INTERNAL ASSIGNMENT

PROJECT MANAGEMENT

ANSWER 1

Introduction

A project proposal is a written document that informs all pertinent parties about a project and
includes its timetable, budget, objectives, and goals. The project proposal should summarise
the project's specifics and introduce the initiative to possible stakeholders.

A project charter is a formal, typically condensed document that describes your project in its
totality, including its objectives, the steps you'll take to achieve them, and the people
involved. It is a crucial part of project planning because it is utilised throughout the entire
project.

The project budget is a technique used by project managers to estimate a project's overall
cost. In a project budget template, every expense that is likely to be incurred before the
project is concluded is accurately estimated. Large commercial projects may have budgets
that are several pages long.

Concept

Project Proposal of Farewell Party of 2022-23 Batch

Project Charter:

It includes the following:

i. Project Overview

1. Name of the Project Farewell Party of 2022-23 Batch

2. Date of the Project 3rd January 2023

3. Event Venue Krishna Farm, SG highway, Ahmedabad

4. Time of the event 7 pm onwards

5. Name of Contact person Aryan Verma

6. Number of Contact person 9894531268

ii. Project Description

A farewell is a greeting given to someone who is departing from a place of business,

dwelling, or other gathering. To say farewell and best of luck to those who are departing, a
farewell is organised. It aids in sending the word that individuals they are leaving behind will
miss them. Farewell dinner is part of a farewell party.

iii. Project Objective

● It helps in saying goodbye.

● Opportunity for relive the memories
● To leave a last imprint of school in the minds

iv. Project budget

Sr. No. Tasks Quantity Price (in Total (in Rs.)

of Task Rs.)

1. Welcome Drinks 60 30 1,800

2. Dinner 60 500 30,000

3. Rent of Krishna Farm for party 1 3,000 3,000

4. Invitation 60 70 4,200

5. Speaker Equipments 5 300 1,500

6. Helping Hands 20 100 2,000

7. Souvenir 60 50 3,000

Total 45,500

Conclusion

Project charter and project budget are sub-segments of project proposal. Developing and
adhering to a Project Charter is crucial for a project's success. The objectives of the project,
who is in charge of what, and how the team will cooperate to succeed will all be described in
this document. A project charter is essential because it improves responsibility, clarity, and
communication. KnowledgeHut's project management courses include project management
courses that will help you get started on the right foot if you're looking to learn more about
developing and putting into practise a Project Charter.

ANSWER2

Introduction
Project feasibility requires examining a project's various elements to determine whether it has
the potential to succeed. Before beginning a project, a business might evaluate its feasibility
to identify potential issues, develop remedies, and eventually attract investors.

A feasibility study thoroughly investigates a proposed project and considers every element
that is essential for success in order to determine its likelihood of success. A project or
business venture is assessed for viability as part of a feasibility study to see whether it will be
successful.

1. Technical feasibility

It helps organisations assess whether their technical resources are sufficient and whether their
technical team is equipped to translate ideas into working solutions.

2. Economic feasibility

This assessment frequently involves a cost-benefit analysis of the project before assigning
financial resources to assist firms in evaluating the viability, expenses, and advantages
associated with a project.

3. Legal feasibility

This investigation looks at any potential legal infractions of the project, including those that
might contravene social media laws, data protection laws, or zoning ordinances.

4. Operational feasibility

Research is required to ascertain whether and how well the project will meet the needs of the
company in order to make this judgement.

5. Market feasibility

Market viability must not be confused with economic viability. It is crucial to consider the
potential effects of market demand, competitive activity, and available market share while
conducting a market feasibility analysis.

6. Social feasibility

The social viability assessment looks at the potential effects a proposed project might have on
the local social structure. A given category of personnel could be in short supply or
unavailable because of the socioeconomic nature of the area.

7. Environmental feasibility

The environmental element is crucial to the success or failure of any potential project. This
problem must be taken into consideration right from the start of the project.

Project Risk
To prevent or lessen loss or business failure, a project risk analysis analyses a project's
progress from start to finish. Depending on the nature, degree of complexity, and length of
the project, risks have varied fundamental causes.

1. Cost Risk

Lack of funds or inadequate financial management brought on by an overly ambitious budget

or other constraints may jeopardise the project's viability.

2. Schedule Risk

The scheduling risk is the possibility that project tasks and activities will take longer than
expected to complete. due to the repeated cost increases, slowed project benefits, and
changed schedules that arise from schedule delays.

3. Scope Risk

The project's initial intended scope may change without permission or under uncontrolled
circumstances cause an increase in the price of certain features, products, or services.

4. Performance Risk

The possibility that the project won't produce the results and benefits outlined. The
performance risk is referred to as the project specifications.

5. Resources Risk

Resource risk exists in every endeavour to some extent. The resources of every undertaking
are their project managers spend a lot of time making sure they have the right foundation.
They must accomplish the goals of the project.

Concept

The project lifetime is the sequence of phases that a project goes through. The cycle's number
of phases and chronological order may fluctuate depending on the company and the type of
project.

1. Initiation stage

The need for the project is established as the initial stage of project farewell. It is an
event to bid goodbye to the batch 2022-23 and therefore the project farewell is being
planned. Farewell is a lifetime moment for every student.

a. Feasibility - Environmental feasibility is important since they must consider

whether the environment and weather will be suitable for the event.
b. Risk - Whether the farewell’'s goals are met or not, there is a scope risk
defined.
2. Planning stage
 The farewell's specifics have been decided. Information is produced regarding the
farewell's events, timing, venue, and resources that will be offered. Project budget is
also estimated at this point.

a. Feasibility - Economic feasibility results from the equitable and efficient

distribution of costs and financial resources.
b. Risk - When there aren't enough cash or resources, there is a cost risk.
3. Execution stage

The stage of execution is when the work is finished. It refers to the point at which the
farewell will happen.

a. Feasibility - Technical feasibility occurs when there are sufficient technical

resources to carry out the project farewell.
b. Risk - When all the resources are sufficient and used efficiently for the project,
there is no resource risk.
4. Monitor and control stage

The execution procedure also includes monitoring and controlling. It means that a
large degree of monitoring and controlling will be required for the farewell's proper
execution.

a. Feasibility - Operational feasibility is the study of whether or not an event's

operations will be successful when they are finished.
b. Risk - A schedule risk emerges when all of the operations are carried out in
the order and at the times scheduled.
5. Closure stage

It is the phase in which all tasks have been finished and the outcomes have been
authorised. It refers to the time when each student will leave the venue with so many
memories of attending this prestigious university.

a. Feasibility - Social feasibility refers to how the reunion will benefit society as
a whole and all of the attendees.
b. Risk - Performance risk refers to whether or not the project met its objectives.

Conclusion

Project life cycle phases are included because they are crucial to the accomplishment of a
project. The project life cycle shows the degree of consistency in project management, and
each stage requires approval. To assess the project's state as it moves through each phase,
some sort of evaluation must be conducted.

ANSWER3
PART A

Introduction

In project management, the work breakdown structure (WBS) is a technique for finishing a
challenging, multi-step project. It's a strategy for dividing up complicated undertakings into
doable bits so that you may do them more quickly and effectively. The purpose of a WBS is
to lessen the size and complexity of a big project. Segmenting the task enables multiple team
members to work on it simultaneously, boosting team productivity and facilitating project
administration.

Concept

Work breakdown structure for farewell

Conclusion

A work breakdown structure is a visual representation of all the deliverables or tasks

necessary to reach the project's end goal. A WBS breaks down a big project into a lot of
smaller tasks that can be easily handled and finished by smaller teams, making the project
look much less frightening. The most important element of the Scope Baseline is the Work
Breakdown Structure (WBS) Dictionary, which is frequently connected to traditional project
management methodologies. However, project managers all over the world opt to adopt it
because to its many benefits, including improved project time and cost estimation and early
identification of potentially problematic dependencies early in the project.

PART B

Introduction

A project management tool known as a Gantt chart aids in the planning and scheduling of
various types of projects. However, they are especially useful for simplifying difficult
projects.

To indicate start and end dates, dependencies, scheduling, and deadlines, as well as the
percentage of a task that has been completed in each phase and the task owner, horizontal bar
charts are constructed utilising project management timelines and tasks.

Concept

The vertical axis represents all the activities and resources of farewell and the horizontal axis

represents the time scale. The time scale can be absolute time and relative time.

Gantt chart for the farewell

Conclusion
The Gantt chart is still recognised as the most common project management tool and is
generally seen as a global standard despite being one of several management tools created
after it. This is the best tool accessible to project managers in comparison to the competition
for developing project schedules and managing them in relation to deadlines.

Project managers utilise Gantt charts because they are straightforward and user-friendly.
Numerous features are offered by the application, including the ability to see different tasks,
activity dependencies, time restrictions, and project progress evaluations in relation to the
schedule. As a result, it is simpler for project managers to supervise and execute the project
as intended.