Solved question paper for PM May-2019 (BBA 4th)

Question paper 1

1. SECTION-A

   I. Discuss the interrelationship between Project Manager and Line Manager.

   Answer:

   1. Project manager and line manager interface refers to working relationship between project manager and the line manager to get project manager and line manager to get project activities accompanished with inconsistent of limited time, allocated cost and specified quality performance. Project manager is fully responsible to achieve the project objectives within parameter of line, cost and quality standards.

   Project manager needs all type of human and non human resources like money ful, manpower, material, equipment, Information and Technology etc. For the successful competition of a project through smooth operation of project activities activities. But project manager does not control the resource directly accepted the project budget.

2. II. “Payback Period method does not measure the true profitability of a project.” Explain.

   Answer:

   1. Through the the payback period method in the simple, oldest and most frequently used method. The payback period is the amount of time required for cash inflow generated by the project to offer its inflated cash outflow.

   There are two ways of to calculate the payback period which are are

   Averaging Method:- divided the annualized expected cash inflow into to the expected initial empendyre for the assets.

   Subtraction Method:-Subtract each individual annual cash inflow from the initial cash outflow, until the payback period has been achieved.

3. III. Differentiate between Evaluation and Appraisal.

   Answer:

    

   	Evaluation	Appraisal
   Meaning	Finding the relative worth of a job.	Finding the worth of a job holder.
   Determining	Determining the ways related of different jobs.	Determining infinitive and rewards for superior performances.
   Show	How much is job is worth.	How will an individual is doing an assigned work.
   Consideration	It consider the requirement of various jobs in term of job description and job specification.	It considers the abilities and performances of individuals.

   
    

4. IV. Write the requirement of a Good Report

   Answer:

   1. The following points highlight the top mentioned requirement for a good report of Management for example

   1. Good form:-Form of the report should be adopted in a way that it must leave its required impression on the user of the report.

   2. Content:-The following points must to kept in mind while preparing a report.

   3. Simplicity:-The report should be presented in a simple and in clear language.

   4. Promptness:-Promptness in subordinating report is an essential requirement of good report.

   5. Relevance:-Reports should be presented only to those person who used them.

   6. Consistency:-The should be consistency in preparation of reports.

   7. Accuracy:-The report should be reasonable accurate.

   8. Faculty:-The report should be prepared on the basis of factual information.

   9. Controllability:- The report should be address to appropriate person in respective responsibility centres.

   10. Cost consideration:-The cost benefit analysis should be done in respects to the preparation of report.

6. V. Explain the position of Project Manager.

   Answer:

   1. The project manager, your job is to plan, budget oversee and document.all in spite of the specific project you are working full stop project managers Mein work costly with upper management to make sure that the scope and direction of each project is on schedule as well as department for support. Project management can work in in off the field, from Taqat technical to human resources to Ooh marketing to constitution and more.

7. VI. Write a short note on Deming Cycle for Project Management.

   Answer:

   1. The Deming cycle is a continuous quality improvement model consisting out of a logical sequence of 4 prospective steps for continuing improvement and leaving Plan Check and act. The PDS cycle is also known as the deming cycle the deeming wheel of a continuous improvement spiral. Its organ can be traced back to the equipment statistics in 1920 the Deming cycle:-

   • Plan:- Plan head for change. Analyse and product the results.

   • Do:- The evaluate the plan, taking small steps in controlled in circumstances

   • Study:- Check study the result

   • Act:- Take action to standardized or improve the process.

8. SECTION-B

   VII. Define Project. What are the characteristics of Project ?

   Answer:

   1. Project:-Right understanding of the definition of project is is project is a a great opportunity of organisation and individuals to achieve their business and non business objectives more efficiently through implementing change full stop project organised manner and with product probability of failure.

   A project is temporary, unique and progressive attempt or endeavor made a produce source kind of tangible or intangible results for stop it usually instudes a service of interrelated task that are planned for emotions over a period of time add within certain requirements and such as coast, quickly, performance other.

   Characteristics:-As follows from the given definitions, any project can be characterized by these characteristics.

   1. Temporary:-This ki character sketch means that every project has a finite start and a finite and. Restart is the time wireless project is imitated and its concept is developed. The and is a when all objectives of the project have been met.

   2. Unique Deliverable:-Any project aims to produce some delivery able which can be a product, service or some another result. Believable should adrash a problem or need analysed before project start.

   3. Progressive Elaboration :- with progress of project continuous, investigation and improvement become available, and all this allows producing more accurate and comprehension plans. The ASCII character sketch means that the successive iteration of planning processes result in developing more effective solution to progress and devolp projects.

   4. In addition to delisted character sketch. Conventional project is :-

   • Purposeful as it has rational and a measurable purchase.

   • Logical as it has a certain life cycle.

   • Structured as it has a interdependence between into tasks and activities.

   • Conflict as it tries to solve a problem that creates some kind of

   conflict.

   • Limited by available resources.

   • Risk as it involves an element of risk .

9. VIII. Write short notes on :

   (a) SWOT analysis

   (b) Monitoring the Environment

   (c) Project Rating Index.

   Answer:

    

   1. SWOT Analysis :- SWOT analysis ( strength, weakness, opportunities, threat analysis) is a a a Framework for identifying and analysing the internal and external factor that can have an impact on viability of a project, product, place or person.

   SWOT analysis is most commonly used by business tights, but it is also used by non profit organisations and to lesser degree, individuals for personal assessment

   Additionally, it can be used to assess initiatives ,products aur projects.

   SWOT analysis is often used at the start off for as part of a strategic planning service the Framework is considered a powerful sport for decision making because it enables UN and to uncover opportunities for success that were previously an article related or to highlight 3874 they become overly burdensome.

   Elements of a SWOT analysis.

   Strength:- internal attributes and resource that support a successful outcome.

   Weekness:- internal attributes and resource that work against a successful outcomes.

   Opportunity:- external CID that the ability can capitalised on or used to its advantages.

   threats:- external factors that could jeopardize the entity's success.

   2. monitoring of environment:- it describes the process and activities that used to take places to categorised and monitor the quality of environment. Environment monitoring is used to the the preparation of environmental impact assessment, as well as in many circumstances in which human activities carry a risk of harmful effect on the the natural environment for stop all the monitoring Strategies and programs have reasons ad best profession which are often design to establish the current state of an environmental on 2 established attend the environment paratruclar.

   In all cases the result of monitoring will be received, analysed statically and published. The design of a meeting program must therefore have regard to final use of the data before monitoring starts.

   3. project rating index:- the projector eating index is methodology e used by capital project to measure the degree of scope definition, and identify gaps and take appropriate action to reduce breast during a front and planning a full stop projector rating Intex is used at multiple stage in the form and planning process.

   The impact of a poor scope definition on project is esdormous. There was there for a need to develop a project management told to assist with the project scope definition for stop the paper will define ki scope definition concept, discuss the reason for Poor scope definitio

   4. SWOT Analysis :- SWOT analysis ( strength, weakness, opportunities, threat analysis) is a a a Framework for identifying and analysing the internal and external factor that can have an impact on viability of a project, product, place or person.

   SWOT analysis is most commonly used by business tights, but it is also used by non profit organisations and to lesser degree, individuals for personal assessment

   Additionally, it can be used to assess initiatives ,products aur projects.

   SWOT analysis is often used at the start off for as part of a strategic planning service the Framework is considered a powerful sport for decision making because it enables UN and to uncover opportunities for success that were previously an article related or to highlight 3874 they become overly burdensome.

   Elements of a SWOT analysis.

   Strength:- internal attributes and resource that support a successful outcome.

   Weekness:- internal attributes and resource that work against a successful outcomes.

   Opportunity:- external CID that the ability can capitalised on or used to its advantages.

   threats:- external factors that could jeopardize the entity's success.

   5. monitoring of environment:- it describes the process and activities that used to take places to categorised and monitor the quality of environment. Environment monitoring is used to the the preparation of environmental impact assessment, as well as in many circumstances in which human activities carry a risk of harmful effect on the the natural environment for stop all the monitoring Strategies and programs have reasons ad best profession which are often design to establish the current state of an environmental on 2 established attend the environment paratruclar.

   In all cases the result of monitoring will be received, analysed statically and published. The design of a meeting program must therefore have regard to final use of the data before monitoring starts.

   project rating index:- the projector eating index is methodology e used by capital project to measure the degree of scope definition, and identify gaps and take appropriate action to reduce breast during a front and planning a full stop projector rating Intex is used at multiple stan on project and how scope defection can be improved using the projector rating index.

11. IX. Discuss in detail various feasibility studies for Project Analysis

    Answer:

    1. As the name implies , flexibility analyses is used to determine the variability of an idea, such as ensuring a project is a logical and Technical flexible as well as economical justifiable. Airtel as whether a project is worth the investment in save coma cases, a project may be not dorable.

    The growth and recognisation of project management have changed significantly over the past few years, and the changes are are infected to continuous and expand. And with the risk of project management causes the need for flexible study.

    There can be many reason for this including required to many resources, which not only prevented those resources from performing other task but also make cost more than an organization would save our back by taking on a project that is not profitable.

12. X. “Project Management is a Profession”. Comment and explain.

    Answer:

    1. Project management is not a profession it is a method used by professional Tu consistently deliver on their performances. The project manager is a profession and not a profession a project manager is the person who manages project professionally.

    The consistent element that different project management from general management is the temporary and relative Lee self-contained nature of the project terms assigned to undertake the work of the project.

    The focus of project management is building a temporary organisation delivering the Project objective and then closing the temporary organisation as possible whereas the focus of general management is the sustainment and improvement of a relatively stable organisation.

    The concept of a profession:-the Tomb of profession has a number of distinct attributes that have change over time. The starting point for being professional is being paid for your work. Professional football player are paid amateur are not although in many sports. A matches are as the professionals.

    Characteristics of a profession:-Traditionally a profession is an occupationally related social in a situation with an identified area of knowledge established and maintained as means of proving essential service to its individual number and the society in which the operators.

    Renders specialised service based upon advance, specialised, knowledge and skill. The profession collectively, and individually, process a body of knowledge and a repertoire of behaviours and skill needed to practice the profession and make decisions on the device of the client.

    Distinction between the profession and professional service

    The definition of a profession include a paid occupation comma practice, or vocation requiring mastery of a complex set of knowledge and skill through formal and practical experience.

    Organised profession is a governed by its represent a professional body.

    Project manager are paid fullstop project manager gain their knowledge and skills through education and practical experience.

    There are server professional project management bodies include categorised.

    Professional services are defined as occupation in the territory sector of the economic requiring special training.

    Some professional service require holding professional licence such as Architects ok, Accountants, engineer's, doctors and lawyers. Other professional service and war providing specialist business sport to unnecessary of all size and in all sector.

    Angika consultant, who may only be responsible for providing advice, a professor service provider may also be responsible for the result.

13. SECTION-C

    XI. What do you mean by Project Risk ? Also discuss the types of risk.

    Answer:

    1. In uncertain went or condition that if it occurs, has a positive or negative effect on Bhagwan aur Mor project objectives let's break down the the definition of risk

    • Uncertain event or condition:- Risks involves uncertainty. When a a identity risk I ask team to focus on the uncertain event or condition that may have the greatest impact on the project not the the travel things.

    • If it occurs:-The uncertain event or condition may or way not occurs. If a treat accurs, it become an issue or problem. It can opportunity occur, it become a benefit. So risk are things that may occur, Ishu and benefits are things that have occurred.

    Risk event is a defined as an uncertain event or set of circumstances that should it occurs, will have an effect on achievement of one or more of the projects objectives.

    Project risk is defined the xpose of stakeholder to the consequences of variations in outcomes.

    Type of risk:-

    1. Cost Risk:-It is typically escalation offer projector caused due to poor ghost existing accuracy and scope creep.

    2. Schedule Risk:- The risk that activities will take longer than expected. Slippages in schedule typically increases cost and also, delay that receipt of project benefit with a possible loss of competitive advantages.

    3. Performance Risk:- The risk that the project will fail to produce result consistent with the project specifications.

    4. Governance:- It relates to broad and management performance with regards to ethics community stewardship and Company reputation.

    5. Strategic Risk:- It results from errors in strategy, such as choosing a technology that can't be made to work.

    6. Operational Risk:- it includes risk from poor implementation and process problem such as produce mint, production and distribution.

    7. Market Risk:- It include competition coma foreign exchange, community markets, essential rate risk, as well as credit risk.

    8. Legal Risk:-It errors from legal and regulatory obligation in contract risk and litigation brought against the organisation.

    9. Risk Associated with External Hazards:- It it includes strom, flirts, and earthquakes and terrorism labour strikes and evil and.

14. XII. Explain in detail the stages in Report Writing.

    Answer:

    1. All the reports need to be e clear, conclusion and well structured. The key to writing an effective reports to it allocated tune of planning and preparation. With careful planning, the writing of a report will be made much easier. The essential stage of successful report writing are described below consider how long each stage is likely to take and id8 time with your the deadline between the different stages for staff be sure to leave time for final Proof reading and checking.

    Stage One:- Understanding The Report brief:- the first stage is most important you need to be confident that you understand the purpose of your report and described it in your report brief or instruction fullstuff consider whom the report is for why it is being returned check that you understand all the instruction or requirements, and ask your tutor if anything is unclear.

    Stage Two:-Gathering and selecting Information :- once you are clear about the purpose of your report you need to be taken together relevant information. Your information may come from variety of source but how much information you will need will be depend on how much detail is required in the report.

    Stage Three:- Organising your Material:- once you have gather information you need to decide what will be include and what sequence it should be presented. Begin by grouping together. That are related to stop these main form section and chapters. Use an order for your material that is logical and easy to follow.

    Stage Four:- Analysing Your material:- . Before you begin to write your first draught of the report take time to consider and make note on the. You will make using the fact and evidence you have gathered. It it is not enough to simple presentation the information you have gathered you must relate it problem or issue described in a report.

    Stage Five:-Writing The report :- .having organised to your material into appropriate section and handling. You can begin to write the first draught of your report. You may find it easier to write the summary and contact page at the end where you know exactly what will be included. Aim for the writing style that direct

    Stage Six:- Reviewing and redrafting:- ideally you should leave to to take a break before you review your first draught. Be prepared to rearrange or rewrite section in the light of your review. Try to read the draught from the prospect of The Reader. If you you write your first draught by hand try writing each section on a separate piece of paper to make redrafting easier

    Stage Seven:- Presentation :- once you are satisfied with the content and structure of ear Re draught report, you can turn your attention to the Prabh satisha. Big sure that all your source are acknowledged and correctly referenced. You will be need to prove read your report for any loss of spelling or grammar. Error in presentation for expression create a poor impression and can make the report difficult to read.

16. XIII Explain the reasons for cost and time over run. How can you control the same?

    Answer:

    1.  

    1. Initiating a project even Before the input are ready:- you must have worked with the clients, who ask you to start an e learning project even before they are fully ready. They provide just the preliminary inputs and expect the project to start.

    2. Quoting in a hurry without having complete of the project Details:-Estimates for the the project are often prepare in a hurry even before having a plate idea for the project scope. This lead to inaccurate estimates of budget.

    3. Poor planning :- The lack of proper planning with regard to estimating lines leads to cost and line over runs. When the line to complete the project is estimated on correctly, your resources will have to work over line to meet deadlines, which will create cost overrun. When time estimates are not accurate, they case negativity impact quality since quality became a a costly in the Quest to complete our are project on time.

    4. Wrong assumption on fact of both in the client and vendor:-The project scope document define what the project is disposed to achieve and the responsibility of each party in accomplishing the goals. It has to be signed by you and the client before you start the project this will prevent an incorrect assumption on both sides.

    5. Chang of stakeholders or internal terms :- When there is a change of stakeholders for honour on the client's side expectations from the project also tend to elder. The new stakeholders honour Mein want change to the project, this can mean according the work order De Dun and starting a fresh. Similarly, it change in internal teams on your side can lead to infective transfer of knowledge paper with to the new team members, This Means War time to settle into the project for stop this changes on either side can lead to rework, delays and increased costs.

    They can be controlled as:-

    1. Pay a lot of attention to the project planning :-Planning is the most essential component of project management and the biggest weapon against cost overruns and delays. Over the scope is defined, get a sign off from all the stakeholders.

    2. Attempt to say within the scope that was originally planned:- Fighting scope creep is the biggest challenge for a projector manager. There was want to add their favourite features, thik line start asking for things that were not originally planned and the testing team with exchange. In some of the pictures.

    3. Use good scheduling tools and charts:- Proper scheduling is a must in the complex projects for stop in proper scheduling can cause wrong cost estimation zad increase the idle items of some of the team members.

    4. Make sure the stakeholders in the Project are on the same page:- Effective communication can help reduce the delays by adding working on wrong things and making the scheduling work let le.

    5. Constantly track and measure the progress:- You can't improve what you don't measure foot of a project manager has to constantly track the progress of the various task and have various metric to measure in the project

17. XIV Discuss the different techniques of Project Appraisal with merits and demerits.

    Answer:

    1. Five techniques of project appraisal are:-

    1. Economic Analysis:- Under economic analysis, project aspects highlighted include requirement for raw materials, level of capacity utilisation, interceptor sales, antiseptic expenses and the probable profits for stop it is said that a business should have always a volume of profit clearly in view which will govern other economic variables like sales, purchases, expenses and alike

    2. Financial Analysis:- Finance is one of the most important questions to establish an enterprise it is finance only that facilities UN free never to bring together the labour of one machine of another and rain material of yet another to combine them to produce goods.

    3. Market Analysis:-Before the production actually starts, the prices needs to and state the possible market for the product. She has to antiseptic who will be the possible customers for his product and where and when is product will be sold ful stop there is a bright in this regard. The manufacturer of an Iron nails must known who will buy this Iron nails.

    4. Technical feasibility :- While making project Brazil, the technical feasibility of the project also needs to be taken into consideration for staff in the simplest science, technical facility employees to main the the adequacy of the proposed plant and equipment to produce the product with the full stop as regards known how, it denotes the ability or otherwise of a fund of knowledge, to run the proposed plants and machinery.

    5. Management competence:- Management ability or competence plays an important role in making Enterprises a success or otherwise. Strictly speaking, in the absence of managerial competence comedy project with are otherwise festival Mein fail.

    Merits:-

    1. A company can have more favourable short run effects on Earning per share by setting up a shorter payback period.

    2. The risk risk of the project can be led by having a shorter payback period as it in sure guarantee against loss.

    3. As interprises in pay back on the early recovery of investment committee gives an insight to liquidity of the project.

    Demerits:-

    1. It fails to take account of the cash inflows earned after the payback period.

    2. It fails to consider the pattern cash inflows, I.e,magnitude and timing of cash inflows.

    3. Administration difficulties may be faced in determining the minimum accepted payback period.