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Fall-2013 Master of Business Administration - MBA Semester 2 MB0049-Project Management-4 Credits (Book ID: B1632) Assignment (60 Marks) Note: Answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60. Q1. Describe the CPM model. Briefly explain. Answer. CPM Model: For projects considered uncertain, the PERT model was developed and for projects which are comparatively risk-free the CPM model was developed. Both the approaches start with the development of the network and a focal point on the critical path. The PERT approach is 'probabilistic' while the CPM approach is 'deterministic'. This does not, however, mean that in CPM analysis we work with single time estimates.

Q2. Define risk management. What are the different types of risks that can affect a project? Answer. Risk Management: Risk Management is a field of management that deals with the possibility that various future events may cause harm or threat to the organization. Risk Management comprises of strategies and techniques to recognize and confront any threat faced by a business in fulfilling its mission.

Q3. Briefly discuss the steps to close the project. Answer. Steps for Closing the Project: To make sure that the project is completed and finished in a proper manner, a sequential process should be followed. Therefore, the steps involved in the sequential process in the project closure include the following subsections:Finishing the remaining work As the project nears completion, the project manager tends to relax and keeps out of meeting, out of sight, and out of

Q.4 Discuss the various steps of PMIS planning. Answer. Planning of PMIS: The success of a PMIS depends on its effective planning. The PMIS is used for many purposes by a project manager like budget estimation of costs, creating a schedule, define the scope, etc. Hence, these should be considered while planning for PMIS. The planning of PMIS includes the following steps: 1. Identify the information needed 2. Capture data 3. Process data into information and store it 4. Communicate

Q5. What are the important approaches to project control? Answer. Approaches to project control: Variance analysis It involves a comparison of the actual cost incurred on the project with the budgeted cost of the project for a given time period to determine the variants. The approach is inadequate for project control because of the following reasons: It is backward looking rather than forward looking. It only indicates budget variance within a given time period and provides no information on the value of work Q6. Describe the project planning process and explain it in detail. Answer. The identification process: Identifying initial requirements. For example, when a company identifies a need for a new or improved product due to R & D results or a consumer survey, the management of that company will acknowledge the necessity of improving the existing product in accordance with the consumers demands. Validating them

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