Mb0049
Master of Business Administration - MBA Semester 2
MB0049 – Project Management
(4 credits)
(Book ID: B1138) ASSIGNMENT- Set 1
Q1. What is meant by project management ? Discuss the need for project management.
Answer: Project Management is all about a mindset. The major characteristics of project mindset:
a) Time: It is an important parameter in framing the right mindset. It is possible to improve the pace of the project by reducing the time frame of the process.
b) Responsiveness: It refers to quickness of response of an individual. The vibrancy and liveliness of an individual or an organisation are proportional to its capabilities to respond to evolving processes and structure.
c) Information Sharing: Information sharing is an important characteristic of the project mindset today. A seamless flow of information is a key to build a healthy mindset among various stakeholders in a project.
d) Processes: Project mindset lays emphasis on flexible processes. The major difference in a process and a system is in its capabilities of providing flexibility to different situational encounters. Flexible processes possess greater capabilities of adaptability.
e) Structured planning: Structured planning based on project management life cycle enables one to easily and conveniently work according to the plan. It also enables efficient use of project resources and prioritisation of the activities based on resource planning.
Hence having a right mindset and flexible processes in place is very important for a sound project management.
Need for project management:
Project management is necessary because –
a) A project requires huge investments which should not go waste
b) A loss in any project would have direct or indirect impact on the society
c) Prevent failures in projects
d) Scope of the project activity may undergo a change
e) Technology used may change during the course of project execution
f)
MB0049 – Project Management
(4 credits)
(Book ID: B1138) ASSIGNMENT- Set 1
Q1. What is meant by project management ? Discuss the need for project management.
Answer: Project Management is all about a mindset. The major characteristics of project mindset:
a) Time: It is an important parameter in framing the right mindset. It is possible to improve the pace of the project by reducing the time frame of the process.
b) Responsiveness: It refers to quickness of response of an individual. The vibrancy and liveliness of an individual or an organisation are proportional to its capabilities to respond to evolving processes and structure.
c) Information Sharing: Information sharing is an important characteristic of the project mindset today. A seamless flow of information is a key to build a healthy mindset among various stakeholders in a project.
d) Processes: Project mindset lays emphasis on flexible processes. The major difference in a process and a system is in its capabilities of providing flexibility to different situational encounters. Flexible processes possess greater capabilities of adaptability.
e) Structured planning: Structured planning based on project management life cycle enables one to easily and conveniently work according to the plan. It also enables efficient use of project resources and prioritisation of the activities based on resource planning.
Hence having a right mindset and flexible processes in place is very important for a sound project management.
Need for project management:
Project management is necessary because –
a) A project requires huge investments which should not go waste
b) A loss in any project would have direct or indirect impact on the society
c) Prevent failures in projects
d) Scope of the project activity may undergo a change
e) Technology used may change during the course of project execution
f)