Project Management Section A 1 Assignment


Added on  2021-02-08

10 Pages2893 Words138 Views
Leadership Management
Page 1 of 10PROJECTMANAGEMENT SECTION A 1.What is a project? -A Projectis a temporary, unique and progressive attempt or endeavour made to produce some kind of a tangible or intangible result (a unique product, service, benefit, competitive advantage, etc.). 2.What is the difference between a project and a process? -A process is something that happens continuously and has low risks associated with it. A project happens once and has a relatively high degree of risk. 3.List out the four major categories of responsibility of a project manager? (2marks) -the project, your organization, your team, yourself 4.List out four major categories of skills required to be successful project manager? (4 marks) -Project management process skills -Interpersonal and behavioral skills -Technology management skills -Desired personal traits 5.List out the four basic steps involved in performing financial analysis? (4marks) -Step 1: Identify the Sources of Cash Flows (Inflows and Outflows). -Step 2: Estimate the Magnitude of Specific Cash Flows. -Step 3: Chart the Cash Flows. -Step 4: Calculate the Net Cash Flow Using an Agreed-upon Discount Rate 6.Define critical activity? (2 marks) -Key activity that if does not finish by the prescribed time, the overall project timeline will be impacted.
Project Management Section A 1 Assignment_1

Page 2 of 107.Define critical path? (2marks) -The longest path through the network (logic) diagram. All activities on the critical path are critical activities.8.Define risk? (2marks) -Risk is actually a measure of the amount of uncertainty that exists. 9.Define uncertainty? (2marks) -An absence of information, knowledge, or understanding regarding the outcome of an action, decision, or event. 10.Define the term control in a project? (2marks) -The term “control” is about continually making course adjustments with one main objective in mind that is bringing the ship into safe harbor, as promised at the start of the voyage. 11.List down the kinds of information needed to come up with a base line? (4marks) -Control schedule, project budget, and any design or performance specifications related to project deliverables.
Project Management Section A 1 Assignment_2

Page 3 of 10SECTION B TOPIC 1 1.What are the characteristics of a project? -They will have a definite start and an end point. -Once the end point is reached the project is over. -They are attempting to achieve something new. -Have a specific objective to be completed within certain specifications -Have funding limits -Consume human and nonhuman resources (i.e., money, people, equipment) and are multifunctional (i.e., cut across several functional lines) TOPIC 3 1.Briefly explain the 4 methods of verifying feasibility? (8marks) -Market Studies.If your project is to bring a new product to market, you must determine its market potential. Market research asks customers whether your product satisfies their current or potential perceived needs. It can also examine similar products to determine how your product is differentiated. -Pilot Testing.You can try out your project on a small scale, such as in a limited area market test of a product or a working model of key project deliverables. -Sometimes known as field testing, a pilot test gives you the opportunity to observe your project’s performance under actual conditions. -Prototyping. This is constructing and assembling some portion of the project deliverable or deliverables and putting them through performance tests designed to verify whether or not they can meet the performance criteria identified in the requirements. -Simulation.Computer technology permits modeling of many types of projects. -For example, you can predict the market potential of a product by analyzing demographic data of the target users along with assumptions about current and potential needs
Project Management Section A 1 Assignment_3

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