Project Management Questions

1. Responsibility of Project Manager

● Defining Project Objectives: The project manager ensures that the goals, scope, and
deliverables of a project are clearly defined. They ensure everyone involved understands
what the project aims to achieve.
● Planning and Scheduling: They create detailed plans for completing the project on
time, including timelines, resources, and budget allocation.
● Team Leadership: A project manager motivates and guides the team, ensuring tasks
are assigned to the right people and encouraging teamwork.
● Risk Management: They identify potential risks, create plans to address them, and
minimize negative impacts on the project.
● Stakeholder Communication: Keeping stakeholders informed about project progress,
challenges, and outcomes is essential for transparency.

2. Project Management as a Profession

● Structured Approach: Project management is a professional discipline focused on

planning, organizing, and managing resources to achieve specific goals.
● Key Skills: A good project manager needs leadership, problem-solving, communication,
and time management skills.
● Certifications: Professional certifications like PMP (Project Management Professional)
or PRINCE2 validate expertise in project management.
● Use of Tools: Tools like Jira, Trello, and Microsoft Project help manage tasks, deadlines,
and resources efficiently.
● Value in Business: A project manager ensures that business goals are met while
balancing costs, time, and quality constraints.

3. 7S of Project Management

● Strategy: This is the roadmap of the project, defining objectives and how to achieve
them. Clear strategies ensure team alignment.
● Structure: This includes the organization of teams, defining roles, and creating a
hierarchy to streamline communication and work.
● Systems: Processes, workflows, and tools ensure that tasks are carried out efficiently
and consistently.
● Style: The leadership style of the project manager influences team motivation and
decision-making.
● Staff: Skilled and dedicated team members are crucial for project success.
● Skills: Team members should possess the technical and interpersonal skills necessary
to complete tasks.
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● Shared Values: These are the core beliefs and principles that unite the team and guide
the project.

4. Project Life Cycle

● Initiation: This is where the project’s objectives, scope, and feasibility are defined. It’s
the stage where approval to proceed is obtained.
● Planning: Detailed plans are created for timelines, budgets, resources, and risk
management. This phase ensures everyone knows their roles and responsibilities.
● Execution: Tasks and activities are carried out according to the project plan. Teams
work collaboratively to meet project goals.
● Monitoring: During this phase, the project manager tracks progress, ensures timelines
are met, and manages any issues or changes.
● Closure: The project is finalized, deliverables are handed over, and lessons learned are
documented for future projects.

5. Project Selection Criteria

● Strategic Alignment: Projects that align with an organization’s long-term goals and
mission are given priority.
● Cost-Benefit Analysis: Projects with higher returns compared to their costs are
considered better investments.
● Feasibility: The technical and operational feasibility of a project is evaluated to ensure it
can be executed successfully.
● Risk Assessment: Projects with manageable risks are preferred, while those with high
uncertainties may be avoided.
● Resource Availability: The availability of financial, human, and technological resources
determines whether a project can be undertaken.

6. Numeric Model of Project Selection

● Net Present Value (NPV): This method calculates the present value of cash inflows and
outflows to determine if a project is profitable. A positive NPV is desirable.
● Internal Rate of Return (IRR): IRR helps evaluate the profitability of a project by
calculating the expected rate of return. Higher IRR indicates a better project.
● Payback Period: This measures how quickly the initial investment in a project can be
recovered. Shorter payback periods are generally preferred.
● Benefit-Cost Ratio (BCR): This ratio compares the benefits of a project to its costs. A
ratio greater than 1 indicates a worthwhile investment.
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7. Project Initiation and Resource Allocation

● Project Initiation:

○ The first step in a project’s life cycle that ensures its goals and objectives are
clear.
○ Involves preparing a project charter, which outlines the scope, purpose,
stakeholders, and success criteria.
○ Key activities include feasibility studies, stakeholder identification, and approval
to proceed.
○ Sets a solid foundation by aligning the team and stakeholders to a common
purpose.
● Resource Allocation:

○ Assigning available resources (people, tools, materials, budget) to specific tasks

in a project.
○ It ensures that every part of the project has the necessary resources to meet its
goals.
○ Involves scheduling resources effectively to avoid underuse or overburdening.
○ Helps in balancing project constraints like time, cost, and quality.

8. Why Resource Allocation is Needed?

● Efficient Resource Utilization: Prevents resource wastage by ensuring that each team
member, tool, or budget allocation is used optimally.
● Avoiding Overload: Allocates tasks evenly, reducing the risk of overburdening team
members and maintaining productivity.
● Meeting Deadlines: Assigning the right resources to tasks ensures timely project
completion.
● Managing Costs: Allocates resources effectively to stay within the budget.
● Addressing Priorities: Focuses on critical tasks first by assigning high-priority
resources.

9. Levels of Demand Forecasting

● Short-Term Forecasting:

○ Covers a period of a few weeks or months.

○ Used for day-to-day operations, like managing inventory, production schedules,
and workforce allocation.
○ Focuses on immediate trends and customer demands.
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● Medium-Term Forecasting:

○ Forecasts demand for 1–5 years.

○ Useful for budgeting, resource planning, and setting medium-term business
goals.
○ Helps organizations manage seasonal demand changes and expansion needs.
● Long-Term Forecasting:

○ Predicts demand beyond 5 years.

○ Guides long-term investments, capacity building, and strategic planning.
○ Includes factors like market trends, population growth, and technological
advancements.

10. Delegation of Authority

● Delegation of authority involves transferring responsibility and decision-making power

from managers to subordinates.
● Importance:
○ Allows managers to focus on higher-level strategic tasks.
○ Empowers employees, builds their confidence, and improves their skills.
○ Promotes better time management by reducing the manager’s workload.
● Key Elements:
○ Responsibility: Assigning tasks to employees.
○ Authority: Giving employees the power to make decisions.
○ Accountability: Ensuring employees are answerable for the tasks assigned.

11. Building Project Team

● Define Team Roles:

○ Identify tasks and assign roles to team members based on their expertise.
○ Clearly define responsibilities to avoid confusion.
● Recruit the Right Talent:

○ Select team members with the required skills and experience.

○ Look for individuals who work well in a collaborative environment.
● Set Goals and Expectations:

○ Clearly communicate project objectives and deadlines to the team.

○ Ensure everyone understands the quality standards required.
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● Encourage Collaboration:

○ Foster a culture of open communication and teamwork.

○ Use tools like Slack or Trello to ensure seamless coordination.
● Provide Training and Support:

○ Offer training sessions to help team members develop the skills they need.
○ Ensure they have access to necessary tools and resources.

12. Procedure for Idea Generation

● Brainstorming:

○ Gather a group to discuss and share creative ideas.

○ Encourage free-thinking and avoid criticism during the process.
● Customer Feedback:

○ Collect suggestions and complaints from customers to understand their needs.

○ Use surveys, focus groups, and interviews for insights.
● Competitor Analysis:

○ Study competitors’ offerings to identify gaps and opportunities for improvement.

○ Look for innovative strategies they are using.
● SWOT Analysis:

○ Evaluate strengths, weaknesses, opportunities, and threats related to the

business or idea.
○ Helps focus on areas with high potential.
● Market Trends:

○ Analyze current trends, emerging technologies, and shifts in consumer behavior.

○ Stay updated with industry reports and news.

13. Corporate Appraisal

● Definition:
○ Corporate appraisal is the evaluation of a company’s internal and external
environment.
○ It helps identify strengths, weaknesses, opportunities, and threats.
● Purpose:
○ Provides insights into market position and operational efficiency.
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○ Aids in strategic decision-making and resource allocation.

14. Strength and Weakness of Corporate Appraisal

● Strengths:

○ Helps identify growth opportunities and competitive advantages.

○ Provides a comprehensive understanding of internal and external factors.
○ Improves strategic planning by offering clear insights.
● Weaknesses:

○ May be influenced by outdated or biased data.

○ Time-consuming and resource-intensive to conduct.
○ Results can vary depending on the quality of data and analysis.

15. Product Planning and Development Process

● Idea Generation: Develop new product ideas based on customer needs, market
research, or innovation.
● Screening: Evaluate and eliminate impractical or unprofitable ideas.
● Concept Development: Turn the idea into a detailed concept with potential features and
benefits.
● Prototyping: Create a working model to test functionality and design.
● Testing: Conduct market tests to gather customer feedback.
● Commercialization: Launch the final product with marketing and distribution strategies.

16. Causes of New Product Failure

● Lack of Market Research: Failing to understand customer needs can lead to irrelevant
products.
● Poor Product Design: Products that lack quality or usability fail to attract customers.
● Wrong Pricing: Overpricing or underpricing can hurt sales and profitability.
● Insufficient Marketing: Lack of awareness leads to low adoption rates.
● Bad Timing: Launching at the wrong time may reduce the product’s chances of
success.

17. Who is an Entrepreneur and What is Entrepreneurship?

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● Entrepreneur:

○ An individual who identifies business opportunities, takes risks, and starts

ventures to make profits.
○ Examples: Steve Jobs, Elon Musk, etc.
● Entrepreneurship:

○ The process of developing, launching, and running a business.

○ It involves risk-taking, innovation, and creating value for society.

18. Characteristics of an Entrepreneur

● Visionary: Has a clear vision and plans for the future.

● Innovative: Finds creative solutions to problems and introduces new ideas.
● Resilient: Stays persistent despite challenges and failures.
● Leadership Skills: Guides and motivates a team effectively.
● Risk-Taking Ability: Willing to take calculated risks for potential rewards.

19. Major Obstacles in Starting a Company

● Lack of Funding: Difficulty securing capital for operations.

● Legal Challenges: Navigating permits, licenses, and compliance issues.
● Market Competition: Competing with established players in the market.
● Building a Team: Finding and retaining skilled employees.
● Uncertainty: Facing unpredictable market conditions and consumer behavior.

20. Innovation and Its Sources

● Innovation:

○ The process of introducing new ideas, products, or methods.

○ Helps improve efficiency, customer satisfaction, and business growth.
● Internal Sources:

○ Employee Suggestions: Encouraging ideas from within the organization.

○ R&D: Investing in research and development for innovation.
○ Process Improvements: Streamlining workflows and operations.
● External Sources:
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○ Customer Feedback: Understanding customer pain points and needs.
○ Market Trends: Observing new trends and technologies.
○ Competitor Strategies: Learning from competitors’ successes and failures.