DPRM301 INTRODUCTION TO PROJECT MANAGEMENT JAN FEB 2025

Description

Assignment Set – 1

Q1. Define the concept of a project in the context of project management. Discuss the principles of project management. 4+6     

Ans 1.

Concept of a Project and Principles of Project Management

Definition of a Project in Project Management

A project is defined as a temporary endeavor undertaken to create a unique product, service, or result. It has a definite start and end, with specific objectives to achieve. Unlike ongoing operations, projects are unique, time-bound, and follow a structured path for execution. They often involve cross-functional teams and limited resources. In project management, the focus is on achieving project goals while adhering to constraints such as scope, time, cost, and quality. Every project has deliverables and measurable outcomes, making it different from

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Q2. Discuss the stages in Project Management Life Cycle. Also, write the importance of cash flow forecasting in project management.  6+4           

Ans 2.

Project Management Life Cycle Stages and Cash Flow Forecasting Importance

Stages of the Project Management Life Cycle

Project management follows a life cycle that provides a structured approach to managing a project from initiation to closure. It comprises five key stages, each playing a vital role in project success.

Initiation Stage: This stage defines the project’s purpose and scope. A feasibility study is conducted to evaluate whether the project is viable. The outcome is a project charter that formally authorizes the project, identifies key stakeholders, and establishes initial objectives

Q3. Write a detailed note on project planning. Outline the steps involved in new product development from idea to market launch. 3+7  

Ans 3.

Project Planning and New Product Development Process

Understanding Project Planning

Project planning is the cornerstone of effective project management. It involves developing a roadmap that outlines how a project will be executed, monitored, and closed. Planning aligns the team, resources, and timeframes with the project’s objectives. Without proper planning,

Assignment Set – 2

Q4. State the importance of solicitation planning in project procurement process. Discuss the difference between project evaluation and project audit.       4+6     

Ans 4.

Solicitation Planning in Procurement and Comparison of Project Evaluation vs. Project Audit

Importance of Solicitation Planning in Project Procurement

Solicitation planning is a key process in project procurement management. It involves developing the documents and procedures needed to obtain supplier responses. This phase bridges the gap between procurement planning and vendor selection. It ensures the project receives competitive, qualified bids and proposals aligned with the project’s needs, budget, and timeline.

Solicitation planning defines the procurement strategy, including identifying what to buy,

Q5. Explain planning monitoring control cycle in project management. Also, write down the factors to be considered while terminating a project?     5+5     

Ans 5.

Planning-Monitoring-Control Cycle and Project Termination Considerations

Planning-Monitoring-Control Cycle in Project Management

The Planning-Monitoring-Control (PMC) cycle is a critical framework in project management that ensures the project stays aligned with its objectives. It functions as a continuous loop where each phase informs and improves the next. The cycle consists of three core elements: planning, monitoring, and controlling.

Planning

In the planning phase, the project team defines the scope, objectives, deliverables, schedules,

Q6. Discuss the concept of capital rationing. Compare and contrast the UNIDO Approach and the Little-Mirrlees Method in SCBA.   4+6    

Ans 6.

Capital Rationing and Comparison of UNIDO vs. Little-Mirrlees Methods in SCBA

Concept of Capital Rationing

Capital rationing refers to the decision-making process in which a company limits its capital expenditures due to budgetary constraints. Even if multiple investment projects yield positive net present value (NPV), not all can be pursued simultaneously due to scarcity of funds. This concept is particularly important in developing economies where capital is limited and must be optimally allocated.

Capital rationing is divided into soft and hard rationing. Soft rationing occurs when