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Project Management Assignment Submitted By: Yash Raj Singh Bba 4B A45806418065 Under The Guidance: Prof. Fakhruddin Khan

This document contains answers to two questions for a project management assignment. [1] It defines a project manager and explains why communication and conflict management skills are important. Effective communication is key to project success and resolving conflicts between team members and stakeholders. [2] It describes the budgeting process, including creating a task list, estimating costs, and getting approvals. It explains that a cost breakdown structure provides a breakdown of costs for each work breakdown structure component and integrates with cost control.

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113 views5 pages

Project Management Assignment Submitted By: Yash Raj Singh Bba 4B A45806418065 Under The Guidance: Prof. Fakhruddin Khan

This document contains answers to two questions for a project management assignment. [1] It defines a project manager and explains why communication and conflict management skills are important. Effective communication is key to project success and resolving conflicts between team members and stakeholders. [2] It describes the budgeting process, including creating a task list, estimating costs, and getting approvals. It explains that a cost breakdown structure provides a breakdown of costs for each work breakdown structure component and integrates with cost control.

Uploaded by

rohan kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Project Management Assignment

Submitted by : yash raj singh

BBA 4B

A45806418065

Under the guidance: Prof. Fakhruddin Khan

Q. 01: Who is the Project Manager? Why a Project


Manager should have communication and conflicts
management skills?
Q. 02: State and explain budgeting and cost breaking
down structure.

Answer 01 :- A project manager is a professional in the field of


project management. Project managers have the responsibility of
the planning, procurement and execution of a project, in any
undertaking that has a defined scope, defined start and a defined
finish, regardless of industry. A project manager participates
directly in the activities that produce the end result, but rather
strives to maintain the progress, mutual interaction and tasks of
various parties in such a way that reduces the risk of overall
failure, maximizes benefits, and minimizes costs.
Project success depends on effective communication and this is
the importance of communication in any project.
Improving communication maximizes success and minimizes
risk. Thus we can say if a project manager can develop
effective communication with its stakeholder, this may mean
more projects for him and the team.
Conflict management within a team environment requires the
ability to solve problems, set goals, compromise, settle
personality differences, and resolve conflicts. Training for project
managers in this area is necessary for their success, as they are
typically responsible for handling conflict during a project.
As project managers we all have to deal with conflict as
part of our role. Conflict situations arise throughout the
life-cycle of a project. You will have conflicts with clients,
stakeholders and team members as well as witness
conflicts between them. Conflict management goes hand
in hand with project management.

Following are the skills that a project manager should


have to adopt while resolving any conflicts :

Communication
Active listening
Negotiation
Collaboration
Stress Management
Emotional Awareness

Answer 02:- The process of creating plans to spend and


use money in an organization makes up budgeting.
Budgeting helps determine the spread of money available
for project consumption. Thus avoiding over-utilization
and allowing balancing efficiency and effective workflow.
Execution of budgeting in project management is
essential. The project manager holds responsibility for the
streamlined working of the project. This ensures that
project efficiency, standards, time and quality are not
overlooked.
A good project budget would include the following cost
planning:
1. Labour costs.
2. Material costs.
3. Operating costs.

Project Budgets can be of two main kinds:

1. Resource Budget (matters concerning cost


allocation for internal resources).
2. Financial Budget (matters concerning cash flow,
payments and external resources).

Steps to create budget of a project:


1. Create a task list to focus on requisite cost
elements for the project.
2. Use historical data to research similar projects and
the costing involved.

3. Estimate components based on project


requirements, market research and find cost-
effective and efficient alternatives.

4. Use market references to understand how


competitors and seasoned companies manage
budgetary control of their projects.

5. Take advise of experts to curb down doubts and


obtain opinions to improve decision making.

6. Confirm accuracy of report with internal research


and discussion with respective departmental heads.

7. Streamline the budget based on research and


planning done in the above steps.

8. Test the budget on pilot projects for sample usage


to understand efficiency and practicality.

9. Get approval from respective authorities.

Cost Breakdown Structure (CBS) represents a breakdown


of the costs of the various components of the Work
Breakdown Structure (WBS) including all works or
services done by the subcontractors. It is used to
continuously compare the actual costs with the budget,
and integrate to the cost control system.
Key features:

An overall visual insight of project finances in a mind map


Work breakdown structure (WBS) and cost breakdown
structure (CBS) integrated together
A new income/expense can be created directly from the
mind map
Customizable legend and currencies
Print (or export to PDF) the mind map including budgets
for each project and task.

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