----------------------------------------****Classify the projects based on location, type,
********Project Planning;
technology, size, scope and speed****Location:Domestic, International,
Regional****Type: Construction, Software Development, Research and
Development, Marketing and Advertising, Event Management****Technology:
Traditional, Innovative****Size: Small, Medium, Large****Scope: Internal,
Client/External, Strategic****Speed: Fast-track, Standard,
Phased****----------------------------------------****2. What is Project life cycle****The
project life cycle refers to the series of phases or stages that a project goes through
from its initiation to its closure. It provides a structured approach for managing and
organizing projects, allowing project managers and teams to plan, execute, and
control project activities effectively. While the specific terminology and number of
phases may vary depending on the methodology or framework used.****Initiation;
Planning; Execution; Monitoring and Control; Closure; It's important to note that the
project life cycle is not a linear process, and iterations or feedback loops may occur
between phases. Additionally, different project management methodologies, such as
waterfall, agile, or hybrid approaches, may have variations in their life cycle
structures.****----------------------------------------****3. What are the contents of
project report****Executive Summary; Introduction; Project Objectives;
Methodology; Project Scope; Project Progress and Results; Findings and Analysis;
Recommendations; Conclusion; Appendices; ----------------------------------------****4.
Explain Tools and techniques of project management****Gantt Charts; Work
Breakdown Structure (WBS); Network Diagrams; Project Scheduling Software; Risk
Management Tools; Earned Value Management (EVM); Communication and
Collaboration Tools; Quality Management Tools; Change Management Tools;
Decision-Making Techniques; ----------------------------------------****5. Explain Project
Family Tree refers to a hierarchical structure or visual representation of related
projects within an organization or program. In this context, a project family tree is a
way to depict the relationships and dependencies among various projects that are
part of a larger program or initiative. It helps stakeholders and project teams
understand how different projects are connected and contribute to the overall
program objectives.********Program: Product Development
Initiative********Project A: Market Research****Subproject A1: Customer
Surveys****Subproject A2: Competitive Analysis********Project B: Concept
Design****Subproject B1: Brainstorming Sessions****Subproject B2: Design
Prototyping********Project C: Product Development****Subproject C1: Engineering
and Testing****Subproject C2: Manufacturing Planning********Project D:
Marketing and Launch****Subproject D1: Marketing Strategy****Subproject D2:
Advertising Campaign********----------------------------------------****
----------------------------------------****Advantages of TQM; (i) Sharpens Competitive
Edge of the Enterprise: TQM helps an organisation to reduce costs through
elimination of waste, rework etc. It increases profitability and competitiveness of the
enterprise; and helps to sharpen the organisation’s competitive edge, in the
globalized economy of today.****(ii) Excellent Customer Satisfaction: By focusing on
customer requirements, TQM makes for excellent customer satisfaction. This leads to
more and more sales, and excellent relations with customers.****(iii) Improvement
in Organisational Performance: Through promoting quality culture in the
organisation, TQM lead to improvements in managerial and operative personnel’s
performance.****(iv) Good Public Image of the Enterprise: TQM helps to build an
image of the enterprise in the minds of people in society. This is due to stress on total
quality system and customers’ requirements,****under the philosophy of
TQM.****(v) Better Personnel Relations: TQM aims at promoting mutual trust and
openness among employees, at all levels in the organisation. This leads to better
personnel relations in the
enterprise.****----------------------------------------****Limitations of TQM; 1) Production
Disruption Implementing a Total Quality Management system in a company requires
extensive training of employees and these requires them to take some time of their
day to day work duties. While the improvements do reduce lead time, eliminate
waste and improve productivity, the beginning stages of implementing Total Quality
Management in an organization can reduce worker output.****2) Employee
Resistance Total Quality Management requires change in mindset, attitude and
methods for performing their jobs. When management does not effectively
communicate the team approach of Total Quality Management, workers may become
fearful, which leads to employee resistance. When workers resist the program, it can
lower employee morale and productivity for the business.****3) Quality is Expensive
TQM is expensive to implement. Implementation often comes with additional
training costs, team-development costs, infrastructural improvement costs,
consultant fees and the like.****4) Discourages Creativity TQM focus on task
standardization to ensure consistency discourages creativity and innovation. It also
discourages new ideas that can possibly improve
productivity****----------------------------------------****
6. Explain Project Manager’s Roles and Responsibilities.
Team Leadership; Stakeholder Management; Risk Management; Budget and Resource
Management; Communication and Reporting; Quality Control; Change Management;
Project Closure; Continuous Improvement; ----------------------------------------****7.
Illustrate types of stakeholders in project management.********In project
management, stakeholders are individuals, groups, or organizations that have an
interest or are affected by the project. They play a crucial role in project success and
need to be identified, engaged, and managed effectively.****Project Sponsor;
Project Team; Project Manager; Customers or Clients; Project Steering Committee;
Project Team Members' Functional Managers; Suppliers and Vendors; Regulatory
Bodies and Government Agencies; Local Communities and Interest Groups;
Competitors; It's important to identify and engage stakeholders early in the project to
understand their interests, expectations, and potential influence. Effective
stakeholder management involves regular communication, addressing their concerns,
involving them in decision-making, and managing conflicts to ensure project success
and stakeholder satisfaction.****----------------------------------------****8. Explain
components of project schedule********A project schedule is a critical component
of project management that outlines the timeline and sequence of activities required
to complete a project. It helps project managers and team members understand the
project's timeline, dependencies, and critical milestones.****Activity List; Activity
Durations; Dependencies; Predecessors and Successors; Milestones: ****Resource
Assignments; Critical Path; Project Constraints; Project Calendar; Schedule Baseline;
These components collectively form the project schedule, providing a comprehensive
view of the project's timeline, dependencies, and critical activities. They serve as a
basis for project planning, resource allocation, progress tracking, and communication
with stakeholders.****----------------------------------------****10. How do task
dependencies relate to project scheduling?********Task dependencies play a crucial
role in project scheduling as they determine the sequencing and order of activities
within a project. They help establish the logical relationships between tasks and
ensure that the project progresses smoothly.****Sequencing Activities; Critical Path
Analysis; Resource Allocation; Project Constraints; Schedule Impact Analysis; Critical
Path Management; Overall, task dependencies are an integral part of project
scheduling. They help project managers define the logical sequence of tasks, identify
critical paths, allocate resources effectively, and manage project constraints. By
understanding and managing task dependencies, project managers can create a
realistic and achievable project schedule, monitor progress, and ensure project
success.****----------------------------------------****----------------------------------------****
----------------------------------------****11. Explain four steps of project risk
assessment****Project risk assessment is an important process that helps identify,
analyze, and mitigate potential risks associated with a project. Here are four key steps
involved in conducting a project risk assessment; ****Risk Identification; Risk
Analysis; Risk Response Planning: avoid, mitigate, transfer, and accept.****Risk
Monitoring and Control: monitoring identified risks, tracking their status, and
controlling their impact on the project.****----------------------------------------****12.
Compare Uncertainty, Risk and Threat in project management********In project
management, uncertainty, risk, and threat are related concepts that refer to different
aspects of potential negative events or circumstances. Here's a comparison of these
terms; ****Uncertainty: Uncertainty refers to a lack of knowledge or predictability
about future events or outcomes. It is a broad term that encompasses all types of
unknowns, whether positive or negative. Uncertainty arises when there is insufficient
information or understanding about the factors that may influence the project's
success. It is often characterized by ambiguity and can introduce challenges and
complexities into project planning and decision-making. Uncertainty can be managed
by gathering more information, conducting analysis, and using techniques like
scenario planning or sensitivity analysis to explore different possible
outcomes.********Risk: Risk is a specific type of uncertainty that focuses on
potential negative events or situations that can impact the project's objectives. It
involves the possibility of loss, harm, or failure. Risks are typically associated with
uncertainties that have a probability of occurrence and can be quantified or
estimated to some extent. Risk management involves identifying, assessing, and
prioritizing risks, and developing strategies to mitigate or respond to them. Risk
management techniques include risk analysis, risk mitigation planning, risk
monitoring, and contingency planning.********Threat: A threat is a specific risk that
has the potential to cause harm or damage to the project. It is an event or condition
that, if it occurs, can negatively impact the project's success. Threats can arise from
various sources, such as external factors (e.g., economic changes, regulatory
requirements, natural disasters) or internal factors (e.g., resource constraints,
technical failures, human errors). Effective threat management involves identifying
and analyzing potential threats, understanding their potential impact, and
implementing appropriate measures to minimize their occurrence or mitigate their
consequences.********In summary, uncertainty is a broader concept that encompasses all types of
unknowns, both positive and negative. Risk focuses specifically on negative events or situations that can impact
project objectives and involves assessing the probability and impact of those events. Threats, on the other
hand, are specific risks that have the potential to cause harm or damage to the project. While uncertainty is a
more general term, risk and threat are narrower concepts that deal specifically with negative outcomes and
require proactive management strategies to address them.****
----------------------------------------****13. Explain Project selection process.********The
project selection process is a systematic approach used by organizations to evaluate
and prioritize potential projects based on their alignment with strategic goals,
feasibility, and expected benefits. It involves a series of steps that help determine
which projects should be pursued to maximize value and allocate resources
effectively. Here's an overview of the project selection process; ****Strategic
Alignment; Project Identification; Feasibility Assessment; Cost-Benefit Analysis;
Project Prioritization and Selection; Approval and Authorization; It's important to
note that the project selection process may vary across organizations depending on
their specific needs, industry, and decision-making structures. However, these steps
provide a general framework to guide the selection of projects that align with
strategic goals, maximize value, and support overall organizational
success.****----------------------------------------****14.Explain The principal stages in the
life of a project.********A project typically goes through several stages or phases
throughout its lifecycle. While the specific names and details of each stage may vary
depending on the project management methodology used, here are the principal
stages commonly found in the life of a project; ****Initiation; Planning; Execution;
Monitoring and Control; Closure; It's worth noting that some project management
methodologies, such as Agile or Scrum, may have iterative or incremental approaches
where the project goes through multiple cycles of planning, execution, and
monitoring. However, the principal stages mentioned above provide a general
framework for understanding the lifecycle of a project from initiation to
closure.****----------------------------------------****15. Explain characteristics of Project.
Explain the method of Project Appraisal of a proposed
project********Characteristics of a Project-****Temporary; Unique; Defined Scope
and Objectives; Cross-functional; Uncertainty and Risk; Resources; Progressive
Elaboration; Interdependencies; ****Method of Project Appraisal-****Project
appraisal is a process of evaluating the feasibility, viability, and potential impact of a
proposed project. It involves analyzing the project's economic, technical, financial,
and social aspects to determine its worthiness for investment. While specific
methods may vary depending on the organization and project, here is a general
overview of the project appraisal process; Identification of Objectives and Criteria;
Project Evaluation; Risk Assessment; Social and Environmental Impact Assessment;
Decision-Making; It's important to note that project appraisal is an iterative process,
and the evaluation methods used may vary based on the nature and scale of the
project. The appraisal process ensures that the proposed project is thoroughly
assessed from various angles to make informed decisions regarding its
implementation.****---------------------------------------
**----------------------------------------****11. Discuss quality management
tools********Quality management tools are techniques and methodologies used to
monitor, analyze, and improve the quality of products, services, and processes within
an organization. These tools help identify and address quality issues, facilitate
decision-making, and drive continuous improvement efforts. Here are some
commonly used quality management tools; ****Flowcharts; Pareto Chart;
Cause-and-Effect Diagram (Fishbone or Ishikawa Diagram); Check Sheets; Control
Charts; Histograms; Scatter Diagrams; Six Sigma Tools; These are just a few examples
of quality management tools available to organizations. Each tool serves a specific
purpose in identifying, analyzing, and improving quality, and organizations can select
the most appropriate tools based on their needs and objectives. The effective use of
these tools promotes a culture of quality, continuous improvement, and customer
satisfaction within an organization.****----------------------------------------****12.
Explain capital budgeting process********The capital budgeting process involves
evaluating and selecting investment projects that require significant capital
expenditures. It is a systematic approach that helps organizations make informed
decisions about allocating financial resources to long-term projects. The process
typically involves the following stages; ****Project Identification; Project Evaluation;
Cost Estimation; Cash Flow Projection; Risk Assessment; Decision-Making; Project
Implementation and Monitoring; Post-implementation Review; The capital budgeting
process is a continuous cycle that supports effective investment decision-making and
resource allocation. It requires careful analysis, financial acumen, and a systematic
approach to evaluate potential projects and make informed investment decisions that
align with the organization's goals and
priorities.****----------------------------------------****16. What are the elements of
TQM********Total Quality Management (TQM) is a management approach that
focuses on continuously improving the quality of products, services, and processes
within an organization. It involves the active participation of all employees and aims
to meet or exceed customer expectations. The elements of TQM include;
****Customer Focus; Leadership Commitment; Employee Involvement; Continuous
Improvement; Process Approach; Data-Driven Decision Making; Supplier
Partnerships; Training and Development; Continuous Measurement and Feedback;
****These elements collectively form the foundation of TQM and guide organizations
in their pursuit of quality excellence. By integrating these elements into their
operations, organizations can create a culture of quality, improve customer
satisfaction, drive operational efficiency, and achieve sustainable business
success.****
-****17. Explain the types of capital budgeting********Capital budgeting is the
process of evaluating and selecting long-term investment projects that involve
significant capital expenditures. It helps organizations determine which investment
opportunities are financially viable and align with their strategic objectives. There are
several types of capital budgeting methods used to analyze and assess investment
projects. Here are the main types; ****Payback Period: The payback period is a
simple method that calculates the time required for an investment to recover its
initial cost. ****Net Present Value (NPV): NPV is a widely used capital budgeting
method that takes into account the time value of money.****Internal Rate of Return
(IRR): The IRR is the discount rate at which the NPV of a project becomes
zero.****Profitability Index (PI): The profitability index, also known as the
benefit-cost ratio, is the ratio of the present value of cash inflows to the present value
of cash outflows.****Accounting Rate of Return (ARR): The ARR method assesses the
profitability of an investment based on the accounting net income generated by the
project relative to its initial investment.****----------------------------------------****19.
Explain the features of Capital Budgeting decision********Capital budgeting
decisions involve evaluating and selecting investment projects that require significant
capital expenditures. These decisions have long-term implications and can impact the
financial health and success of an organization. Here are the key features of capital
budgeting decisions; ****Long-Term Focus: Capital budgeting decisions involve
long-term investments that extend beyond the usual operating cycle of a
business.****Significance of Capital Expenditure: Capital budgeting decisions involve
allocating substantial financial resources to investment projects.****Irreversibility:
Capital budgeting decisions are often difficult to reverse or undo once the investment
is made. ****Uncertainty and Risk: Capital budgeting decisions are made in an
environment of uncertainty and risk. Future cash flows, market conditions,
competition, and other factors influencing the success of the project may be
uncertain.****Time Value of Money: Capital budgeting decisions recognize the time
value of money. Cash flows expected to be received in the future are discounted back
to their present value to reflect the time preference for money and the opportunity
cost of capital.****Strategic Alignment: Capital budgeting decisions are guided by the
strategic objectives and goals of the organization.****Evaluation Techniques: Various
quantitative and qualitative evaluation techniques are employed in capital budgeting
decisions.****Capital budgeting decisions require a comprehensive analysis of
investment opportunities, careful consideration of financial and non-financial factors,
and a systematic evaluation of potential risks and rewards. These decisions have
long-lasting consequences, and organizations must employ robust evaluation techniques and sound
judgment to make informed and effective capital budgeting decisions.**
----------------------------------------****18. Explain Objectives of TQM********The
objectives of Total Quality Management (TQM) are centered around improving the
quality of products, services, and processes within an organization. TQM aims to
create a culture of continuous improvement and customer satisfaction. Here are the
key objectives of TQM; ****Customer Satisfaction; Continuous Improvement;
Employee Involvement and Empowerment; Process Excellence; Supplier Partnerships;
Data-Driven Decision Making; Leadership and Organizational Commitment; Cost
Reduction; By pursuing these objectives, organizations implementing TQM strive to
achieve excellence in quality, customer satisfaction, employee engagement, and
overall organizational performance. TQM aims to create a culture of continuous
improvement and a relentless focus on delivering value to customers, resulting in
sustained success in a competitive marketplace.