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DRIVE Winter 2016
PROGRAM MBA
SEMESTER II
SUBJECT
CODE & NAME MB 0049 - PROJECT MANAGEMENT
1 Explain
Phases of Project Management Life Cycle in detail. What are Project Management
Principles?
Ans Project
management is a rationally planned and organised effort to attain a specific
goal. It comprises of organising, coordinating and managing different tasks and
resources for successful completion of project. A project lasts for a definite
period of time and then finishes. Projects are usually made up of different
diverse elements or mini-tasks that are
2 Write
Short Notes on Project Planning & Work Breakdown Structure (WBS).
Ans Project
Planning
Project planning is a discipline for
stating how to complete a project within a certain timeframe, usually with
defined stages, and with designated resources. This process helps draw a blue
print for execution with little or no modifications. Project plans do not allow
much deviation and are strictly guided by defined parameters viz., time scale,
categorical budgets,
3 Answer
the following questions:
1.
Mention the steps involved in a competitive bid.
2.
Mention the elements/points that must be kept in view when designing ,
developing and operating a PMIS (Project Management Information System)
1. List the 5 steps involved in a
competitive bid
2. List the 5 elements/points that must
be kept in view when designing , developing and operating a PMIS
Answer: Competitive bid (bid and award)
The steps involved in competitive bid
are discussed below:
1. The bid or tender is invited from a
required number of suppliers.
2. The bid received in prescribed
condition are accepted and held in safe custody.
3. The bids are opened and made public
at the stated time and place in the presence of the bidders who
4 What
is Value Engineering? Explain the process & Stages of Value Engineering.
Ans Value
engineering is the systematic application of recognised techniques that
identifies the function of a product, process or services, accomplishes a monetary
value of that function, brings out areas of avoidable costs and provides the essential
functions consistently at the lowest overall cost. In short, it tries to
improve function or reduce cost or achieve both without
5 Write
short notes on
1.
Role of risk management in overall project management
2.
Quality assurance
Answer: Role of Risk Management in Overall Project
Management
Risk analysis and management is a
process which enables the analysis and management of the risks associated with
a project. Properly undertaken, it will increase the likelihood of successful
completion of a project to cost, time, and performance objectives. There are a
lot of benefits of
6 Explain
Earned Value Method (EVM) in detail.
• Earned Value Method (EVM)
Answer:
The concept of earned value management became a fundamental
approach to program management in 1966 when the United States Air Force
mandated earned value in conjunction with the other planning and controlling
requirements on Air Force programs. The requirement
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