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Description
| SESSION | MAY 2024 |
| PROGRAM | MASTER OF BUSINESS ADMINISTRATION (MBA) |
| SEMESTER | III |
| COURSE CODE & NAME | DPRM301 – INTRODUCTION TO PROJECT MANAGEMENT |
Assignment Set – 1
- Define the concept of a project in the context of project management. Discuss the principles of project management.
Ans 1.
Concept of a Project in Project Management
A project in project management is defined as a temporary, unique initiative with a specific start and end date, aimed at achieving particular objectives that bring about change or add value. The temporary nature of projects sets them apart from regular, ongoing operations within an organization, necessitating distinct management approaches. Projects are constrained by limited resources, timeframes, and defined budgets, which require meticulous planning, execution, and monitoring
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- Discuss the stages in the Project Management Life Cycle.Also, write about the importance of cash flow forecasting in project management.
Ans 2.
Stages in the Project Management Life Cycle
The Project Management Life Cycle encompasses several distinct stages that guide the process from inception to completion. Each stage plays a critical role in ensuring the project is successfully delivered.
Initiation: This first stage involves defining the project at a broad level. Key activities include identifying the need or
- Write a detailed note on project planning. Outline the steps involved in new product development from idea to market launch.
Ans 3.
Project Planning
Project planning is a fundamental phase in the project management lifecycle that lays the groundwork for successful project execution. It involves the systematic arrangement of all project activities, ensuring that every aspect is thoughtfully considered and well-coordinated. Effective project planning sets clear goals, outlines the scope, and allocates resources efficiently,
Assignment Set – 2
- State the importance of solicitation planning in the project procurement process. Discuss the difference between project evaluation and project audit.
Ans 4.
Importance of Solicitation Planning in the Project Procurement Process
Solicitation planning is a critical component of the project procurement process. It involves preparing the documents needed to support the solicitation process, such as requests for proposals (RFPs), invitations for bids (IFBs), and requests for quotations (RFQs). This planning stage is vital for several reasons:
- Clear Requirements Definition: Solicitation planning ensures that the project’s requirements
- Explain the planning monitoring control cycle in project management. Also, write down the factors to be considered while terminating a project.
Planning-Monitoring-Control Cycle in Project Management (6 Marks)
The planning-monitoring-control cycle is a fundamental concept in project management that ensures projects are planned effectively, monitored accurately, and controlled appropriately throughout their lifecycle. This cycle facilitates continuous improvement and adaptation, making it vital for successful project execution.
Planning: The first phase
- Discuss the concept of capital rationing.Compare and contrast the UNIDO Approach and the Little-Mirrlees Method in SCBA.
Ans 6.
Concept of Capital Rationing
Capital rationing refers to the situation where a company limits the amount of new investments or projects it undertakes due to internal or external constraints on available financial resources. This financial strategy is employed when a company faces limited funds for investments, requiring management to prioritize projects that are most likely to generate significant returns or strategic value. The main purpose of capital rationing is to maximize the company’s wealth by carefully selecting