Question 1: Define Project Management? Explain the important elements of management.

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1 Question 1: Define Project Management? Explain the important elements of management. Project management is the discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria.... The primary challenge of project management is to achieve all of the project goals within the given constraints. People who succeed as organizational managers understand that once they take on the responsibility of leading a team or department, their mindset has to change. For a manager, success management is no longer about what they can achieve on their own, and getting ahead isn t a journey made alone. Managers are successful when group goals are met because subordinates are properly motivated and contributing at their highest level. So what does it take to be a successful manager? Read on to learn five of the most important mindset changes managers need to adopt from day one. 1. Manage Others Time In addition to managing your own time which is tricky when you must accept additional responsibilities a good manager sets schedules for others to meet. This doesn t mean you should micromanage each employee s calendar, but it does mean that you have clarified with your staff what their priorities are, you know when deliverables are due, and you address the problem when an employee fails to meet assigned deadlines. If a subordinate is behind or has failed to meet a goal, that s their problem, right? Wrong when you accept the role of manager, you accept responsibility for all work being done well and on time, whether you re actually doing that work or not. 2. Satisfaction Becomes More Abstract A manager s satisfaction is often indirect. It comes from taking pride in helping others succeed, rather than completing the job alone. Learning how to properly delegate work enables you to clear your plate to make room for other managerial responsibilities while also helping your subordinates develop important skills. Acknowledging employees accomplishments when they do well ensures that they ll be excited to take on new tasks again in the future. If you find yourself only pointing out mistakes or problems, it won t be long before morale and workmanship are depleted. Mistakes are bound to happen and shouldn t be swept under the rug. But bringing mistakes to employees attention must be balanced with acknowledgement when a job is well done. 3. Shift in Job Evaluation Your performance is no longer judged by the boss alone. It is also judged by those who report to you. It s important that you stay aware of how employees perceive you (and that does mean asking from time time you can do this informally in conversation or anonymously through 360-degree feedback tools). When you become manager, it does not mean that you are immune to criticism and evaluation, and your position doesn t allow you to slack off. Being a manager also doesn t mean that you should be 1 PROJECT MANAGEMENT IMPORTANT

2 perfect. Especially for new managers, it will take some time to adjust to your position. This is why it s important to be open to feedback and aware that there s always room for improvement. 4. Problem Solving A manager must deal with all types of problems, some of which include: Operational Why did we miss our numbers last month? Interpersonal How can I help my subordinates better manage conflict? Strategic Do I have the right people in the right positions? It s important that managers have fundamental problem solving skills and that they know when to seek input from others. You won t always have all the answers, but you can make sure you ask the right people the right questions. Problem solving might seem like a skill that mainly requires rationality and solid logic, but successful problem solving is also very creative. Sometimes the best solution is completely out of the box. A successful manager will be able to solve problems resourcefully and with an open mind. 5. Key Resources are People Because a manager must get things done through others, people are your best asset. Taking the time to learn the strengths of each person on your team (and manage them accordingly) not only ensures that you are challenging people and bringing out their best, it also sends the message that you care about them. When employees know that they are valuable to you and the efforts of the organization as a whole, they take pride in their work. After all, that s why you re making such an effort to be a great manager, right? These are just five important elements of great management. Question 2: Define organization and its characteristics? Robbins define Organization as ' a consciously coordinated social unit, composed of two or more people, that functions as a relatively continuous basis to achieve common goals of set of goals. Agrawal defines organization as ' a goal oriented open system composed of people, structure and technology. From the above definitions, an organization has the following characteristics- 1. It is an open system. 2. It is a goal oriented. 3. It is a collection of people. 4. Organization consists of people. 5. Organization consists of technology, and 6. It has continuity. Organization is an open system : An open system means open to environment. Organization exists and functions in environment. Environment compels the organization to acquire right 2 PROJECT MANAGEMENT IMPORTANT

3 type of people, technology and structure so that the goals to serve the environment can be attained. The organization is thus greatly influence the environment. Usually the demands or wants of the people determines the strategies and goals of an organization. What are the needs in the market and how an organization can bring new and needy products to the market create an interaction between the organization and the environment. Without interaction, organization cannot fulfill required products or services to the users groups. This way, an organization is an open system, without which it cannot survive. Organization is goal oriented : Without goal or set of goals, organization is useless. There is nothing for the organization to do. Therefore, the major characteristic of any organization is its goal. Type of people or technology is adopted so that the set goal can be achieved. The goal gives line of action; acquire required type of people and uses type of technology so that the goal is achieved in an anticipated time point. Without goal, organization cannot be formed. Organization is a collection of people : People are the main performers in any organization. In other world, all the elements of any organization are the same except the people. Even with the same age, qualification, experience and facilities, the output of the people may vary, simply because the needs and wants of all people are not the same. What makes them work by heart and head is the one that differentiate organizations from one to others. Organization consists of technology : Technology is the means of doing works. There are various kinds of doing works. As an organization consists of more people, its performance procedure should be of a fixed type so that each individual in the organization can exercise them well. This is how technologyinitiates. Technology eases the work and shortens the time. Technology originates a certain policy necessary to keep organizational beliefs in doings of the various people at different structural level. This saves the integrity of the people in achieving goals. Organization has continuity : As the organization involves people, and the people generate different needs, they can leave the organization or some may die too. This does not affect the organization to stop or decrease in size. Hence, it is said that every organization has its own continuity. A good manager can leave but other better man can take over the charge of the organization. Question 3: What is Inventory control, its objectives and how to achieve them? 3 PROJECT MANAGEMENT IMPORTANT

4 Concept of inventory management A manufacturing company requires many types of material to produce any goods or service. If a company does not get the required material as needed than the production system gets disturbed and fails to produce and sale required quantity of products on time. The over stock of inventory is unsuitable due to the large amount of investment on it as well as other cost associated with it. On the other hand, the lower stock inventory might create the problem of shortage resulting inn the disturbance on production. Objectives: (i) To minimise capital investment in inventory by eliminating excessive stocks; (ii) To ensure availability of needed inventory for uninterrupted production and for meeting consumer demand; (iii) To provide a scientific basis for planning of inventory needs; (iv) To tiding over the demand fluctuations by maintaining reasonable safety stock; (v) To minimise risk of loss due to obsolescence, deterioration, etc.; TO ACHIEVE INVENTORY CONTROL SYSTEM, Understanding everyone s role in achieving effective inventory management Stocking the products your customers expect you to have available for immediate delivery Using different rankings for different purposes Developing accurate forecasts of future demand of products Making intelligent decisions for stocking new items Question 4: Explain the followings; 1. Project Life Cycle The Project Life Cycle refers to a series of activities which are necessary to fulfill project goals or objectives. Projects vary in size and complexity, but, no matter how large or small, all projects can be mapped to the following life cycle structure: Starting the project Organizing and preparing 4 PROJECT MANAGEMENT IMPORTANT

5 Carrying out project work Closing the project 2. Materials Management Material management is an approach for planning, organizing, and controlling all those activities principally concerned with the flow of materials into an organisation. The scope of Materials Management varies greatly from company to company and may include material planning and control, production planning, Purchasing, inventory control, in-plant materials movement, and waste management. It is a business function for planning, purchasing, moving, storing material in a optimum way which help organisation to minimise the various costs like inventory, purchasing, material handling and distribution costs. 3. Elements of Organizational Structure Organizational structure depends on the company and/or the project. The structure helps define the roles and responsibilities of the members of the department, work group, or organization. It is generally a system of tasks and reporting policies in place to give members of the group a direction when completing projects. A good organizational structure will allow people and groups to work effectively together while developing hard work ethics and attitudes. The four general types of organizational structure are functional, divisional, matrix and project-based. 4. PRODUCTIVITY A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. Productivity is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period. Productivity is a critical determinant of cost efficiency. 5. Quality control Quality control is a process through which a business seeks to ensure that product quality is maintained or improved and manufacturing errors are reduced or eliminated. Quality control requires the business to create an environment in which both management and employees strive for perfection. This is done by training personnel, creating benchmarks for product quality, and testing products to check for statistically significant variations. For more, Visit at 5 PROJECT MANAGEMENT IMPORTANT