[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011Master of Business Administration - MBA Semester II MB0049 – Project Management - 4 Credits (Book ID: B1138) Assignment Set- 1 (60 Marks) By : JOMON K JOSE : 511121214 Reg. No By: JOMON K JOSE | Reg. No 511121214 1 it takes a while to get everything to fit smoothly.?And by the way. You must learn how to delegate authority and eventually replace yourself. The very first thing we find in a great manager is a total commitment to building a team that functions in unison to reach their goals. managing. And don’t forget number eight. That is a great manager’s main specialty. Don’t forget number seven if you really want to build a great sales force: promote risk-taking. You want to promote risk-taking with your salespeople. of course. In fact. and training. What do I mean by this? Make a mental note of the words ‘justice?and ‘fairness.[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 Q. In fact. and ideals. and their competitive edge in the future. So remember. Teach your salespeople they have to take a little risk in order to grow. and the way they live. Number four is also very important. I can’t make it. You can’t be one thing and say another because you’ll lose respect. recruiting 3. They see their company position. the office in the future. But great managers also have to start seeing themselves in the future. No 511121214 2 . handling types of personalities they don’t relate to 6. the things they buy. Great managers don't become buddies. holding productive meetings 4. It’s not that important that your salespeople just like and admire you. Being a good manager is like putting a jigsaw puzzle together. they also grow emotionally and enjoy their income. Their team is made up of individuals that have different beliefs. The second characteristic we find in a great manager is they live what they teach and they command respect by their example. they start saying to themselves. You’re going to have to realize that if you play favorites in the office. and if each of these ten characteristics is developed. great managers have ten characteristics. What they had to decide upon has already taken place. In essence. Don’t play favorites. so there is no need to do anything. that eventually there is no need for a decision. Promote risk-taking. you will become a great leader and a great manager. but are ready for change. or when you really need something done. because if you can't duplicate yourself and the concepts you used as a super salesperson. you are a little more familiar with the pattern. and retaining top people. not my ability. you won't be able to complete the entire puzzle. Not only that. How do you develop future vision? It comes back to having a plan and a goal. Each time after that.? These two words are critical in leadership ?that you are totally just and totally fair through everything. there’s one thing I want to warn you about. As a good manager. Becoming a great trainer or teacher is necessary. the group will know it. “The reason I’m not doing good is not my skills. Great managers are specialized at recruiting. you have all the answers. you see? Now. The pieces of the puzzle a manager has to put together are: 1. rely on the people above you and run decisions past them. What do you delegate? Anything you can train anyone else to do which keeps you from doing three things: recruiting. advertising 2. training. I’ve got a manger that gives the best business to other people. and you will lose respect. Until you totally learn your skill of managing. values. just be fair and don’t play favorites! Number five is so critical. Ans. Great managers realize they are a team. Great managers develop future vision. and how they are going to delegate. but they all have to function in unison to reach the goals of the company. Average managers don’t make decisions. their market share. All of these techniques combined together make a great manager. Rely on others for your knowledge and growth until. What do I mean by risk-taking? I’m talking about your salespeople going out a little bit on the edge as to the things they own. The first time you try to fit the pieces together. we help people increase their overhead with balance. The second time you attempt to make the pieces fit. Quality number three is very important. Let’s start off with quality number one. the number of salespeople they’ll have. By: JOMON K JOSE | Reg. Number six. so that as they grow incomewise. They attack pending problems and rapidly make tough decisions. they must gradually ‘up? their overhead as you teach them to ‘up?their income. They practice business detachment with subordinates off the job. as far as making decisions about managing your office. it becomes more and more natural to easily match everything together and have it all turn out right. motivating a person who is in an emotional or financial slump 5. they make decisions so slowly. the person you’re playing favorites with over the years can be the one that will cause you the biggest challenge when you go through change in policy or leadership.1 List and explain the traits of a professional manager. recruiting people that are happy on other jobs. It is important that they respect you first ?the other things will follow. A manager’s job is not only to instill confidence. The organization's objectives (enterprise-level goals) are hardly ever communicated to the Project Office. Decide the necessary methods and equipment required for implementation of the plan beforehand itself so that you can start on time without any delays and loss of valuable resources. Senior managers. responsibility for determining and achieving the organization's goals are assigned to the Operations function. The objective is to create the mix of projects most likely to support the achievement of the organization's goals . a function to manage the projects. You see.. Here are some of the key aspects of a successful project management program: You can call your project management plan a full success when three main factors are taken care of: Resource allocation Completion of targets within time lines Completion of targets within the allocated budget and resources This can happen only when you have a full understanding of the business and what you desire from it. in parallel with the Operations function. No 511121214 3 . having titles such as COO. A problem. but also to increase the way salespeople look at themselves. In the traditional organization. a project management planning and information system is put in place. Set definite goals that are sound and realistic within achieve-able timelines. etc. and develop strategies to achieve these. accurate analysis and skill based objective building that is centered round the project at hand. and specialized personnel to manage projects. For the success of any project management program. They keep everyone on their toes. All project management programs are unique and have their own set of challenges obstacles and solutions. and meaningful flow of information between these two groups. The last characteristic great managers must learn is to help people change their self-images by using their individual needs to be comfortable. and periodic measurements of project progress and performance are conducted. they will develop their schedule right around yours. CIO. scope and quality objectives. Some of the main challenges of project management are Proper and effective communication with the firm’s stake holders Managing employee stress and pressures that arise out of projects Proper allocation of resources that results in high profits Preparing in advance for potential problems that may arise in the project Assigning responsibilities to employees based on their capabilities. Strategic Planner. It motivates people to go far beyond what they normally would.[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 Now number nine is interesting. When there are projects associated with these goals. these senior managers are expected to select from a menu of proposed and pending projects. common to many organizations. cost. self-image is a mirror reflection of who you think you are. Good managers look at change as healthy. is that there is no connection between the Operations and Projects functions. This would normally include a Central Project Office or Project Management Office (PMO). Projectised Organization Ans. Q. nor is there a structured. And lastly make a thorough plan with the complete details of all expected expenses and resources that will be required. Salespeople lack confidence because they are afraid and don't know what is going to happen to them. and not only that. it is expected that the organization will establish. conduct a detailed analysis of your business and understand its structure and mode of operation fully and accurately.and within the organization's resource (people and funding) constraints. Firstly. They don’t come in at the same time every day. The PMO.within the preferred strategies . A successful project management plan should have a dedicated team that concentrates on effective planning.3 Compare the following: a. establish objectives and goals. Traditional Vs. it keeps people out of a rut. Change excites an office. CTO. a specific skill set is required. CFO. It starts with how they see themselves Q. In doing so. By: JOMON K JOSE | Reg. It keeps people on their toes.2 Describe in brief the various aspects of project management? Ans. It may not be who you are. consistent. This is highly important as money matters the most in any project management plan for any firm. That’s why great managers don’t do the same thing every day. Your goal is to develop your salespeople and to get them to grow far beyond their wildest dreams. I’ll tell you a basic truth about salespeople: if you have a set schedule. and the periodic measurements made by the projects group cannot be related to these objectives. Take care of even the smallest and most irrelevant detail before implementing a project management program. under a Chief Project Officer (or similar title) will develop standards and practices directed at the effective execution of projects and the attainment of schedule. They don’t eat lunch at the same time every day. When the execution of projects is a normal part of the organization's business. Today.[1] The secondary—and more ambitious— challenge is to optimize the allocation and integration of inputs necessary to meet pre-defined objectives. Ion Badulescu. It supports 24-hour-a-day operations while avoiding the burnout that is common among American techies who work grueling hours. however technically that is actually a higher level construction: a group of related and somehow interdependent engineering projects. the application of any predesignated resources. the management of these two systems is often found to be quite different. "Phone contact with a foreign country is chancy at best.[5] Typical constraints are scope. Today. stability and performance. having a defined beginning and end (usually constrained by date. It is sometimes conflated with program management. but prior to that he worked for HydraWEB from his home country of Romania. security technology is readily available and easy to use. More than just a source of cheap labor. How do we implement the desired changes? We have three systems with roughly the same functionality. securing and managing resources to bring about the successful completion of specific project goals and objectives. There is no documentation or comments in the program. But. What shall we do? A software component was written by someone who is no longer with the company. In practice. At the same time. organizing. trusted. Unfortunately. By: JOMON K JOSE | Reg." Q. we don't have the detailed documentation on this system or a knowledgeable enough staff. communication among programmers can be tricky when there is a 10-hour time difference. and also any and all direct workings of persons that have been assigned to the project already or may be assigned in the future. according to Hossein." he says.. the assignment of all priorities. namely improve the system's functionality." he adds.. to a much greater extent. Offsetting the advantages of running an around-the-clock business. undertaken to meet unique goals and objectives. We have a best-selling software solution and received an order from a major client to modify it. As these systems supplement each other.4 List out the macro issues in project management and explain each. Badulescu works from his home in Irvine. but can be by funding or deliverables). No 511121214 4 . a New York City company that makes load balancers for Web servers. which work on different platforms. users have to use all three of them. eengineering makes it "a lot easier finding technical talent because we're working with an international labor pool. Reengineering implies changes of various types and depth to a system.[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 When attempting to determine exactly how an organization fits in to the grand scheme of the organization and analysis as well as the conducting of any of a number of series of given projects. including. relatively low-cost. a fungible resource. a software engineer at HydraWEB Technologies Inc. What shall we do? E-engineering is a competitive tool for boosting profits and increasing productivity. Calif. powerful statistical tools that can be used to analyze situations under risk—often very effectively—by individuals with little or no understanding of the advanced statistics or decision theory upon which these tools are based are available. has encountered problems when working with developers in other parts of the world. change the system's architecture or adjust it for another platform. and budget. Ans. A project is a temporary endeavor. from a slight renovation to a total overhaul. The best way to communicate is via email. and as such requires the development of distinct technical skills and the adoption of separate management. scheduling adjustments have to be made when working with colleagues in another time zone. but no necessarily limited to. Reengineering Vs. b. but we'd like to change several things. the data must be copied to all three systems). which are repetitive. usually to bring about beneficial change or added value. We want to have one system instead of three. The temporary nature of projects stands in contrast to business as usual (or operations). security. Some of the typical challenges our clients have: A system was developed for us. This makes their work more complicated (starting one system means first shutting down the other two) and adds a lot of extra work for the system administrators (when a new user is added. permanent or semipermanent functional work to produce products or services. it is helpful to attempt to categorize as to whether a particular organization can be deemed to be that of a projectized organization. usability. Project management is the discipline of planning. The primary challenge of project management is to achieve all of the project goals[4] and objectives while honoring the preconceived project constraints. time. A projectized organization refers specifically to the particular and specific organization in question that has been built through the utilization of an organizational structure that has been set up in a manner in which the project manager leads the group and in which the project manager has the ultimate authority to make any and all decisions involving the organization. people (distributed project-team members) have become. and there is nobody capable of working on the system's maintenance. E-engineering Ans. "Conference calls with three or four people are difficult. And. However. with business globalization. no company wants to undertake its maintenance. non-refutable proof of your identity during electronic transactions. authenticate into a By: JOMON K JOSE | Reg. the collaborative use of packages such as: · Microsoft Project Server · Microsoft Project Professional · Microsoft SharePoint Portal Server · Microsoft SQL Server · Microsoft Exchange · Microsoft Visual Studio Team Suite (used to develop custom Web Parts for SharePoint) · Microsoft Team Foundation Server (used for further collaboration among developers) Each of these applications has plenty of endogenous security built in. right out of the box. These are electronic credentials. or PKI). Security is a big.[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 Three issues that can contribute to a project's success or failure. misuse. just because you implement a number of layers of de rigeur. (See Reference 2 for an account of what to believe and what to disbelieve about what you've been told by PKI marketers. so that unauthorized individuals don't have access to your project management applications and data. issued by a certification authority (CA). Digital certificates are important because today's password authentication schemes are little more than security placebos. A smart card is a programmable device containing an integrated circuit that stores your digital certificate. in addition. These portable cards serve as positive. My concern in this article is the exogenous security that you must provide. and criminal mischief by deliberately making users the weakest link in the security chain. More than any other security protocol or technology available today. the all-too-frequent careless use of PKI can lead to unwanted consequences. What I'll do here is make the point that you can't assume that. the user interface to your PKIbased security system often starts with his or her use of a smart card. The certification authority certifies that the person who has been issued a digital certificate is indeed who he or she claims to be (see Reference 1 for further details). your data is safe. because of PKI's mystique. a little background information on.) Today. First. encrypt outgoing e-mails to be deciphered only by their intended recipients. how you might get a false sense of security from using PKI. They perversely inspire abuse. As such. that are associated with a public and private key pair. they allow you to digitally sign documents and e-mail messages. To that end. and then. open-ended subject. You're far more secure with a layered approach to authentication—one that starts with a digital certificate. PKI can define trust in a granular way. You can use its strengths to protect information about the status of your project from outside competitors or even inside personnel who might misuse information about your work-in-process. but are not limited to. I'll focus on system authentication and authorization and data encryption using digital certificates (the foundation of Public Key Infrastructure. "by-the-book" security practices. But. Enterprise-level project management systems typically include. No 511121214 5 . a 2-point scale could be adopted: 1 point (Low) and 2 points (High) for both likelihood and impact. a. By: JOMON K JOSE | Reg. No 511121214 6 . An extensive list of risks gathered in documents from five CGIAR Centers and genebank of the Philippine Rice Research Institute. (Example: seven and more occurrences in ten years. Physical possession of the smartcard and knowledge of the PIN must be combined to authenticate successfully. discussions with four USDA-ARS conservation and database management sites and information contained in various genebank management literature has been compiled and is set out in Table 1 for seeds and Table 2 for clonal materials. an intrinsic likelihood was first considered. and 3 points (High) for both likelihood and impact.[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 domain (certificate logon). and then adjusted for mitigating controls that were confirmed as being in place. In the case of likelihood. and a statement of work. smart cards can be combined with a PIN (which you can think of as a password) to provide two-factor authentication. Ans. 2 points (Medium). To use a smart card. Also. Having a plan on how to manage risk. The generic risk assessment tool for seed crops and clonal crops serves as the input forms for risks and other information required for a particular genebank. and their likelihood (probability). Q. c. 20-60% of the time. The major risks to genebanks are germplasm mis-identification. The point system was simplified and. unstable storage facilities and insufficient funding support. analyzing. as part of the risk identification step. project constraints. Risk Identification: Taking into account information gathered in Risk assessment.5 Describe the various steps in risk management listed below: Ans. And. project assumptions. consistent with the approach taken by many CGIAR Centres for their enterprise wide risk management frameworks. Intrinsic likelihood The likelihood levels table below provides suggested definitions for the likelihood scale. the general area of genebank operations and specific activity and the risk source/indicator should be identified. a point system for the scales or levels of the likelihood and impact of risks was devised in the context of genebanking operations. This means identifying the organizational unit or manager who is responsible for monitoring. Risk Analysis: Risk analysis covers both the potential impact (or consequence) of the identified risks. The inputs for Risk Management Planning are: Project Scope Statement – The Project Scope Statement documents the project scope including a description. (Example: two or six occurrences in ten years. 0-10% of the time. evaluating the risk and implementing the controls or contingency plans associated with the risk. For this step. To develop a quantitative risk assessment. allows one to task to plan versus innovating and deciding after the fact and in the midst how to handle a risk. Likelihood levels Low (1) Very unlikely to practically impossible. but need not be limited to these. project objectives. a 3-point scale was proposed: 1 point (Low). but can they can also be USB-based devices or integrated into employee badges. Risk Management planning is an important part of project management. The earlier Risk Management planning is engaged within increases the possibility of success of all risk management activities and processes especially if the process definition was created with input and buy-in from the project manager and key project stakeholders. a user must be issued a smart card certificate by his or her certificate authority. Above 60% of the time. (Example: one or no occurrence in ten years. These likelihood levels can be amended to suit a particular genebank’s conditions. In Risk Management Planning. and automatically log into Internet and Intranet Web sites. an inventory of relevant risks to the genebank operations should be made. Should a genebank wish to initially simplify this further. risk ownership should be identified. Most of the risks identified will be managed by managers and staff within the genebank or larger Genetic Resources Unit (or equivalent) in which the genebank staff are organizationally located. the project scope statement is commonly used for identifying project boundaries and assumptions. Risk Management Planning: Risk Management Planning is about defining the process of how to engage and oversee risk management activities for a project.) Ans. major deliverables.) High (3) Moderately frequent to frequent.) Medium (2) Occasional. taking into account the nature of the risk and its probability in the absence of controls or other mitigations. These can be selected from those listed in Table 1a and Table 2a. Smart cards traditionally take the form of a device the size of a credit card that is placed into a reader. b. Business Case Justification. and processes of how to have a decision made. Project Framework (or Overview). any project goes through a series of stages during its life. Why? Not only because each industry sector involves specific requirements. Organizational process assets – The organizations’ process assets may contain defined standards and policies pertaining to risk management. This is a risk. he selects the team members based on their skills and experience. has been affected by the market dislocation but has had limited impact on the Group’s performance. 2) Planning By: JOMON K JOSE | Reg. and amount of risk management to apply in the project. The Wholesale Banking asset backed securities portfolio includes mortgage backed securities and collateralised debt obligations. However educators and researchers have a high level or risk tolerance. Therefore in an academic medical center. Understanding how much risk your stakeholders and organization are comfortable with help with decisions regarding the type. The most common tools or methodologies used in the initiation stage are Project Charter. who joined the company recently. in which the outputs and critical success factors are defined. characterized by breaking down the project into smaller parts/tasks. It is of great importance to organize project phases into industryspecific project cycles. and Milestones Reviews. No 511121214 7 . Business Plan. if the WBS has usability testing being the last item completed after integrated testing.6 ABC Company implements got a very big project and they decided to allot the same to a new project manager. VaR increased in 2007 as a consequence of increased volatility and growth in the financial markets business of the Wholesale Bank. what are the various phases in which the project lifecycle should be divided. The project manager is appointed and in turn. an Execution phase. Let’s take a closer look at what’s important in each one of these stages: 1) Initiation In this first stage. There is first an Initiation or Birth phase. and procedures when it comes to projects. Africa and the Middle East has resulted in no direct exposure to US sub-prime mortgages and extremely limited indirect exposure. The absolute level of recoveries in 2007 was lower than in recent years due to a lower stock of problem accounts after several years of benign credit conditions. Market risk is tightly controlled using Value at Risk (‘VaR’) methodologies complemented by stress testing. and lastly a Closure or Exit phase. the project manager and the core team can efficiently plan and organize resources for each activity. and also objectively measure achievement of goals and justify their decisions to move ahead. or terminate. The Project Life Cycle refers to a logical sequence of activities to accomplish the project’s goals or objectives. Enterprise environmental factors – Enterprise environmental factors reveal the risk tolerance of the organization and the individuals involved in the project. Q. The Group’s liquidity remains strong and is being used to strengthen relationships with key clients and to continue to support growth opportunities. The Group’s strategy to pursue growth in Asia. In order to execute the project successfully. For example. Ans. Process assets included are risk categories. patient billing departments or leaders commonly have absolutely no risk tolerance for any impact to cash flow. The Wholesale Banking portfolio remains robust with new provisions continuing at a low level. one could have two ranges of risk tolerance. correct. representing around two per cent of assets. The usability of the application may have affect on how the information is passed into and out of the application. Ans. This is especially true in non-for-profit organizations like hospitals. The asset backed securities portfolio continues to be closely monitored and proactively managed. the scope of the project is defined along with the approach to be taken to deliver the desired outputs. This could be considered a Project Management Planning Risk. in which the project plan is executed. Forward credit portfolio quality indicators remain stable. level. but also because different industry sectors have different needs for life cycle management methodology. Project activities must be grouped into phases because by doing so. And paying close attention to such details is the difference between doing things well and excelling as project managers. Diverse project management tools and methodologies prevail in the different project cycle phases.[MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 Project Management Plan – The Project Management plan contains the WBS which is used in Risk Management Planning to determine possible areas where risks can occur. notwithstanding the turbulent market conditions in some western markets in the second half of the year triggered by the sub-prime mortgage crisis in the United States. Regardless of scope or complexity. that marks the completion of the project. For example. roles and responsibilities. and good progress in management of these accounts. followed by a Planning phase. d. Risk Review: The credit environment in the majority of the Group’s core markets remained generally benign throughout 2007. This portfolio. tasks. [MB0049 – PROJECT MANAGEMENT] Aug/Fall Drive 2011 The second phase should include a detailed identification and assignment of each task until the end of the project. production. The closure phase is characterized by a written formal project review report containing the following components: a formal acceptance of the final product by the client. During the execution phase. groups across the organization become more deeply involved in planning for the final testing. It should also include a risk analysis and a definition of a criteria for the successful completion of each deliverable. a design resulting in a specific set of product requirements is created. The most common tools or methodologies used in the execution phase are an update of Risk Analysis and Score Cards. and reviews. a list of lessons learned. and support. the project manager must ensure that the project is brought to its proper completion. testing. No 511121214 8 . 3) Execution and controlling The most important issue in this phase is to ensure project activities are properly executed and controlled. The most common tools or methodologies used in the planning stage are Business Plan and Milestones Reviews. As the execution phase progresses. and a formal project closure notification to higher management. stake holders identified and reporting frequency and channels agreed. In product and system development. No special tool or methodology is needed during the closure phase. releasing project resources. By: JOMON K JOSE | Reg. in addition to Business Plan and Milestones Reviews. This convergence is measured by prototypes. rewarding the team. The governance process is defined. 4) Closure In this last stage. the planned solution is implemented to solve the problem specified in the project's requirements. Weighted Critical Measurements (matching the initial requirements specified by the client with the final delivered product).