FALL-2015 Get solved assignments at nominal price of Rs.125 each. Visit www.instamojo.com/subjects4u search for your code pay and download fully solved assignments. Any issues mail us at: subjects4u@gmail.com or contact at 09882243490 Master of Business Administration- MBA Semester 2 MB0049-Project Management-4 Credits (Book ID: B1632) Assignment (60 Marks) Note: Answer all questions within 300 to 400 words each. Each Question carries 10 marks 6 X 10=60 Q1. Explain the various phases of the project management life cycle. Answer. List and describe the various phases of the project management life cycle:The Five Steps in the PM Life Cycle No matter what project it is that you’re preparing for, the project management life cycle can assist you and your team in narrowing the project's focus, keeping it's objectives in order and finishing the project on time, on budget and with a minimum of headaches. Every project management life cycle contains five steps: Initiation, Planning, Execution, Monitoring/Control and Closure. No one step is more important than the other and each step plays a crucial role in getting your Q2. Write short notes on: 1. 2. 3. 4. Economic feasibility of a project Need for project planning Diversity management Rules for network construction Answer. 1. Economic feasibility A feasibility study may also include an economic analysis of the project. The purpose of economic analysis is to determine whether there is an economic case for the investment decision. This assessment goes beyond the items typically included in a financial analysis. Economic feasibility is interested in: 1. the economic benefits from the project 2. the economic costs of the project 3. the balance of these expressed in present value terms (the net economic benefit) Economic costs and benefits are not always the same as financial cost and benefits. Economic analysis includes project impacts that do not have a market price and positive and negative impacts that are experienced by people who are not the direct users of the services. It is in this way that economic analysis casts a broader Q3. What are the key steps for effective risk management? Explain any FIVE risk identification techniques. Answer. Step 1: Identify the Risk. You and your team uncover, recognize and describe risks that might affect your project or its outcomes. There are a number of techniques you can use to find project risks. During this step you start to prepare your Project Risk Register. Step 2: Analyze the risk. Once risks are identified you determine the likelihood and consequence of each risk. You develop an understanding of the nature of the risk and its potential to affect project goals and objectives. This information is also input to your Project Risk Register. Q4. Write short notes on 1. 2. 3. 4. Parametric estimating tool of cost estimating Procurement process Project team’s responsibilities in project execution Project termination Answer. 1. 4 Tools to Estimate Costs in the Project Management: In the Estimate Costs process, the cost of each project activity is estimated. An interesting thing about this process is that it also uses the same three tools used in the Estimate Activity Duration process. In the estimate activity duration process, you were determining the time taken by each activity and now, in estimating costs process, you have to calculate the total cost of the project. In this process, the cost of each activity is determined, which includes the cost of human hours, the cost of equipment, and the Q5. What is Quality planning? Explain the inputs, tools and techniques and outcomes of quality planning. Answer: Quality planning is the creation of an actionable plan that defines and ensures quality from concept to delivery. During the planning process, steps to measure and maintain quality are inserted at every level, from setting objectives to establishing policies and procedures. In this situation, a company would either establish a quality planning team that makes revisions to an original plan, imbeds quality planning procedures in their regular planning process or replace the planning process entirely. Here is an overview of the quality Q6. Describe the various types of project performance evaluation techniques. List any FOUR benefits of performance measurement and evaluation. Answer. 4 types of project performance evaluation techniques: 1. Ecological Assessment Completing an ecological assessment of a wetland prior to its disturbance is a critical first step to achieving a successful mitigation project. Wetland mitigation must be based on an understanding and quantification of the ecological functions that exist prior to disturbance (Richardson, 1994). Ecological assessment is defined here as an assessment of the entire wetland system and includes evaluation of both the biotic and FALL-2015 Get solved assignments at nominal price of Rs.125 each. Visit www.instamojo.com/subjects4u search for your code pay and download fully solved assignments. Any issues mail us at: subjects4u@gmail.com or contact at 09882243490