Aktu Btech Project Management and Entrepreneurship KHU-702/KHU-802 Short Question, Notes Pdf

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Unit-I: Entrepreneurship (Short Question)

Q1. What do you understand by term ‘Entrepreneur’? 

Ans. An entrepreneur is a person who starts a new firm, bearing the most of the risks and reaping the majority of the gains. 

Q2. What are the common characteristic of an entrepreneur ? 

Ans. Common characteristic of an entrepreneur are: 

• 1. An entrepreneur is always optimistic. 
• 2. An entrepreneur contains managerial skills. 
• 3. An entrepreneur always has a vision. 
• 4. An entrepreneur is cooperative and has quality control capacity.  

Q3. What Entrepreneurship ?

Ans. Entrepreneurship is the ability and willingness to create, organise, and manage a business operation, including all of its uncertainties, in order to profit. 

Q4. Give the features of entrepreneurship. 

Ans. Features of entrepreneurship are: 

• 1. Economic 
• 2. Creative 
• 3. Purposeful 
• 4. Risk Bearing 
• 5. Organization 
• 6. Human Relations

Q5. Describe support phase in entrepreneurship development.

Ans. Support phase in entrepreneurship development consist several support like: 

• i. Infrastructural support for counselling. 
• ii. Provide assistance to establish new enterprise. 
• iii. Develop existing enterprises. 

Q6. What is the meaning of entrepreneurial competencies ?

Ans. Competency is an entrepreneur’s trait that defines effective performance in entrepreneurial activities.  

Q7. List competencies which lead to superior performance of entrepreneur. 

Ans. Competencies which lead to superior performance of entrepreneur are: 

• 1. Quality conscious 
• 2. Committed to work 
• 3. Effective strategist 
• 4. Persuasive 
• 5. Initiative 
• 6. Problem solver 

Q8. List the factors which affect entrepreneurial development. 

Ans. The Factors affecting Entrepreneurial Development are: 

• 1. Economic factors 
• 2. Non-economic factors 
• 3. Psychological factors 
• 4. Governmental actions 

Q9. Name economic factors which affect entrepreneurial development.

Ans. Economic factors which affect entrepreneurial development are: 

• 1. Capital 
• 2. Labours 
• 3. Raw materials 
• 4. Marked 

Q10. Name non-economic factors which affect entrepreneurial development. 

Ans. Non-economic factors which affect entrepreneurial development are: 

• 1. Legitimacy of entrepreneurship 
• 2. Marginality 
• 3. Social mobility 
• 4. Security 

Q11. What do you understand by motivation ? 

Ans. Motivation is a process that propels a person into action and encourages him to stay on track towards his or her goals. 

Q12. List motivating factors which inspire entrepreneurs.

Ans. Motivating factors which inspire entrepreneurs are: 

• 1. Entrepreneurial ambitions 
• 2. Compelling reasons 
• 3. Facilitating factors. 

Q13. Give compelling reasons which motivate entrepreneurs. 

Ans. Compelling reasons which motivate entrepreneurs are: 

• 1. Unemployment 
• 2. Dissatisfaction with job 
• 3. Make use of idle funds 
• 4. Make use of professional skills. 

Q14. Name theories for entrepreneurial development. 

Ans. Theories for entrepreneurial development are: 

• 1. JA. Schumpeter’s Innovation Theory. 
• 2. McClelland’s Theory of Need of Achievement. 
• 3. Everett Hegen’s Theory of Recover the withdrawal of status. 
• 4. F.W. Young’s Entrepreneurial group theory. 

Q15. What are the three types of Motivational need described in McClelland’s Theory ? 

Ans. Three types of motivational need described in McClelland’s theory are: 

• 1. The need for achievement 
• 2. The need for authority and power. 
• 3. The need for affiliation. 

Q16. Who is called an intrapreneur ?

Ans. An intrapreneur is a company employee tasked with generating an innovative idea or project.  

Q17. List elements which are required in a intrapreneurial environments.  

Ans. Elements which are required in an intrapreneurial environments: 

• 1. Innovative ideas 
• 2. Encourage experimentation 
• 3. Availability of resource 
• 4. Support of top management 
• 5. Team work 
• 6. Reward 

Q18. Name different type of entrepreneurs on basis of economic development. 

Ans. Different type of entrepreneurs on basis of economic development are: 

• 1. Innovating entrepreneurs 
• 2. Imitative entrepreneur 
• 3. Fabian entrepreneur 
• 4. Drone entrepreneur 

Q19. What does SISI stand for ?

Ans. Small Industries Service Institute 

Q20. What is the function of DIC ?

Ans. DIC is a financial institution that assists small businesses with project report preparation and technical support. 

Q21. What does NABARD stands for ?  

Ans. National Bank for Agriculture and Rural development. 

Q22. Describe the function of SIDO? 

Ans. SIDO assists small-scale enterprises with product production and marketing, as well as quality control consulting. 

Q23. Name different types of entrepreneurial development programme launched by government. 

Ans. Different types of EDP launched by government are: 

• 1. Startup India 
• 2. Atal innovation mission 
• 3. National skill development mission 
• 4. Pradhan Mantri Kaushal Vikas Yojna 

Q24. What is the objective of Atal Innovation mission ?

Ans. The goal of AIM is to create new programmes and policies to boost innovation in many industries. 

Q25. What are various problems faced by EDPs. 

Ans. Various problems faced by EDPs are: 

• 1. No clear policy at the national level. 
• 2. Non-availability of infrastructural facilities. 
• 3. Lack of commitment and involvement by corporate sector. 
• 4. Non-availability of competent faculty. 

Unit-II: Entrepreneurial Idea and Innovation (Short Question)

Q1. What is innovation ? 

Ans. The practical execution of ideas that result in the introduction of new goods and services or improvements in the delivery of goods and services is referred to as innovation.  

Q2. What is the role of innovation in entrepreneurship ? 

Ans. The role of innovation in entrepreneurship includes: 

• 1. Creative development 
• 2. Brand reinforcing  
• 3. Responding to trade and competition
• 4. Persistent improvement. 

Q3. What are the different types of innovation?

Ans. The different types of innovation are: 

• 1. Technology innovation 
• 2. Business model innovation 
• 3. Organizational innovation 
• 4. Process innovation  

Q4. Define product and performance innovation. 

Ans. In this type of innovation either a new product is developed or the performance of the existing product is improved.  

Q5. Name different types of innovations on the basis of change in marked and technology. 

Ans. Different types of innovations on the basis of change in marked and technology are: 

• 1. Incremental innovation 
• 2. Disruptive innovation
• 3. Architectural innovation
• 4. Radical innovation 

Q6. Define business model innovation.  

Ans. The art of boosting advantage and value generation through simultaneous and mutually complementary modifications to an organization’s operational model is known as business model innovation. 

Q7. Define radical innovation.

Ans. Radical innovation entails the development of technology, services, and business strategies that allow access to whole new markets. 

Q8. What is idea generation ?

Ans. Idea generation is the process of creating, developing and communicating ideas which are abstract, concrete or visual. 

Q9. Name various techniques of idea generation. 

Ans. Various techniques for idea generation are: 

• 1. Mind Mapping 
• 2. Reverse Thinking 
• 3. Brainstorming 
• 4. SCAMPER 
• 5. Role-Playing 
• 6. Synectics 

Q10. What does SCAMPER stands for.

Ans. The word SCAMPER is an acronym. S – Substitute, C – Combine, A – Adapt, M – Modify, P – Put to another use, E – Eliminate, R – Reverse. 

Q11. What are business opportunities?

Ans. A business opportunity is a packaged business investment that allows a buyer to begin a new business.  

Q12. What are the characteristics of good business opportunities ?  

Ans. The characteristics of good business opportunities are: 

• 1. Create intellectual property 
• 2. Low start-up cost 
• 3. Making long term clients 
• 4. Targeting specific market 

Q13. How to identify good business opportunities ?

Ans. Good business opportunities can be identified by. 

• 1. Analysis of internal demand 
• 2. Availability of raw materials 
• 3. Risk in business opportunities 
• 4. Analyzing performance of existing units. 

Q14. What types of managerial skills are required by an entrepreneur ?  

Ans. Managerial skills that are required by an entrepreneur are: 

• 1. Time management 
• 2. Business planning 
• 3. Employee management 
• 4. Customer management 
• 5. Financial management 
• 6. Sales management 

Q15. What do you mean by value creation ?

Ans. Value creation is the process that creates output which are more valuable than input. 

Q16. What is feasibility study of a project ?

Ans. A feasibility study is a thorough examination of the proposed project to see whether it is financially, commercially, and technically viable. 

Q17. Name different strategy to grow an enterprise. 

Ans. Different strategies to grow an enterprise are: 

• 1. Hire the right people 
• 2. Focus on established revenue sources 
• 3. Boots your customer service 
• 4. Research your competitors. 

Q18. Explain process innovation. 

Ans. Process innovation includes manufacturing, delivery, and customer engagement. Process innovation can improve the efficiency or efficacy of existing techniques.  

Q19. Define incremental innovation. 

Ans. Incremental Innovation makes use of your existing technology to add value to the customer (features, design improvements, etc.) inside your current market. 

Q20. What do you understand by brand reinforcement ?

Ans. Brand reinforcement refers to a collection of measures undertaken by a corporation to ensure that the brand equity produced does not deteriorate over time. 

Unit-III: Project Management (Short Question)

Q1. What is project management ?

Ans. Project management is a scientific method of planning, implementing, monitoring, and regulating many components of a project such as time, money, material, labour, and other resources in order to achieve the basic objectives or goals such as technical, cost, and time schedule. 

Q2. Name different phases of project management ? 

Ans. Different phases of project management are:  

• 1. Identification  
• 2. Formulation 
• 3. Appraisal 
• 4. Selection 
• 5. Implementation 
• 6. Management 

Q3. What is the importance of project management ?

Ans. The importance of project management is: 

• 1. To establish plan and schedule 
• 2. To maximize resources 
• 3. To keep control on costs 
• 4. To manage quality of product

Q4. What are the works involved in project scope management ?  

Ans. Works involved in project scope management are: 

• 1. Planning scope management 
• 2. Defining scope of project 
• 3. Creating work breakdown structure  

Q5. List various constraints of project management. 

Ans. The various constraints of project management are:  

• 1. Time 
• 2. Cost 
• 3. Quality
• 4. Logic 
• 5. Activation

Q6. What are the skills required by a project manager?

Ans. Skills required by a project manager are: 

• 1. Planning and organization skill 
• 2. Personnel management skill 
• 3. Communication skill 
• 4. Flexibility  

Q7. List the roles of project manager in a project.  

Ans. The roles of a project manager in a project are: 

• 1. Planning. 
• 2. Leading. 
• 3. Execution. 
• 4. Time management. 
• 5. Budget. 
• 6. Documentation. 

Q8. Define project cycle. 

Ans. A project cycle is the life cycle of any project that describes and differentiates different project stages. 

Q9. What are the different phases of project cycle ? 

Ans. The different phases of a project cycle are: 

• a. Phase 1: Start up /Conceptualization of Project. 
• b. Phase 2: Planning of Project Activities and Resources. 
• c. Phase 3: Execution of Project.

Q10. Give importance of project cycle. 

Ans. Importance of project cycle is: 

• 1. Structure a Project. 
• 2. Better Communication. 
• 3. Helps in Tracking Progress. 
• 4. Helps in Better Project Management. 

Q11. What is project appraisal ? 

Ans. Project appraisal is the practise of thoroughly examining many aspects of a specific project before recommending the same project. 

Q12. List various aspects of project appraisal ? 

Ans. Various aspects of project appraisal are: 

• 1. Technical 
• 2. Legal 
• 3. Financial 
• 4. Ecological 
• 5. Commercial  

Q13. What is technical appraisal ?

Ans. Technical appraisal refers to the technical examination of a project to ensure that it is sound in terms of different characteristics such as technology, plant capacity, raw material availability, location, workforce availability, and so on.

Q14. List the aspects of technical appraisal. 

Ans. Aspects of Technical Appraisal: 

• 1. Manufacturing Process/Technology 
• 2. Technical Arrangements 
• 3. Material Inputs and Utilities 
• 4. Product Mix 
• 5. Plant Capacity 
• 6. Location and site 

Q15. What is environmental appraisal ?

Ans. Environmental appraisal is the process of evaluating opportunities and challenges that an organization faces, as well as analyzing all business environment variables. 

Q16. List importance of environmental appraisal ?

Ans. Importance of environmental appraisal is as follows: 

• 1. Identification of strength. 
• 2. Identification of weakness. 
• 3. Identification of opportunities. 
• 4. Identification of threat. 
• 5. Optimum use of resources. 

Q17. Define market appraisal.

Ans. Market appraisal is a type of assessment that is performed to ensure that the project under which the specific product is made is sold at the best of its pricing value. 

Q18. List scope of market research. 

Ans. Scope of market research is as follows: 

• 1. Measurement of market potential. 
• 2. Determination of market characteristics. 
• 3. Market share analysis. 
• 4. Competitive products studies. 

Q19. Name methods for demand forecasting. 

Ans. Methods for demand forecasting are: 

• 1. Moving average method 
• 2. Weighted moving average method 
• 3. Exponential smoothing. 

Q20. What are the qualities needed to be studied in managerial appraisal. 

Ans. Following qualities need to be studied in management appraisal: 

• 1. Integrity, 
• 2. Foresightedness, 
• 3. Leadership qualities, 
• 4. Interpersonal relationship. 

Unit-IV: Project Financing (Short Question)

Q1. Define project cost estimation. 

Ans. In project management, cost estimating is the process of forecasting the financial and other resources required to accomplish a project within a stated scope.

Q2. Name the elements of cost estimation.  

Ans. The elements of cost estimation in project management:  

• 1. Labour. 
• 2. Materials and equipment. 
• 3. Facilities. 
• 4. Vendors. 

Q3. Give the importance of cost estimation.  

Ans. The importance of cost estimation in a project includes: 

• 1. More accurate planning. 
• 2. Improved profit margins. 
• 3. Improved resource management. 
• 4. Stronger client relationships.  

Q4. Name different types of project cost estimation technique. 

Ans. Different types of project cost estimation techniques are: 

• 1. Analogous Estimating. 
• 2. Statistical Modeling. 
• 3. Bottom-Up Estimating. 
• 4. Top-down Estimating. 

Q5. Define working capital.

Ans. Working capital is defined as “capital that is not fixed.” The gap between the book value of current assets and current liabilities is referred to as working capital.  

Q6. Differentiate between gross working capital and net working capital. 

Ans. 

Q7. Name different types of working capital. 

Ans. Working capital may be of different types as follows: 

• 1. Gross Working Capital. 
• 2. Net Working Capital. 
• 3. Permanent Working Capital.
• 4. Temporary or Variable Working Capital. 

Q8. Name different types of funds. 

Ans. Different types of funds for starting a project are:  

• 1. Governmental Grant. 
• 2. Fund by Partners.  
• 3. Borrowed Money.
• 4. Investor Funds.  

Q9. Name the basis on which sources of funds are classified.  

Ans. The sources of funds are classified as, 

• 1. On the basis of period 
• 2. On the basis of ownership  
• 3. On the basis of source of generation

Q10. What is capital budgeting? 

Ans. Capital budgeting is the process of determining if an organization’s long-term investments, such as new machinery, new facilities, and research and development initiatives, are financially viable. 

Q11. Name different types of risks involved in a project. 

Ans. Different types of risks in a project are:  

• 1. Operational Risks. 
• 2. Security Risks. 
• 3. Legal Risks. 
• 4. Strategic Risks. 

Q12. Name different types of uncertainties involved in a project. 

Ans. Different types of uncertainty in a project are: 

• 1. Variation. 
• 2. Foreseen Uncertainty. 
• 3. Unforeseen Uncertainty. 
• 4. Chaos. 

Q13. Name the techniques for managing risks in a project. 

Ans. Techniques for managing risks in a project are given below: 

• 1. Brainstorming. 
• 2. Root Cause Analysis. 
• 3. SWOT Analysis. 
• 4. Risk Assessment Template for IT. 

Q14. List the limitations of financial statements.

Ans. Limitations of financial statements are: 

• 1. Financial Statements Are Derived from Historical Costs. 
• 2. Financial Statements Are Not Adjusted for Inflation. 
• 3. Financial Statements Do Not Contain Intangible Assets. 
• 4. Financial Statements Only Cover a Specific Period of Time. 

Q15. What is balance sheet ? 

Ans. A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity of a corporation.  

Q16. Give the equation used in balance sheet ? 

Ans. Assets = Liabilities + Shareholder’s equity

Q17. Define income statement.

Ans. An income statement is one of three key financial statements that summarise a company’s financial performance during a specified accounting period (the others being the balance sheet and the statement of cash flows). 

Q18. Give income statement equation. 

Ans. Net income = (Total Revenue + Gains) – (Total expenses + Losses) 

Q19. Give list of income statement components. 

Ans. Income statement components are as follows: 

• 1. Revenue. 
• 2. Cost of Goods Sold. 
• 3. Gross Profit. 
• 4. Operating Expenses.  

Q20. Define fund flow statement.

Ans. The Funds Flow Statement is a tool for analyzing changes in a company’s financial situation between the starting and ending dates of its financial statements. It is a declaration that shows the sources and uses of funds over a specific time period. 

Q21. Define cash flow statement.  

Ans. A cash flow statement (CFS) is a financial statement that summarises the amount of cash and cash equivalents coming into and going out of a business. 

Q22. Name methods for calculating cash flow statement. 

Ans. The two methods of calculating cash flow are the direct method and the indirect method.

Q23. Define detailed project report (DPR). 

Ans. A detailed project report is created when the planning and designing phases of a project are completed. 

Q24. Give importance of DPR. 

Ans. The importance of Detailed Project Report includes: 

• 1. Managing the budget. 
• 2. Minimizing risks. 
• 3. Project progress follow-up. 
• 4. Holdover the project. 

Q25. What is project financing ? 

Ans. The funding (financing) of long-term infrastructure, industrial projects, and public services using a non-recourse or limited recourse financial structure is known as project finance. 

Unit-V: Social Entrepreneurship (Short Question)

Q1. What is social sector ?

Ans. It is commonly characterized as a sector concerned with social and economic activities carried out for the benefit of society.  

Q2. What does UNDP stands for ? 

Ans. United Nations Development Programme. 

Q3. What is social entrepreneurship?

Ans. Social entrepreneurship is all about identifying social problems and bringing about social change via the use of entrepreneurial principles, processes, and operations. 

Q4. Name different types of social entrepreneurships. 

Ans. Different types of social entrepreneurships are: 

• 1. Community Enterprises. 
• 2. Social Pirms. 
• 3. Credit Unions. 
• 4. Development Trusts.  

Q5. Define public sector spinouts. 

Ans. Companies established to provide services previously supplied by public sector corporations. They are also referred to as externalized services. 

Q6. What are credit unions ?

Ans. These are community-based financial institutions that offer savings and loans to their members. 

Q7. What is the importance of social entrepreneurship in a society ?

Ans. The importance of social entrepreneurship for the society includes: 

• 1. Employment Development. 
• 2. Innovation of New goods and Services. 
• 3. Social Capital.
• 4. Equity promotion. 

Q8. Name the different opportunities for social entrepreneurship ?  

Ans. Different opportunities for social entrepreneurship are: 

• 1. Waste Management. 
• 2. Cleaning Services. 
• 3. Green Infrastructure. 
• 4. Water Management.  

Q9. Name some successful models of social entrepreneurship ? 

Ans.  Successful models of social entrepreneurship are: 

• 1. Study Hall Education Foundation (SHEF). 
• 2. Selco. 
• 3. Goonj. 
• 4. Pipal Tree. 

Q10. Explain the work of frontier markets. 

Ans. It seeks to give the greatest technical solutions to India’s distant communities at the lowest possible cost. It provides solar energy powered items to rural India at a very low cost. 

Q11. What is social innovation ?  

Ans. Social innovation procedures are intended to elicit the creativity of all sectors, bringing a wide range of viewpoints and resources to bear on a problem. 

Q12. Name different types of social innovation.

Ans. Different types of social innovations are: 

• 1. Socio-ideological Innovation. 
• 2. Socio-ethical Innovation. 
• 3. Socio-economic Innovation. 
• 4. Socio-organisational Innovation. 

Q13. Describe socio-juridical innovation. 

Ans. It includes the innovation of legal frame work and laws within the system.  

Q14. What is marketing management ?

Ans. It is concerned with the administration of all operations in a market, including planning, organising, directing, and controlling the actions that result in the exchange of commodities and services. 

Q15. What are objectives of marketing management ?

Ans. Following are the objectives of marketing management: 

• 1. Attracting new customers. 
• 2. Satisfying the demands of customers. 
• 3. Profitability. 
• 4. Maximizing the market share.

Q16. What are the practices used in marketing for a social enterprise ? 

Ans. Practices used in marketing for a social enterprise: 

• 1. Focus on product or service. 
• 2. Showcase social impact story. 
• 3. Be transparent. 
• 4. Utilize digital marketing strategically. 

Q17. Define marketing for social enterprise. 

Ans. Marketing for social entrepreneurship is a social and management process in which individuals and groups obtain what they need and require via the exchange of products and values. Marketing’s job is to find and define specific markets for certain items. 

Q18. Name the risks involved in social enterprise.

Ans. The risks involved in a social enterprise are as follows: 

• 1. Obtaining finance. 
• 2. Backlash. 
• 3. Not focusing on profit. 
• 4. Lack of public knowledge. 

Q19. What is legal frame work ? 

Ans. The rules, rights, and obligations of businesses, governments, and citizens are outlined in a legal framework, which is a collection of legal instruments. 

Q20. Name legal structures used in social entrepreneurship sectors. 

Ans. Legal structures used in social entrepreneurship sectors are: 

• 1. Non-profits or charitable organizations. 
• 2. The for-profit social enterprise. 
• 3. The hybrid model. 

Q21. Give need of legal framework in business. 

Ans. Legal Framework Necessities in Business are to: 

• 1. Maintain order. 
• 2. Resolve disputes. 
• 3. Establish generally accepted standards. 
• 4. Protect rights and liberties when it comes to business. 

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