pm0010 3rd sem from mba
Post on 13-Jul-2015
Embed Size (px)
Course: MBA Semester 3 Subject Code: PM0010 Master of Business Administration PM0010 Introduction to Project Management Assignment Set- 1
Reg no 511
Q 1. Describe the three strategy levels in detail. Ans: Strategy exists at three hierarchical levels in an organisation, ranging from the overall business (or group of businesses) to the individuals working in it. Corporate Strategy Corporate strategy is basically related to the purpose and scope of the business to meet stakeholder expectations. This is often explicitly stated in a mission statement. It is heavily influenced by investors in the business, and acts to guide strategic decision-making throughout the business. Corporate strategy is about managing its business units and products so that each becomes competitive and can contribute to corporate purposes. Hence corporate level strategy is fundamentally concerned with the selection of businesses in which the company competes, develops and coordinates. Corporate level strategy addresses the following: Reach: To define the corporate responsibilities. These include identifying overall goals of the corporation, selecting the types of business in which the corporation may be involved, and the way of integrating and managing the business. Competitive contact: To define the localisation of the corporate competition. Manage activities and business relationships: To develop synergies by having business units complement one another, both by sharing and coordinating staff and other resources across business units or by investing financial resources across business units. Management practices: To decide the ways of governing business units through centralisation and decentralisation. Corporate strategy can best be described as the overall plan that integrates the strategies of all businesses within a corporation. A diversified company has two strategy levels: Corporate level strategy: This strategy aims to create value for the corporation as a whole. Business level strategy: This strategy addresses the way to create competitive advantage in each business.Reg no 511
Corporate Strategy Planning Two tools popularly used in the planning of corporate strategy are: Ansoff matrix BCG matrix Business Unit Strategy Business unit strategy is concerned with how a business unit competes successfully in a particular market. It includes strategic decisions about choice of products, customer requirements, gaining advantage over competitors, creation of new opportunities and so on. A strategic business unit can be planned independently from the other business units of the firm. Business level strategy addresses the following: Positing the business against rivals. Adjusting the strategies to anticipate and accommodate changes in demand and technologies. Influencing the nature of competition through strategies like vertical integration and political actions. The detailed action of business level strategy is taken to provide value to the customers. Business level strategy is also adopted to gain a competitive advantage by exploring core competencies in specific, individual product or service markets. The four generic strategies to establish a competitive advantage over industry rivals are as follows: Cost leadership: The firm offers products to customers at the lowest price essentially by tight control over production and overhead costs. Differentiation: The firm provides value to customers by delivering products with unique features and characteristics rather than with the lowest price. For example, lower costs for buyers by ensuring better quality thereby leading to lesser breakdowns; by raising perceptions of buyers of the customer support provided by the firm by responding quickly. Focussed low cost: The firm not only sells its products at lowest price, but also selects a small segment of the market to provide goods and services. ForReg no 511
example, sale of a product to only a Government department. Focussed differentiation: The firm not only competes with rivals based on differentiation, but also selects a small segment of the market as in focussed low cost strategy. A fifth strategy is also adopted sometimes, which integrates low cost and differentiation strategy. Here, the customer realises value based both on product features and a low price. Southwest Airlines is an example of a company that adopts this strategy. Operational Strategy Operational strategy is concerned with the process of organising business in order to deliver the corporate and the business-unit level strategic direction. It focuses the on issues of resources, processes, people and so on. Operational strategy is also termed as Functional strategy. Functional levels provide input (input, is usually information on resources and capabilities) into the business unit level and corporate level strategy. After developing the higher level strategy, the functional units translate it into discrete action-plans so that each department follows it to achieve success.
Reg no 511
a. Describe the various roles undertaken by a Project Manager. [5 Marks] b. List and explain in brief the qualities of a Project Manager. [5 Marks] Ans: a. Roles of a Project Manager Leading a project is like leading a department where there are people with different backgrounds and skills, and the project manager has to co-ordinate with all the people to get desired overall result. The project manager should have the skills required to make the project go smoothly. This includes paying constant attention to communication, where it has to be made sure that the project sponsors and the team members are clear on the boundaries and expectations, documenting the project details like the tasks, responsibilities, relationships and understanding the customer and business needs. MeghanaThe project manager is responsible for documenting, in coordination with the project sponsors, a definition of the project. The project manager then makes sure that the project is delivered on time, to budget and to the required quality standard within the agreed specifications. The project manager should ensure that the project is effectively resourced and should also manage the relationships with a wide range of groups which consists of all the project contributors. The project manager is also responsible for handling the work of consultants, allocating and utilising resources in a proper manner and maintaining a co-operative, motivated and successful team. The general roles of a project manager are as follows: Understand and apply the organisational project policies and procedures. Maintain the project staffs technical skill and efficiency, and provide training when required. Establish and maintenance of project quality. Identify and procure the project infrastructure needs. Develop project charter and obtain approval for the same. Define project goals, objectives and success criteria. Identify and document project constraints. Identify and document project assumptions.
Reg no 511
Identify and secure project team resources. Serve as a focal point for project related communications. Develop and present milestone during review briefings. Ensure that Information Technology security is met. The following describes the roles undertaken by the project manager: Understanding the client requirements: The client requirements form the basis of the project. It should be clearly understood, planned and executed so that the project is developed to suit the client needs. For example, if the project is for the bank then their requirements should be clearly understood by the project manager to deliver the project to suit their requirements. Understanding end user requirements: End user requirements of the project of the project should be understood as the clients and the end Meghana users may be different. The project should be developed keeping the end users who are going to use the project. For example if the project is for a bank ATM, then the end-users should also be considered if they are going to use the ATMs for their transactions. Understanding the project scope: The scope of the project defines the project tasks. The project has to be planned keeping the timelines, objectives, output and the delivery date in mind. The project should be defined according to the client requirements and the project should be managed accordingly. Understanding the design: All the basic design requirements should be understood. The functional brief should be developed including the design brief preparation. The design and design process should be developed along with the development of contract documentation. The planning process and obtaining relevant approvals should be managed. Communicating: The client should be given regular reports which are relevant and meaningful. The project progress report should be included in the project delivery kit. For example it may be required to send project status report every week. Also the client should be pre-informed about any likely
Reg no 511
delays/problems. b. Ans: Key Qualities and Skills of a Project Manager Project manager plays a vital role in managing a project and is also responsible for defining roles and responsibilities of each member in the project team. A project manager ensures that the project meets its deadlines with expected quality output according to the specifications given by the client. However, for efficient management of the project, the project manager is expected to have the following qualities1: Leadership ability: It is the ability to lead a group with integrity, openness and receptiveness. A good project manager should strictly adhere to the values, morals and methods as defined by the organisation. Rather, it simply means that the words, actions and decisions of a project manager are bound to certain standards defined. A to suit their defined job ro