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SEM 4 – PM

(August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0015 — Quantitative methods in Project Management (4 credits)

(Book ID: B1344)

ASSIGNMENT- Set 1

Marks 60

Note: Each Question carries 10 marks. Answer all the questions.

Q1. Describe the different nonnumeric methods for project selection.

Answer :  Introduction:

Project selection is the process of choosing a project or set of projects to be implemented byte organization. Since projects in general require a substantial investment in terms of money and resources, both of which are limited, it is of vital importance that the projects that an organization selects provide good returns on the resources and capital invested. This requirement must be balanced with the need for an organization to move forward and develop. The high level of uncertainty in the modern business environment has made this area of project management crucial to the continued success of an organization with the difference between choosing good projects and poor projects literally representing the difference between operational life and death. Because a successful model must capture every critical aspect of the decision, more complex decisions typically require more sophisticated models. “There is a simple solution to every complex problem; unfortunately, it is wrong”. This reality creates a major challenge for tool designers. Project decisions are often high-stakes, dynamic decisions with complex technical issues–precisely the kinds of decisions that are most difficult to model:

 

– Project selection decisions are high-stakes because of their strategic implications. The projects a company chooses can define the products it supplies, the work it does, and the direction it takes in the marketplace. Thus, project decisions can impact every business stakeholder, including customers, employees, partners, regulators, and shareholders. Sophisticated model may be needed to capture strategic implications.

 

– Project decisions are dynamic because a project may be conducted over several budgeting cycles, with repeated opportunities to slow, accelerate, re-scale, or terminate the project. Also, a successful project may produce new assets or products that create time-varying financial returns and other impacts over many years. A more sophisticated model is needed to address dynamic impacts.

 

– Project decisions typically produce many different types of impacts on the organization. For example, a project might increase revenue or reduce future costs. It might impact how customers or investors perceive the organization. It might provide new capability or learning, important to future success. Making good choices requires not just estimating the financial return on investment; it requires understanding all of the ways that projects add value. A more sophisticated model is needed to account for all of the different types of potential impacts that project selection decisions can create.

 

 

Project Decisions:

Project decisions often entail risk and uncertainty. The significance of a project risk depends on the nature of that risk and on the other risks that the organization is taking. A more sophisticated model is needed to correctly deal with risk and uncertainty. Project selection is the process of evaluating individual projects or groups of projects, and then choosing to implement some set of them so that the objectives of the parent organization will be achieved. This same systematic process can be applied to any area of the organization’s business in which choices must be made between competing alternatives. For example:

 

  • A manufacturing firm can use evaluation/selection techniques to choose which machine to adopt in a part-fabrication process.
  • A television station can select which of several syndicated comedy shows to rerun in its 7:30 p.m. weekday time-slot
  • A construction firm can select the best subset of a large group of potential projects on which to bid
  • A hospital can find the best mix of psychiatric, orthopaedic, obstetric, and other beds for a new wing.

Each project will have different costs, benefits, and risks. Rarely are these known with certainty. In the face of such differences, the selection of one project out of a set is a difficult task. Choosing a number of different projects, a portfolio, is even more complex. In the following sections, we discuss several techniques that can be used to help senior managers select projects. Project selection is only one of many decisions associated with project management. To deal with all of these problems, we use decision aiding models. We need such models because they abstract the relevant issues about a problem from the plethora of detail in which the problem is embedded. Reality is far too complex to deal with in its entirety. An “idealist” is needed to strip away almost all the reality from a problem, leaving only the aspects of the “real “situation with which he or she wishes to deal. This process of carving away the unwanted reality from the bones of a problem is called modelling the problem. The idealized version of the problem that results is called a model.

The model represents the problem’s structure, its form. Every problem has a form, though often we may not understand a problem well enough to describe its structure. We will use many models in this book–graphs, analogies, diagrams, as well as flow graph and network models to help solve scheduling problems, and symbolic (mathematical) models for a number of purposes. Models may be quite simple to understand, or they may be extremely complex. In general, introducing more reality into a model tends to make the model more difficult to manipulate. If the input data for a model are not known precisely, we often use probabilistic information; that is, the model is said to be stochastic rather than deterministic. Again, in general, stochastic models are more difficult to manipulate. We live in the midst of what has been called the “knowledge explosion.” We frequently hear comments such as “90percent of all we know about physics has been discovered since Albert Einstein published his original work on special relativity”; and “80 percent of what we know about the human body has been discovered in the past 50 years.” In addition, evidence is cited to show that knowledge is growing exponentially.

 

Such statements emphasize the importance of the management of change. To survive, firms should develop strategies for assessing and reassessing the use of their resources. Every allocation of resources is an investment in the future. Because of the complex nature of most strategies, many of these investments are in projects.

 

To cite one of many possible examples, special visual effects accomplished through computer animation are common in the movies and television shows we watch daily. A few years ago91they were unknown. When the capability was in its idea stage, computer companies as well as the firms producing movies and television shows faced the decision whether or not to invest in the development of these techniques. Obviously valuable as the idea seems today, the choice was not quite so clear a decade ago when an entertainment company compared investment in computer animation to alternative investments in a new star, a new rock group, or a new theme park.

 

The proper choice of investment projects is crucial to the long-run survival of every firm. Daily we witness the results of both good and bad investment choices. In our daily newspapers we read of Cisco System’s decision to purchase firms that have developed valuable communication network software rather than to develop its own software. We read of Procter and Gamble’s decision to invest heavily in marketing its products on the Internet; British Airways’ decision to purchase passenger planes from Airbus instead of from its traditional supplier, Boeing; problems faced by school systems when they update student computer labs–should they investing Windows-based systems or stick with their traditional choice, Apple®. But can such important choices be made rationally? Once made, do they ever change, and if so, how? These questions reflect the need for effective selection models. Within the limits of their capabilities, such models can be used to increase profits, select investments for limited capital resources, or improve the competitive position of the organization. They can be used for ongoing evaluation as well as initial selection, and thus, area key to the allocation and reallocation of the organization’s scarce resources.

 

 

Modelling:

 

A model is an object or concept, which attempts to capture certain aspects of the real world. The purpose of models can vary widely, they can be used to test ideas, to help teach or explain new concepts to people or simply as decorations. Since the uses that models can be put are so many it is difficult to find a definition that is both clear and conveys all the meanings of the word. In the context of project selection the following definition is useful:

 

“A model is an explicit statement of our image of reality. It is a representation of the area by structuring and formalizing the information we possess about the decision and, in doing so, presents reality in a simplified organized form. A model, therefore, provides us with an abstraction of a more complex reality”. (Cooke and Slack, 1991)When project selection models are seen from this perspective it is clear that the need for them arises from the fact that it is impossible to consider the environment, within which project will be implemented, in its entirety. The challenge for a good project selection model is therefore clear. It must balance the need to keep enough information from the real world to make a good choice with the need to simplify the situation sufficiently to make it possible to come to a conclusion in a reasonable length of time.

 

Criteria for Choosing Project Model:

When a firm chooses a project selection model, the following criteria, based on Souder (1973),are most important:

 

1. Realism:

 

The model should reflect the reality of the manager’s decision situation, including the multiple objectives of both the firm and its managers. Without a common measurement system, direct comparison of different projects is impossible. For example, Project A may strengthen a firm’s market share by extending its facilities, and Project B might improve its competitive position by strengthening its technical staff. Other things being equal, which is better? The model should take into account the realities of the firm’s limitations on facilities, capital, personnel, and so forth. The model should also include factors that reflect project risks, including the technical risks of performance, cost, and time as well as the market risks of customer rejection another implementation risks.

 

2. Capability:

 

The model should be sophisticated enough to deal with multiple time periods, simulate various situations both internal and external to the project (for example, strikes, interstate changes), and optimize the decision. An optimizing model will make the comparisons that management deems important, consider major risks and constraints on the projects, and then select the best overall project or set of projects.

 

3. Flexibility:

 

The model should give valid results within the range of conditions that the firm might experience. It should have the ability to be easily modified, or to be self-adjusting in response to changes in the firm’s environment; for example, tax laws change, new technological advancements alter risk levels, and, above all, the organization’s goals change.

 

4. Ease of Use:

 

The model should be reasonably convenient, not take a long time to execute, and be easy to use and understand. It should not require special interpretation, data that are difficult to acquire, excessive personnel, or unavailable equipment. The model’s variables should also relate one-to-one with those real-world parameters, the managers believe significant to the project. Finally, it should be easy to simulate the expected outcomes associated with investments in different project portfolios.

 

5. Cost:

 

Data gathering and modelling costs should be low relative to the cost of the project and must surely be less than the potential benefits of the project. All costs should be considered, including the costs of data management and of running the model. Here, we would also add a sixth criterion:

 

6. Easy Computerization:

 

It should be easy and convenient to gather and store the information in a computer database, and to manipulate data in the model through use of a widely available, standard computer package such as Excel, Lotus 1-2-3, Quattro Pro, and like programs. The same ease and convenience should apply to transferring the information to any standard decision support system. In what follows, we first examine fundamental types of project selection models and the characteristics that make any model more or less acceptable. Next we consider the limitations, strengths, and weaknesses of project selection models, including some suggestions of factors to consider when making a decision about which, if any, of the project selection models to use. We then discuss the problem of selecting projects when high levels of uncertainty about outcomes, costs, schedules, or technology are present, as well as some ways of managing the risks associated with the uncertainties. Finally, we comment on some special aspects of the information base required for project selection. Then we turn our attention to the selection of a set of projects to help the organization achieve its goals and illustrate this with a technique called the Project Portfolio Process. We finish the chapter with a discussion of project proposals.

 

 

The Nature of Project Selection Models:

 

There are two basic types of project selection models, numeric and nonnumeric. Both are widely used. Many organizations use both at the same time, or they use models that are combinations of the two. Nonnumeric models, as the name implies, do not use numbers as inputs. Numeric models do, but the criteria being measured may be either objective or subjective. It is important to remember that the qualities of a project may be represented by numbers, and that subjective measures are not necessarily less useful or reliable than objectivemeasures.Before examining specific kinds of models within the two basic types, let us consider just what we wish the model to do for us, never forgetting two critically important, but often overlooked facts.

 

– Models do not make decisions–people do. The manager, not the model, bears responsibility for the decision. The manager may “delegate” the task of making the decision to a model, but the responsibility cannot be abdicated.

 

– All models, however sophisticated, are only partial representations of the reality they are meant to reflect. Reality is far too complex for us to capture more than a small fraction of it in any model. Therefore, no model can yield an optimal decision except within its own, possibly inadequate, framework. We seek a model to assist us in making project selection decisions. This model should possess the characteristics discussed previously and, above all, it should evaluate potential projects byte degree to which they will meet the firm’s objectives. To construct a selection/evaluation model, therefore, it is necessary to develop a list of the firm’s objectives. A list of objectives should be generated by the organization’s top management. It is a direct expression of organizational philosophy and policy. The list should go beyond the typical clichés about “survival” and “maximizing profits,” which are certainly real goals but are just as certainly not the only goals of the firm. Other objectives might include maintenance of share of specific markets, development of an improved image with specific clients or competitors, expansion into a new line of business, decrease in sensitivity to business cycles, maintenance of employment for specific categories of workers, and maintenance of system loading at or above some percent of capacity, just to mention a few. A model of some sort is implied by any conscious decision. The choice between two or more alternative courses of action requires reference to some objective(s), and the choice is thus, made in accord with some, possibly subjective, “model.” Since the development of computers and the establishment of operations research as an subject in the mid-1950s, the use of formal, numeric models to assist in decision making has expanded. Many of these models use financial metrics such as profits and/or cash flow to measure the “correctness” of a managerial decision. Project selection decisions are no exception, being based primarily on the degree to which the financial goals of the organization are met. As we will see later, this stress on financial goals, largely to the exclusion of other criteria, raises some serious problems for the firm, irrespective of whether the firm is for profit or not-for-profit. When the list of objectives has been developed, an additional refinement is recommended. The elements in the list should be weighted. Each item is added to the list because it represents contribution to the success of the organization, but each item does not make an equal contribution. The weights reflect different degrees of contribution each element makes in accomplishing a set of goals. Once the list of goals has been developed, one more task remains. The probable contribution of each project to each of the goals should be estimated. A project is selected or rejected because its predicted to have certain outcomes if implemented.

 

These outcomes are expected to contribute to goal achievement. If the estimated level of goal achievement is sufficiently large, the project is selected. If not, it is rejected. The relationship between the project’s expected results and the organization’s goals must be understood. In general, the kinds of information required to evaluate a project can be listed under production, marketing, financial, personnel, administrative, and other such categories. The following table 11.1 is a list of factors that contribute, positively or negatively, to thesecategories.In order to give focus to this list, we assume that the projects in question involve the possible substitution of a new production process for an existing one. The list is meant to be illustrative.

It certainly is not exhaustive.

 

Table 11.1: Factors Contributing to Various Organizational Categories Some factors in this list have a one-time impact and some recur. Some are difficult to estimate and may be subject to considerable error. For these, it is helpful to identify a range oaf uncertainty In addition, the factors may occur at different times. And some factors may have thresholds, critical values above or below which we might wish to reject the project. We will deal in more detail with these issues later in this chapter.

 

Clearly, no single project decision needs to include all these factors. Moreover, not only is theist incomplete, it also contains redundant items. Perhaps more important, the factors are not at the same level of generality: profitability and impact on organizational image both affect the overall organization, but impact on working conditions is more oriented to the production system. Nor are all elements of equal importance. Change in production cost is usually considered more important than impact on current suppliers. Shortly, we will consider the problem of generating an acceptable list of factors admeasuring their relative importance. At that time we will discuss the creation of a Decision Support System (DSS) for project evaluation and selection. The same subject will arise once more in the next lecture(s) when we consider project auditing, evaluation, and termination. Although the process of evaluating a potential project is time-consuming and difficult, its importance cannot be overstated. A major consulting firm has argued (Booz, Allen, and Hamilton, 1966) that the primary cause for the failure of Research and Development (R and D)projects is insufficient care in evaluating the proposal before the expenditure of funds. What is true for such projects also appears to be true for other kinds of projects, and it is clear that product development projects are more successful if they incorporate user needs and satisfaction in the design process (Metzger and Hinterhuber, 1998). Careful analysis of a potential project Isa sine qua non for profitability in the construction business. There are many horror stories(Meredith, 1981) about firms that undertook projects for the installation of a computer information system without sufficient analysis of the time, cost, and disruption involved. Later, we will consider the problem of conducting an evaluation under conditions of uncertainty about the outcomes associated with a project. Before dealing with this problem, however, it helps to examine several different evaluation/selection models and consider their strengths and weaknesses. Recall that the problem of choosing the project selection model itself will also be discussed later.

 

Types of Project Selection Models:

 

Of the two basic types of selection models (numeric and nonnumeric), nonnumeric models are older and simpler and have only a few subtypes to consider. We examine them first.

 

Non-Numeric Models:

 

These include the following:

 

1. The Sacred Cow:

 

In this case the project is suggested by a senior and powerful official in the organization. Often the project is initiated with a simple comment such as, “If you have chance, why don’t you look into . . .,” and there follows an undeveloped idea for a new product, for the development of a new market, for the design and adoption of global database and information system, or for some other project requiring an investment of the firm’s resources. The immediate result of this bland statement is the creation of a “project” to investigate whatever the boss has suggested. The project is “sacred” in the sense that it will be maintained until successfully concluded, or until the boss, personally, recognizes the idea as a failure an terminates it.

 

2. The Operating Necessity:

If a flood is threatening the plant, a project to build a protective dike does not require much formal evaluation, which is an example of this scenario. XYZSteel Corporation has used this criterion (and the following criterion also) in evaluating potential projects. If the project is required in order to keep the system operating, the primary question becomes: Is the system worth saving at the estimated cost of the project? If the answer is yes, project costs will be examined to make sure they are kept as low as is consistent with project success, but the project will be funded.

 

 

3. The Competitive Necessity:

Using this criterion, XYZ Steel undertook a major plant rebuilding project in the late 1960s in its steel bar manufacturing facilities near Chicago. It had become apparent to XYZ’s management that the company’s bar mill needed modernization if the firm was to maintain its competitive position in the Chicago market area. Although the planning process for the project was quite sophisticated, the decision to undertake the project was based on a desire to maintain the company’s competitive position in that market. In a similar manner, many business schools are restructuring their undergraduate and Master’s in Business Administration (MBA) programs to stay competitive with the more forward looking schools. In large part, this action is driven by declining numbers of tuition paying students and the need to develop stronger programs to attract them. Investment in an operating necessity project takes precedence over competitive necessity project, but both types of projects may bypass the more careful numeric analysis used for projects deemed to be less urgent or less important to the survival of the firm.

 

4. The Product Line Extension:

In this case, a project to develop and distribute new products would be judged on the degree to which it fits the firm’s existing product line, fills a gap, strengthens a weak link, or extends the line in a new, desirable direction. Sometimes careful calculations of profitability are not required. Decision makers can act on their beliefs about what will be the likely impact on the total system performance if the new product is added to the line.

 

5. Comparative Benefit Model:

For this situation, assume that an organization has many projects to consider, perhaps several dozen. Senior management would like to select a subset of the projects that would most benefit the firm, but the projects do not seem to be easily comparable. For example, some projects concern potential new products, some concern changes in production methods, others concern computerization of certain records, and still others cover a variety of subjects not easily categorized (e.g., a proposal to create a daycares centre for employees with small children).The organization has no formal method of selecting projects, but members of the selection committee think that some projects will benefit the firm more than others, even if they have no precise way to define or measure “benefit.”The concept of comparative benefits, if not a formal model, is widely adopted for selection decisions on all sorts of projects. Most United Way organizations use the concept to make decisions about which of several social programs to fund. Senior management of the funding organization then examines all projects with positive recommendations and attempts to construct a portfolio that best fits the organization’s aims and its budget.

 

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Q2. Describe the minimum-span problem

 

Q3. Discuss CPM technique of project planning.

 

Q4.a. Write a short note on project crashing using network analysis.

 

b. Describe Resource Levelling.

 

 

Q5.a. Describe the component factors of the classical multiplicative time-series model.

 

b. Explain how you can estimate the project cost.

Q6. Describe how you can choose an appropriate forecasting model.

 

(August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0015 — Quantitative methods in Project Management (4 credits)

(Book ID: B1344)

ASSIGNMENT- Set 2

Marks 60

Note: Each Question carries 10 marks

Q1. What do you understand by a project? Describe

Answer :  Projects have become important instruments of development i.e. social and economic change and growth in the quality of life of a targeted population.

Projects are principle means of mobilizing resources for development, since most donors frustrated with the bureaucratic structures, corruption, wastage of time through endless meetings, Paperwork, have turned to project so that they tie resources to specific time.

Projects are effective means of translating plans and policies into specific courses of action. They can be used to channel development to specific beneficiaries and to particular locations.

Projects are popular among political leaders who are anxious to have something visible to show to their electorate to win their support.

According to Cleland (1998), a Project is a mutual effort using a collection of resources in an orchestrated way to achieve a joint goal.

 

Projects have got the following characteristics:

They consume resources such as money, people, and equipment.

Each project must have a well-defined objective for example, constructing a 5 story Apartment complex by December 2007 at Maker ere University.

Projects have defined beginning and end points. That’s to say, people involved in project management in most cases move from one project to the next as opposed to staying in one job. For example after wiring a health facility, an electrical engineer can be assigned another project of wiring a manufacturing facility.

Projects involve several professionals, i.e. combined efforts of a variety of specialists. Instead of working in separate offices under separate managers, Project participants work closely together under the guidance of a Project manager to complete a project.

Each project is unique because it’s carried out only once, is temporary and (in almost every instance) involves a different group of people. Projects start when the first person goes to work and end when the last person’s work is finished.

Specific time, cost and performance requirements bind projects. Projects are evaluated according to what they accomplished, at what cost and how much time they took. These three aspects highlight one of the primary functions of project management: balancing the trade- offs between time, cost and performance while ultimately satisfying the customer.

Project work consists of several stages commonly referred to as Project cycle. According to Forsberg et al (1996), A Project cycle is an orderly sequence of integrated activities performed in phases, leading to success. This cycle recognizes that projects have a limited life span and that there are predictable changes in level of effort and focus over the life of a project. A number of project cycle models exist and are unique to a specific industry or project for example, a new software development project may consist of five phases which include, definition, design, code, integration /test and maintenance. A standard Project cycle has five stages which include; project Identification, Preparation, Appraisal, Implementation and Monitoring and Evaluation and are discussed in detail below:

The project identification stage ultimately provides the justification for the birth of a project. It is at this stage that fundamental questions are answered. Is there a real requirement for the project? What is the need? Is it worth?

At the project identification stage, the conceived idea or the identified need is subjected to further research. The project team generally must engage in considerable analysis and negotiation in order to determine the appropriate requirements.

Project preparation stage: Here the project idea is turned into a properly prepared plan or proposal. Also the problem which the project is intended to solve is clearly defined and the objectives both broad development goals and specific objectives are outlined. Project goals must be specific, measurable and attainable. This provides the rationale for the project which puts a persuasive argument for selecting the project.

Appraisal stage: This is the process of analyzing the project proposal in a way that enables making decision whether to go ahead or abandon it.

Cleland and king (1998) call this the definition phase. In this phase the cost, schedule, performance, resource requirements and whether all elements and sub systems will fit together economically and technically are assessed and determined. The definition stage dictates that one stops and takes time to look around to see if this is really what is wanted and how best to achieve it before resources are committed to the implementation of the project.

 

Implementation stage: This is the phase where the plan to meet the customer’s needs is put into operation. At this stage funds are disbursed to get the project set up and running. A major priority during this stage is to ensure that the project is carried out in a way and within the period that was planned.

 

Monitoring and evaluation stage: This entails determining whether the project is on course considering the objectives it is meant to achieve and making adjustments where necessary. The purpose of monitoring a project is to learn as much as possible about what is happening in the project’s environment now.

Monitoring and evaluation of projects provides the project team or any interested stakeholder with a clear picture of the project status. This enables them to act on their options and opportunities.

 

MANAGEMENT

According to Cusworth and Franks (1993), Management is the process of getting work done through other people by use of human resources, material and time to achieve objectives. Project managers are concerned to achieve specific objectives through the efforts of other people making up the project team.

 

According to Cerner (1984), Project management is the planning, organizing, directing and controlling of company resources for a relatively short-term objective that has been established to complete specific goals objectives.

Project management involves other items such as: definition of work requirements, quality of work, and definition of resources needed; project monitoring, tracking progress, comparing actual to predicted, analyzing impact and making adjustments.

Successful project management can be defined as having achieved the project objective with in time, cost, at desired performance /technology, and utilizing the assigned resources effectively and efficiently.

The project management process has two dimensions which include technical and social dimensions. The technical dimension consists of the formal, disciplined, pure logic parts of the process and this dimension includes planning, scheduling and controlling projects.

The socio-cultural dimension centres on creating a temporary social system within a large organizational environment to combine the talents of a divergent set of professionals working to complete the project.

This is aimed at stimulating team work and high levels of personal motivation as well as capacity to quickly identify and resolve problems that threaten project work.

The project management process consists of five — steps which include:

 

Project’s Goals Definition;

Planning how the project manager and his/her team will satisfy the triple constraints (goal) of performance specification, time schedule and money budget.

Leading- Providing managerial guidance to human resource, subordinates and others that will result in their doing effective, timely work.

Monitoring — measuring the project work to find out how progress differs from plan in time to initiate corrective action. (This often leads to re-planning which may force a goal definition or change, with a consequent need to change resources).

Completing — making sure that the job that’s finally done conforms to the current definition of what was to be done and wrapping up all the loose ends such as documentation.

 

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Project managers have many responsibilities in the execution of projects such as planning, scheduling, monitoring and controlling. However they are unique because they manage temporary non repetitive activities and frequently act independently of the formal organization. In this regard, their functions include the following:

 

They are expected to marshal resources to complete a defined project on time, on budget and within specifications.

They are the direct link to the customer and must fulfil the customer’s expectations while staying within the project specifications.

They direct, co-ordinate and integrate the project team which is often made up of part-time participants loyal to their functional departments.

They are responsible for performance (frequently with too little authority). They must ensure that appropriate trade —off are made between the time, cost and performance requirement of the project.

Unlike their functional counterparts, project managers generally posses only a small proportion of the technical knowledge to make decisions instead, they must orchestrate the completion of the project by including the right people at the right time to address the right issues and to make the right decisions.

 

Q2. a. Describe how you can enter tasks in MS Project.

b. Describe different ways of Task Reporting

 

Q3. Describe how you can allocate resources to different tasks in MS Project.

 

Q4. Describe the capabilities of the MS Project to display project data.

Q5. Describe how you can track progress of a project

 

Q. 6 Describe the process of setting up of a common resource

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(August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0016 —Project Risk Management (4 credits)

(Book ID: B1345)

ASSIGNMENT- Set 1

Marks 60

Note: Each Question carries 10 marks. Answer all the questions.

Q1. What are the responsibilities of project risk manager and project risk management team in risk management?

Answer :  Key Accountabilities

 

  • For implementing and developing Project risk management policy, processes, procedures and systems and ensuring quality and consistency of data is maintained
  • For ensuring that all relevant personnel are aware of their risk responsibilities
  • To monitor risks on a monthly basis
  • To prepare risk information relating to ad hoc requests from projects and the business
  • For co-ordinating the flow of risk information to ensure that interfaces within projects are effectively managed to optimise efficiencies
  • For taking an overview of the risks within their specific area in Active Risk Management (ARM)
  • For reviewing the monthly risk reports across the work area to identify common themes that require specific concentrated attention.
  • For consolidating/implementing the contributions to improving the quality and performance of risk management processes and systems
  • For undertaking and reviewing the modelling three point estimates, schedules and risk registers at each stage of the project delivery process in accordance with company procedures and customer requirements. Including the development of the customer model.
  • ·
  • For facilitating the effective identification and management of project risks
  • For negotiating the escalation of risks to other parts of the business

Key Responsibilities

 

  • To ensure that I understand and apply my responsibilities with regard to the Company’s Environment, Health, Safety, Security and Quality Standards
  • To provide a risk management service within a comprehensive project risk management team for either a major project or multi projects
  • To work with and provide support for colleagues in projects in the delivery of investment appraisal requirements. To facilitate resolutions to problems.
  • To work with Heads of Delivery to promote the effective and efficient application of risk management and associated behaviours within the project teams
  • To work with colleagues throughout the business and relevant external stakeholders to promote experiences of risk management and implement improvement opportunities in the areas of best practice processes, procedures, tools and techniques and mechanisms for their practical application
  • Reports to the Head of Project Risk for functional accountabilities and day to day line management activities
  • For mentoring assistant risk managers, risk managers and senior risk managers

Qualifications

 

  • HNC/HND or equivalent
  • Risk Management qualification desirable
  • Membership of appropriate professional body

Knowledge

 

  • Project Risk Management Process and Principles
  • Project Management principles
  • Project services principles covering risk, estimating, planning, cost control, change management, value management
  • Risk Management software, particularly ARM, Predict and Pert master but also other products on the markets
  • Business Continuity

Experience

 

  • In a project or project risk management environment
  • Experience of risk analysis including modelling risk, schedule and cost
  • Experience of  investment sanctioning
  • Previous experience of successfully leading, motivating and managing teams
  • Interacting with senior managers
  • In a business environment

Skills

 

  • Strong communication skills
  • Self motivated
  • High computer software literacy
  • Facilitation skills
  • Analytical skills
  • Presentation skills
  • Training and mentoring skills
  • Team building and management

 

Behaviours

 

  • Mature attitude with the ability to communicate at all levels within the project team, business and external stakeholders, both verbally and written
  • Leading a team to deliver a broad set of objectives
  • Output orientated with a pragmatic approach to problem solving
  • Capable of inspiring respect from the team and associated stakeholders
  • Respond positively and successfully to changes in demand, priorities and conditions
  • Recognition and demonstration that safety, quality, environment and security are key to success
  • Delivery focused
  • Able to deputise for Head of Project Risk

 

 

Q2. Mention any five risk identification methods along with their advantages and disadvantages

 

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b. Mention the risk mitigation options through which risk mitigation can be done.

 

Q4. Explain the various inputs and outputs of the risk identification process

Q5. Explain the different phases of Risk Assessment Cycle

 

Q6.a. List the sources of scheduled risks.

 (August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0016 —Project Risk Management (4 credits)

(Book ID: B1345)

ASSIGNMENT- Set 2

Marks 60

Note: Each Question carries 10 marks

Q1. Explain the Framework for PERT and CPM network.

Answer : PERT and CPM are the project management techniques created for the need of the Western and Military Establishments to plan, schedule and control the complex projects. CPM/PERT developed along two parallel streams — one industrial and the other military.

 

CPM was first introduced by M. R. Walker and J. E. Kelly. This computation was designed for the UNIVAC-I computer. The first test was made in 1958, when CPM was applied in the construction of a new chemical plant. In March 1959, the CPM was applied in the planned shutdown at the Du Pont works in Louisville, Kentucky. The introduction of CPM greatly reduced the unproductive time from the 125 hours to the 93 hours.

 

PERT was introduced first for the POLARIS missile program by the Program Evaluation Branch of the Special Projects office of the U.S. Navy. The calculations were so arranged so that they could be performed in the IBM Naval Ordinance Research Computer (NORC) at Dahlgren, Virginia. Rather than giving technical benefits, it is found that PERT/CPM provides a focus around which managers could brain-storm and can put their ideas.

 

 

PERT/CPM is a great communication medium by which thinkers and planners at one level can communicate their ideas, their doubts and fears for another level. Another important feature of the PERT/CPM is that it is a useful tool for evaluating the performance of the individuals and the teams.

 

There are many variations of CPM/PERT which have been useful in planning costs, scheduling manpower and machine time. CPM/PERT can answer following important questions —How long will the entire project take to be completed? What are the risks involved in this?

 

Which are the critical activities or tasks in the project which could delay the entire project if they were not completed on time?

Is the project on schedule, behind schedule or ahead of schedule?

If the project has to be finished earlier than the planned, what is the best way to do this at the least cost?

 

 

 

The Framework for PERT and CPM

There are six steps which are common to both the techniques. The procedure is as follows —

 

1. Define the Project and all of its significant activities or tasks. The project (made up of several tasks) should have only a single start activity and a single finish activity.

 

2. Develop the relationships among the activities. Decide which activities must precede and which must follow others.

 

3. Draw the ‘Network’ connecting all the activities. Each activity should have unique event numbers. Dummy arrows are used where required to avoid giving the same numbering to two activities.

 

4. Assign time and/or estimates to each activity.

 

5. Compute the longest time path through the network. This is called the critical path.

 

6. Use the network to help plan, schedule, monitor and control the project.

 

The key concept used by both in PERT as well as CPM is that a small set of activities, which make up the longest path through the activity network control the entire project. If these ‘critical’ activities could be identified and assigned to the responsible persons, management resources could be optimally used by concentrating on the few activities which determine the fate of the entire project.

 

The non-critical activities can be re-planned, rescheduled and resources for them can be reallocated flexibly, without affecting the whole project. The five important questions that should be asked before the preparation of an activity network are the following —

 

-Is this a Start Activity?

 

-Is this a Finish Activity?

 

-What activity precedes this?

 

-What activity follows this?

 

-What activity is concurrent with this?

 

Some activities are serially linked. The second activity can begin only after the first activity is completed. In the certain cases, the activities are concurrent, because they are independent of each other and can start simultaneously. This is essentially the case in organizations which have supervisory resources so that work can be delegated to various departments that will be responsible for the activities to be performed and their completion as per the planning.

 

 

 

 

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Q2. What are the tips to remove the top three project estimating risks?

Q3. What are the objectives of change management?

 

Q4. What is Risk Retention in Project Risk Management?

Q5. Briefly explain the advantages of Project Risk audit?

Q6. Explain Risk Knowledgebase Database Structure

 

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(August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0017 —Project Quality Management (4 credits)

(Book ID: B1346)

ASSIGNMENT- Set 1

Marks 60

Note: Each Question carries 10 marks. Answer all the questions.

Q1. Explain the process of project quality management?

Answer : Quality Process

2.1 Overview

The Quality Management Process is undertaken to ensure that the Quality Targets identified within the Quality Review Form are achieved by applying clearly defined Quality Assurance and Quality Control techniques. Quality Management will be introduced to this project through the implementation of three key processes; Establish Quality Criteria and Standards, Measure Quality of Deliverable, and Enhance Quality Achieved.

The following diagram describes the roles and process to be followed to assure and control the quality of deliverables and processes within the project.

 

2.2  Establish Quality Criteria and Standards

To ensure quality deliverables and successful project outcomes, it is necessary to clearly define and communicate the quality targets (objectives) and methods (approaches) to the project team.

2.2.1 Identify Quality Targets

Quality targets will vary by an organization’s mission and strategy. Quality targets should be measureable, meet product requirements, and agreed upon by the customer.

 

2.2.2  Identify How to Measure & Assure Quality

Since an organization’s mission and objectives may be too abstract, it is necessary to develop a set of tools to translate into these higher level concepts into something measureable and well defined.

Specific measurement criteria will need to be outlined as indicators of success or failure of a project deliverable or process. Quantitative data such as error rates, revenues, and key performance indicators are examples of metrics that will control the quality of deliverables and processes within a project. These criteria will need to be captured on the Quality Review form.

 

2.3  Measure Quality of Deliverable

This activity refers to the process of performing quality assurance and quality control activities to assess the actual level of quality of each deliverable and process undertaken within the project.

2.3.1 Perform Quality Assurance

Quality Assurance is defined as “the preventative steps taken to increase the likelihood of delivering a deliverable and achieving the quality targets set”. Quality Assurance techniques are often undertaken at a summarized level of the project by an external project resource. Quality assurance activities can be performed by internal project resources or external third parties. Examples include:

Process checklists and project audits Referencing historical data to understand areas where quality issues are likely to occur Reiterating the quality standards to be met to clarify the level of quality required Recruiting skilled staff to produce the deliverables and undertake the processes Undertaking Quality Reviews to provide confidence that the project is on-track Performing formal Change Control to minimize the likely number of quality issues©

 

2.3.2 Undertake Quality Control

Quality Control is defined as “the curative steps taken to identify the quality of the actual deliverable delivered and eliminate any variances from the quality targets set”. To simplify, quality control is used to verify that the deliverables are of acceptable quality and that they are complete and correct. Quality Control techniques are often undertaken at a detailed level of the project by an internal project resource. Examples include:

Enhance Quality Achieved

After the actual level of quality has been established (through Quality Assurance and Control), the deliverables produced should be should be compared to the quality standards that have been established and quality improvement actions should be implemented as necessary. The level of quality achieved and the preventative or corrective actions undertaken should be communicated to the Project Manager for consideration and the project plan adjusted accordingly if applicable

Undertake Quality Improvement Actions

The results from Quality Assurance and Control activities should be assessed to determine the actual quality achieved. If the quality achieved does not meet the established quality standards, then quality improvement actions should be implemented. This process should continue until the quality of the deliverables and processes meet the quality standards initially defined.

 

2.4.2 Report Level of Quality Achieved

Regardless of the quality outcome, it will be necessary to report the level of quality attained to the Project Manager for consideration. The Project Manager will need to understand the current level of quality of each deliverable and process and record the Quality Improvement Actions within the project plan.

3. Quality Management Roles

The following resources are typically involved with quality management on a project:

3.1 Quality Manager

Quality Managers ensure that the project produces a set of deliverables which attain a specified level of quality as agreed upon with the customer. A Project Manager can perform these activities in lieu of a Quality Manager, depending on the size and scope of the project.

 

The Quality Manager is formally responsible for:

Ensuring that Quality Targets are defined for each deliverable Implementing Quality Assurance techniques to assure the quality of the deliverables to be produced by the project Implementing Quality Control techniques to control the quality of the deliverables actually produced by the project Identifying quality deviations and improvement actions for implementation Recording the level of quality achieved within the Deliverables Register Reporting the quality status to the Project Manager. ©

3.2 Quality Reviewer

The Quality Reviewer identifies the actual level of quality associated with the deliverables produced and notifies the Quality Manager of any variations from the quality targets set. A Quality Reviewer may be internal to the project (implementing Quality Control) or external to the project (implementing Quality Assurance). A Project Manager can perform these activities in lieu of a Quality Manager, depending on the size and scope of the project.

The Quality Reviewer is responsible for:

  • Reviewing the quality of deliverables produced and management processes undertaken
  • Reporting to the Quality Manager (or Project Manager) the level of quality attained
  • Escalating any quality issues identified between regular reporting periods for immediate action by the Quality Manager (or Project Manager) ©

 

4 . Quality Management Documents

This section lists any other documentation used to assure and control the quality of deliverables and management processes within the project.

 

4.1 Quality Review Form

The Project Quality Review Form is used to conduct a formal Quality Review of the deliverables and processes within the project. This form is used to assess the level of quality of the management processes being undertaken to deliver the required deliverables. Process Reviews should be undertaken on a regular basis (e.g. weekly, monthly) in a standard, repeatable fashion. The procedures within each management process should be reviewed and the impact of any deviation from the required procedures should be noted and acted on immediately.

 

 

4.2 Project Closure Report

The Project Closure report formalizes the closure of the project. It provides confirmation that the quality criteria for the project deliverables have been met and requests approval from the Project Sponsor to formally close the project.

 

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Q2. What are the differences between quality control and quality assurance?

 

Q3. Discuss the characteristics of a matrix organization

 

Q4.a. Describe the benefits of quality in project performance

b. Briefly explain the Wheel of Quality model

 

Q5. Briefly explain the working of EPM within a model..

 

b. How to cultivate communities of practice?

 (August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0017 —Project Quality Management (4 credits)

(Book ID: B1346)

ASSIGNMENT- Set 2

Marks 60

Note: Each Question carries 10 marks

Q1. What are the key concepts of management in Six Sigma?

Answer :  Key Concepts of Six Sigma

Six sigma can be used to improve workflow processes for both products and services.

Six sigma has as many definitions as it has practitioners. Some see it as a highly technical method used by manufacturing engineers to insure standardized quality production. Others see it as a shift in organizational culture to focus on the needs of the customer to support business success.

 

Statisticians see it as a method to achieve near perfection in any work process. Six sigma represents only 3.4 defects per million opportunities, or 99.99966 percent perfect. For example, if a person plays 100 rounds of golf a year and plays at a six sigma level, there would be one missed putt every 163 years.

A Concise Definition

According to six sigma experts Pansy, Neumann and Cavanaugh, it is a comprehensive system for achieving and sustaining business success that is driven by a clear understanding of the customers’ needs; disciplined use of facts and data; and diligent attention to improving, redesigning and managing business processes. There are several key concepts that drive six sigma.

 

Critical to Quality

The term critical to quality, CTQ, identifies the elements of a process that significantly affect the output of the process that are important to the end customers of that process. Not delivering these CTQ factors directly affects customers’ satisfaction with a service or product. For example, a store may offer an excellent price on a popular item, but if it is out of stock or there are no clerks to complete the sale, customers will go to another store to buy the product even if they have to pay more. Although there may be many steps in a process, only a few are vital to the process outcome. Six sigma involves identifying and improving these vital few that are critical to quality factors.

 

Defect

A defect is a measurable characteristic of a process or its output that does not meet the customers’ specifications. When defects occur time is spent correcting the problems. Six sigma identifies and eliminates the defects so that the process always delivers the customers’ CTQs.

 

Variation

Variation is a change in a process that affects the expected outcome. It is the gap between the standard output and the actual output of the process. There will always be some variation in a process and the key issue is whether that variation affects the final outcome and the customers’ CTQ requirements.

 

Process Control

Process control, sometimes called process standardization or stable operations, ensures that the improvements made in the process are sustained over time. Process control focuses on the final service or product CTQs that affect the final product or service. It focuses on problem prevention rather than detection.

 

Design for Six Sigma

Design for Six Sigma, also called DMADV, define, measure, analyze, design and verify, is used to develop new processes rather than improve existing processes. It may also be used to radically re-design a service process or product. Like other six sigma concepts, DMADV is driven by the customers’ critical to quality requirements.

 

 

 

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Q2. Explain the project management measurement value process

 

b. Explain the work break down structure

 

Q4. What are the segments involved in project management structure?

 

Q5. What are the objectives of Inspection, Test and measurement in quality?

 

Q6. Explain the functions of quality standard.

 

(August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0018 —Contracts Management in Projects (4 credits)

(Book ID: B1347)

ASSIGNMENT- Set 1

Marks 60

Note: Each Question carries 10 marks. Answer all the questions.

 

Q1. Explain the different categories of contract.

Answer :  Introduction:

In the world of business, contracts are used for establishing business deals and partnerships. The parties involved in the business engagement decide the type of the contract.

Usually the type of the contract used for the business engagement varies depending on the type of the work and the nature of the industry.

The contract is simply an elaborated agreement between two or more parties. One or more parties may provide products or services in return to something provided by other parties (client).

The contract type is the key relationship between the parties engaged in the business and the contract type determines the project risk.

 

Let’ have a look at most widely used contract types.

 

Fixed Price (Lump Sum)

This is the simplest type of all contracts. The terms are quite straightforward and easy to understand.

 

To put in simple, the service provider agrees to provide a defined service for a specific period of time and the client agrees to pay a fixed amount of money for the service.

This contract type may define various milestones for the deliveries as well as KPIs (Key Performance Indicators). In addition, the contractor may have an acceptance criteria defined for the milestones and the final delivery.

The main advantages of this type of contract is that the contractor knows the total project cost before the project commences.

 

Unit Price

In this model, the project is divided into units and the charge for each unit is defined. This contract type can be introduced as one of the more flexible methods compared to fixed price contract.

Usually the owner (contractor/client) of the project decides on the estimates and asks the bidders to bid of each element of the project.

After bidding, depending on the bid amounts and the qualifications of bidders, the entire project may be given to the same services provider or different units may be allocated to different services providers.

 

This is a good approach when different project units require different expertise to complete.

 

Cost Plus

In this contract model, the services provider is reimbursed for their machinery, labour, and other costs, in addition to contractor paying an agreed fee to the services provider.

In this method, the services provider should offer a detailed schedule and the resource allocation for the project. Apart from that, all the costs should be properly listed and should be reported to the contractor periodically.

The payments maybe paid by the contractor at a certain frequency (such as monthly, quarterly) or by the end of milestones.

 

Incentive

Incentive contracts are usually used when there is some level of uncertainty in the project cost. Although there are nearly-accurate estimations, the technological challenges may impact on the overall resources as well as the effort.

This type of contracts is common for the projects involving pilot programs or the project that harness new technologies.

There are three cost factors in an Incentive contract; target price, target profit, and the maximum cost.

The main mechanism of Incentive contract is to divide any target price overrun between the client and the services provider in order to minimize the business risks for both parties.

 

Retainer (Time and Material – T&M)

This is one of the most beautiful engagements that can get into by two or more parties. This engagement type is the most risk-free type where the time and material used for the project are priced.

The contractor only requires knowing the time and material for the project in order to make the payments. This type of contracts has short delivery cycles and for each cycle separate estimates are sent of the contractor.

Once the contractor signs off the estimate and Statement of Work (SOW), the services provider can start work.

Unlike most of the other contract types, retainer contracts are mostly used for long-term business engagements.

 

Percentage of Construction Fee

This type of contracts is used for engineering projects. Based on the resources and material required, the cost for the construction is estimated.

 

Then, the client contracts a service provider and pays a percentage of the cost of the project as the fee for the services provider.

 

As an example, take the scenario of constructing a house. Assume that the estimate comes up to $230,000.

 

When this project is contracted to a services provider, the client may agree to pay 30% of the total cost as the construction fee, which comes up to $69,000.

 

Conclusion

Selecting the contract type is the most crucial step of establishing a business agreement with another party. This step determines the possible engagement risks.

 

Therefore, companies should get into contracts where there is a minimum risk for their business. It is always a good idea to engage in fixed bids (fixed priced) whenever the project is short-termed and predictable.

 

If the project nature is exploratory, it is always best to adopt retainer or cost plus contract types

 

 

 

 

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Q2. Explain the plan procurement project process.

 

 

Q3. State the salient features of FIDIC contract (Silver book).

Q4.  a. What are the advantages of firm fixed price contracts?

 

b. What are the objectives of purchasing?

Q5. Compare ICB and NCB

Q6. Where is a Percentage Rate contracts suitable and List its features

Answer :

 

(August 2012)

Master of Business Administration – MBA Semester 4

“Project Management” Specialization

PM 0018 —Contracts Management in Projects (4 credits)

(Book ID: B1347)

ASSIGNMENT- Set 2

Marks 60

Note: Each Question carries 10 marks

Q1. Explain the steps that you should follow while evaluating the bids document

Answer :  After you close your competitive bidding process, you can evaluate the bids received and choose the bid that is the most cost-effective. You may consider as many factors in your evaluation as you want, but the price of the E-rate eligible products and services must be included as a factor and must be weighted more heavily than any other single factor. Remember that your FCC Form 470 and your Request for Proposals (RFP), if you issued one, must both have been publicly available for the same 28-day period as the FCC Form 470 before you can close your competitive bidding process.

 

If you received one bid, and that bid is cost-effective, you should memorialize that fact with a memo or email for your records. If you did not receive any bids, you can solicit bids. If you currently receive service from a service provider, you can ask your current provider to submit information in response to your FCC Form 470.

 

Constructing an Evaluation

 

To evaluate the bids you receive, you must construct an evaluation. You decide what factors you want to consider in your evaluation and how important each factor is to you. You can use as few or as many evaluation factors as you like, and you can assign percentages or points to the factors you use to reflect their relative importance. However, you must include the price of the eligible products and services as a factor and that factor must be weighted more heavily than any other single factor.

 

Preparing a Bid Evaluation Matrix  helps you evaluate bids and also provides documentation of the process you followed to select your service provider. You can receive services:

 

  • Under tariff or on a month-to-month basis. Services such as basic telephone service or Internet access may not require a contract. Remember, however, that you must post an FCC Form 470 and open a competitive bidding process for these services each year.
  • Under a contract. Tariffed or month-to-month services provided under a contract are considered to be contracted services. Also, internal connections and basic maintenance products and services are generally provided under a contract. If you post an FCC Form 470 and sign a multi-year contract resulting from that posting, you do not have to post an FCC Form 470 or open a competitive bidding process again for the life of that contract.

Contracts

 

If you intend to receive services under contract, remember that that contract must have been preceded by the filing of an FCC Form 470 (NOTE: If you have an existing contract that was not signed as a result of posting an FCC Form 470, you can post an FCC Form 470 for the next funding year and consider your existing contract as a bid response. Remember, however, that you must evaluate any other bids received as well, and your existing contract may not be the most cost-effective solution.). The entity that filed the FCC Form 470 must also have followed the Schools and Libraries Program’s competitive bidding rules and all applicable state and local contract and procurement rules and regulations.

 

  • You can sign a contract, which may be for one or more years and may include the option of voluntary extensions.
  • If you are eligible, you can purchase services from a state master contract.
  • If you are eligible to purchase from a state master contract but that contract will expire before or during the upcoming funding year, you and your state should follow the guidance for state replacement contracts.

Next step

 

Once you have chosen your service provider(s) and signed a contract, if applicable, you can file an FCC Form 471 to apply for discounts as soon as the FCC Form 471 application filing window opens.

 

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Q2. Explain the evaluation criteria that we incorporate in Request For Proposal(RFP)

Q3. List out standard conditions that must be included in project construction contracts.

 

Q4.a. Explain why flexibility in contractor is required for the owner

b. Describe briefly the procedure for arbitration.

Q5. Explain the need of Procurement law and what are its objectives?

Q6. Explain the planning and strategy of acquisition.

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