Description

SESSION JUL – AUG 2024
PROGRAM MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER II
COURSE CODE & NAME DMBA206 PROJECT MANAGEMENT
Assignment Set – 1
1. Why is project management important? Also, discuss the importance of project
identification.
Ans 1.
The Importance of Project Management
Project management is a critical component of achieving organizational success, particularly
in today’s dynamic and competitive business environment. It serves as a structured approach to
planning, executing, and managing resources to achieve specific goals within defined
constraints such as time, budget, and scope.
One of the primary reasons project management is important is its ability to provide a clear
framework for achieving objectives. It breaks down complex goals into manageable tasks and
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2. Explain the life cycle of a project.
Ans 2.
Life Cycle of a Project
The life cycle of a project refers to the structured progression of activities and phases a project
undergoes from its initiation to its closure. It provides a framework that ensures the project is
well-planned, executed, monitored, and completed efficiently. The project life cycle typically
includes four main phases: Initiation, Planning, Execution, and Closure. Each phase has
specific goals and deliverables, contributing to the overall success of the project.
Initiation Phase
The initiation phase marks the beginning of a project. During this stage, the project’s purpose,
3. Define the term scheduling. What are the key steps included in risk management
process?
Ans 3.
Scheduling and Risk Management in Project Management
Scheduling is a critical component of project management that involves planning and
organizing tasks, resources, and timeframes to ensure project completion within the designated
deadlines. It establishes a timeline for project activities, detailing when each task will begin,
the duration it will take, and its interdependencies with other tasks. By providing a structured
timeline, scheduling ensures that resources are effectively utilized, potential delays are
Assignment Set – 2
4. Define Quality. What are the key attributes of quality? How will you design an effective
PMIS?
Ans 4.
Quality and Its Key Attributes
Defining Quality
Quality can be broadly defined as the degree to which a product, service, or process meets or
exceeds customer expectations. It is not merely about achieving a standard but about
consistently fulfilling or surpassing the anticipated requirements. Quality is multidimensional
and context-dependent, covering attributes such as performance, reliability, durability, and
customer satisfaction. In the realm of project management, quality is a critical component,
5. Describe the process of project performance evaluation. Also, briefly discuss the
purpose of project execution and control.
Ans 5.
Project Performance Evaluation and Its Process
Project performance evaluation is a systematic approach to assessing whether a project is
achieving its objectives within the constraints of time, cost, and quality. This evaluation helps
identify areas of success, inefficiencies, and potential risks to ensure the project aligns with the
organizational goals. The process begins with defining clear performance metrics and criteria
based on the project scope and objectives. These metrics often include parameters such as sc
6. Briefly discuss the steps to close the project. Discuss the advantages of using PM
software package.
Ans 6.
Steps to Close a Project
Closing a project is a critical phase in the project lifecycle, ensuring all activities are finalized
and objectives are met. It involves formalizing the acceptance of project deliverables and the
systematic conclusion of project tasks. Below are the key steps:
1. Confirm Completion of Deliverables The first step is to ensure that all project
deliverables have been completed and meet the agreed quality standards. This involves