2nd semester assignment - mb0033

8/9/2019 2nd Semester Assignment - MB0033

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1. How can risks be prioritized in a project management?

Give any suitable example.

Ans : Risk Management Risks are those events or conditions that

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Name Syed Khaleelullah

Roll No. 530910706

Program MBA 2nd semester

Subject Project Management, set2

Code MB0033



may occur and whose occurrence has a harmful or negative impact on a

project. Risk management aims to identify the risks and then take actionsto minimize their effect on the project. Risk management entails

additional cost. Hence risk management can be considered cost effectiveonly if the cost of risk management is considerably less than the cost

incurred if the risk materializes.

Risk prioritization – Risk prioritization focus on the highest risk.

Prioritization requires analyzing the possible effects of the risk event incase it actually occurs. This approach requires a quantitative assessment

of the risk probability and the risk consequences. For each risk rate theprobability of its happening as low, medium or high. If necessary, assign

probability values in the ranges given for each rating. For each risk,

assess its impact on the project as low, medium, high or very high. Rankthe risk based on the probability. Select the top few risk items for

mitigation and tracking.

Refer to a list of commonly used risk mitigation steps for various risksfrom the previous risk logs maintained by the PM and select a suitablerisk mitigation step. The risk mitigation step must be properly executed

by incorporating them into the project schedule. In addition to monitoringthe progress of the planned risk mitigation steps periodically revisit the

risk perception for the entire project. The results of this review are

reported in each milestone analysis report. To prepare this report, makefresh risk analysis to determine whether the priorities have changed.

2. Mention any six characteristics of interpersonal behaviour.

What are the types of reviews?

Ans : Interpersonal Behaviour - In a team the maxim that all

members will do well to remember is “Learn to appreciate the problemsof others, and some others would appreciate yours”. It is therefore

important that in a business environment, particularly in ProjectManagement, an effort to evolve solutions jointly has great benefits, both

for the teams as well as the organization. The top management has theresponsibility of encouraging such a culture to develop team work to

healthy interpersonal behaviour.

Interpersonal behaviour calls for:

• Projection of a pleasant, but firm personality

• Clarity of expression and communication

• Patience in listening and reacting with empathy

• Documentation and correct recording

• Offer to help

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• Call for help whenever necessary

• Seeking information before attempting decisions

• Not waiting for things to go wrong

• Motivation of others through efficiency and meticulousness, ratherthan urging and exhibiting dependency

• Putting team goals ahead of individual targets.

The project manager should make it a habit of expressing appreciation

openly for any good work done. Cross Functional Teams have become anecessity and the synergy they generate would be lost if interpersonal

behaviour is not of high standard. As members are from different

functions, understanding the requirements or compulsions of others isdifficult. This fact should be impressed upon all the members and

requesting them to cooperate is vital.

Reviews Types

The reviews are generally divided into four types which are conducted at

different stages of the project.

1. Initiation Reviews (IR)2. Planning and Proposal Reviews (PPR)

3. Procurement Reviews (PR)

4. Quality Assurance Reviews (QAR)

A project review is a process where we capture information from theteam experience and see the variances and deviations from the plan.

These reviews help in increasing productivity and improve organizationalsuccess. The purpose of the reviews can be generally stated as under.Depending on the manager’s ability they can be made more meaningful.

Performance improvement starts with commitment to an agreed plan.The reviews are meant to keep the activities are according to the plan.

The purpose of them can be states as:

• Finding out the feasibility of the project and helping management

team to take a decision based on this initial Review.

• Checking if all the necessary activities were done before presentinga customer the proposal or solution

• Checking if all the formal agreements and procedures were formally

accepted and reviewed between the customer and the projectdelivery organization.

• Finding out the deviation and allowing elbow room for changes in

the action plan for improvement.

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3. What are the main considerations in planning P2M? Give

relevant examples.

Ans :

Consideration in Planning P2M

Some of the considerations for effective programme management aregiven below:

Focusing on the various strategic initiatives taken up for multiple projects

and the issues related to benefits and risks.

Bringing about the attention of management to a defined set of benefits,

which are understood immediately, which are managed throughout theimplementation and at completion.

Helping top management to set priorities, choosing options and allocate

resources

Setting up mechanisms to measure and ensure that the projects making

contributions for realizing expected business benefits.

Leading the organization on the path of ‘where it’ an ‘where it wants to

be’

Ensuring that the effects of the programme driven changes arecoordinated, the transitions are successfully managed. The operations are

effective and efficient.Process of P2M

The objectives sought to be achieved and the methods which are adoptedand the activities that are going to be undertaken i.e. the process include

the following steps:

Preparing and maintaining a set of activities and the workflow that is tobe followed and identifying business areas responsible for different stages

in the above;

1. Making sure that the priorities that the above generate are relevantand the projects are run on the basis of their impact on the

business as a whole;

2. Structuring the programme so that the responsibilities and roles –

at both programme and project level – are acceptable to both thetop management and managers;

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3. Planning the various points of review between various phases of the

projects. The process has to incorporate all the important aspectswhich are to be addressed during implementation and management

of the projects. It is important to identify all factors and incorporateresources – men, materials, technology and time – so that their

provision can be planned.

Managing the Programme

When we consider the portfolio of projects as a programme, the main

considerations will be on resources, risks associated with the programme,quality of the projects at every stage of the execution as meeting the

requirements of the client as per the contract and monitoring the change

processes that get enmeshed during implementation. The specificsconcerning the above are listed below:

i) Evaluating the risks associated with the programme – the

planned changes to the business operations;ii) Ensuring that the processes to ensure quality are sufficient andpurposes are fully met;

iii) Keeping track of the changes and developments external to theproject environment and studying their impact on the programme.

iv) Making sure that the personnel in business affected by the

above are informed and trained so that the projects are smoothly;v) Ensuring that the support services like human resources and IT

are able to adopt to the changes that take place in the projects andbusiness operations as a whole.

4. What is the significance of reviewing ROI? Explain in detail.

Ans : ROI - Return on Investment (ROI) is the calculated benefit that anorganization is projected to receive in return for investing money

(resources) in a project. Within the context of the Review Process, the

investment would be in an information system development orenhancement project. ROI information is used to assess the status of the

business viability of the project at key checkpoints throughout theproject’s lifecycle.

ROI may include the benefits associated with improved missionperformance, reduced cost, increased quality, speed, or flexibility, and

increased customer and employee satisfaction. ROI should reflect such

risk factors as the project’s technical complexity, the agency’smanagement capacity, the likelihood of cost overruns, and the

consequences of under or nonperformance. Where appropriate, ROIshould reflect actual returns observed through pilot projects and

prototypes.

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ROI should be quantified in terms of dollars and should include acalculation of the breakeven point (BEP), which is the date when the

investment begins to generate a positive return. ROI should berecalculated at every major checkpoint of a project to se if the BEP is still

on schedule, based on project spending and accomplishments to date. If

the project is behind schedule or over budget, the BEP may move out intime; if the project is ahead of schedule or under budget the BEP may

occur earlier. In either case, the information is important for decisionmaking based on the value of the investment throughout the project

lifecycle. Any project that has developed a business case is expected torefresh the ROI at each key project decision point (i.e., stage exit) or at

least yearly.

Exclusions

If the detailed data collection, calculation of benefits and costs, andcapitalization data from which Return on Investment (ROI) is derived was

not required for a particular project, then it may not be realistic orpractical to require the retrofit calculation of ROI once the project isadded to the Review portfolio. In such a case, it is recommended that a

memorandum of record be developed as a substitute for ROI. Thememorandum should provide a brief history of the program, a description

of the major benefits realized to date with as much quantitative data as

possible, and a summary of the process used to identify and selectsystem enhancements.

Some of the major benefits experienced by sites that installed the

information system that would be important to include in thememorandum are:

a) Decommissioning of mainframe computersb) Reduction/redirection of labour

c) Elimination of redundant systems

d) Ability to more cost effectively upgrade all sites with one standardupgrade package.

In each case above, identify the specific site, systems, and labour

involved in determining the cited benefit. Identify any costs or dollarsavings that are known or have been estimated. The memorandum will

be used as tool for responding to any future audit inquiries on project

ROI.

For the Project Management Review, it is recommended that the projectleader replace the text on the ROI document through -

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1) a note stating which stage of its cycle the project is in;

(2) A bulleted list of the most important points from the memorandum of

record; and

(3) a copy of the memorandum of record for the Review repository.

In subsequent Reviews of the information system, the ROI slide can be

eliminated form the package. There is one notable exception to thisguidance. Any internal use software project in the maintenance phase of

its lifecycle that adds a new site or undertakes an enhancement ortechnology refresh that reaches the cost threshold established by

Standard will need to satisfy capitalization requirements. It requires all

agencies to capitalize items acquired or developed for internal use if theexpected service life is two or more years and its cost meets or exceeds

the agency’s threshold for internal use software. The standard requirescapitalization of direct and indirect costs, including employee salaries and

benefits for both Federal and Contractor employees who materiallyparticipate in the Software project. Program managers are considered tobe the source of cost information for internal use software projects. If

capitalization data is collected for the project in the future, the projectwould be expected to calculate and track its ROI.

5. What is meant by baseline? How is it reviewed?

Ans : Baseline

The Baseline created can be used to compare the original project planwith actual events and achievements. This will display the days required

for each task and project phase. For actual operating instruction pleaserefer the Microsoft Project User Handbook. The Microsoft Project family of

products offers tools to work on a Project from management point of

view. Microsoft Project is designed for people who manage projectsindependently and don’t require the capability to manage resources from

a central repository. Microsoft has a team project management solutionthat enables project managers and their teams to collaborate on projects.

After creating a fairly complete final project plan it is a good idea tocreate a baseline to compare the original project plan with actual events

and achievements.

Reviewing baseline

This will display the days required for each task and project phase. It

includes -

Tracking Progress

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After creating a baseline, if the project has begun, it is necessary to enteractual dates that tasks are being completed and the resource utilization

used to complete them. Again review different views and the cost andsummary tables before proceeding to the next section. Return to the

Entry view of the Gantt chart before proceeding.

Balancing Workloads

At times people and equipment can become assigned more work than

they can complete in normal working hours. This is called over allocation.Project can test for this condition and reschedule (or level) their workload

to accommodate completing tasks during a normal day.

Monitoring Variance

After a baseline has been established and the project has begun, it is

desirable to determine if tasks are being accomplished on time and /or if cost over runs are occurring.

Creating Reports

Project has many different built-in reports and has the capability building

custom reports and exporting data to other MS Office applications forintegration into other reporting venues.

6. Explain in detail GDM and its key features?Ans : GDM - The Global Delivery Model (GDM) is adopted by an Industry

or Business such that it has a capability to plan design, deliver and serve

to any Customers or Clients Worldwide with Speed, Accuracy, Economyand Reliability. The key Features of GDM are ·

Standardization

ModularizationMinimum Customization

Maximum Micro structure

Adoption of a Combination of the Greatest Common Multiple and the

Least CommonFactor of a Large Mass of Microbial Components-

a) Standardization - Ingenious Design and Development of Components and Features which are like to be accepted by 90% of

Worldwide Customers. Global Standards of Design focusing on

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highly standardized Methods and Processes of manufacture or

Development. Adopt Plug and socket Concepts with minimumadaptable joints or Connections.

b) Modularization - Product or Solution split up into smallest possible

individual Identifiable Entities, with limited Individual Functioning

Capability but powerful and robust in Combination with otherModules.

c) Minimum Customization - Minimum Changes or Modifications to

suit Individual Customers.

d) Maximum micro structuring - Splitting of the Product Modules

further into much smaller entity identifiable more throughcharacteristics rather than application Features. Approach through

Standardization of these Microbial Entities even across MultipleModules. Application of these Microbial Entities to rest within

multiple Projects or Products or even as add-ons suit belatedCustomer Needs.

Special Features of GDM

Some of the special features of GDM are ·

• Cuts across Geographical and Time Zone Barriers

• Unimaginable Speeds of Response and Introduction.

• Common Pool of Microbial Components

• Largely Independent of Skill Sets required at Delivery Stages• Highly automated Processes

• Quality Assurance as a Concurrent rather than a Control Process

• Near Shore Development, Manufacture and Delivery for better

Logistics

• Mapping of Economical Zones rather than Geographic Zones

• Continuous Floating virtual Inventory to save Time and Efforts.

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2nd semester assignment - mb0033

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