List The Role of Project Manager
List The Role of Project Manager
List The Role of Project Manager
PROJECT OPERATIONS
Unique and temporary. Ongoing and permanent.
Have a fixed budget. Have to earn a profit to run the
business.
Executed to start a new business.
Create a unique product ,service Produce the same product, aim to
or result . earn a profit.
There are more risks in projects as While in operations there are fewer
they are usually done for the first risks as they are repeated many
time. times.
Projects are Performance Opeartions are Efficiency
intensive. intensive.
Time,cost & scope constraints per Annual planning applied to
process. continuous process cycles.
The scoring model is an objective technique: the project selection committee lists
relevant criteria, weighs them according to their importance and their priorities,
then adds the weighted values. Once the scoring of these projects is completed,
the project with the highest score is chosen.
4. State the advantages of PERT.
Advantages -
Analysis of Activities
Coordinating Ability
The What - if -Analysis - The possibilities and the various level of uncertainties
can be studied from the project activities by properly analyzing the critical path.
Uses –
The charts are usefull in planning a project and definig the sequence
of tasks that require completion.
It helps in scheduling,managing and monitoring specific tasks and
resources in a project.
Horizontal bars of different lengths represent the project
timeline,which can include task sequences,duration & the start &
end dates for each task.
It aids Project Managers in communicating project status or plans &
also helps ensure the project remains on track.
6. List down rules of constructing network diagram.
The direction of arrows should flow from left to right avoiding mixing of
direction. No looping!
No single activity can be represented more than once in a network diagram.
The length of an arrow hasno significance.
The event numbered 1 is the start event and an event with highest number
is the end event.
In assigning numbers to events, there should not be any duplication of
event numbers in a networkdiagram
Dummy activities must be used only if it is necessary to reduce the complexity
of a network diagram
A network diagram must have one start and one end event.
Merits -
Improved palnning
Smarter budget and resource allocation
Simplified risk identification
Improved accountability
Enhanced visibility
A project life cycle is the sequence of phases that a project goes through from its
initiation to its closure. The number and sequence of the cycle are determined by the
management and various other factors like needs of the organization involved in the
project,
Initiation - Map out the project's objective, pick a manager, and clarify your
approach.
Planning - Develop a detailed plan for the project's execution,define project's
scope, create a WBS, and map out a schedule.
Execution – actively track assigned tasks and ensure that the project stays on
course.
Control – It’s focused on monitoring the project's progress. You'll monitor
milestones & goals to keep the project on track.
Closure - you'll hand over all deliverables to stakeholders and formally close the
project. You'll also review the project for insights.
11. Write a short note on PMIS
Payback Period
Accounting Rate of Return
Break Even Analysis
Cost benefit Analysis
Net Present Value (NPV)
Internal Rate of Return (IRR)
Non-Numeric project selection models –
Process Groups –
Initiating – It involves the processes,activities, and skills needed to effectively define
the beginig of a project.
Planning – To define scope of project,set strategic palns in place to maximise
workflow & begin to assemble priority lists.
Executing – Managing teams effectively while orchestrating timeline expectations &
reaching benchmark goals.
Monitoring and Controlling – Processes required to track,review and regulate the
progress the performance of the project.
Closing – To bring the project to a successful close (completing it on time & within
the budget alloted).
15.Explain the concept of ‘Triple Constraints’.
It is a model of the constraints inherent in managing a project.They are -
Cost: It is the financial constraints of a project also known as project budget.
Scope: It is the tasks required to fulfil the project's goals.
Time: It is the schedule for the project to reach completion.
The Triple Constraint states that the success of the project is impacted by its
cost, scope and time. As a manager of the project, you can trade between these
three constraints. Triple Constraints are like the boundaries in which you have to
work. Just as restrictions enhance creativity.
Cost -
Cost is the first financial constraint that affects a project. It is the financial
commitment that is made to the project. Costs are divided into fixed and variable
cost. Both of them are associated with a project. Costs vary depending on various
factors.
various costs processes - Cost estimating ,Cost budgeting ,Cost control
Scope –
It outlines the specific requirements or tasks which are necessary to complete the
project. Managing the scope is vital in any project, whether they are agile
software projects or well-planned waterfall projects. Failing to control the scope
of the project will not help in delivering it on time or within budget.
Time –
The amount of time required to complete a deliverables must be estimated well
for a good schedule. Usually, this is done by first identifying all the tasks that are
going to be performed during the entire life cycle of the project.For estimating
time, first of all a Work Breakdown Structure (WBS) is used generally to convert
the large project goal into a series of manageable tasks.
Schedule can be managed through a process of time management.Steps are –
Plaaning schedule,Definig Activities,Sequencing Activities,Estimating
Resources Required,etc.
--OPTION