur s0ftware c0de, y0u c0uld transfer the risk that there will be err0rs
in the c0de 0ver t0 them. They will then be resp0nsible f0r managing this risk, perhaps
thr0ugh additi0nal training.
N0rmally transference arrangements are written up int0 pr0ject c0ntracts. Insurance is
an0ther g00d example.
Fig: Project Control Strategies

Q2. Detail the planning process of PMIS.
Answer:-
Planning Process of PMIS:
The planning 0f PMIS includes the f0ll0wing steps:
1. Identify the inf0rmati0n needed
2. Capture data
3. Pr0cess data int0 inf0rmati0n and st0re it
4. C0mmunicate inf0rmati0n t0 stakeh0lders
1. Identify the information Needed
Identificati0n 0f the inf0rmati0n that is needed is necessaryf0r impr0ving the decisi0n making
and the structure 0f the PMIS. Inf0rmati0n requirements 0f pr0ject stakeh0lders include
the recipient’s 0f inf0rmati0n, the type 0f inf0rmati0n that is needed, which are
given as f0ll0ws:
 Selection Phase- The selecti0n phase includes 0rganizati0nal guidance and supp0rt
inf0rmati0n: Pr0ject manual' pr0ject meth0d0l0gies, p0licies, pr0cedures, etc.
 Planning Phase-
a) Pr0ject sc0pe
b) Pr0ject c0st
c) Details 0f activities
d) Pr0ject schedule and budget
e) Drawing and d0cuments
f) C0mmunicati0n:
 Execution and control phase- The f0ll0wing are the c0mp0nents 0f the executi0n and the
c0ntr0l phase:
I. Project Organization: Pr0ject 0rganizati0n structure includes the vari0us
functi0ns and resp0nsible agencies f0r the pr0ject and the c00rdinati0n between
the same.
II. Project reporting: Pr0ject rep0rting c0mprises 0f three phases. These are as
f0ll0ws:

a) Project scope: The sc0pe 0f the pr0ject includes the f0ll0wing:
 Project schedule and cost: Tw0 meth0ds are used t0 pr0vide inf0rmati0n 0n c0st and
schedule. Perf0rmance Inf0rmati0n 'generated by tw0 meth0ds includes c0st variance,
schedule variance, c0st perf0rmance index, schedule perf0rmance index, m0nths behind
schedule and c0st 0verrun.
 Quality records: A pr0ject sets up quality system t0 ensure that inc0ming items
 Project risk assessment:It sh0uld be carried 0ut at the start 0f the pr0ject as well as during
the executi0n 0f the pr0ject.
b) Resource requirement: The res0urce requirement can be classified under the f0ll0wing
heads:
 Manp0wer
 Manp0wer requirements may be prepared f0r different skill separately.
 Materials, parts and equipment.
 Closure phase- The cl0sure phase c0nsists 0f :
 Review 0f achievement 0f g0als
 Feedbacks 0n the perf0rmance, supp0rts during p0st-hand0ver and the defect liability
peri0d
 Less0ns learnt:
2. Capture data:
Term "Capture data" is used t0 state a pr0cess 0f preparing and c0llecting data i.e., as
element 0f a pr0cess impr0vement 0r similar pr0ject. The functi0n 0f data c0llecti0n is t0
attain inf0rmati0n t0 maintain rec0rd, t0 make decisi0ns f0r vital issues, and t0 pass
inf0rmati0n 0n t0 0thers.
3. Process data into information
An 0rganizati0n, t0 achieve its aims, needs t0 pr0cess the data c0llected int0 meaningful
inf0rmati0n. It sh0uld bepresentedin its m0st useful f0rmats. Data must be pr0cessed in ac0ntext
t0 give it meaning. Data is transf0rmed int0 inf0rmati0n using mathematical, statistical, 0r 0ther t00ls
including c0mputer s0ftware.
4. Communicate information to stakeholders
C0mmunicati0n is the pr0cess by which inf0rmati0n is exchanged between individuals thr0ugh a
c0mm0n system 0fsymb0ls, signs, 0rbehavi0r.

Q3. What is Project Performance Evaluation? Elaborate types of project performance
evaluation. What Does Performance Evaluation Mean?
Answer:-
1. Project Performance Evaluation
Project perf0rmance evaluati0n, which is als0 kn0wn as perf0rmance measurement,
perf0rmance appraisal, 0r perf0rmance review, as “a meth0d by which j0b perf0rmance
0f an empl0yee is d0cumented and evaluated 0r a systematic and peri0dic pr0cess that
accesses an individual’s (pr0ject manager) efficiency, effectiveness and pr0ductivity in
relati0n t0 certain pre-established criteria and 0rganizati0nal 0bjectives
Components of the Project Manager’s Performance Evaluation
 Objective Components- M0st 0f a pr0ject manager’s perf0rmance evaluati0n is 0ften carried
0ut using 0bjective c0mp0nents. This is measuring if a pr0ject is c0mpleted within the
c0nfines 0f the pr0ject c0nstraints
 Subjective Components - The subjective c0mp0nent 0f an evaluati0n w0uld list the skills the
manager has devel0ped and used effectively.
 Team-Member Feedback- The empl0yees’ v0ices are an imp0rtant part 0f perf0rmance
evaluati0n.
 Self- Evaluation - Self-evaluati0n all0ws a pr0ject manager t0 reflect 0n the pr0ject after
practical c0mpleti0n. During the self-evaluati0n pr0cess, managers revaluate their
perf0rmance during a pr0ject, n0ting areas that need impr0vement and areas.
2. Process Evaluation
Pr0cess evaluati0ns d0cument the pr0cess 0f a pr0gram's implementati0n. Pr0cess
evaluati0ns help stakeh0lders see h0w a pr0gram 0utc0me 0r impact was achieved. The
f0cus 0f a pr0cess evaluati0n is 0n the types and quantities 0f services delivered, the
beneficiaries 0f th0se services, the res0urces used t0 deliver the services, the practical
pr0blems enc0untered, and the ways such pr0blems were res0lved.
3. Outcome Evaluation
The type 0f evaluati0n m0st c0mm0nly requested by f0undati0ns is called 0utc0me
evaluati0n. 0utc0me evaluati0ns assess the effectiveness 0f a pr0gram in pr0ducing
change. 0utc0me evaluati0ns f0cus 0n difficult questi0ns that ask what happened t0
pr0gram participants and h0w much 0f a difference the pr0gram made f0r them.

4. Impact Evaluation
Impact evaluati0n is an assessment 0f h0w the interventi0n being evaluated affects
0utc0mes, whether these effects are intended 0r unintended. The pr0per analysis 0f impact
requires a c0unterfactual 0f what th0se 0utc0mes w0uld have been in the absence 0f the
interventi0n
5.1.Cost-Benefit Analysis
C0st-benefit analysis, which is s0metimes called benefit-c0st analysis, is a systematic
appr0ach t0 gauging the ec0n0mic w0rth 0f a pr0ject 0r investment. C0st-benefit analysis
d0es this by quantifying in m0netary terms the c0sts 0f a pr0ject and c0mparing them with
the benefits, als0 expressed in m0netary figures.
5.2.Cost -Effectiveness Analysis
Like c0st-benefit analysis, the c0st-effectiveness appr0ach calculates the m0netary value
0f all pr0ject c0sts. The difference is that c0st-effectiveness c0nsiders the 0utputs
pr0duced by a pr0ject, which are n0t measured in m0netary terms, acc0rding t0 the Centers
f0r Disease C0ntr0l and Preventi0n.

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