MU0017 – TALENT MANAGEMENT AND EMPLOYEE RETENTION

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS (SEM 4/SEM 6)

MBAFLEX/ MBAN2 (SEM 4)

PGDHRMN (SEM 2)

SUBJECT CODE & NAME MU0017 – TALENT MANAGEMENT AND EMPLOYEE RETENTION
BK ID B1869
Credit and Max. Marks 4 credits; 60 marks

 

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

1 Explain the key elements of Talent Management System.

 

Answer :  : Most researchers today stress the importance of talent management. Strategic meaning of talent management comes from the fact that success in international business depends most importantly on the quality of top executive talent and how effectively this critical resource is developed and managed. To manage talent in a maximum way would be like having a crystal ball that prevents what will happen in the future to avoid mistakes. There is, however, no such tool and that is why talent management is so

 

 

Q2. Define Talent Management. Discuss the Talent management Approaches.

Answer :  Talent management is the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time. Rather than a one-time event, talent management is a continuous process that plans talent needs, which includes the following:

 

  • builds an image to attract the very best
  • ensures that new hires are

 

 

Q.3 Explain the key elements of Talent Management System.

 

Answer :  : Most researchers today stress the importance of talent management. Strategic meaning of talent management comes from the fact that success in international business depends most importantly on the quality of top executive talent and how effectively this critical resource is developed and managed. To manage talent in a maximum way would be like having a crystal ball that prevents what will happen in the future to avoid mistakes. There is, however, no such tool and that is why talent management is so important.

 

 

 

  1. Explain the key Compensation principles. What do you mean by Total rewards? Describe the elements of Total rewards.

 

Answer :  Compensation practices at large financial institutions were a key contributing factor to the global financial crisis. The FSB Principles for Sound Compensation Practices and their Implementation Standards (Principles and Standards, P&S) were developed to align compensation with prudent risk-taking, particularly at significant financial institutions.

 

The Principles require compensation practices in

 

 

Q5. Explain the organizational issues pertaining to Talent Management.

Answer : The concept of talent management seems to be attractive. Talent management is considered to be the process of developing the workforce for the future. The entire idea of talent management has a positive attitude. It is associated with doing things for your best people and developing their strengths. The needs of the organanisations and the individual can be met by talent management.

Organizational issues could be of because of focus and fit. The different types of focus are:

  • Step by step focus.
  • Leadership focus.

 

6 Write short notes on:

a)Workforce Analysis

Answer : Having identified organizational priorities, the next step focuses on the roles and capabilities needed for the department to be successful.

 

  • Identification of Critical Roles

The leadership team identifies the key job functions and job roles that will be the initial focus of the talent review discussions.

Depending on the need, a talent review could focus on any of these groups:

  • All staff in a particular function or

 

 

 

 

b)Talent Review

 

Answer : Having set the organizational context, management teams can proceed wtih a review of “talent” in the organization.

The type and emphasis of a talent review can vary depending on the department’s need.

Talent review examples include:

 

Talent Inventory focuses on the current performance and future potential of a selected employee group.

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MU0016 – Performance Management and Appraisal

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS (SEM 4/SEM 6)

MBAFLEX/ MBAN2 (SEM 4)

PGDHRMN (SEM 2)

SUBJECT CODE & NAME MU0016 – Performance Management and Appraisal
BK ID B1868
Credit and Max. Marks 4 credits; 60 marks

 

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

1 Discuss the principles and dimensions of Performance Management

 

Answer : The principles of performance management

 

  • It translates corporate goals into individual, team, department and divisional goals.
  • It helps to clarify corporate goals.
  • It is a continuous and evolutionary process, in which performance improves over time.
  • It relies on consensus and co-operation rather than control or coercion.
  • It creates a shared understanding of what is required to improve performance and how it will be achieved.
  • It encourages self-management of individual performance.
  • It requires a

 

Q2 What are the key contents of a Performance Agreement? Explain

Answer : Contents of performance agreement :

Each agency uses performance agreements to define accountability for specific organizational goals and to help its executives align their daily operations with the agency’s program goals. Performance agreements, like performance appraisal plans, define individual employee performance expectations and establish results-oriented goals. When the agency aligns executive performance agreements with its goals, executives can better understand the connection between their organization’s daily activities and agency goal achievement.

 

 

Q.3. Assume that you have joined as an HR in an organization. The first task assigned to you is to conduct the Performance Appraisal Process. What according to you is its ? Describe the entire Performance Appraisal process.

Answer : Performance Appraisals is the assessment of individual’s performance in a systematic way. It is a developmental tool used for all round development of the employee and the organization. The performance is measured against such factors as job knowledge, quality and quantity of output, initiative, leadership abilities, supervision, dependability, co-operation, judgment, versatility and health. Assessment should be confined to past as well as potential performance also. The second definition is more focused on behaviours as a part of assessment because behaviours do affect job results.

 

Q.4 Discuss the skills that a line manager require for effective Performance Management.

 

Answer : As a line manager you need to have the skills to prepare and run a successful performance appraisal meeting. Appraising and developing staff is essential to your role. Doing it well and leaving your staff feeling empowered and motivated is what will make the difference to team and individual success.

 

WHO SHOUD ATTEND

 

Suitable for individuals who carry out staff appraisals and are looking to build their confidence and effectiveness in this essential skill. The course is suited to those who are new to appraisals or have limited experience in the area.

 

 

5 Define the term ‘Ethics’. Discuss the key factors involved in ensuring Ethics in Performance Management(PM)

Answer : Ethics involved in Performance appraisals

Having ethics as a manager doing performance appraisals is very important for many reasons. These appraisals can be highly subjective, which can impact the relationships between the managers and the employee being reviewed. There are many different ways that a meeting can do from ethical to unethical. Listed are some of the general appraisal characteristics and an understanding on how it can be unethical:

 

Rewards, punishments and threats

 

 

 

6 Write short notes on the following:

a)MBO

Answer : Management by Objectives (MBO) is the most widely accepted philosophy of management today. It is a demanding and rewarding style of management. It concentrates attention on the accomplishment of objectives through participation of all concerned persons, i.e., through team spirit. MBO is based on the assumption that people perform better when they know what is expected of them and can relate

 

b)Behaviorally Anchored Rating Scales Method (BARS)

 

Answer : The BARS (behaviorally anchored rating scales) method of evaluating employees carries typical job appraisals one step further: Instead of relying on behaviors that can be appraised in any position in a company, the BARS method bases evaluations on specific behaviors required for each individual position in an individual company.

 

The BARS method explained

Development of BARS evaluations requires an in-

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MU0015 –Compensation and Benefits

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS (SEM 4/SEM 6)

MBAFLEX/ MBAN2 (SEM 4)

PGDHRMN (SEM 2)

SUBJECT CODE & NAME MU0015 –Compensation and Benefits
BK BK ID B1859
Credit and Max. Marks 4 credits; 60 marks

 

Note – Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

 

MU0015 –Compensation and Benefits

 

  1. 1. Discuss the contents of Job Evaluation. Describe the process of Job evaluation

Answer : Content of job evaluation :

Job evaluations will determine the salary grade of a job and may occur at any time during the year. The table below describes the most common reasons for a job evaluation and the corresponding actions.

 

In the event that a department manager/supervisor would like to recommend a job evaluation, he or she should contact his or her human resources representative to discuss the situation and process for conducting the evaluation.

 

If the HR representative and department manager/supervisor reach agreement that an evaluation is necessary, they will then complete a job (

 

2 Suppose you are a HR Manager and you are asked to develop an effective Incentive Scheme for your organization. What are the pre-requisites you will consider while developing an Effective Incentive Scheme? Discuss the merits and demerits of Incentives

 

Answer : A successful incentive compensation plan focuses on achieving company goals by driving the right behaviors in employees. One of the biggest failures of incentive compensation programs is they often do not take into account all the key drivers that will make the company successful. How does a company determine if its incentive plan is effective? If the answer is “no” to any of the following questions, chances are the company is not getting the most benefit out of its plan.

 

 

 

 

3 Discuss the types of managerial remuneration. Explain the elements of a managerial remuneration

 

Answer : Managerial remuneration is compensation for services provided to a company in a managerial capacity. This can include cash payments, along with benefits like stock options, health insurance, and bonuses. Managers are typically paid more than the people they supervise, although they tend to make less than the executives at the head of the company. Some pay structures are transparent, making it easy to determine how much

 

 

  1. Define Pay Structure. What are its objectives? Explain the major decisions involved in designing and setting competitive pay structures

 

Answer : : Pay structure : A pay structure is a collection of pay rates or pay ranges. Structure setting and adjustment is the process of developing, adjusting, and maintaining a pay structure. Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair.

 

Reason for developing a proper pay structure :

 

Salary structures are a necessary part of effective management. They help make sure that the pay levels are externally competitive and internally fair. Salary structures also allow companies to reward performance and development while controlling cost

 

 

5 Explain the criteria’s considered for rewarding the employees for their good service

Explanation of the criteria’s responsible for rewarding the employees

 

Answer : Managers who want to recognize employees for good work have many tools at their disposal. One of the more traditional ways to reward a top performer is to give her a promotion or raise or both. But how can you know whether someone is truly ready for the next challenge or deserving of that bump up in pay?

 

HR policies and company culture often dictate when and how people move up in a company. However, managers in most companies have a good deal of input into the decision, and in some cases they are the ultimate decision makers. Whether you have this authority or not, promotions and raises need to be part of an ongoing discussion

 

 

6 Write a short note on the following:

  1. a) Wage Policy Plan in India

 

Answer : Minimum wages need to be fixed in sweated industries & fair wage agreements need to be promoted in the more organized industries. Equal pay should be ensured for equal work. Wage differentials should be provided. Remuneration should be linked to productivity.

 

1)            Fixing of minimum wages: The appropriate government shall fix the minimum rates of wages payable to employees employed in the industries specified in the schedule. Revision can take place once in five years. The minimum wage may be

 

b)Voluntary Retirement Scheme(VRS)

 

Answer : In the present globalised scenario, right sizing of the manpower employed in an organisation has become an important management strategy in order to meet the increased competition. The voluntary retirement scheme(VRS) is the most humane technique to provide overall reduction in the existing strength of the

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MB0053 –International Business Management

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2 – SEM 4

PGDBMN/ PGDENMN/ PGDFMN/ PGDHRMN/ PGDHSMN/ PGDIB/

PGDISMN/ PGDMMN/ PGDOMN/ PGDPMN/ PGDROMN/

PGDSCMN/ PGDTQMN – SEM 2

SUBJECT CODE & NAME MB0053 –International Business Management
BK ID B1724
CREDITS 4
MARKS 60

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Q.1“Environment scanning is an important part of international business.” Explain your views on this statement and discuss what factors need to be scanned.

 

Ans :  Environmental scanning is one essential component of the global environmental analysis. Environmental monitoring, environmental forecasting and environmental assessment complete the global environmental analysis. The global environment refers to the macro environment which comprises industries, markets, companies, clients and competitors. Consequently, there exist corresponding analyses on the micro-level. Suppliers, customers and competitors representing the micro environment of a company are analyzed within the industry analysis.

 

Environmental scanning can be defined as ‘the study and interpretation of the political, economic, social and technological events and trends which

 

Q.2 What is green field investment? Why is it considered as the best option for a developing country like India?

 

Ans : Green field investment :

 

A green field investment is the investment in a manufacturing, office, or other physical commerce-related structure or group of structures in an area where no previous facilities exist.

Greenfield investing is usually offered as an alternative to another form of investment, such as mergers and acquisitions, joint ventures, or licensing agreements. Greenfield Investing is often mentioned in the context of Foreign Direct Investment. A related term to green field investment which is becoming popular is brown field investment,

 

 

 

Q.3 Regional integration is helping the countries in growing their trade. Discuss this statement. Describe in brief the various types of regional integrations.

 

Ans :Regional integration :

 

Regional integration is a process in which states enter into a regional agreement in order to enhance regional cooperation through regional institutions and rules. The objectives of the agreement could range from economic to political to environmental, although it has typically taken the form of a political economy initiative where commercial interests have been the focus for achieving broader socio-political and security objectives, as defined by national governments. Regional integration has been organized either via supranational

 

 

Q.4 Write short note on:

  1. a) Foreign subsidiary structure
  2. b) international matrix structure

 

Ans : a) meaning of Foreign subsidiary structure

 

A partially or wholly owned company that is part of a larger corporation with headquarters in another country. Foreign subsidiary companies are incorporated under the law’s of the country it is located. A company whose voting stock is more than 50% controlled by another company, usually referred to as the parent company or holding company. A subsidiary is a company that is partly or completely owned by another company that holds a controlling interest in the subsidiary company. If a parent company owns a foreign

 

 

  1. b) meaning of international matrix structure

 

Matrix structure is defined as a type of management system in which workers report to more than one person, effectively having two or more supervisors at the same time. This can be illustrated by the example of a project environment, where professionals with different types of expertise are brought together to work on a projects. They report to a number of managers of different projects, as well as to a functional supervisor. The idea is to share knowledge and personnel to maximize effectiveness.

 

 

Q.5 Explain the Top-down and Bottom-up approach of planning.

 

Ans : Top-down and bottom-up are both strategies of information processing and knowledge ordering, used in a variety of fields including software, humanistic and scientific theories and management and organization. In practice, they can be seen as a style of thinking and teaching.

 

Top down approach :

 

A top-down approach (also known as stepwise design and in some cases used as a synonym of decomposition) is essentially the breaking down of a

 

 

Q.6 Discuss the importance of ethics in international business.

 

Ans : Importance of ethics :

 

The importance of international business ethics has been rising steadily along with the growth of international business. Technologies like the Internet have made international business all the more viable, and many companies can only find the desirable growth and profit they seek by expanding into new markets. This means that just as business ethics

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MB0052 – Strategic Management and Business Policy

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS/ MBAFLEX/ MBAHCSN3/ MBA – SEM 4

PGDBMN/ PGDENMN/ PGDFMN/ PGDHRMN/ PGDHSMN/ PGDIB/ PGDISMN/ PGDMMN/ PGDOMN/ PGDPMN/ PGDROMN/ PGDSCMN/ PGDTQMN – SEM 2

SUBJECT CODE & NAME MB0052 – Strategic Management and Business Policy
BK ID B1699
Credit and Max. Marks 4 credits; 60 marks

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

  1. 1. Describe the role of five major participants in the Strategic Management Process (SMP) of a company.

 

Answer:The fact that the strategic management process involves strategy making at the corporate level, SBU level and functional level also implies that managers at different levels—top, senior and middle—participate in the strategic planning and management process. In addition to the managers, the board of directors also play a definite role. Many times, management consultants also play important roles in the strategic planning and management of a company. So,

 

  1. 2. Differentiate between mission and vision of a company? Explain with examples.

Answer:The mission statement guides the day-to-day operations and decision-making of the organization. It helps in tactical planning and “rallying the troops” around a common near- to medium-term goal. The mission statement helps members of the organization get on the same page on what they should do and how they should do it.The vision statement is, in a sense, loftier. It outlines the worldview of the organization and why it exists. It attracts people — not just employees but also customers and vendors — who believe in the vision

  1. 3. Explain in detail Porter’s four generic strategies.

 

Answer: If the primary determinant of a firm’s profitability is the attractiveness of the industry in which it operates, an important secondary determinant is its position within that industry. Even though an industry may have below-average profitability, a firm that is optimally positioned can generate superior returns.

Cost Leadership Strategy: This generic strategy calls for being the low cost producer in an industry for a given level of quality. The firm sells its products either at average industry prices to earn a profit higher than that of rivals, or below the average industry prices to gain market share. In the event of a price war, the firm can maintain some profitability while the

 

 

  1. 4.Differentiate between core competence and distinctive competence.

 

Answer: Competency refers to the ability of a firm to carry out an activity well. It is built and developed by firms consciously through experience and learning. A competency reside in people in the firm and not in physical assets.A Core competency is an activity central to a firm’s profitability and competitiveness that is performed well by the firm. Core competencies create and sustain firm’s ability to meet the critical success factors of particular customer groups.A distinctive competency is a competitively valuable activity that a firm performs better than

 

  1. 5.Define the term ‘industry’. List the types of industries. How do you conduct an industry analysis?

 

Answer: A classification that refers to a group of companies that are related in terms of their primary business activities. In modern economies, there are dozens of different industry classifications, which are typically grouped into larger categories called sectors.Individual companies are generally classified into industries based on their largest sources of revenue. For example, an automobile manufacturer might have a small financing division that contributes 10

 

  1. 6. What is meant by ‘structure of an organisation’? Describe the five major structural types or forms of an organisation.

 

Answer: The organizational structure is typically a hierarchical arrangement of lines of authority, communications, rights and duties of an organization. Organizational structure determines how the roles, power and responsibilities are assigned, controlled, and coordinated, and how information flows between the different levels of management.A structure depends on the organization’s objectives and strategy. In a centralized structure, the top layer of

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MB0049 – PROJECT MANAGEMENT

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SUBJECT CODE & NAME MB0049 – PROJECT MANAGEMENT
BK ID B1632
SEMESTER 2
CREDITS 4
MARKS 60

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

Qus:1  Describe the CPM model.

 

Answer : As with Gantt Charts, the essential concept behind Critical Path Analysis is that you cannot start some activities until others are finished. These activities need to be completed in a sequence, with each stage being more-or-less completed before the next stage can begin. These are ‘sequential’ activities.

Other activities are not dependent on completion of any other tasks. You can do these at any time before or after a particular stage is reached.

 

Assumptions :

 

 

 

Qus:2 Write short notes on:

 

a)The Shewhart Cycle

Answer : Also called: PDCA, plan–do–study–act (PDSA) cycle, Deming cycle, Shewhart cycle

 

The plan–do–check–act cycle (Figure 1) is a four–step model for carrying out change. Just as a circle has no end, the PDCA cycle should be repeated again and again for continuous improvement.

 

 

 

b)Project procurement process

Answer : PROCUREMENT PLAN

After the decision has been made to purchase goods or outsource services, the procurement team develops a plan that includes the following:

 

  • Selecting the appropriate relationships and contract approaches for each type of purchased goods or outsourced service
  • Preparing RFQs and RFPs and evaluating

 

d)Design of PMIS(Project Management Information System)

 

Answer: The design principle using rapid prototyping techniques stressed the ease of use, use of existing formats and procedures while requiring the minimum of effort in maintaining the systems. The following paragraphs briefly describe the components that were developed and adopted. Efforts will be made in the future to integrate the components into a single system when the organization’s local area network (LAN) is operational.

 

 

 

Qus:3 As an investor, how will you choose the projects to invest in?

 

Answer : When deciding whether to invest in a project an investor first will compare investment or sunk costs to the expected profit and based on this decision will decide what to do. Depending on the specifics of the project calculating of sunk cost and expected profit might be rather different and will play the main role in the decision to invest, wait and invest later or not to invest at all. More detailed consideration of the standard NPV rule: to invest if present value of cash flow is greater than sunk cost will show that some projects cannot be simply estimated using this idea. For the irreversible projects such as building a factory or buying an option NPV method may not be proper because it does not take into consideration

 

 

Qus:4 Write a note on

 

a)Earned Value Method (EVM).

Answer : Earned value method :

 

Earned value analysis is a method of performance measurement. Many project managers manage their project performance by comparing planned to actual results. With this method, one could easily be on time but overspend according to the plan. A better method is earned value because it integrates cost, schedule and

 

 

 

b)EVM explanation

Answer : Earned Value (EV):

 

This is also referred to as Budgeted Cost of Work Performed (BCWP). Earned Value (EV) or BCWP is the total cost of the work completed/performed as of a reporting date.

This is calculated as:

 

 

 

c)Parameters to calculate performance measures

Answer : Parameters to calculate performance measures :

 

There are following three basic elements of EVM to calculate performance measures :

 

  • Planned Value (PV)
  • Actual Cost (AC)
  •  

 

d)Plot of BCWS versus time

Answer : Plot of BCWS versus time:

 

 

 

 

 

e)Plots BCWS, ACWP, and BCWP for a typical project

 

Answer : Plots of BCWS, ACWP, and BCWP for a typical project:

 

 

 

 

BCWS - The Budgeted Cost of Work Scheduled. Quite literally, it represents the budgets of the activities that were planned. It is the budget from your activities phased over the time you planned to do them. (sometimes just referred to as WS or

 

Qus:5 Discuss the various methods of conflict resolution.

Answer : In the world of business, the presence of conflict can be a serious issue that needs immediate attention. If workers in your small business appear not to be interacting as cooperatively as you would like, engage in some conflict resolution to remedy this problem. By suggesting an assortment of simple strategies, you can aid your workers in putting these periods of conflict behind them.

Often, conflict arises simply due to a lack of communication. If you feel that your employees are having conflict because they are not talking with each other, set up time for a discussion. Encourage the employees to talk through the problem, particularly

 

Qus:6 Answer the following questions:

 

  1. What are the advantages of using PM software package?

Answer : Project management software provides small to large businesses, who undoubtedly juggle a number of tasks, with a solution that helps keep them organized. There are a wide variety of project management software packages available, including web-based applications accessible from any location. Each software boasts its own set of features, but they all share common benefits businesses can appreciate.

 

Employees are often assigned individual tasks that are a part of a larger project an entire team is working to complete. Project management software gives employees a way to collaborate on projects by sharing documents, timelines and status

 

 

  1. What are the types of project performance evaluation techniques?

Answer : Performance management is an integral part of the workplace as it provides a platform for supervisors and managers to measure employee performance and determine whether employees are meeting the company’s expectations. The method of performance measurement varies according to the work environment, type of business and, to some extent, the employee’s occupation.

Employee performance measurements can determine

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MB0048- OPERATIONS RESEARCH

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SUBJECT CODE & NAME MB0048- OPERATIONS RESEARCH
SEMESTER 2
BK ID B1631
CREDITS 4
MARKS 60

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Q.1. Explain the types of Operations Research Models. Briefly explain the phases of Operations Research.

Answer: Types of Operations Research Models

A model is an idealized representation or abstraction of a real-life system. The objective of a model is to identify significant factors that affect the real-life system and their interrelationships. A model aids the decision-making process as it provides a simplified description of complexities and uncertainties of a problem in a logical structure. The most significant advantage of a model is that it does not interfere with the real-life system.

Classification of OR models

You can broadly classify OR models into the following types.

  1. Physical Models include all form of diagrams,

 

 

 

2a. Explain the graphical method of solving Linear Programming Problem.

 

Answer: Linear programming (LP or linear optimization) is a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships. Linear programming is a special case of mathematical programming (mathematical optimization).

 

More formally, linear programming is a technique for the optimization of a linear objective function, subject to linear equality and linear inequality constraints. It’s feasible region is a convex polyhedron, which is a set defined as the intersection of finitely many half spaces, each of which is defined by a linear inequality.

 

 

  1. A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper in a week. There are 160 production hours in awake. It requires 0.20 and 0.40 hours to produce a ton of grade X and Y papers. The mill earns a profit of Rs. 200 and Rs. 500 per ton of grade X and Y paper

respectively. Formulate this as a Linear Programming Problem.

 

Answer : Objective function is to maximize the profit

 

Thus Max. Z=200X1+500X2

Constraints 1.Raw materials

  1. Production hour.

LPP is

 

3 a. Explain how to solve the degeneracy in transportation problems.

 

Answer: There is a type of linear programming problem that may be solved using a simplified version of the simplex technique called transportation method. Because of its major application in solving problems involving several product sources and several destinations of products, this type of problem is frequently called the transportation problem. It gets its name from its application to

 

 

  1. Explain the procedure of MODI method of finding solution through optimality test.       

 

Answer: Transportation Algorithm for Minimization Problem (MODI Method)

After evaluating an initial basic feasible solution to a transportation problem, the next question is how to get the optimum solution. The basic techniques are illustrated as follows:

  1. Determine the net evaluations for the non–basic variables (empty cells)
  2. Determine the entering variable
  3. Determine the leaving variable
  4. Compute a better basic feasible solution

 

 

4 a. Explain the steps involved in Hungarian method of solving Assignment problems.

 

Answer: The assignment problem is one of the fundamental combinatorial optimization problems in the branch of optimization or operations research in mathematics. It consists of finding a maximum weight matching in a weighted bipartite graph.

 

In its most general form, the problem is as follows:

 

There are a number of agents and a number of tasks. Any agent can be assigned to perform any task, incurring some cost that may vary

 

 

 

  1. Find an optimal solution to an assignment problem with the following cost matrix:

 

 

 

 

Answer : The solution is as follows.

 

First, the minimum element in each row is subtracted from all the elements in that row.

This gives the following reduced-cost matrix.

 

 

 

Q5.a. Explain the Monte Carlo Simulation.

Answer: Monte Carlo methods (or Monte Carlo experiments) are a broad class of computational algorithms that rely on repeated random sampling to obtain numerical results; typically one runs simulations many times over in order to obtain the distribution of an unknown probabilistic entity. The name comes from the resemblance of the technique to the act of playing and recording your results in a real gambling casino. They are often used in physical and mathematical problems and are most useful when it is difficult or impossible to obtain a closed-form expression, or

 

 

  1. A Company produces 150 cars. But the production rate varies with the distribution.

 

Production Rate

 

Probability

 

147 0.05
148 0.10
149 0.15
150 0.20
151 0.30
152 0.15
153 0.05

 

At present the track will hold 150 cars. Using the following random numbers determine the average number of cars waiting for shipment in the company and average number of empty space in the truck. Random Numbers 82, 54, 50, 96, 85, 34, 30, 02, 64, 47.  5 +5 = 10 marks(200 – 250 words each)

Answer: 

 

Production Rate

 

Probability

 

Cum. Probability Random Numbers
147 0.05 0.05 00-04
148 0.10 0.15 05-14

 

 

 

6 a. Explain the dominance principle in game theory.

Answer: Game theory is a study of strategic decision making. Specifically, it is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers”.[1] An alternative term suggested “as a more descriptive name for the discipline” is interactive decision theory.[2] Game theory is mainly used in economics, political science, and psychology, as well as logic and biology. The subject first addressed zero-sum games, such that one person’s gains exactly equal net losses of the other participant or participants. Today, however, game theory applies to a wide range of behavioral relations, and has developed into an umbrella term for the logical side of decision science, including both humans and non-humans (e.g. computers).

 

 

  1. Describe the Constituents of a Queuing System.

 

Answer: Characteristics of a queuing system that impact its performance, for example, queuing requirements of a restaurant will depend upon factors like:

  • How do customers arrive in the restaurant? Are customer arrivals more during lunch and dinnertime (a regular restaurant)? Or is the customer traffic more uniformly distributed (a cafe)?
  • How much time do customers spend in the restaurant? Do customers typically leave the restaurant in a fixed amount of time? Does the customer service time vary with the type of customer?

 

 

  1. Differentiate between PERT and CPM

 

Answer: Project management is an important part of every business enterprise. Whenever a new product or service is launched; when embarking on a marketing campaign; or when organizing any new projects; project management is needed to make everything organized and successful.

 

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