Project Management & Entrepreneurship Answer We could manage value creation by keeping good control over 1. Quality operation Quality operation is the act of overseeing all conditioning and tasks that must be fulfilled to maintain a asked position of excellence. 2. Quality of products or services It includes the determination of a quality policy, creating and enforcing quality planning and assurance, and quality control and quality enhancement. Capability to attract, develop, and keep talented people Organization. should have capability to manage the professed workers. 1. Use of commercial means means are important for any kind of business as it allows businesses to gain profit, ameliorate the business’ value and keep the business up and running. Financial soundness The main areas of fiscal soundness that should be examined are liquidity, solvency, profitability, and operating effectiveness of a company. Capacity to introduce Innovation capacity refers to produce and exploit new products, services or processes over long ages of time. PART- 4 Creating and Sustaining Enterprising Model and Organizational Effectiveness. nd Questions Answers Long Answer Type and Medium Answer Type Questions Que2.12. Write the way to produce an enterprise model? Answer The following way are involved in process of creating a new enterprise Identification of business occasion The process of relating Copportunity involves relating the requirements and wants of the guests, surveying the terrain, understanding the contender’s policyetc. 2 Generation of business idea The ideas that give value for the client, profit for the entrepreneur and benefit for society and can be converted into products of services are called business ideas, Entrepreneurial Idea & Innovation economically and technically feasible or not. Feasibility Study Feasibility study is a detailed disquisition of the proposed design to determine whether the design is financially, Preparation of a business plan In this step an entrepreneur prepares a good business plan, designs and creates the organisational Launching the enterprise At this step the entrepreneur hunts for suitable position, design the demesne and install ministry and fulfill structure for perpetration of the plan. some legal formalities like i Acquiring license. 11. authorization from original authorities. üi. blessings from banks and fiscal institution. iv. Registration etc. Que2.13. Explain different strategies to grow an enterprise? 2- 10 R( HSMC- Sem- 7 & 8) 3. 4. 5. Answer Different strategies to grow an enterprise are Hire the right people With hardworking workers devoted to your company’s success, your business will be better equipped for uninterrupted growth. Focus on established profit sources Rather than trying to acquire new guests, direct your attention to the core guests you formerly have. Reduce your pitfalls threat is an ineluctable part of starting and growing a business, but there are numerous ways to limit internal and external pitfalls to your company and its growth. 1. 2. 3. 4. Be adaptable One particularity that numerous successful startups have in common is the capability to switch directions snappily in response to changes in the request. 5. Boost your client service Another great system of growing your business is to concentrate on furnishing superior client service. Research your challengers While this might not affect in immediate growth, but probing your challengers is one of the most important way in launching your business. 6. 7. 8. Invest in yourself In the early stages of your business, you will probably see a veritably spare profit periphery( or no profit at each), so any plutocrat you do make should go directly to helping you grow. Always suppose ahead Allowing ahead helps in reviewing all ongoing contracts, like comparing rates and seeing if you can negotiate a better deal. Que2.14. How to maintain an organisational effectiveness? 1. Answer Organisational effectiveness is maintained by Clear decision rights Organizational effectiveness requires real decision rights and coffers to prioritize and apply changes to avoid getting wedged in a cycle of pitfalls while being unfit to effecte change.17/65 2 Strong leadership commitment metamorphoses with strong leader involvement are more likely to succeed, and if opinions are right places and liabilities are clear. 6. 3. Strategy first Strategy sets out the pool capabilities, chops and capabilities that association needs, and how they can be developed to insure a sustainable, successful association. 4. Business- unit involvement Leaders should align to applicable enterprise to enable flawless perpetration and insure the association isn’t operating inefficiently. 6.. Balance authority and responsibility No matter where the workers fit within the organizational structure, they should be given equal measures of authority and responsibility. Que2.15. Give strategies for a sustainable enterprise model. Holistic approach The leaders should address a holistic set of conduct. to insure the asked issues are actually achieved. These conduct. include motifs like process redesign, re- skilling, pool planning. and decision timber. Answer 1. Following are the strategies for a sustainable enterprise model Maximise material and energy effectiveness Aims at lower material and energy input through more effective processes. 2 Control resource destruction Aims at controlling coffers extinctions through exercise, remanufacturing, and recycling. & Deliver functionality rather than power points at furnishing the stoner with the functionality requires without retaining the product that delivers the service. 4 Borrow a stewardship part Aims to take the responsibility that company have to understand and manage their impacts on the terrain in any of ways. Que3.1. What do you mean by design operation 7 Describe phases and demand of colorful phases of design operation. Answer 3. A Project Management L It’s a scientific way of planning, enforcing monitoring and controlling the colorful aspects of design similar as time, plutocrat, material, force and other coffers with the intention of achieving the introductory objects or pretensions including specialized, cost and time schedule. 4 PART- 1 design operation Meaning, compass and significance.B. 1 Questions- Answers Long Answer Type and Medium Answer Type Questions Project Management. It also involves collaboration of group exertion where the director plan, organize staff and other coffers, direct and control to execute the design within constraints of time, cost and performance. Project operation is an investment of coffers’ to produce goods and services for consumption. The rudiments of design operation control included program objects, policy restrictions, coffers constraints, government regulations, process counteraccusations , review of labors and modification of objects. Phases of Project Management The process of design operation may be divided into six broad phases as shown in Fig3.1.1. Start Identification Formulation Management perpetration Appraisal Selection. Fig.3.1.1. Phases of design operation. Project Management & Entrepreneurship B. The Conditions of colorful PhasesS. No. Phase 1. 1. Que 3 Identification Formulation Appraisal Selection Amasin Conditions Selection of a design after sound scanning of the terrain of investment occasion and implicit returns. restatement of the design idea into a concrete design by analysis of important parameters. Preparation of feasibility report. Analysis and evaluation of request, technology, fiscal and profitable parameters break- indeed analysis, rate of return and profitability assessment. Answer The significance of design operation is as follows Clear Project Plan and Process The primary function of design operation is to avoid confusion by outlining a clear plan and a process from the morning to the end. Project selection grounded on objects and constraints. perpetration design completion within distributed coffers. operation Operation of enterprise with maximization of returns. What’s the significance of design operation? Explain. To Establish Plan and Schedule Having agreed on a design schedule, sticking to it inculcates discipline needed to avoid detainments. A pre determined process through the design lifecycle gives the design a clear path. Teamwork People are made to work in a platoon on a design, due to the benefits that accrue through sharing and knowledge of chops. It inspires platoon members to unite on a design. To Maximize coffers Project threat operation and design tracking with regular reporting insure profitable and effective use of all the coffers. 5. To Keep Control of Costs Grounded on the design compass, some systems may dodge high costs. So, it’s essential to keep track of the budget. Incorporating design operation strategies eases the budget overrun pitfalls. 8 What do you understand by compass in design Que3.3. operation? What work is involved in design compass operation? Project Management knowledge To make on Knowledge Project operation serves as a asset to a company and helps to make on both experience and knowledge. To Manage Quality It’s pivotal to insure top- quality results. Project operation identifies, controls, and manages norms. This results in a high- quality product/ service and a satisfied customer. nonstop Oversight Project operation styles insure that associations gain control over ongoing systems and make sure they’re on the right track and within the quested budget. compass in Project Management 1. In design operation, compass is the defined features and functions of a product, or the compass of work demanded to finish a design. 2. compass involves getting information needed to start a design, including the features the product needs to meet its proprietor’s conditions. Project compass is acquainted towards the work needed and styles. demanded, while product compass is more acquainted toward functional conditions. 3. Answer If conditions aren’t fully defined and described and if there’s no effective change control in a design, compass or demand, also affect may not be favorable. 5. compass operation in a design includes i. Listing the particulars to be produced or tasks to be done. Their needed volume, quality, and variety. The time and coffers available and agreed upon. 11. iii. iv.B. 1. 2 3. Modifying the variable constraints by dynamic flexible juggling in the event of changed circumstances. Work involved in design compass operation are Planning compass operation A compass operation plan is created grounded on input from the design plan, the design duty, and discussion with stakeholders. Collecting conditions A conditions operation plan is created grounded on the compass operation plan plus stakeholder input. Interviews, concentrate group conversations, checks,etc., are used to understand conditions. This will each be proved. Defining compass A design compass statement is produced grounded on all the conditions attestation plus the design duty and the compass operation plan. This description will be the base for all design exertion.
