Project Management

June 2023 Examination

Ans:1.

The Responsibility, Authority, Competence, and Influence (RACI) matrix is a useful tool that
may help project managers distribute work more effectively. Sincerity, obligation, openness,
and frankness are the bedrock of every fruitful information exchange. Consider the following
for a deeper investigation: We will utilize your feedback to complete a RACI matrix if we
decide to construct a cricket stadium and related amenities.

Concepts and applications:

This is how the average person spends his or her day.

1. Project Management

The success of the operation depended on the team's capacity to plot out a course of action
and set reasonable timelines. The project manager is the one who has to figure out how to fix
these problems. There have to be open lines of communication between the architect and the
management group.

Choosing a Location and Purchasing Property

The next step is to acquire the land and buildings needed to construct the sports stadium and
associated facilities. The proprietor is obligated to attend to this since they hold ultimate
responsibility. The CFO and the DOJ may benefit from hearing from the property
management.

Step 3: Locate and Purchase the Property

Those in charge of designing, constructing, and managing the stadium all agreed that extra
bleacher seating was necessary. Those who made it are the only ones who can alter it. It's
possible that when the design process is over, project managers and site supervisors will need
to meet.

4. Structure:
The vast majority of nearby landowners are averse to chipping in for stadium upkeep or
enlargement. These responsibilities fall within the purview of the development manager.
Product managers have convened a meeting of the product's designers and production
manager to review progress and establish future goals.

Buying and Selling:

In legal parlance, this transaction is known as a "acquisition." The buying manager has an
immediate need for this data. The reports from the purchasing manager were quite useful for
keeping an eye on spending. The project's status is communicated regularly to upper
management.

Goal No. 6: Coordinating Operations

Always remember how far you've come. Because cash flow is so important, management
should always be on the lookout for new ways to boost it. If there are any issues during
construction, the project manager, the accountant, and the foreman will meet to address them.

Roles and responsibilities:

1. The project manager:

Any time the project manager makes alterations to the timeline or budget, they should
communicate those adjustments to the team. This individual should also guarantee that
updates on the project's status are communicated on a consistent basis.

Feasibility Study and Site Selection Committee

The Site Selection and Feasibility Analysis Team is responsible for all preliminary work,
such as site inspections, feasibility assessments, and literature reviews. There will be
continuous communication between you and the project manager. The members of the group
discuss their options.

City planners and designers, number three

The team had to book venues like a stadium and set up lines of communication to make sure
everything went off without a hitch. The success of the challenge depends on everyone's
participation and cooperation with the organizers.

Construction Industry Workforce Organization (4th Edition)

 It is crucial that the construction crew and the project management team keep all lines of
communication open. They may be wondering whether you've changed tactics since you last
spoke with them. A stadium has been proposed for the location.

5. Managing the collection and delivery of apparel and other necessities

The fifth department, dubbed "Procurement and Cloth Control," is in charge of sourcing and
inspecting the quality of the company's textile offerings. Your primary responsibility will be
to report regularly to the project manager on the status of your work.

Quality Control and Assurance Section

Those with advanced degrees in quality assurance or a related subject make up the third
group. Members of the team who are knowledgeable and eager to pitch in might be useful to
the project manager.

Purchasing and Planning for Media,

Those in charge of advertising the stadium and selling tickets made sure that everyone had
access to the same information.

RACI Matrix:

Site
Selection Quality
and Design Procurement Control Marketing
Feasibility and Construction and Material and and
Project Study Planning and Building Management Assurance Promotions
Activity Manager Team Team Team Team Team Team

Site Selection
and Feasibility
Study R A C I I I C

Design and
Planning R C A C I I I
 Site
Selection Quality
and Design Procurement Control Marketing
Feasibility and Construction and Material and and
Project Study Planning and Building Management Assurance Promotions
Activity Manager Team Team Team Team Team Team

Construction
and Building R I C A C I I

Procurement
and Material
Management R I C C A I I

Project
Management
and
Coordination R I I I I I I

Quality
Control and
Assurance R I C C I A I

The RACI Group's members are responsible, accountable, and informed.

A RACI matrix may be used to demonstrate who is responsible for what in a certain
circumstance. The RACI matrix rates tasks in a project based on their relevance. attempting
to make sense of anything in the dark. It's crucial for management to be able to solve issues
and maintain strong staff morale.

If we wish to keep getting feedback on the project's course, we must start planning
consultations. The term "consulting" keeps coming to me as I attempt to explain the scenario
succinctly. All parties concerned are well aware of the issue.

Conclusion
Project managers may find the RACI matrix useful in establishing roles and responsibilities.
Using a RACI matrix, we planned the construction of a cricket stadium and associated
amenities.

Each "cell" in this matrix has a unique CEO or executive team in charge of it. A RACI matrix
may be used to keep track of a project's progress, cost savings, and stakeholder satisfaction.

Ans:2.

Introduction:

Effective assignment management is built on planning, comprehension, and standards. To

meet the project's financial, operational, scope, and schedule goals, effective project
management is necessary. The elements that contribute to the successful launch of a new
mission will be thoroughly discussed in this article.

the building of a cutting-edge cricket stadium. Tools for project management that enhance
work tracking and reporting. There will be a thorough explanation of the project manager's
duties, including monitoring progress.

Concept and Application

1. a study of potentiality:

The likely result is affected by commercial, environmental, economic, and technological

factors. Due to commercial and regulatory uncertainty, project success is difficult to forecast.
Before construction on the land can start, it must pass a professional examination. The results
of the investigation may shed light on the team's difficulties and provide remedies.

2. an economic strategy:

These rough calculations take into account the high price of pricey surgical and medical
equipment:

The next step is to strengthen the building and increase output. The results of this study may
help guide future cost-cutting initiatives and more precise project cost estimations. When all
aspects are taken into account, the finest and most economical alternatives often win out. An
accurate estimate can only be given by real authorities in the field.

The stadium and related infrastructure are still being built.

As you work on the design, keep in mind the competition rules, the results of your feasibility
study, and the restrictions you must follow. We promise to abide by all applicable
international laws. Any and all submissions will be thoroughly evaluated by the competition's
directors. Those who are in a position of financial security should immediately review their
current safety nets, especially their insurance coverage.

4. Getting the Necessary Materials:

Preparing the necessary safety equipment for a construction work requires time and effort.
Your group's capacity to make purchases from respectable merchants without accruing severe
debt is essential to the project's success.

5. Creating and Putting in Place a Framework

If you want your online purchases to arrive on schedule and unharmed, you need prepare
ahead of time. If you don't get ready in time, both you and your suppliers run the danger of
missing their deadlines.

Finally, sixth:

There are several varieties of command and control systems, including:

Better time and financial records will need to be kept in the future. High-tech tools and a
large crew of expert laborers are needed for this. Rapid issue resolution is essential to staying
on schedule.

The stadium will be turned over to the host city when final adjustments are completed. The
building was prepared for use after a thorough cleaning and the installation of brand-new
fixtures and furniture. Customers who can be honest with staff members in a relaxed
environment are a great source of information for identifying and resolving issues.

The following tactics and methods will be used to make sure this project is completed on
time:

The project may be completed on schedule if sufficient time and effort are invested in
planning. A project's scope and expense will change as it progresses through its phases.
Even the most scary projects may be broken down into more manageable components with
the use of work breakdown structures (WBSs). This tool may help with both the diagnosis
and the choice of corrective measures.

Gantt charts, which resemble bar graphs, may be used to project the project's length. The
starting and ending times for each event are shown below. How much longer do projects take
when they are started after you have already started them?

The basis of sound financial management is creating and following a budget. A change can
be required if real expenses are greater than anticipated.a

Projects are less likely to have delays or cost overruns due to unforeseen circumstances when
adequate risk management is used. A leader has to possess this quality greatly while the
situation is changing.

Profit as much as you can from this happy occasion. We run every product through a battery
of demanding testing before making it available to the general public.

Before I can effectively frustrate the objectives of the adversary, I need to have a
comprehensive understanding of the tactics they use. In conclusion, I can't wait to hear their
recommendations on the next steps to take.

There is a critical need for assistance that is knowledgeable, prompt, and reasonably priced.
Any unforeseen expenses may be mentioned here in the purpose of maintaining open
communication and staying within the financial plan that was established.

It would be lot easy to have open lines of communication if we were all on the same page
about our financial status. If I am serious about increasing the economy, it is possible that I
may need to take some contentious moves.

In the event that the problem is not effectively handled, downtime may occur because the
capabilities of the system are diminished. The group did an excellent job of determining the
risks and ranking them in order of importance. The group did an excellent job of categorizing
and determining the possible threats that were there. If you pay more attention to what's
going on around you, you could find that you're better prepared to handle potentially
dangerous situations.

Conclusion:
The building of cricket stadiums and related infrastructure must be managed by a skilled
project manager. A few unique instruments are necessary for the venture control method of
monitoring company growth.

The mission plan will include the operation's goals, schedule, and success factors.

There won't be any significant catastrophes as long as I am in command. We may gain a

general notion of the possibility of interruption by comparing the anticipated duration of the
present approach with that of the anticipated issue. The reliability of a system is inversely
correlated with the strength of its weakest link.

Ans:3(a)

Introduction:

The cricket stadium and its supporting facilities were just constructed by the ABC Company.
There is a distinct set of preconditions and commercialization schedules for each of the three
outcomes.

When comparing the value of potential investments, a discount rate of 8% per year is often
used as a benchmark.

Concepts and applications:

Discounting future cash flows:

The discounted cash flow (DCF) method uses a discount rate to revise projected cash flows.
The discounted cash flow (DCF) approach may be used successfully to foresee investment
returns. The future cash flows of an investment are predicted in light of the investment's
attributes and expected returns, and then discounted using the interest rate, to arrive at the
investment's present value.

Utility:

The present value is determined by applying a zero percent discount rate to the expected cash
flows in the future.

The present value (PV) of an investment is calculated by discounting its expected future cash
flows to the present.
In the next six years, ABC Application Services may allocate resources to one of three
possible sectors.

Current value may be calculated by discounting future cash flows at 8% per year. Potentially
helpful for cost forecasting in the future.

The idea of net present value (NPV) is often used by financial professionals to evaluate the
value of an investment. The present value of a project is calculated by discounting its
expected cash flows at a fair rate.

The following formula may be used to calculate NPV:

NPV = (C1 / (1 + r) ^1) + (C2 / (1 + r)^2) + ... + (Cn / (1 + r)^n) - I

Where:

Cash flows in periods 1–n, denoted by C1–Cn; discount rate, denoted by r I: the first outlay of
money

Use the following cash flow + discount rate to get the NPV of each alternative:

Option-I:

NPV = (5 / (1 + 0.08)^1) + (5 / (1 + 0.08)^2) + (5 / (1 + 0.08)^3) + (5 / (1 + 0.08)^4) + (5 / (1 + 0.08)^5)

+ (5 / (1 + 0.08)^6) - 20 NPV = 4.38

Option-II:

NPV = (10 / (1 + 0.08) ^2) + (5 / (1 + 0.08) ^3) + (5 / (1 + 0.08)^4) + (5 / (1 + 0.08)^5) + (5 / (1 +

0.08)^6) - 25 NPV = 3.98

Option-III:

NPV = (10 / (1 + 0.08) ^2) + (10 / (1 + 0.08) ^3) + (5 / (1 + 0.08)^4) + (5 / (1 + 0.08)^5) + (5 / (1 +

0.08)^6) - 30 NPV = 3.72
Now that the cricket stadium and its related facilities are complete, ABC Company may
officially shut its books. The most gain may be expected if the company chooses Option I.
Discount rates for Option I are 4.38%, Option III is 3.98%, and Option II is 3.72%. These
results suggest that NPV might be a helpful tool for calculating the value of investments and
making difficult choices.

Ans: 3(b)

Introduction:

The ability to effectively use triple constraints is a must-have skill for every project manager
worth their salt. The term "triple need" is used to describe a scenario in which three different
types of resources are needed to complete a single task.

The project's failure may be attributed to a lack of planning in several areas. Performing in
front of a rowdy, raucous stadium crowd presents at least three difficulties. This article delves
into the triple limitation using relevant criteria, approaches, and examples.

Concepts and applications:

These three limitations exist for every project:

In my experience, the three most important limitations are time, budget, and project scope. A
scenario's resolution might have far-reaching implications for the others. The project might
go ahead if everyone involved has the same expectations.

The time you waste is seldom time well spent.

The other squad is making repeated attempts to reduce the deficit. A stadium event might
need a significant amount of time to prepare for.

Time:

The project management team needs a hard due date. During the day, we went to a baseball
and a museum.

Avoiding the need for legal representation is the best way to save money on legal fees.

Cost:
For stadiums to be financially viable, they must have pricing autonomy for major events.
Guests may still have a great time even if you run out of party supplies.

In no instance may more than $1,000,000 be spent on the event. This sum include not only
wages but also venues expenses.

Scope:

The information that is previously known about a project, such as its needs and parameters,
will act as a constraint on the scope of that project. The amount of time and effort that is
required to plan an event, such as one that is conducted in a stadium, might reduce the
significance of the event. The responsibility for ensuring that everything goes according to
plan lies firmly on the shoulders of the person who is managing the project.

It is always possible to identify something wrong with the promotional efforts of a business
or an event. When there are only a certain number of resources available, it is of the highest
significance to limit the scope of the project to a range that is feasible. Help get the word out
and make sure that every single one of the 10,000 people the commander of the mission
invited really shows up and participates.

Conclusion

The Triple Constraint Approach may be useful for project managers in a number of different
contexts. Successful project management may be gauged by the percentage of projects that
are completed on time and within budget.

Time needed to prepare for a big stadium event is affected by several factors, including
available resources and expected results. Cutting costs may appear impossible without
compromising the project's viability.