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Project Planning, Appraisal & Control
1.Discuss the five broad phases of capital budgeting?
2. What is meant by “Environment Impact Assessment”? What are the methodologies for Impact Assessment? Explain?
3. What are the various sources of finance available for the projects in India? Describe briefly the various means of financing of project?
4. Distinguish between the physical life and economic life of an asset. How would you determining the latter?
5. How will you prepare a project budget? What are the various budgets?
6. What is meant by “Environment Impact Assessment”? What are the methodologies for Impact Assessment? Explain?
7. State the essential elements/steps involved in the project planning process?
8. Explain Porter’s model of profit potential of industries?
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Case Study # What it takes to be a great project manager?
Many challenges confront today’s project managers — new technologies, remote workforces and a global market to name a few. To take a project from inception to finish can be grueling and you’ve got to have great dedication and skills if you’re going to be successful. But what sets apart good project managers (PMs) from the truly great ones? What does it take to go from being the manager of projects to a game-changing leader? Here are six skills the great PMs share.
Become a customer relationship management expert
Develop positive mutually aligned connections with stakeholders: The first thing any project leader should work on is developing a positive relationship or connection with key stakeholders and project sponsors within an organization. Simply jumping into a project and bypassing this step can elevate risks right out of the gate and could further increase communication gaps down the road. Being able to understand the perspective, experience and resulting behaviors of the primary players helps to create a platform for improved communication and reduces friction.
Develop an understanding of a specific business and its needs: It’s not important to know every detail there is to know about a customer’s industry; however, making an effort to research key facts, norms and challenges demonstrates sincere interest as it relates to potentially unique business needs. After all, how can you sell any company on the benefits of your skills as a PM without understanding potential challenges, opportunities and impacts to their business? Once you are able to clearly articulate that you understand their obstacles and their needs, it’s less of an uphill battle selling the benefits of a project and alleviating fears.
Pay attention to the big picture, but don’t miss the details: The ability to see the broader picture yet not skip over the details is another skill that enables good project leaders to become great project leaders. Being able to connect the dots from start to finish, all the while keeping the higher-level end goal in sight is a valuable skill that offers organizations peace of mind. Organizational leadership simply doesn’t have time to ensure project leaders are on top of things. These leaders rely heavily on a project manager to understand their business needs and goals, and also navigate project tasks and milestones with minimal guidance.
Don’t just manage teams — motivate and influence them
Be an effective project leader by leading people, not managing them: Teams need to be able to rely on a project manager to provide them with sufficient guidance when needed and to excel in areas like motivation and communication. As a PM you can’t be everywhere or do everything, and this highlights the need to trust the knowledge, skills and abilities of team members. Establishing trusting relationships with stakeholders and team members provides smoother navigation through difficult situations and creates a greater degree of transparency.
Help to build respect among teams and stakeholders: Projects offer opportunities for a diverse set of individuals to bring unique skills, experiences and ideas to the table and helps to build better solutions. Problems often arise when individuals are in conflict and demonstrate a lack of respect for difference or override the contributions of others. This is where tact and skill as a project manager can alleviate tension and encourage team members to refocus on what’s best for the stakeholder(s), rather than remaining self-focused. A strong PM is always able to shed light on key factors and help individuals to see the merits of both sides. The need for mutual respect should be expected and communicated from the start, and ground rules and applicable consequences should be laid out to avoid disruption and lost productivity.
Influence individuals and teams to optimize their contributions. A large part of the role of a project leader is to influence each team member to give their best regardless of personal views, obstacles, and conflicts. Influence is both an art and learned behavior that is often undervalued and overlooked. It’s important to note that influence shouldn’t be confused with manipulation. The real value in positive influence is the ability to translate this soft skill into action that results in a win-win for the stakeholders and team. Further, it’s imperative individual team members and the team as a whole not only understand their role and how it fits within the project goals, but also that they are committed to continuous improvement for optimal results that benefit the customer.
Putting it all together
Companies are increasingly seeking well-rounded project leaders who exhibit the technical know-how and leadership prowess required to see things and execute from different vantage points. A project manager who has the underlying training combined with these core soft skills can uniquely position him or herself to stand out in their field, achieve optimal results and become a sought after thought leader.
Q.No 1: What are the essentials for becoming a good project manager?
Q.No 2: Why it is said that you don’t just manage teams — motivate and influence them first?
Q.No 3: How to become a customer relationship management expert?
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1. A project management methodology characterized by building products that customers really want, using short cycles of work that allow for rapid production and constant revision is called
(A): Agile
(B): Allocation
(C): Porter’s Five Forces
(D): Strategy
2. The act of assigning available resources is known as …………….
(A): Allocation
(B): Formation
(C): Persue
(D): Allotment
3. A general list of planned expenses is called….
(A): Auditing
(B): Budget
(C): Budgetory Control
(D): Budgeting
4. The act of managing all aspects of a project, from team to tasks to tools.
(A): Project Control
(B): Project Management
(C): Project Appraisal
(D): none
5. A condition where a task or milestone relies on other tasks to be completed (or started) before it can be performed.
(A): Performance
(B): Allotment
(C): Dependancy
(D): Allocation 6. Which American mechanical engineer and management consultant, developed the Gantt chart in the 1910s.
(A): Henry Gantt
(B): Henry Feyol
(C): Henry Ford
(D): Michael Henry 7. In project management, an objective or milestone set by an individual or organization is called………….
(A): Goal
(B): Performance
(C): Milestone
(D): Target 8. ACWP stands for Actual Cost of Work …………….
(A): Persist
(B): Performed
(C): Per Piece
(D): per Assignment 9. ……………. Is the methodology that focuses on streamlining and cutting out waste. The goal is to do more with less: i.e., deliver value to the customer using less manpower, money, and time.
(A): SWOT
(B): PESTEL
(C): Lean
(D): Six Sigma 10. Cost ……………. is defined as excess of actual cost over budget.
(A): Overrun
(B): Over Charge
(C): Over Priced
(D): Over Budget
11. An X-Y axis graph that shows the number of tasks that need to be completed (on the vertical axis) versus the time remaining (on the horizontal axis) is Burn …………… Chart.
(A): Horizontal
(B): Down
(C): Upper
(D): Cluster
12. A method used to model projects that includes all tasks, time estimates, task dependencies, and final deliverables.
(A): HIFO
(B): LIFO
(C): CPM
(D): CAPM 13. A statistical tool used to visualize a project’s schedule, sequence of tasks, and even the critical path of tasks that must be completed on time in order for the project to meet its deadline.
(A): PERT
(B): CPM
(C): None
(D): Both
14. A graphical representation of a sequence of events.
(A): Timeline
(B): Time Clash
(C): Time Boundry
(D): Time Tag
15. A statistics-based methodology that seeks to improve the quality of a process by measuring the defects or bugs present and getting it down as close to zero as possible.
(A): Six Sigma
(B): Three Sigma
(C): Seven Sigma
(D): Four Sigma
16. The professional in charge of planning and executing a project and leading a project team.
(A): Project Surveyor
(B): Project Evaluator
(C): Project Controller
(D): Project Manager 17. ……………. is part of a set of actions which accomplish a job, problem or assignment.
(A): Task
(B): project
(C): Program
(D): Policy
18. Six Sigma is a business management strategy, originally developed by …………
(A): Panasonic
(B): Samsung
(C): Sony
(D): Motorola 19. BCWS is short form of Budgeted Cost of Work ……………….
(A): Surfed
(B): Scattered
(C): Sacrificed
(D): Scheduled
20. ………….. engineering is an interdisciplinary field of engineering that focuses on how complex engineering projects should be designed and managed.
(A): Policy
(B): Project
(C): Program
(D): Structured
Correct answer is “system” but not given in option.
21. ……………. are what is required to carry out a project’s tasks.
(A): Resources
(B): Product
(C): Profile
(D): Programme 22. Wideband …………..is a consensus-based estimation technique for estimating effort.
(A): Deliphie
(B): Delphi
(C): Delhip
(D): Dellpphi
23. Quality, Cost, ………….. (QCD) as used in lean manufacturing measures a businesses activity and develops Key performance indicators.
(A): Date
(B): Diary
(C): Determination
(D): Delivery 24. A temporary endeavor undertaken to create a unique product, service, or result
(A): Program
(B): Project
(C): Product
(D): Profile
25. ……………….. breakdown structure (PBS) in project management is an exhaustive, hierarchical tree structure of components that make up an item, arranged in whole-part relationship.
(A): Project
(B): Product
(C): Profile
(D): Programme
26. ……..referes generally to a list of all planned expenses and revenues.
(A): Budget
(B): Budgetory Control
(C): Budgeting
(D): All
27. An imaginative arrangement of a set of ideas.
(A): Principle
(B): Concept
(C): Policy
(D): Procedure
28. A person who takes on personal responsibility for the successful completion of a “visionary project.”
(A): Insurer
(B): Banker
(C): Champion
(D): Charger
29. A hierarchical tree structure that breaks down a project into smaller deliverables.
(A): WBS
(B): PPM
(C): CPM
(D): PERT1
30. Project Portfolio …………. (PPM) — is a method used by organizations to ensure that all their projects align with the overall business objectives.
(A): Mapping
(B): Mascot
(C): Marginal
(D): Management
31. A significant event in the project usually completion of a major deliverable.
(A): Project
(B): Product
(C): Profile
(D): Milestone 32. A task or activity that precedes, or comes before, another task or activity.
(A): Synonym
(B): Predecor / Predecessor
(C): Numerator
(D): Denominator
33. PERT stands for Program Evaluation and ………… Technique
(A): Repeat
(B): Review
(C): Right
(D): Reporting
34. The elapsed time from project start date through to project finish date.
(A): Milestone
(B): Completition Time
(C): Duration
(D): Start Time
35. The planned dates for performing activities and the planned dates for meeting milestones.
(A): Schedule
(B): Program
(C): Policy
(D): Procedure
36. Individuals and organizations who are involved in or may be affected by project activities.
(A): Stakeholder
(B): Shareholders
(C): Owners
(D): Residents
37. The act of revising the project’s scope, budget, schedule, or quality in order to reduce uncertainty on the project.
(A): Reversing
(B): Failing
(C): Mitigation
(D): Catching 38. An uncertain event or condition that, if it occurs, has a positive or negative effect on a project’s objectives.
(A): Risk
(B): Uncertainty
(C): None
(D): Both
39. Something that lies ready for use or that can be drawn upon for aid or to take care of a need.
(A): Reverse
(B): Review
(C): Resource
(D): Plentuy 40. A quantifiable difference, deviation, or divergence away from the known baseline or expected value.
(A): Regression
(B): Correlation
(C): Sumation
(D): Variance
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