Project Management Essay

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SEMESTER I EXAMINATION – 2011 Academic Year – 2010/11 Bachelor of Science (Sri Lanka) BSc 14 MIS2002L Project Management Professor Debra Howcroft Professor Robert Johnston Professor Andrew Deegan* Time Allowed: 3 Hours Instructions for Candidates Candidates should attempt four (4) questions. All questions carry equal marks. Question 1. Define a project. What are the characteristics which help differentiate projects from other functions carried out in the daily operations of the organization? What are some of the business and other developments that have increased the importance of effective project management? Why is the implementation of projects important to strategic planning in business organizations? Question 2. What is meant by an integrative approach to project management? Why is this approach important in today’s environment? Why are accurate estimates of time and cost critical to effective project management? Identify the most significant problems that cause IT projects to come in over time and over budget. In general, as project manager, what approaches would you take to ensuring these problems are properly dealt with, and as far as possible, avoided? Question 3. Describe the concept of ‘Earned Value’ (EV) in controlling projects? Why does it give superior control to project managers compared with more traditional systems? Illustrate with reference to the following example. Original baseline: Planned duration 12 weeks Planned total cost $10,000 Actual figures at end of week 8: Actual cost to date: $9,200. Estimate percentage complete 70% Calculate the cost and schedule variances for the project at this date (end of week 8). Question 4. Why is Risk Management so important in project planning and control? What are the main elements of a risk management plan? What is

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