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Tybscit Sem 5 SPM Unit 1 Part 4

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34 views5 pages

Tybscit Sem 5 SPM Unit 1 Part 4

Uploaded by

Ujwala Sav
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Question 1 (Nov 2022-23)

Q1a. Define Project. What are its characteristics?


Ans: Project:
Some dictionary definitions:
“A specific plan or design”
“A planned undertaking”
“A large undertaking e.g. a public works scheme”

Characteristics of Software Project which make them more difficult to manage compared to other
projects:
• Non-routine
• Planned
• Aiming at a specific target
• Carried out for a customer
• Carried out by a temporary work group
• Involving several specialisms
• Made up of several different phases
• Constrained by time and resources
• Large and/or complex

On one hand there are repetitive jobs a similar task is carried out repeatedly. The task is well-defined and
there is very little uncertainty. In some organizations, software development might tend to be like this – in
these environments software process management might be more important than software project
management.
On the other hand some exploratory activities are very uncertain. Some research projects can be like this –
we may not be sure what the outcome will be, but we hope that we will learn some things of importance.
It may be very difficult to come up with precise plans, although we would probably have some idea of a
general approach.
Projects seem to come somewhere between these two extremes. There are usually well-defined hoped-for
outcomes but there are risks and uncertainties about achieving those outcomes.

Q1b. State and Explain phases of Project Management Life Cycle.

Ans: Phases of project management life cycle:

Project Initiation:

Ms. Pushpa Mahapatro Page 1


• During the project initiation phase it is crucial for the champions of the project to
develop a thorough understanding of the important characteristics of the project.
• In his W5HH principle, Barry Boehm summarized the questions that need to be asked
and answered in order to have an understanding of these project characteristics.
Project Planning:
Various plans are made:
– Project plan: Assign project resources and time frames to the tasks.
– Resource plan: List the resources, manpower and equipment that required to
execute the project.
– Financial plan: plan for manpower, equipment and other costs.
– Quality plan: Plan of quality targets and control.
– Risk plan: Identification of the potential risks, their prioritization and a plan for
the actions that would be taken to contain the different risks.

Project Execution:

• Tasks are executed as per the project plan


• Monitoring and control processes are executed to ensure that the tasks are executed
as per plan
• Corrective actions are initiated whenever any deviations from the plan are noticed.
Project Closure:
• Involves completing the release of all the required deliverables to the customer along
with the necessary documentation.
• Subsequently, all the project resources are released and supply agreements with the
vendors are terminated and all the pending payments are completed.

Q1c. What do you mean by Project portfolio management? What are its elements?

Ans: Project Portfolio Management:


Project portfolio management (PPM) is the centralized management of an organization's projects.
While these projects may or may not be related, they are managed under one umbrella (called a
portfolio) to oversee and manage any competing resources.

The concerns of project portfolio management include:


• Evaluating proposals for projects
• Assessing the risk involved with projects
• Deciding how to share resources between projects
• Taking account of dependencies between projects
• Removing duplication between projects
• Checking for gaps
There are three elements to PPM:
1. Project portfolio definition
– Create a central record of all projects within an organization
– Must decide whether to have ALL projects in the repository or, say, only ICT projects
– Note difference between new product development (NPD) projects and renewal
projects e.g. for process improvement
2. Project portfolio management

Ms. Pushpa Mahapatro Page 2


Actual costing and performance of projects can be recorded and assessed.
3. Project portfolio optimization
Information gathered above can be used achieve better balance of projects e.g. some
that are risky but potentially very valuable balanced by less risky but less valuable
projects. You may want to allow some work to be done outside the portfolio e.g. quick
fixes.

Q 1d. How do you perform Cost benefit analysis (CBA)?

Ans: CBA:
Cost benefit Analysis:
Consider each possible outcome and estimate the probability of its occurring and the corresponding
value of the outcome.
Find the cash flow forecast for each risk with an associated probability of occurring.
The value of the project is then obtained by summing the cost or benefit for each possible outcome
weighted by its corresponding probability.
A cost-benefit analysis is the process of comparing the projected or estimated costs and benefits (or
opportunities) associated with a project decision to determine whether it makes sense from a business
perspective.
Generally speaking, cost-benefit analysis involves tallying up all costs of a project or decision and
subtracting that amount from the total projected benefits of the project or decision. (Sometimes, this
value is represented as a ratio.)
If the projected benefits outweigh the costs, you could argue that the decision is a good one to make. If,
on the other hand, the costs outweigh the benefits, then a company may want to rethink the decision or
project.
There are enormous economic benefits to running these kinds of analyses before making significant
organizational decisions. By doing analyses, you can parse out critical information, such as your
organization’s value chain or a project’s ROI.
Cost-benefit analysis is a form of data-driven decision-making most often utilized in business, both at
established companies and startups. The basic principles and framework can be applied to virtually any
decision-making process, whether business-related or otherwise.

Q1e. Draw the diagram of Step Wise approach to planning software projects and
Explain Step 1: establish project scope and objectives in detail.

Ans: Identify project objectives: It is important that at the outset the main stakeholders are all aware of the
precise objectives of the project.

Ms. Pushpa Mahapatro Page 3


Step 1: establish project scope and objectives:
• 1.1 Identify objectives and measures of effectiveness
– ‘how do we know if we have succeeded?’
• 1.2 Establish a project authority
– ‘who is the boss?’
• 1.3 Identify all stakeholders in the project and their interests
– ‘who will be affected/involved in the project?’

• 1.4 Modify objectives in the light of stakeholder analysis

– ‘do we need to do things to win over stakeholders?’

• 1.5 Establish methods of communication with all parties

– ‘how do we keep in contact?’

Q1f. f. Consider the project cash flow estimates for four projects as shown in the table;
Negative levels represent expenditure and positive values income. Rank the four projects in
order of financial desirability and make a note of your reasons for ranking them in that way.
Conclusion should be based on Net profit, and ROI (Return on Investment).

Year Project 1 Project 2 Project 3 Project 4


0 -100000 -100000 -1000000 -120000
1 20000 20000 300000 30000
2 30000 30000 300000 30000
3 10000 20000 300000 30000
4 20000 20000 300000 30000
5 20000 30000 300000 50000
Net Profit
ROI

Ms. Pushpa Mahapatro Page 4


Ans:

Ms. Pushpa Mahapatro Page 5

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