Project Management

1 What is the project Management?

Project management is the process of planning,
organizing, and executing tasks to complete a
project's goals. It can involve a single project or
an ongoing activity, and can include managing
resources such as people, money, technology,
and intellectual property.

2 Why is project management used?

Project management is used to ensure that
projects are completed on time, within budget,
and to the expected quality of work. It also helps
identify and mitigate risks, manage resources
effectively, and ensure stakeholders are well
informed and involved throughout the project

3What is project management triangle?

The project management triangle, also called the
triple constraint model or the iron triangle, is a
visual representation of the relationship between
the scope, time, and budget constraints in project
management.

4 What is risk management?

Risk management is a continuous process that
involves identifying, assessing, and responding to
potential threats or uncertainties that could
impact an organization. The process includes:

5 List the reasons for project failure.?

 Unclear objectives. Problem: Your team isn't aligned on project
goals, and there's no way to measure success. ...
 Scope creep. Problem: Your project deliverables change as work
progresses. ...
 Unrealistic expectations. ...
 Limited resources. ...
 Poor communication. ...
 Scheduling delays.

6 Why is project management important?

Project management is important because it
helps ensure that projects are completed on
time, within budget, and to the expected quality
of work. It also helps identify and mitigate risks,
manage resources effectively, and ensure
stakeholders are well informed and involved
throughout the project.

7 What is the Planning

Planning is the process of thinking about the activities required to
achieve a goal. It's a primary managerial duty that involves
deciding what to do and how to do it. Planning is important
because it:
8 List the various project characteristics.
 Objectives: The goals of a project that help managers
analyze progress and determine how much of the project
has been completed
 Planning: Records and tracks a project's schedule, cost,
and effort
 Scope: A summary of the project's end goal, deliverables,
features, functions, tasks, deadlines, and costs
 Risk management: Identifying, analyzing, and cataloging
risks before they happen
 Charts: Visual tools that display a project as a timeline to
track its lifecycle and estimate end dates
 Hierarchy: An activity-based hierarchy of projects that can
be broken down into smaller sub-projects and tasks
 Resource management: Plans, organizes, manages, and
measures people's work to allocate and schedule
resources efficiently
 Stakeholders: Anyone involved in the project, such as
team members or executive leadership

Big Question

1 List the 12 golden rules for project success.?

Define clear objectives: Make sure everyone
knows what the project aims to achieve.

Set realistic expectations: Be honest about what

can be accomplished within the given
constraints.
Establish a solid plan: Create a detailed roadmap
outlining tasks, timelines, and resources needed.

Assign roles and responsibilities: Clearly define

who is responsible for what to avoid confusion.

Communicate effectively: Keep everyone

informed about progress, changes, and
challenges.

Manage risks: Identify potential problems early

and have a plan in place to address them.

Monitor and track progress: Regularly assess how

the project is advancing compared to the plan.

Adapt to change: Be flexible and willing to adjust

plans as needed to accommodate unforeseen
circumstances.

Stay within budget: Keep an eye on expenses

and make sure they align with the project's
financial constraints.
Focus on quality: Aim to deliver a high-quality
final product that meets or exceeds expectations.

Encourage teamwork: Foster collaboration and

cooperation among team members to enhance
productivity and morale.

Learn from experience: Reflect on what went well

and what could be improved after the project is
completed to inform future endeavors.

2 Write a Shorts notes on Project Management

life Cycle
The project management cycle is a series of
phases that guide the life of a project from
initiation to closure. These phases typically
include:

Initiation: This is where the project is conceived

and its feasibility is assessed. It involves defining
the project's objectives, scope, and stakeholders,
as well as securing initial approval and resources.

Planning: In this phase, the detailed plan for

achieving the project objectives is developed.
This includes creating a project schedule, budget,
resource allocation plan, risk management
strategy, and communication plan.

Execution: This is the implementation phase,

where the project plan is put into action. Tasks
are performed, resources are utilized, and
progress is monitored against the project plan.

Monitoring and Controlling: Throughout the

project, progress is continuously monitored to
ensure that it stays on track. Any deviations from
the plan are identified, and corrective actions are
taken to bring the project back on course.

Closure: Once all project objectives have been

met and deliverables have been produced, the
project is formally closed out. This involves
obtaining final approvals, releasing resources,
documenting lessons learned, and celebrating
achievements.

The project management cycle is iterative,

meaning that it may repeat for different phases
of the project or for subsequent projects within a
program or portfolio. It provides a structured
approach to managing projects, ensuring that
they are completed successfully, on time, and
within budget.

3 Explain the various qualities of a project

manager. ?
Leadership: A project manager needs strong
leadership skills to inspire and motivate team
members, provide guidance, and make tough
decisions when necessary.

Communication: Effective communication is

crucial for conveying project goals, expectations,
and updates to team members, stakeholders,
and other project stakeholders.

Organizational skills: Project managers must be

highly organized to manage schedules,
resources, budgets, and documentation
efficiently.

Problem-solving: Projects often encounter

obstacles and challenges, and a good project
manager is adept at identifying issues and
finding creative solutions to overcome them.
Time management: Project managers must be
skilled at prioritizing tasks, managing deadlines,
and ensuring that projects stay on schedule.

Adaptability: Projects are dynamic and may

require adjustments in response to changing
circumstances. A project manager should be
flexible and able to adapt plans and strategies
accordingly.

Risk management: Identifying, assessing, and

mitigating risks is essential for project success. A
project manager should be proactive in managing
risks to minimize their impact on the project.

Team management: Building and managing a

cohesive project team is essential. This involves
assigning tasks, resolving conflicts, and fostering
collaboration among team members.

Technical expertise: While not always necessary,

having a strong understanding of the project's
subject matter or industry can be beneficial for
effectively leading and managing the project.

Emotional intelligence: Understanding and

managing one's own emotions, as well as being
empathetic and understanding of others'
emotions, can help build strong relationships and
foster teamwork.

Negotiation skills: Project managers often need to

negotiate with stakeholders, team members, and
vendors to achieve project objectives, resolve
conflicts, and obtain necessary resources.

Quality focus: Delivering a high-quality final

product is a key goal of any project. A project
manager should have a keen eye for detail and
be committed to ensuring that project
deliverables meet quality standards.

4 Explain in detail stepwise project planning

activity with diagram.
Initiation:

Define the project's purpose, objectives, and

scope.
Identify stakeholders and their expectations.
Conduct feasibility studies to assess the project's
viability.
Develop a project charter outlining key
information such as goals, budget, timeline, and
resources.
Planning:

Create a Work Breakdown Structure (WBS) to

break down the project into manageable tasks.
Define project activities, dependencies, and
milestones.
Estimate resource requirements (human,
financial, and materials).
Develop a project schedule using techniques like
Gantt charts or network diagrams.
Identify and analyze potential risks and develop a
risk management plan.
Plan for quality assurance and control measures.
Establish communication and reporting protocols.
Develop a procurement plan for acquiring
necessary resources or services.
Execution:

Assign tasks to team members based on the

project plan.
Conduct kick-off meetings to ensure everyone
understands their roles and responsibilities.
Implement quality assurance measures to ensure
work meets standards.
Manage resources effectively to ensure tasks are
completed on time and within budget.
Monitor progress regularly and address any
issues or deviations from the plan.
Communicate updates to stakeholders and make
adjustments to the plan as needed.
Monitoring and Controlling:

Track project progress against the established

schedule and budget.
Monitor quality and performance metrics.
Manage changes to the project scope, schedule,
or budget through a formal change control
process.
Address issues and risks promptly to prevent
them from impacting project outcomes.
Ensure compliance with relevant regulations and
standards.
Review and update project documentation as
necessary.
Closure:
Conduct a final review of project deliverables to
ensure they meet quality standards.
Obtain formal acceptance from stakeholders.
Close out contracts and finalize procurement
activities.
Document lessons learned and best practices for
future reference.
Celebrate project completion with the team and
stakeholders.

5 Explain in detail project formulation.?

Project formulation is the initial phase of project
management where the concept of the project is
developed and refined into a detailed plan. It
involves defining the project's objectives, scope,
and feasibility, as well as identifying key
stakeholders and resources required for
successful implementation. Here's a detailed
explanation of project formulation:

Identify the Need or Opportunity: The first step in

project formulation is to identify the need or
opportunity that the project aims to address. This
could arise from a variety of sources such as
market demands, organizational goals, customer
feedback, or societal needs.

Define Objectives and Goals: Once the need or

opportunity is identified, the project's objectives
and goals are defined. These should be specific,
measurable, achievable, relevant, and time-
bound (SMART). Objectives provide a clear
direction for the project and help stakeholders
understand what the project aims to achieve.

Conduct Feasibility Studies: Feasibility studies are

conducted to assess the practicality and viability
of the project. This includes analyzing technical,
economic, legal, operational, and scheduling
factors to determine whether the project is
feasible within the constraints of time, budget,
and resources

Chapter 2
2 Marks Question
1 Define Net Present Value (NPV).
Net present value (NPV) is the difference
between the present value of cash inflows and
the present value of cash outflows over a period
of time.

2 What is pay-back period?

In project management, the payback period (PBP)
is the time it takes to recover the original
investment, also known as the break-even point.
It's a simple measure of risk that shows how
quickly money can be returned from an
investment

3 What is profitability index (PI)?

Profitability Index (PI) is a financial ratio that
measures the attractiveness of an investment or
project by comparing the present value of future
cash flows to the initial investment.

4 What is CPM?
CPM stands for Critical Path Method, a project
management technique used to plan, schedule,
and manage tasks to complete a project. It helps
to identify critical and non-critical tasks, and to
prevent project bottlenecks and schedule issues

5 What is PERT?
The Program Evaluation Review Technique, or
PERT, is a visual tool used in project planning.
Using the technique helps project planners
identify start and end dates, as well as interim
required tasks and timelines

6 Define optimistic time and pessimistic time in

PERT.
in Program Evaluation and Review Technique
(PERT), optimistic time is the minimum time it
can take to complete a task, while pessimistic
time is the maximum time it can take

7 What are the different stages of project life

cycle?
here are typically five project life cycle phases:
initiation, planning, execution, monitoring and
controlling, and closure.?

8 Marks Question
1.Explain in detail the stages of project life
cycle.?
Initiation:
This is the starting point of the project, where
the need for the project is identified or a new
opportunity is recognized.
The project's purpose, objectives, and
feasibility are assessed to determine whether
it aligns with the organization's goals and is
worth pursuing.
A project charter or initiation document is
created to formally authorize the project and
define its scope, objectives, stakeholders,
and initial resources.
Planning:

In this phase, the project plan is developed to

guide the project's execution and control.
The project scope is defined, detailing what
will be included and excluded from the
project deliverables.
Work breakdown structure (WBS) is created
to break down the project into smaller,
manageable tasks.
A project schedule is developed, outlining the
sequence of activities, dependencies,
durations, and resources required for each
task.
Resource planning, cost estimation, risk
assessment, quality planning, and
communication planning are also conducted
during this phase.
Execution:
This is the phase where the project work is
carried out according to the project plan.
Resources are mobilized, and tasks are
performed to produce the project
deliverables.
Project progress is monitored and controlled
to ensure that the work is being done
according to plan, and any deviations are
addressed promptly.
Communication among team members,
stakeholders, and project managers is
essential to keep everyone informed and
aligned.
Monitoring and Controlling:

Throughout the project execution phase,

progress is monitored against the project
plan to identify any variances or deviations
from the baseline.
Performance metrics are measured, and
corrective actions are taken as needed to
keep the project on track.
Change management processes are
implemented to manage scope changes,
schedule adjustments, and other
modifications that may arise during project
execution.
Closure:
Once all project objectives have been met,
and deliverables have been produced, the
project is formally closed out.
Final deliverables are reviewed and approved
by stakeholders, and any outstanding issues
or lessons learned are documented.
Project resources are released, contracts are
closed, and administrative closure activities
are completed.
A post-project evaluation or review is
conducted to assess the project's
performance, identify successes and areas
for improvement, and capture lessons
learned for future projects.

2 Explain cost evaluation techniques in

project management.?
Cost evaluation techniques in project
management are methods used to estimate,
analyze, and control the costs associated
with project activities. These techniques help
project managers make informed decisions
regarding budgeting, resource allocation, and
cost control throughout the project lifecycle.
Here are some commonly used cost
evaluation techniques:

Cost Estimation: Cost estimation involves

predicting the expenses associated with
project activities, resources, and deliverables.
Various techniques can be used for cost
estimation, including:

Analogous Estimating: Using historical data

from similar projects to estimate costs.
Parametric Estimating: Using mathematical
models based on variables such as size,
complexity, or productivity rates to estimate
costs.
Bottom-Up Estimating: Estimating costs for
individual tasks or work packages and then
aggregating them to determine the total
project cost.
Three-Point Estimating: Using optimistic,
pessimistic, and most likely estimates to
calculate a weighted average cost estimate.
Cost-Benefit Analysis (CBA): Cost-benefit
analysis compares the costs of implementing
a project with its expected benefits to
determine whether the project is
economically viable. By quantifying both
costs and benefits in monetary terms, CBA
helps decision-makers assess the return on
investment (ROI) and prioritize projects with
the highest potential value.

Earned Value Management (EVM): Earned

Value Management integrates cost, schedule,
and scope performance to assess project
performance and forecast future outcomes.
Key metrics used in EVM include:

Planned Value (PV): The authorized budget

assigned to scheduled work.
Earned Value (EV): The value of completed
work expressed in terms of the approved
budget.
Actual Cost (AC): The actual expenses
incurred for the work performed.
Cost Performance Index (CPI): The ratio of EV
to AC, indicating cost efficiency.
Schedule Performance Index (SPI): The ratio
of EV to PV, indicating schedule efficiency.
Cost Variance (CV) and Schedule Variance
(SV): The difference between EV and AC, and
EV and PV, respectively, indicating cost and
schedule performance deviations.
Life Cycle Costing: Life cycle costing
considers the total cost of ownership over the
entire lifespan of a project, including
acquisition, operation, maintenance, and
disposal costs. By analyzing costs over the
project's lifecycle, decision-makers can make
more informed choices regarding project
investments and resource allocation.

Cost Control: Cost control techniques are

used to monitor, track, and manage project
costs to ensure they remain within budgetary
constraints. This may involve implementing
cost tracking systems, conducting regular
budget reviews, identifying cost variances,
and taking corrective actions to address cost
overruns or deviations from the budget.

3 Explain financial analysis involved in

project management.

Cost Estimation: This involves estimating the

expenses associated with the project,
including materials, labor, equipment, and
overhead costs. Accurate cost estimation is
crucial for budgeting and resource allocation.

Budgeting: Once costs are estimated, a

budget is created to allocate funds to various
project activities. The budget serves as a
financial plan that guides spending
throughout the project lifecycle.
Financial Planning: Financial planning
involves forecasting cash flows, identifying
funding sources, and determining the
financial requirements for the project. It
ensures that adequate funds are available
when needed and helps manage financial
risks.

Financial Risk Assessment: Projects are

inherently risky, and financial analysis helps
identify and mitigate these risks. Risks such
as cost overruns, revenue shortfalls, and
market fluctuations are assessed to develop
risk management strategies.

Return on Investment (ROI) Analysis: ROI

analysis evaluates the financial returns
generated by the project relative to its costs.
It helps stakeholders assess the project's
profitability and compare it to other
investment opportunities.

Financial Performance Monitoring:

Throughout the project lifecycle, financial
performance is monitored to track actual
spending against the budget, assess
variances, and take corrective actions as
needed.
Cost-Benefit Analysis: Cost-benefit analysis
compares the costs of the project with its
anticipated benefits. It helps determine
whether the project is financially viable and
whether the benefits outweigh the costs.

Financial Reporting: Regular financial

reporting provides stakeholders with updates
on the project's financial status, including
budget utilization, actual costs incurred,
revenue generated, and any deviations from
the financial plan.

Financial Compliance: Projects must comply

with financial regulations, accounting
standards, and organizational policies.
Financial analysis ensures that the project
adheres to these requirements and avoids
penalties or legal issues.

Post-Project Evaluation: After the project is

completed, a post-project evaluation is
conducted to assess its financial
performance, identify lessons learned, and
determine the overall success in meeting
financial objectives
4 Explain Project Evaluation and Review
Technique (PERT) in project Management

In project management, the Project

Evaluation Review Technique (PERT) is a
method used to estimate the time it will take
to complete a specific task or activity within a
project. PERT is particularly useful when
dealing with complex projects where the
exact duration of tasks may be uncertain or
variable.

Here's how PERT works:

Task Breakdown: First, the project is broken

down into smaller, more manageable tasks or
activities. Each task should be clearly defined
and have a specific start and end point.

Three Time Estimates: For each task, three

time estimates are determined:

Optimistic Time (O): The best-case scenario,

assuming everything goes smoothly.
Most Likely Time (M): The most realistic
estimate based on normal conditions and
resources.
Pessimistic Time (P): The worst-case
scenario, considering potential delays or
obstacles
 5 Differentiate between PERT and CPM.

5 Explain the CPM

The critical path method (CPM) is a project
management technique that helps identify the
tasks required to complete a project, and then
helps project managers plan, schedule, and
manage those tasks to finish the project on time
and within budget. CPM is also known as critical
path analysis (CPA)
Chapter 3
2 Marks

1 What are the different types of scheduling.

Gantt Chart:
Critical Path Method (CPM):
Program Evaluation and Review Technique
(PERT): Resource Leveling:
Agile Scheduling

2 What is scheduling in project management.?

Schedule Management is the process of defining
project tasks and their durations, dependencies,
and assigned resources in order to complete the
project within a designated time frame.

3 What do you mean by construct schedule

(‘time chart’)
A construction schedule is a tool used by
contractors to track the progress of a project. The
schedule includes a list of all the activities that
need to be completed and the timeframe for
each activity.
4 What is feeding buffer in critical chain?
It is a buffer that is inserted before the first
activity on the Critical Chain. This is to ensure
that any tasks feeding into the Critical Chain may
not

5 Write any two reason for the adoption of

network based project and
it’s use of GERT

Here are two reasons for the adoption of

network-based project management and the use
of GERT:
1. Improved decision-making:
GERT provides a visual representation of a
project, which can help managers to identify
potential risks and opportunities. This information
can then be used to make more informed
decisions about how to allocate resources and
mitigate risks.
2. Enhanced communication:
GERT can also be used to communicate project
plans to stakeholders. This can help to ensure
that everyone is on the same page and that the
project is progressing as planned.
6 What does a production schedule include ?
A production schedule is a plan that helps deliver products to
customers and the marketplace. It's part of the larger supply
chain in manufacturing and includes:
 Raw materials and labour
 Logistics
 Costs
 Production timeframe
 Demand planning
 Master production schedule
 Material requirements planning
7 What techniques are use for scheduling?
Here are some scheduling techniques:
Critical path method
A common step-by-step technique that shows the
timeframe of each task and which tasks are
critical
Gantt chart
Also called a bar chart, this is a popular graphical
representation that's easy to read and
understand
Simulation
Estimates how long a project will take to
complete by considering each activity and how
long it will take to complete
Duration compression
A way to complete a project faster, which can be
implemented at the beginning or mid-way
through a project

8 Marks
1 What is critical chain project management and
its scheduling?
Critical chain project management (CCPM) is a
project management methodology that helps
organizations manage resources and complete
projects efficiently. It was developed in 1997 by
Dr. Eliyahu M. Goldratt as an alternative to the
Project Management Body of Knowledge (PMBOK)
and other established project management
standards.
CCPM focuses on efficient resource utilization and
prioritizes tasks based on dependencies. It differs
from more traditional methods that emphasize
task order and rigid scheduling. Instead, CCPM
strives to keep resources leveled and flexible in
start times.
CCPM uses a critical chain, which is the longest
possible path in a project network diagram that
considers task dependencies and resource
constraints. As the project progresses, the critical
chain is recalculated and the project's monitoring
and control focuses on buffer utilization. CCPM
has three types of buffers:

2 Discuss the role of network techniques in

project planning,
scheduling and controlling?

network techniques, such as the Critical Path

Method (CPM) and the Program Evaluation and
Review Technique (PERT), play a crucial role in
project planning, scheduling, and controlling by
providing a systematic approach to managing
complex projects. Here's how network techniques
contribute to each stage of the project
management process:

Project Planning:

Task Sequencing: Network techniques help in

identifying the sequence of tasks required to
complete the project and determining the
dependencies between tasks. This allows project
managers to understand the logical flow of work
and plan activities accordingly.
Resource Allocation: By analyzing the critical
path and identifying resource requirements for
each task, network techniques aid in allocating
resources effectively. Project managers can
prioritize tasks based on their impact on project
duration and resource utilization.
Risk Management: Network techniques allow
project managers to identify potential risks and
uncertainties by analyzing the critical path and
considering task durations and dependencies.
This helps in developing risk mitigation strategies
and contingency plans to address potential
delays or disruptions.
Project Scheduling:

Critical Path Analysis: Network techniques,

particularly the Critical Path Method (CPM), help
in identifying the critical path—the longest
sequence of dependent tasks that determine the
minimum project duration. By focusing on tasks
on the critical path, project managers can
prioritize activities to ensure project deadlines
are met.
Resource Leveling: Network techniques facilitate
resource leveling by identifying resource
constraints and adjusting task schedules to
optimize resource utilization. Project managers
can allocate resources more effectively to avoid
overloading or underutilizing resources.
Schedule Compression: By analyzing task
dependencies and durations, network techniques
assist in identifying opportunities for schedule
compression. Project managers can explore
options such as fast-tracking or crashing to
accelerate project completion without
compromising quality.

3 Explain theory of constraint with an example.?

The theory of constraints (TOC) is a project
management problem-solving method that helps
identify the biggest limiting factor or bottleneck
that's preventing a project from achieving its
goals. The TOC has five steps to help "break" a
constraint and improve performance:
Identify the constraint
Exploit the constraint
Subordinate everything else to the constraint
Elevate the constraint
Avoid inertia and repeat the process

For Example
if a company's product launches are frequently
delayed, the TOC can help identify the biggest
obstacle to those launches. Once the constraint
is identified, the five steps can be used to break
it so it no longer negatively impacts the product
launches.

4 Explain about type of operation scheduling ?

project management, operation scheduling
involves planning and coordinating the timing
and sequence of various activities or operations
within a project. There are several types of
operation scheduling techniques used to optimize
resource utilization, minimize delays, and ensure
efficient project execution. Some common types
of operation scheduling include:

Forward Scheduling:

Forward scheduling starts from the project's start

date and schedules tasks sequentially based on
their estimated duration and dependencies.
It focuses on completing tasks as soon as
possible without considering resource availability
constraints.
This approach is suitable for projects with flexible
deadlines and ample resources.
Backward Scheduling:
Backward scheduling starts from the project's
deadline or target completion date and schedules
tasks backward based on their dependencies and
the required lead times.
It ensures that all tasks are completed by the
project's deadline by allocating time buffers for
each task.
Backward scheduling is commonly used for
projects with fixed deadlines or delivery dates.
Critical Path Method (CPM):

CPM is a network-based scheduling technique

that identifies the critical path—the longest
sequence of dependent tasks that determine the
minimum project duration.
It focuses on prioritizing tasks on the critical path
to ensure that the project is completed within the
shortest possible time.
CPM helps in optimizing project schedules by
identifying tasks that can be fast-tracked or
delayed without affecting the project's overall
duration.
Program Evaluation and Review Technique
(PERT):
PERT is a probabilistic scheduling technique that
considers uncertainty in task durations by using
three time estimates: optimistic, most likely, and
pessimistic.
It calculates the expected duration of each task
and determines the critical path based on these
estimates.
PERT helps in identifying risks and uncertainties
in project schedules and allows for better
contingency planning.
Resource-Constrained Scheduling:

Resource-constrained scheduling takes into

account the availability of resources, such as
manpower, equipment, and materials, when
scheduling project activities.
It ensures that resources are allocated efficiently
and prevents resource conflicts or overloads.
Resource leveling and resource smoothing are
common techniques used in resource-constrained
scheduling to optimize resource utilization and
minimize idle time.
Gantt Chart:

A Gantt chart is a visual representation of project

tasks plotted against time.
It provides a simple and intuitive way to schedule
and track project activities, showing task
durations, dependencies, and progress.
Gantt charts are widely used for planning,
monitoring, and communicating project
schedules to stakeholders.

5 Classify different scheduling strategies.?

In project management, scheduling strategies

can be classified into various categories based on
their approach and focus. Here are some
common classifications of scheduling strategies:

Time-based vs. Resource-based Scheduling:

Time-based Scheduling: Prioritizes tasks based

on their duration and dependencies to meet
project deadlines.
Resource-based Scheduling: Considers resource
availability and allocation to ensure efficient use
of manpower, equipment, and materials.
Deterministic vs. Probabilistic Scheduling:

Deterministic Scheduling: Assumes fixed task

durations and dependencies, providing a
deterministic timeline for project completion.
Probabilistic Scheduling: Incorporates uncertainty
by using probability distributions for task
durations, such as in PERT, to account for
variability and risk.
Forward vs. Backward Scheduling:

Forward Scheduling: Starts scheduling from the

project's start date, moving forward to allocate
time for tasks based on their duration and
dependencies.
Backward Scheduling: Starts scheduling from the
project's deadline or target completion date,
moving backward to allocate time for tasks while
ensuring project completion by the deadline.
Critical Path Method (CPM):

Focuses on identifying the critical path, which is

the longest sequence of dependent tasks that
determine the minimum project duration. Tasks
on the critical path are prioritized to ensure
timely project completion.
Resource-Constrained Scheduling:
Takes into account resource availability, such as
manpower, equipment, and materials, when
scheduling project activities. It aims to prevent
resource conflicts or overloads and optimize
resource utilization.
Agile Scheduling:

Emphasizes iterative and incremental

development, with a focus on adaptability and
responsiveness to changing requirements. Agile
methodologies like Scrum and Kanban use short
iterations or sprints to deliver value
incrementally.
Lean Scheduling:

Focuses on eliminating waste and maximizing

efficiency by streamlining processes and
minimizing non-value-added activities. Lean
scheduling aims to deliver products or services
faster and with higher quality.
Buffer Management:

Involves the allocation and management of

buffers, such as time buffers or resource buffers,
to absorb variability and uncertainties in project
schedules. This helps in reducing project delays
and improving predictability.

7 Explain GERT in detail.?

Graphical Evaluation and Review Technique
(GERT) is a powerful tool in project management
used to estimate the durations of projects. It
shares similarities with PERT/CPM but introduces
the aspect of cost statistics, providing a more
comprehensive view of project planning. GERT
simplifies complex projects by breaking them
down into networks of activities and events,
aiding managers in effectively organizing project
schedules.

One of the key strengths of GERT lies in its ability

to handle uncertainty inherent in project
management. It accommodates variability in
both the logic of activities and their duration
estimates. This flexibility is crucial for projects
where certain activities may have dependencies
or durations that are difficult to predict with
certainty.

GERT incorporates advanced features like

probabilistic branching and looping, which allow
for a more nuanced representation of project
dynamics. These features enable project
managers to model various scenarios and assess
the impact of uncertainties on project timelines
and costs.

Moreover, GERT is particularly well-suited for

tasks that are performed in parts or multiple
times throughout a project. For example, in a
high-rise construction project, the installation of
electrical outlets on each floor may occur
incrementally as floors are completed. GERT can
accurately calculate the total time required for
this activity, taking into account the iterative
nature of the task.

Chapter 4
2 Marks question

1 What is activity network diagram?

An activity network diagram (AND) is a graphical
representation of the logical relationships
between project activities, also known as
dependencies
2Differentiate between the economic value and
social value of
Resources

Economic value is based on a customer's

willingness to pay, and is measured in terms of
profit, revenue, or market share. Social value is
based on the growth in social status and
likeability a product or service brings,

3 What is the purpose of establishing the project

network diagram.

 Identify dependencies
 Analyze project timelines
 Optimize resource allocation
 Assess the impact of changes on the overall project
plan
 Facilitate effective communication and
coordination among team members and
stakeholders
 Track dependencies and possible bottlenecks
 Establish clear project workflows
 Provide stakeholders with a visual representation
of the project's progress
 Visualize the activities that need to be completed
over the duration of a project
 Provide context like task duration, sequence, and
dependency
4 What is Project crashing?
Project crashing, also known as project time
compression, is a project management technique that
involves adding more resources to a project to shorten
its timeline.

5 What are the project control techniques.?

Critical path Agile Waterfall Gantt chart Kanban Scrum

6 what do you mean by minimum incremental cost of

crashing.?
In project management, the minimum incremental cost
of crashing is the least amount of cost to add one more
unit of a product being produced. Crashing is a
schedule compression technique that analyses costs
and schedule trade-offs to determine the best way to
compress a project schedule at the lowest incremental
cost.

7 Explain in short Development of Project Network.?

A project network, also known as a project activity
network or project schedule network diagram, is a
graphical representation of a project's tasks, their
relationships, and the flow of activities.

8 Draw a simple project network diagram?

8 Marks Questions
1 Write short note on crashing of activities.?
Crashing of activities is a technique used in project
management to reduce the time it takes to complete a
project. This is done by allocating more resources to
critical activities, which are activities that have a direct
impact on the project's duration. Crashing can be used
to shorten the project schedule, meet a deadline, or
avoid delays.
There are a number of factors to consider when
crashing activities, including the cost of additional
resources, the impact on the project budget, and the
risk of disrupting the project schedule. Crashing can be
a complex process, and it is important to carefully
weigh the benefits and risks before deciding whether or
not to use this technique.
Here are some of the benefits of crashing activities:
Reduced project schedule, Ability to meet a deadline,
and Avoidance of delays.
Here are some of the risks of crashing activities:
Increased project cost, Disruption of the project
schedule, and Reduced quality of work.
Overall, crashing of activities can be a useful technique
for reducing the time it takes to complete a
project. However, it is important to carefully consider
the benefits and risks before deciding whether or not to
use this technique.

2 Explain crashing of CPM network with the help of an

example.?

crashing a Critical Path Method (CPM) network in

project management means making the project finish
faster by cutting down the time for certain tasks. This is
usually done when there's a deadline to meet or when
finishing early comes with financial benefits. Here's
how to crash a CPM network:

Draw the Network Diagram: Sketch out a diagram

showing all the tasks and their dependencies. Identify
the critical path, which is the longest sequence of tasks
determining the project's duration.

Find the Critical Activity with the Least Cost Slope: Look
at the critical path and find the activity with the least
additional cost per unit of time to shorten. This is often
called the "cost slope."
Allocate More Resources: Put more people, money, or
other resources into the chosen activity or activities.
This helps speed up completion without changing the
project's quality.

Reorganize Tasks: Sometimes, it's possible to rearrange

tasks to make the project finish sooner. Look for ways
to overlap or streamline activities without causing
problems or sacrificing quality.

Crashing a CPM network involves careful planning and

balancing costs with the benefits of finishing sooner.
It's a useful technique for meeting deadlines and
maximizing project efficiency.

3 Explain PERT network technique for Project

scheduling and
coordinating techniques

the Program Evaluation and Review Technique (PERT)

is a project management method used for planning,
coordinating, and analyzing tasks in a project. It's
especially useful for complex and uncertain projects.
Here's how it works:

Task Identification: Start by listing all the tasks or

activities required to finish the project. Each task
should be clearly defined with a specific start and end
point.

Estimate Task Durations: Estimate how long each task

will take. PERT uses three time estimates:

Optimistic time (O): The shortest time to complete a

task under ideal conditions.

Most likely time (M): The best estimate of how long the
task will take.

Pessimistic time (P): The longest time the task could

take under adverse conditions.

Calculate Expected Duration: Use the estimated times

to calculate the expected duration for each task using
this formula:

Expected duration (TE) = (O + 4M + P) / 6

Construct Network Diagram: Create a diagram showing

the sequence of tasks and their dependencies. This
helps visualize the workflow and identify the critical
path, which is the longest sequence of tasks
determining the project's duration.

Identify Critical Path: Determine which sequence of

tasks forms the critical path. Tasks on this path have no
slack, meaning any delay will delay the whole project.
Resource Allocation: Assign resources to each task
based on their importance and dependencies. Ensure
resources are available as needed to avoid delays.

4 Explain CPM network technique for

Project scheduling and coordinating
techniques

he Critical Path Method (CPM) is a

project management technique used for
scheduling and coordinating tasks within
a project. It helps project managers
identify the most critical tasks and
ensures efficient use of resources to
complete the project on time. Here's
how it works:

Task Identification: Begin by identifying

all the individual tasks or activities
required to complete the project. Each
task should have a specific start and
end point.

Estimate Task Durations: Estimate the

time it will take to complete each task.
This can be done based on historical
data, expert judgment, or other relevant
information.

Construct Network Diagram: Create a

network diagram that illustrates the
sequence of tasks and their
dependencies. Tasks are represented as
nodes, and arrows show the flow of work
between tasks.

Identify Critical Path: Determine the

critical path, which is the longest
sequence of tasks that determines the
shortest possible duration of the project.
Tasks on the critical path have zero
slack, meaning any delay in these tasks
will delay the entire project.
Resource Allocation: Allocate resources
to each task based on its importance
and dependencies. Ensure that
resources are available when needed to
prevent delays.

5 Which steps involve in project control

technique. Explain in detail.

Project control involves monitoring,

tracking, and managing various aspects
of a project to ensure it stays on track
and meets its objectives. Several key
steps are involved in project control:
Establishing Baselines: Before the
project begins, establish baselines for
scope, schedule, and cost. These
baselines serve as reference points
against which actual performance is
measured throughout the project.

Monitoring Progress: Continuously

monitor the progress of the project to
compare actual performance against the
established baselines. This involves
tracking tasks, milestones, resource
utilization, and budget expenditures.

Identifying Variances: Compare actual

project performance to the baseline to
identify any variances or deviations.
Variances can occur in scope, schedule,
cost, quality, or other project
parameters.
Analyzing Causes of Variances: Once
variances are identified, analyze the
root causes behind them. Determine
whether the variances are due to
changes in scope, resource constraints,
unexpected risks, or other factors.

Taking Corrective Actions: Based on the

analysis of variances, take corrective
actions to address any deviations from
the baseline. This may involve
reallocating resources, adjusting
schedules, revising project scope, or
implementing risk mitigation strategies.

Communicating Progress: Keep

stakeholders informed about the
project's progress, including any
variances and corrective actions taken.
Effective communication helps maintain
transparency and ensures alignment
with project objectives.
Revising Plans: As the project
progresses, update project plans,
schedules, and budgets as needed to
reflect changes in scope, priorities, or
constraints. This allows the project team
to adapt to evolving circumstances and
stay focused on achieving project goals.
Chapter 5

1 Define –EAC
EAC stands for Estimate At Completion in project
management. It refers to the projected total cost of
completing a project based on current performance and
future expectations.

2 Define –EVM
EVM, or Earned Value Management, is a
project management technique used to
measure and track a project's
performance against its planned
objectives in terms of scope, schedule,
and cost

3 What is BAC in project management.?

BAC stands for Budget At Completion in
project management. It refers to the total
budgeted cost of the project as originally
planned at its completion. BAC represents
the sum of all authorized budgets
established for the project's activities or
work packages.

4 How business risk is concerned with

earnings before interest and tax?
Business risk is concerned with earnings before
interest and tax (EBIT) because it reflects the
company's ability to generate profits from its
core operations before accounting for the impact
of interest expenses and taxes. EBIT is a key
financial metric that measures a company's
operating profitability and performance.

Explain financial analysis involved in