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smu mba semester 2 solved assignments for Q. Define project management. Discuss the need for project management.

Answer: Project Management is all about a mindset. The major characteristics of project mindset.

Characteristics of project mindset
a) Time: It is an important parameter in framing the right mindset. It is possible to improve the pace of the project by reducing the time frame of the process. The mindset is normally to work out a comfort mode by stretching the time limits.

b) Responsiveness: It refers to quickness of response of an individual. The vibrancy and liveliness
of an individual or an organisation are proportional to its capabilities to respond to evolving processes and structure.

c) Information Sharing: Information is power. Information is the master key to today’s business. Information sharing is an important characteristic of the project mindset today. A seamless flow of information is a key to build a healthy mindset among various stakeholders in a project.

d) Processes: Project mindset lays emphasis on flexible processes. The major difference in a process and a system is in its capabilities of providing flexibility to different situational encounters. Flexible processes possess greater capabilities of adaptability.

e) Structured planning: Structured planning based on project management life cycle enables one to easily and conveniently work according to the plan. It also enables efficient use of project resources and prioritisation of the activities based on resource planning.
Hence having a right mindset and flexible processes in place is very important for a sound project management. Now let us have an assessment exercise.

 Execution of a project is the heart of any Project Management. Many organisations fail in executing their well planned projects in spite of following various procedures. Facts reveal that the success rate is dependent on whether the company or the organisation is fundamentally strong to handle such projects or not. There are certain processes, systems and structure required for a sound execution of a project. What is essential for a project to become successful has to be clearly listed. It is extremely important that you implement each process in its entirety and that you communicate the process clearly to your project team.

Need for project management
Project management is necessary because –
a) a project requires huge investments which should not go waste
b) a loss in any project would have direct or indirect impact on the society
c) prevent failures in projects
d) scope of the project activity may undergo a change
e) technology used may change during the course of project execution
f) consequences of negativity in project related problems could be very serious
g) changes in economic conditions may affect a project


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