please provide the answers for the above questions which are related to PROJECT
ID: 423079 • Letter: P
Question
please provide the answers for the above questions which are related to PROJECT MANAGEMENT
Q1. What does it mean if the priorities of a project include: Time-constrain, Scope- accept, and Cost-enhance? [ 1x2 = 2 Marks] Q2. What are the relative advantages and disadvantages of the functional, matrix, and dedicated team approaches to managing projects? [3x2 = 6 Marks] Q3. You are the Project Manager of an internet company responsible for launching the new e- commerce site. Develop a communication plan for the project 11x4-4 Marks] 04. The following are the net cash flows of an investment project : Cash flows (Rs.) YO Y1 Y2 respectively -5000 +3000 +4000 Calculate the net present value of the project at discount rates of 10 and 35 percent 11x4-4 Marks] Q5. What types of information are required for market and demand analysis? [1x4 -4 Marksl 06. What aspects are considered in technical analysis? 1x3 3 Marks Q7. You are in charge of organizing a dinner-dance concert for a local charity. You have reserved a hall that will seat 30 couples and have hired a jazz combo. Develop a scope statement for this project that contains ex armples of all the ?elements. Assume that the event will occur in 4 weeks 11x7-7 Marks]Explanation / Answer
1. There are usually 3 basic pillars defining the priorities for a particular project. These are TIME, COST, SCOPE. time constraint refers to the duration within which a project must be completed. Cost is the maximum budget allocated for the project. And Scope is an intangible, self derived priority that mostly defines the features expected in the project and the quality. A customer may have more than one of the priorities for a project. They may be focused nly on TIme or Cost or Scope, or they may have limits for all the three. These contraints are interlinked and define the expectations of a customer from the project. One might have to increase cost to reduce time, or increase time to reduce cost or reduce scope to reduce both time and cost. A proper balaance is required amongst the three.
2.
Functional
Advantages:
(a)As the project follows design from the parent company, lesser changes are required.
(b) It is flexible as people can be appointed to different functional projects at their current job positions.
(c) People’s careers remain constant as they have a home base for their work.
Disadvantages:
(a) people may be obligated to their functional responsibilities before their project responsibilities reducing project focus. Such difference in priorities of one unit can affect other units as well.
(b) the communication between different functional units may be poorly coordinated in comparison to intra group communication. The project may take longer to complete.
(c) the staff may be lowly motivated with projects as these come as distraction from normal work and are often treated as a burden.
Matrix
Advantages:
(a) as the functional manager and project manager both control decisions regarding allocation of people and resources, it makes this approach more flexible. The degree to who has more control depends on which grade the matrix is - functional, balanced or project.
(b) team members have a backup home to resume work after project
(c) with dedicated project manager there is more focus on the project goals.
(d) elimination of duplicate jobs, resource sharing, and multiple projects can substantially reduce cost
Disadvantages:
(a) There can be conflict situations between the functional managers and the project manager due to difference in opinion and preferences.
(b) scarce resource may lead to increased conflicts.
(c) Project members have TWO bosses. This violates the principle of management of one person one boss.
Dedicated
Advantages:
(a) other than special human resource, it does not disrupt operations of parent by taking away the parent organisation’s resources.
(b) fuller freedom to project manager. Dedicated focus to project goals.
(c) due to one person incharge, the projects are speedily completed.
(d) High motivation to staff members.
(e) People with different types of skills work together, increasing expertise and inter functional coordination.
Disadvantages:
(a)costlier than other two as it involves creation of new jobs
(b)There can be duplication of effort within the organization.
(c) Sometimes, if the full range of technical competence needed for the project cannot be obtained from inside, members may be appointed from outside creating a sense of possessiveness.
4.
The formula for Net Present Value is:
NPV= z1/(1+r) + z2/(1+r)2 - x0
Where:
Z1 = Cash flow in time 1 = 3000
Z2 = Cash flow in time 2 = 4000
r = Discount range = 10%, 35%
X0 = Cash outflow in time 0 = 5000
NPV1 = 3000/1+0.1 + 4000/(1.35)2 – 5000 = 2727.27 + 2194.78 – 5000 = -77.95
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