final mod 4 Flashcards
Describe Project Management life cycl
The Project Management Life Cycle (PMLC) encompasses the phases through which a project
progresses from initiation to closure. Unlike the Software Development Life Cycle (SDLC), which
focuses on the technical stages of developing a software product, the PMLC includes broader
managerial activities that span the entire duration of the project. It involves initiation, planning,
execution, monitoring, controlling, and closing of the project
Steps Involved in Project Management Life Cycle
The project management life cycle involves a structured approach to planning, executing, and closing
projects. Here are the key phases:
1. Project Initiation
o Concept Development: Understand the software’s scope, constraints, costs, and benefits.
o Feasibility Study: Determine if the project is financially and technically viable.
o Business Case: Developed after the feasibility study and approved by top management.
o Project Charter & Team Formation: Once the business case is approved, the project
manager is appointed, the charter is created, and the team is formed.
o W5HH Principle: Answers key questions about why, what, when, who, where, and how
the project will be executed.
2. Project Bidding
o Request for Quotation (RFQ): Used when there is a clear understanding of the project
and possible solutions.
o Request for Proposal (RFP): Used when the organization understands the problem but
not the solution, to explore different solution options.
o Request for Information (RFI): Used to assess vendor competencies and shortlist
suitable vendors for the project.
3. Project Planning
o Project Plan: Identifies tasks, assigns resources, and sets timelines.
o Resource Plan: Lists all the resources (manpower, equipment) needed for the project.
o Functional Plan: Covers plans for manpower, equipment, and costs.
o Quality Plan: Outlines quality targets and control measures.
o Risk Plan: Identifies potential risks, prioritizes them, and creates action plans to manage
them.
4. Project Execution
o Task Execution: Tasks are carried out as per the project plan.
o Quality Assurance: Processes are followed to ensure the quality of deliverables.
o Completion: Once all deliverables are produced and accepted by the customer, the
project enters the closure phase.
5. Project Closure
o Deliverables Release: All required deliverables and necessary documentation are
provided to the customer.
o Resource Release: Project resources are released, vendor agreements are terminated, and
pending payments are completed.
o Post-Implementation Review: Analyze the project’s performance, learn lessons, and use
them in future projects.
This life cycle ensures that a project is well-planned, executed efficiently, and closed properly, leaving
valuable insights for future projects.
. Demonstrate activities covered by software project management with neat diagram
Software Project Management involves a series of well-structured activities that guide the development
and delivery of software systems. The process typically includes several phases, each with specific
tasks to ensure the project meets its objectives, timeline, and budget
- Feasibility Study
Purpose: To determine whether a project has a valid business case and is worth pursuing.
Activities:
o Gather information on requirements.
o Estimate developmental and operational costs.
o Evaluate the benefits of the system.
o Assess whether the project is feasible from both financial and technical perspectives.
o The feasibility study can be part of a broader strategic planning exercise for prioritizing
potential software developments. - Planning
Purpose: To define the approach for carrying out the project and ensure proper resource
allocation.
Activities:
o If the feasibility study shows the project is viable, initiate the planning phase.
o Outline Plan: Develop an outline plan for the entire project.
o Detailed Plan: Create a detailed plan for the first stage of the project.
o As the project progresses, detailed planning for later stages is carried out based on
updated information.
o Planning involves setting timelines, identifying resources, and formulating risk
management strategies. - Project Execution
Purpose: To execute the project plan, complete tasks, and achieve the project goals.
Activities:
o Project execution involves the actual design, implementation, and testing phases.
o This phase includes:
Design: Define the architecture, interfaces, and design elements of the system.
Implementation: Develop the software according to the design specifications.
Testing: Test the software to ensure it meets the requirements and is free of
defects.
o Regular monitoring and adjustments are made during this phase to stay on track. - Requirements Analysis
Purpose: To establish a clear understanding of what the software must do to meet the users’
needs.
Activities:
o Conduct requirement elicitation or requirement gathering sessions to identify user
needs.
o Analyze and document functional and non-functional requirements.
o Review and update original information obtained during the feasibility study, and
supplement it with new findings.
o This phase ensures the project scope is clear and aligns with stakeholder expectations.
. Explain various stages of contract management.
Stages of Contract Management
Contract management ensures that all parties fulfill their obligations efficiently, maximizing
operational performance while minimizing risks. The process includes various stages, from identifying
the need for a contract to its closure.
1. Request and Creation
Request: The first stage involves identifying the need for a contract. This includes gathering
relevant information to draft the terms and conditions.
Creation: The contract terms are drafted to align with the requirements and objectives of both
parties.
Example: A software company needs a third-party developer for a project. The project manager
identifies the need for a contract and gathers details like scope, timelines, and payment terms.
2. Negotiation
Negotiation: The parties involved discuss and negotiate the contract terms. Revisions and
adjustments are often made to ensure mutual agreement.
Example: The software company and developer negotiate terms, where the developer might request
more time or higher payment, and the company might request milestone checks for progress.
3. Approval and Execution
Approval: The contract is reviewed and approved by stakeholders, including legal departments,
to ensure all terms are in line with laws and policies.
Execution: Once approved, both parties sign the contract, making it legally binding.
Example: After both parties finalize the terms, legal teams review the document. Once approved, both
the software company and the developer sign the contract.
4. Obligations and Performance
Obligations: Both parties must adhere to the terms agreed upon in the contract.
Performance: The project manager ensures that the work progresses as agreed, and
performance is regularly monitored for compliance.
Example: The developer works on the project according to the deadlines and deliverables, while the
software company provides resources and makes payments as per the contract.
5. Modification and Renewal
Modification: If any changes are needed during the contract, such as scope adjustments or
additional work, amendments are made.
Renewal: When the contract nears completion, parties review it and may negotiate a renewal or
extension.
Example: The software company requests new features not in the original contract. The contract is
amended to include these, and payment terms are adjusted. Upon project completion, the company and
developer discuss ongoing maintenance or renewal.
6. Closure
Closure: Once all contractual obligations are met, the contract is formally closed.
Final Review: A final check ensures all requirements are fulfilled before the contract is closed.
Example: The developer completes the project. The company reviews deliverables to ensure they meet
standards. After confirmation, the contract is closed, and the final payment is made.
These stages ensure that the contract is well-managed throughout its lifecycle, helping to avoid disputes
and ensure the project is completed successfully.
Explain project risk evaluation
Risk Evaluation in Software Project Management
Risk evaluation is a critical step in identifying and analyzing potential risks in a software project to
prioritize them based on their likelihood and impact. It helps in deciding which risks need immediate
attention and mitigation.
Steps in Risk Evaluation:
1. Identify Risks:
o The first step is to identify all potential risks that could affect the project, including
technical, operational, financial, or external risks.
o Example: Risks such as technology failures, budget overruns, or resource shortages.
2. Assess Risk Probability:
o Estimate the likelihood of each risk occurring, typically categorized as high, medium, or
low.
o Example: If a new, untested technology is being used, the probability of failure could be
high.
3. Assess Risk Impact:
o Evaluate the potential consequences of each risk on the project’s goals, such as scope,
budget, timeline, and quality.
o Example: A risk of a technology failure could delay the project by several months,
impacting the timeline and quality of the deliverables.
4. Calculate Risk Exposure:
o Risk Exposure = Probability of Occurrence × Impact
o This helps to determine the severity of each risk.
o Example: If the probability of a technology failure is 40% (0.4) and the impact is
significant (8), the risk exposure is 0.4 × 8 = 3.2. The higher the value, the higher the
priority for mitigation.
5. Prioritize Risks:
o Based on the risk exposure, prioritize risks as high, medium, or low.
o High Priority: Immediate action is needed to mitigate the risk.
o Medium Priority: Monitor and mitigate as needed.
o Low Priority: Minimal action required.
o Example: A high-priority risk might involve a potential system failure that could delay
the entire project, while a low-priority risk might be related to minor functionality issues.
Conclusion:
Risk evaluation helps in identifying which risks could have the most significant impact on the project
and need immediate action, ensuring better project management and smoother project delivery. By
assessing risks, calculating exposure, and prioritizing them, the project team can take proactive steps to
mitigate or manage the risks effectively
Explain cost benefits of evaluation techniques.
Cost Benefits of Evaluation Techniques
Evaluation techniques help in assessing the viability, risks, and returns of a project or investment.
Understanding their cost benefits helps organizations make informed decisions. Below are the key
points:
1. Helps in Resource Allocation
Benefit: Evaluation techniques provide insights into where resources (time, money, manpower)
should be allocated for maximum returns.
Example: By evaluating a project’s potential, companies can allocate resources to the most
profitable and low-risk options.
2. Identifies Cost-Effective Solutions
Benefit: Evaluation techniques help in identifying more cost-effective alternatives or solutions
by comparing different options.
Example: Evaluating different suppliers or methods may highlight a cheaper but equally
effective option.
3. Reduces Risks of Over-investment
Benefit: Cost-benefit evaluation prevents investing too much in projects with low potential
returns or high risks.
Example: It avoids over-spending on a project that has a low probability of success, saving
unnecessary costs.
4. Maximizes Project Profitability
Benefit: By evaluating potential benefits against costs, organizations can focus on projects that
yield the highest return on investment.
Example: Prioritizing projects with higher profit margins or growth potential ensures better
financial outcomes.
5. Supports Decision Making
Benefit: Provides a clear picture of the costs and benefits involved, aiding managers in making
informed decisions.
Example: Evaluation helps in deciding whether to proceed with, cancel, or modify a project
based on the cost-benefit analysis.
6. Facilitates Budget Control
Benefit: Evaluating costs and benefits allows for better budget control, ensuring projects remain
within budget constraints.
Example: Continuous evaluation during the project helps avoid overspending and ensures
financial discipline.
7. Improves Financial Planning
Benefit: Regular cost-benefit evaluation allows organizations to revise and improve their
financial planning and forecasts.
Example: Re-assessing project costs can lead to adjustments in the overall financial strategy and
projections for future projects.
8. Ensures Long-Term Sustainability
Benefit: By analyzing long-term costs and benefits, evaluation techniques ensure that decisions
support sustainable growth.
Example: Choosing a project with long-term benefits rather than short-term gains ensures the
organization’s ongoing success.
Conclusion
Cost-benefit evaluation techniques are essential for improving project efficiency, maximizing returns,
and managing risks. By using these techniques, organizations can ensure their investments are justified
and focused on high-value opportunities.
