NMIMS MBA Project Management Solved Answer Assignment
16
Oct
2024
Project Management
1. A ABC company is launching the new project consist of designing and constructing a Cricket Stadium and Amenities around it. Prepare the RACI (Responsible, Accountable, Consult, and Inform) Matrix with the following details.
Brief activity list (6-8 activities).
Figure out 4-6 project management related roles.
Prepare the RACI Matrix for the same.
Introduction:
The RACI Matrix is a tool used in project management to define and communicate the roles and responsibilities of team members involved in a project. It stands for Responsible, Accountable, Consult, and Inform. It helps to ensure that all team members understand their roles and responsibilities, and that there is no confusion about who is responsible for what.
Concepts and Applications:
Activity List with Roles & Responsibilities:
Project Planning: The project planning activity involves developing a detailed project plan and timeline for the project. The Project Manager is responsible for this activity. The Project Manager will also consult with the Architect and the Construction Manager for their inputs.
Site Selection and Land Acquisition: The site selection and land acquisition activity involve identifying the appropriate site for the stadium and amenities and acquiring the land. The Project Manager and the Real Estate Manager are responsible for this activity. The Real Estate Manager will also inform the Legal Counsel and the Finance Manager of the progress of the activity.
Conclusion:
The RACI Matrix is a valuable tool for project managers to ensure that team members understand their roles and responsibilities. In this answer, we prepared a RACI Matrix for a hypothetical project of designing and constructing a Cricket Stadium and Amenities around it.
2. A ABC company is launching the new project consist of designing and constructing a Cricket Stadium and Amenities around it. Consider following details for the project.
Feasibility study
Estimating the cost – Material and Construction
Designing of Stadium and Amenities.
Procuring the material
Construction and installation
Finishing work
You as a project controller are asked to submit your plan for project control.
Cover different project control tools and explain how they will be applied in this case. Also, mention as a head of project control which control you will monitor personally and why.
Ans :
Introduction:
Project control is the process of managing and monitoring a project from start to finish, ensuring that it meets its objectives in terms of cost, scope, quality, and timeline. Effective project control involves a range of activities, including planning, monitoring, and controlling.
Concepts and Applications:
Feasibility Study: A feasibility study is the first step in the project, where the project’s viability is analyzed. It helps to identify the various factors that could affect the project’s success, such as market demand, financial feasibility, technical feasibility, environmental factors, and legal requirements. The feasibility study should be conducted by a team of experts who will evaluate the proposed site and make recommendations on the project’s feasibility. This study is a critical activity, as it helps the project team identify any risks and take corrective measures.
Conclusion:
The construction of a cricket stadium and amenities around it is a complex project that requires effective project control to ensure its success. The project control plan for this project will involve the use of different tools and techniques to monitor and control project progress.
3. Answer the following questions:
A ABC company is launching the new project consist of designing and constructing a Cricket Stadium and Amenities around it. For this work we have three options. The details for these options are given below.
I: Initial investment
C1 to C6: Cash flow at the end of Year-1 to Year-6 respectively
I
C1
C2
C3
C4
C5
C6
Option-I
Cash flow
-20
5
5
5
5
5
5
Option-II
Cash flow
-25
10
5
5
5
5
5
Option-III
Cash flow
-30
10
10
5
5
5
5
Consider Discounting Rate as 8% per year.
Ans :
Introduction:
ABC company is planning to launch a new project of constructing a cricket stadium and amenities around it. In this project, the company has three options for initial investment and cash flows for six years. The decision of choosing the best investment option needs to be made by considering the present value of cash flows with a discounting rate of 8% per year.
Concepts and Applications:
Present Value:
Present value (PV) is the value of future cash flows at a specific point in time, considering the effect of the interest rate or discount rate. It means that the future cash flows are discounted by the interest rate, and their present value is calculated. PV is calculated to compare the future cash flows with the current investment cost to evaluate the profitability of the investment. If the present value of future cash flows is greater than the investment cost, then the investment is profitable, and if it is less than the investment cost, then the investment is not profitable.
Conclusion:
In conclusion, ABC Company is launching a new project consisting of designing and constructing a cricket stadium and amenities around it. The company has three options to consider, and the most financially viable option is Option-I.
Consider a hypothetical project of conducting a grand event in stadium. Explain the triple constraints of a project in this context with the examples for each constraint. Give your summary comment about this. –
Ans :
Introduction:
Project management is a crucial aspect of any successful event, and the triple constraint is an essential tool for project managers. The triple constraint refers to three interrelated elements that must be balanced to ensure project success. These elements are time, cost, and scope.
Concept & Application:
Triple Constraints of a Project:
The triple constraint of a project refers to the interdependent nature of time, cost, and scope. Any change in one of these elements affects the other two. Project managers must balance these constraints to ensure that the project is completed on time, within budget, and to the required standard.
Conclusion:
In conclusion, the triple constraint of a project is a crucial tool for project managers. Time, cost, and scope are interdependent elements that must be balanced to ensure project success. In the context of conducting a grand event in a stadium, the time constraint refers to the event date, the cost constraint refers to the budget allocated for the event, and the scope constraint refers to the event’s goals and objectives.
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