OM0017 – ADVANCED PRODUCTION AND PLANNING CONTROL

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ASSIGNMENT

 

DRIVE FALL 2014
PROGRAM MBADS – (SEM 4/SEM 6) / MBAN2 / MBAFLEX – (SEM 4) /

PGDISMN – (SEM 2)

SUBJECT CODE & NAME OM 0017 – ADVANCED PRODUCTION AND PLANNING CONTROL
BK ID B1342
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.

 

 

Q1. Explain the classification of inventory items and control techniques                      

Answer: Various inventory control methods exist. For the small business, the inventory control method used has a major impact on the business  cash flow and operational cost. Whatever inventory control method a company uses, the goals for managing inventory hold true regardless of industry or product. These goals include maximizing customer service, lowering operational cost and minimizing inventory investment.

 

ABC Control

ABC inventory control is a method of classifying

 

 

 

Q2. Elucidate capacity scheduling and aggregate capacity scheduling.             

Answer: Proper aggregate planning is the key to an organization’s performance. An aggregate plan defines a company’s production rates, workforce levels and inventory position with respect to market demand and available capacity. Aggregate planning balances market demand and the production rate of the organization. This enables the organizations to reduce costs, and helps in optimizing the utilization of available resources. Proper implementation of the aggregate plan enables an organization to use all available resources to the fullest extent without overloading the production system. The success of an

 

 

Q3. Describe lean and agile manufacturing                                  

 Answer: It was in 1989, that for the first time the world was introduced to the term ‘lean production’ as it was coined in by MIT. On the other hand, Agile Manufacturing can trace its origins in a research study by Lehigh University in the early 90s.

 

Before discussing lean and agile, it’s important to place lean manufacturing in context with the traditional mass production principles. Lean

 

 

Q4. Outline scheduling guidelines and constraints.                                  

Answer: Scheduling guidelines

 

TIERS

When scheduling buildings and rooms for sections, Tier 1 and Tier 2 refer to the access a department will have to a specific building. If a department has Tier 1 access to a building it means that they have priority to book into the unrestricted rooms in that building. In between certain dates the building is only available to the Tier 1 holders for that building. After a certain date the building is released for Tier 2 booking. Tier 2 access allows all departments to book in any remaining unscheduled non-restricted rooms.

 

 

 

Q5. Write short notes on:

  • Master Production schedule

Answer: A Master Production Schedule or MPS is the plan that a company develops for production, inventory, staffing, etc. It sets the quantity of each end item to be completed in each week of the planning horizon. It is the plan for all future production of end items.

 

The MPS gives production, planning, purchasing, and top management the information needed to plan and control the manufacturing operation. The application ties overall business

 

 

 

 

  • Gantt charts

Answer: A Gantt chart is a horizontal bar chart developed as a production control tool in 1917 by Henry L. Gantt, an American engineer and social scientist. Frequently used in project management, a Gantt chart provides a graphical illustration of a schedule that helps to plan, coordinate, and track specific tasks in a project.

 

 

 

  • Elements of FMS(Flexible Manufacturing System)

Answer: Flexible Manufacturing System:

 

A flexible manufacturing system (FMS) is a manufacturing system in which there is some amount of flexibility that allows the system to react in the case of changes, whether predicted or unpredicted. This flexibility is generally considered to fall into two categories, which both contain numerous subcategories.

Components :

 

.

 

 

  • Short term capacity planning

Answer: Capacity planning is the process of determining the production capacity needed by an organization to meet changing demands for its products. In the context of capacity planning, design capacity is the maximum amount of work that an organization is capable of completing in a given period. Effective capacity is the maximum amount of work that an organization is capable of completing in a given period due to constraints such as quality problems, delays, material

 

 

 

Q6. What are the problems or criticisms of outsourcing                                      

Answer: India Outsourcing Problems

Businesses in America began heavily outsourcing work to India in the 1990’s. It was a way to save on overhead and production cost. Jobs such as manufacturing to telemarketing and customer service centres became a booming business in India. Outsourcing to India has not come without issues. Problems have surfaced in both customer service and product quality. Outsourcing has not come without heavy criticism. Many people believe that outsourcing has contributed to unemployment and security risks to Americans too.

 

Lower Quality Standards

 

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OM0016 – QUALITY MANAGEMENT

DRIVE FALL 2014
PROGRAM MBADS (SEM 4/SEM 6) MBAFLEX/ MBA (SEM 4) PGDOMN (SEM 2)
SUBJECT CODE & NAME OM0016 – QUALITY MANAGEMENT
BK ID B1341
CREDITS 4
MARKS 60

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ASSIGNMENT

 

 

 

Q1. Explain Benchmarking, Quality Function Deployment (QFD) and their benefits  

          

Answer: : Benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. In the process of best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the “targets”) to one’s own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful.

Benchmarking is used to measure

 

 

 

Q2. Explain the five key drivers that are essential for developing quality culture.

 

Answer: Explanation of five key drivers that are essential for developing quality culture :

 

Organizations should focus on some key quality process areas to meet the demands of the competitive environment and maintain their quality competitiveness.

 

  1. Develop a new strategic and operational leadership model of quality:

 

It has become increasingly clear that organizations that survive and do well in the markets approach quality as a key part of their strategy. Senior management, in these organizations, has become more hands-on in quality-related activities just as they do

 

 

 

 

 

 

Q3. What are the different statistical distributions used to model various reliability parameters     

 

Answer: Reliability modelling based on lifetime distributions is probably one of the most widely used reliability engineering techniques. This technique allows to predict the reliability of a component or system, or the probability that a component or system will perform its required function during a specified period of time under stated conditions.

 

Q4. For modern products, explain the concepts on what on which design reviews are based 

 

Answer: : Restorative development

Restorative design and development acknowledges that human activities have caused significant negative impacts on the natural environment.  It seeks to return polluted, degraded or damaged sites back to a state of acceptable health through human intervention.

 

Cradle-to-cradle development

Cradle-to-cradle (eco-effectiveness) design and development, or eco-effectiveness can be described as the next step on from eco-efficiency because it moves beyond simply reducing environmental impact (‘less bad’) to the creation of products, buildings or systems with beneficial environmental or social outcomes (McDonough and Braun art

 

 

 

Q5. What are the basic steps involved in audit reporting? Explain     

  

Answer: The auditing process is the specific steps used in a financial, operational or compliance audit. The steps may vary depending on the company and the type of audit services company owners requested from an external accounting firm. Most companies have financial audits once a year; operational and compliance audits are normally conducted on an as-needed basis. The auditing process usually includes three basic steps: planning, fieldwork and reporting. A fourth step, follow-up, may be needed if the company fails the initial audit process.

 

Planning is typically the first stage of the

 

 

 

Q6. Write short notes on:

 

  • Quality assurance

 

Answer: In developing products and services, quality assurance is any systematic process of checking to see whether a product or service being developed is meeting specified requirements. Many companies have a separate department devoted to quality assurance. A quality assurance system is said to increase customer confidence and a company’s credibility, to improve work processes and efficiency, and to enable a company to better compete with others. Quality

 

 

 

 

 

  • Juran’s trilogy

Answer: Juran was one of the first to write about the cost of poor quality. This was illustrated by his “Juran trilogy”, an approach to cross-functional management, which is composed of three managerial processes: quality planning, quality control, and quality improvement. Without change, there will be a

 

 

 

 

  • Quality standards

Answer: Quality Standards: The International Organisation for Standardisation (ISO) developed the

Quality Management System (QMS) standards in 1987. They were the ISO 9000:1987 series of standards combining ISO 9001:1987, ISO 9002:1987 and ISO 9003:1987. These standards were applicable in different

 

 

 

 

  • Types of quality costs

 

 Answer: Types f quality costs are below :

 

PREVENTION COSTS:

 

Generally the most effective way to manage quality costs is to avoid having defects in the first place. It is much less costly to prevent a problem from ever happening than it is to find and correct the problem after it has occurred. Prevention costs support activities whose purpose is to reduce the number of defects.

 

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OM0015-MAINTENANCE MANAGEMENT

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DRIVE FALL 2014
PROGRAM MBADS (SEM 4/SEM 6) MBAFLEX/ MBA (SEM 4)PGDOMN (SEM 2)
SUBJECT CODE & NAME OM0015-MAINTENANCE MANAGEMENT
BK ID B1340
CREDITS 4
MARKS 60

 

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ASSINGMENT

 

 

 

Q1. What are the stages in the lifecycle management of any machinery?

 

Answer: 1. Development

The development stage can be a protracted stage and will involve activities such as design, planning, costing, test marketing, etc. The costs are high, with no earned revenue (and thus it does not register as a stage on the diagram at Figure A1-1). Promotion for awareness may commence in advance of introduction of the product to the marketplace.

2 Birth (or Introduction stage)

This is the stage where a product will be introduced after initial decisions like selection, technology selection, location and layout design of

 

 

 

Q2. Write short notes on:

 

  • Fault tree analysis for improving maintenance effectiveness

Answer: For improving maintenance effectiveness one of the tools used is the fault tree analysis. In electrical and control systems, failures are linked to certain physical portions of the equipment. A fault tree is a network

 

 

 

 

  • Routine maintenance

Answer: Simple, small-scale activities (usually requiring only minimal skills or training) associated with regular (daily, weekly, monthly, etc.) and general upkeep of a building, equipment, machine, plant, or system against normal wear and tear. Expenditures made for the regular upkeep of physical properties (i.e. Land

 

 

 

 

  • Problems in maintenance scheduling

Answer: The problem of scheduling o-line preventive maintenance of power generating units is of substantial interest to the electric power industry. A typical power plant consists of one or two dozen power generating units which can be individually scheduled for preventive maintenance. Both

 

 

 

 

  • Wrench Time

Answer: Wrench time is a measure of crafts personnel at work, using tools, in front of jobs. Wrench time does not include obtaining parts, tools or instructions, or the travel associated with those tasks. It does not include traveling to or from jobs. It does not include time spent obtaining work assignments. Obviously, it does not include break time. These non-wrench time tasks are often necessary to get work done, but are not “wrench time.” The craftsperson is in a

 

 

 

Q3. Why detail analysis and use of different methods are essential requirements for taking suitable decisions on the equipment replacements? Explain briefly these methodologies used.     

 

Answer: Much research has been undertaken in equipment replacement optimization (ERO)including the Texas Department of Transportation’s (Tudor) ongoing equipment replacement optimization efforts. A detailed review of the state-of-the art and state of-the-practice literature of the ERO problem and commercial fleet management systems currently available worldwide can be seen and examined in a separate research paper (Fan et al. 2011). In summary, previous research efforts have been made to examine the ERO problem, which can be classified into and solved using

three categories from the solution approach perspectives:

1) Minimum Equivalent Annual Cost (EAC)

 

 

                                                          

 

Q4. Explain briefly the ABC classification and reasons behind recommending ABC and VED          classifications for managing inventory of spare parts for maintenance?   

       

Answer: ABC classification is a ranking system for identifying and grouping items in terms of how useful they are for achieving business goals.

The system requires grouping things into three categories:

A – extremely important

 

 

                                                 

Q5. Explain briefly the universal principles used for improving productivity of the maintenance       management

                                   

Answer: Total Productive Maintenance (TPM) is a business process improvement method, developed from the perspective of maintenance management. TPM concentrates on productivity improvement, primarily by way of maximizing the availability of equipment.

To do that, small multidisciplinary teams improve step-by-step the Overall Equipment Effectiveness (OEE) of their machines or production lines.

 

Q6. What is meant by ‘Overall Equipment Effectiveness (OEE)’? What are its constituents and   objectives served? List the OEE Losses?

 

Answer: Overall equipment effectiveness (OEE) is a hierarchy of metrics developed by Seiichi Nakajima in 1960’s to evaluate how effectively a manufacturing operation is utilized. It is based on the Harrington Emerson way of thinking regarding labour efficiency. The results are stated in a generic form which allows comparison between manufacturing units in differing industries. It is not however an absolute measure and is best used to identify scope for process performance improvement, and how to get the improvement. If for example the cycle time is reduced, the OEE can also reduce, even though more product is produced for less resource.

OEE measurement is also commonly

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PM0018 –CONTRACTS MANAGEMENT IN PROJECTS

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ASSIGNMENT

 

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

MBAFLEX/ MBAN2 (SEM 4)

PGDPMN (SEM 2)

SUBJECT CODE & NAME PM0018 –CONTRACTS MANAGEMENT IN PROJECTS
BK ID B1347
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.

 

Q1. What is procurement management? Explain the basic steps in procurement process.

 

Answer : Today, different organizations employ various management techniques to carry out the efficient functioning of their departments. Procurement management is one such form of management, where goods and services are acquired from a different organization or firm.

 

All organizations deal with this form of management at some point in the life of their businesses. It is in the way the procurement is carried out and the planning of the process that will ensure the things run smoothly.

 

But with many other management techniques in use,

 

 

 

2 Explain condition for adopting National Competitive Bidding and the requirements of National Competitive Bidding.

 

Answer : Afford opportunity to all eligible prospective bidders from all countries to bid.

 

To be Adopted:

  • For packages costing more than the equivalent of US $ 1 Million* (Goods),
  • Irrespective of value, where supplies need import and entail payment in foreign currency; and,
  • Generally for all contracts in which foreign firms can be expected to participate.

 

National Competitive Bidding (NCB)

 

 

 

3 List the features of Item Rate contracts and demonstrate how they are different from Lump Sum contracts.

Answer : A rate contract (RC) is a legally binding document that is utilized to create a standard that is used in the purchase of certain types of goods and services. Considered a responsible and practical type of procurement cost reduction strategy, this type of contract can be adapted to a number of situations, allowing a business with an international presence to create different contracts that apply to specific nations or regions, based on the cost of

 

 

 

4 What is RFP? What are the types of consultancy contract?

Answer : A request for proposal (RFP) is a document that an organization posts to elicit bids from potential vendors for a product or service. For example, a new business or a business moving from a paper-based system to a computer-based system might request proposals for all the hardware, software, and user training required to establish and integrate the new system into the organization. Another business might draft an RFP for a custom-written computer application they wanted to outsource.

 

The quality of an RFP is very important to successful project management because it clearly delineates the deliverables that will be required. A request for quotation (RFQ) is sometimes posted when the requirements are very clear-cut – for example, in

 

 

 

5 Briefly explain the areas of risk and causes of risk in contracts. Briefly describe five conditions for termination of a contract?

Answer : The perception of risk is relative. To some, risk is simply an element in a financial model used to predict reasonable economic decisions but to others, risk is a broader concept — a key business interest — used to maximize profit through effective capital management.

Contract professionals must embrace the broader view of risk due to the rising profile of supply chain risks within our organizations.

  • Checklist for top five risk areas

If we agree that we assume the role of risk managers within our organizations, it’s fair to ask what contractual areas will generate the most risk for our business.

Electronic contracts

 

 

6 What is outsourcing? What are its benefits and draw backs? Write short notes on contract compliances?

Answer : Outsourcing is a business strategy that moves some of an organization’s functions, processes, activities and decision responsibility from within an organization to outside providers.  This is done through negotiating contract agreements with a vendor who takes on the responsibility for the production process, people management, quality, customer service and key asset management of the function.  The process can greatly reduce fixed overhead costs of an organization.

  • Advantages of Outsourcing

Cost Savings

There can be significant cost savings when a business function is outsourced.  Employee compensation costs, office space expenses and other costs associated with providing a work space or manufacturing setup are eliminated and free up

 

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PM 0017 –PROJECT QUALITY MANAGEMENT

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ASSIGNMENT

 

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

MBAFLEX/ MBAN2 (SEM 4)

PGDPMN (SEM 2)

SUBJECT CODE & NAME PM 0017 –PROJECT QUALITY MANAGEMENT
BK ID B1346
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.

 

Q1. What is quality assurance? Explain the inputs , outputs and  tools of quality assurance process.

Answer : Quality Assurance (QA) is a way of preventing mistakes or defects in manufactured products and avoiding problems when delivering solutions or services to customers. QA is applied to physical products in pre-production to verify what will be made meets specifications and requirements, and during manufacturing production runs by validating lot samples meet specified quality controls. QA is also applied to software to verify that features and functionality meet business objectives, and that code is relatively bug free prior to shipping or releasing new software products and versions.

Q2. Write short notes on

 

A)PDCA cycle,

 

Answer : Plan-Do-Check-Act (PDCA)

A Quality Management System (QMS) is based on set of interrelated processes. These processes go through cycle of Plan-Do-Check-Act. PDCA (plan-do-check-act) is a four stage problem solving checklist used to improve business processes. The PDCA concept was advanced by Dr. W. Edwards Deming; hence it is also referred as Deming circle or Deming wheel. The PDCA Cycle is four-stage process, which enables you to get from problem-

 

 

 

  1. B) Quality audits

Answer : Quality audit is the process of systematic examination of a quality system carried out by an internal or external quality auditor or an audit team. It is an important part of organization’s quality management system and is a key element in the ISO quality system standard, ISO 9001.

 

Quality audits are typically performed at predefined time intervals and ensure that the institution has clearly defined internal system

 

 

 

 

 

3 Describe the Enterprise Project Management Model(EPM)

 

Answer : Enterprise Project Management (EPM), in broad terms, is the field of organizational development that supports organizations in managing integrally and adapting themselves to the changes of a transformation. Enterprise Project Management is a way of thinking, communicating and working, supported by an information system, that organizes enterprise’s resources in a direct relationship to the leadership’s vision and the mission, strategy, goals and objectives that move the organization forward. Simply put, EPM provides a 360 degree view of the organization’s collective efforts.

 

 

 

 

4 Explain the project management value initiative

 

Answer : Steps in the project management initiative program :

 

Step #1 – Create Business Case –

 

A business case document is the formal start of the project when the project sponsor (or the project initiator) gives a description of the business problem/opportunity. The project is to be initiated to address the problem or provide alternative solutions. The business case document will include the business problem and potential costs associated with the project implementation.

 

Step #2 – Make Feasibility Study –

 

A feasibility study is a research conducted to

 

 

 

5 Briefly explain the seven forces involved in the success of quality in project management.

Answer : Forces involved in the success of quality in project management :

 

  1. A good plan :

 

The Plan, Do, Check, Act cycle is fundamental to achieving project quality. The overall project plan should include a plan for how the project manager and team will maintain quality standards throughout the project’s cycle.

There are many benefits to smart planning. This first step in the project process allows for a reliable and realistic time-scale to be created. Assuring accurate time for cost estimates to be produced and for clear documentation of milestones and

 

 

 

6 UK based Conifer has been manufacturing equipments to broadcast audio for the radio, TV, security and telecommunications for more than 40 years. A reputation for building high quality, reliable professional audio products, 100% engineering and manufactured in their UK factory and is being used in facilities all over the world has-been earned by Conifer.

Conifer is in private owned by its directors and headed by Marcus Brooke. Sonifex’sfinest known products comprises of the award winning Courier portable flash-card recorder, which was chosen as the millennium product by the UK’s design council. There Box range of audio interfaces, that are designed for systems integrators and the lately introduced reference monitor range, a new series of rack-mount audio monitors that utilise the latest DSP (digital signal Processing) technology is also one of Sonifex’sproduct.

In the late 1990s, during the drift towards overseas manufacturing, the need to overhaul its complete operation if it were to maintain its status as a leading UK manufacture and to retain its expert manufacturing staff was recognised by Conifer. Of late, the company realised that a modification needed in the way the manufacturing process was controlled so that stock control, invoicing and accounts can be incorporated. An Excel system called EFACS, allowed to do a lot of what was needed in terms of stock control and production planning. However, the system was very cumbersome and wasn’t really suited to the needs of a smaller company where one person usually has more than one task to be performed. Conifer had its own in-house software expert that could perform thorough inspection and take a look at the system to see how on the improvements. Anew front end was created.

Conifer was the first to invest in Scope Series III audio analysers. In fact they were involved in helping to incorporate beta testing in the unit. A prototype was seen at broadcast convention and the beta test was advised to perform as a must. The price was a factor- it is incredibly competitive when compared to the test equipment offered by other manufactures, but that wasn’t the only reason to be chosen. They were also convinced by its incredible feature-set and by its user friendliness, but the main deciding factor was that the system could be easily integrated into their test systems, enabling them to develop their own user interface, integrating the scope seamlessly into their own software system.

The company’s Scope series III is an inclusive and powerful measurement system foranalog and digital audio generation and analysis, consisting of digital audio carrier analysis, acoustic transducer testing and testing of sound devices. The net result of scope III was very a rapid diagnosis and correction of any manufacturing faults, with detailed test records being written directly into the test system, giving a complete product that was ever built. This, in turn led to far more effective component batch control of products on the manufacturing lines, and more efficient technical support of products in the field. Each and every step of the phase of the Scope III series had to undergo a complete inspection, measurement of the devices and testing.Sonifex thus has been able to standardise on the Scope III series for both development and testing purposes, allowing engineers to exchange results and test procedures between departments. The Scope III analysis was a important part of the company’s performance criteria.Sonifex’s followed automated testing process and is now an integral part of its fresh software package, which was developed in-house. By doing the right inspection, measurement and testing at the right time Conifer has retained their manufacturing operation in UK when many of the competitors had to move overseas. In spite of all thisSonifex continued to develop quality design and manufacture the quality products in such a way that customers come expecting them.

 

What were the challenges faced by Conifer’s measurement system? Describe the role of inspection, measurement and testing in building Conifer.

Answer : Inspection and the test plans :

 

Inspection & Test Plan is a document made by Manufacturer/ Subcontractor or CONTRACTOR for describe the minimum requirements of the quality control activities, Inspection & Test items during fabrication and/or construction phase, reference documents, required acceptance criteria, certifying or verifying documents, and inspection parties involve; it’s all for assure that the product will be built in accordance with project specifications, code & standard requirements, and meet local government regulations.

 

Activities of inspection planning :

 

The purpose of an Inspection and Test Plan is to put together in a single document that records all inspection and testing requirements relevant to a specific process. On a construction contract the process is likely to be a construction activity, element of work, trade work or providing a product section. An Inspection and Test Plan identifies the items of materials and work to be inspected or tested, by whom and at what stage or frequency,

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PM0016 –PROJECT RISK MANAGEMENT

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ASSIGNMENT

 

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

MBAFLEX/ MBAN2 (SEM 4)

PGDPMN (SEM 2)

SUBJECT CODE & NAME PM0016 –PROJECT RISK MANAGEMENT
BK ID B1345
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.

 

Q1. Mention the steps followed in the risk identification process.

Answer : Risk identification is the critical first step of the risk management process.

The objective of risk identification is the early and continuous identification of events that, if they occur, will have negative impacts on the project’s ability to achieve performance or capability outcome goals. They may come from within the project or from external sources.

 

There are multiple types of risk assessments, including program risk assessments, risk assessments to support an investment decision, analysis of

 

 

 

Q2. What are the strategies used in risk response planning process.

Answer : A key outcome of the risk identification and assessment process is a detailed list of all key risks including those that require treatment as determined by the overall level of the risk against the Institution’s risk tolerance levels.  However, not all risks will require treatment as some may be accepted by the Institution and only require occasional monitoring throughout the period.

All key risks identified should be responded to; however not all these risks will require treatment. The risks that fall outside of the Institution’s risk tolerance levels are those which pose a significant potential impact on the ability of the Institution to achieve set objectives and therefore require treatment.

 

 

3 What are the steps to balance short term and long term plans? What are the risk impacts? Give examples.

Answer : Developing a marketing plan takes time. It is a step by step process ranging from identifying and researching your target audience, understanding your competitive position, branding, advertising, separating your business from the competition, reputation management, and more. And this week, we are going to address the next step in this process: Developing Short Term and Long Term Strategies.

You need to plan for the future success of your business. But without a short term strategy, your business may not be around long enough for those long term strategies to come to fruition. Conversely, focusing solely on your short term

 

 

 

4 Explain contract management? List the differences between a program and a project in business.

 

Answer : Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk.

 

 

 

  1. Pagan Mira is a project manager in Latitude Software Put Ltd Company. Pagan attended the seminar conducted annually in HCF convention centre, Lucknow. One of the managers portrayed the following situation at a company at which he had worked: In any organisation the project managers were remunerated for rectifying the problems in troubled projects. A manager who took a project that was not in good shape had refurbished it to good shape and it was appreciated by the customers. He could foresee sizable bonus at his next performance review. The management analysed it to be proper way to encourage their employees to outstanding performance. One project manager at this company analysed this incentive system and, as should have been expected by upper management, employed it in his own best interest. He would secretly allow his projects to worsen slowly until they were on the edge of cancellation, then, with obvious, evident, heroic effort, would revive them. His actions –of which he made certain that his managers were aware – earned him considerable bonuses time and again. The higher management finally came to know that he was the cause of the problems that his projects suffered, and he was immediately dismissed.

 

Pagan’s response to this presentation was twofold:

 

Good for the Manager

Top management at this company made it apparent to the project manager that it washes interest to save a troubled project. If top management didn’t analyse to provide him with a troubled project, he had to provide it for himself. The manager showed discernment and cleverness in supervising his projects in such a way that he could concurrently attain the company’s goal and his own (financial reward).

 

Shame on the Company

Top management at this company failed to guarantee that the project manager’s best interest overlapped with the company’s best interest. If the company wanted to have projects that were in good shape throughout their lifetimes, then their incentives to the project managers should have been focused toward keeping projects healthy. Managers whose projects never weakened should have received greater bonuses than managers whose projects suffered and later recovered. Furthermore, they failed to distinguish the apparent skill that this manager had; rather than firing this manager the company should have changed its incentive system and let this manager grow in situation that would simultaneously benefit the company.

 

What could have the company done to avoid such situation? Do you think that Risk mitigation is a useful approach for this company? Justify.

 

Answer : Employee motivation is probably the most important single manageable factor for success and profitability of all the facets of specialty store retailing.  It is too vital to be handled on a hit or miss basis, depending on the whim or spirit that stirs the store owner or manager from time to time.

 

To be effective, employee motivation must be promoted on a day-to-day, month-to-month basis.  It is a function that can and will pay enormous dividends.

It is desirable for management to be highly enthusiastic, articulate and effervescent although each person comes across in a different way.  Sincerity, fairness and candour are essential.  True personal interest in your associates problems is valuable.

 

 

6 Explain the need for documentation?

Answer : The need for documentation is explained as below :

 

Low-Risk Project Documentation

  • The goal is to communicate and document the essence of the project, primarily for informational purposes, both within the University and to outside stakeholders.
  • The Low-Risk Project Form provides a template for providing this information.
  • A low-risk project is typically described by a sentence or two of text in each of the sections of the form.
  • The level of detail in this documentation should be agreed upon mutually by the project manager and the project sponsor, with additional input and guidance as appropriate from the key project stakeholders.

Medium-Risk Project Documentation

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PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT

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ASSIGNMENT

 

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

MBAFLEX/ MBAN2 (SEM 4)

PGDPMN (SEM 2)

SUBJECT CODE & NAME PM0015 – QUANTITATIVE METHODS IN PROJECT

MANAGEMENT

BK ID B1344
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 Write short notes on:

  1. a) Graphical Evaluation & Review Technique:-

 

Answer : Graphical Evaluation & Review Technique:- Graphical Evaluation and Review Technique, commonly known as GERT, is a network analysis technique used in project management that allows probabilistic treatment of both network logic and estimation of activity duration. The technique was first described in 1966 by Dr. Alan B. Pritsker of Purdue University and WW Happ.

Compared to other techniques, GERT is only rarely used in complex systems. Nevertheless, the GERT approach addresses the majority of the limitations associated with PERT/CPM technique. GERT allows loops between tasks. The fundamental

 

 

2 Describe CPM technique of project planning.

 

Answer : :  The critical path method (CPM) is an algorithm for scheduling a set of project activities.[1] It is an important tool for effective project management.

 

The essential technique for using CPM [6] [7] is to construct a model of the project that includes the following:

  • A list of all activities required to complete the project (typically categorized within a work breakdown structure),
  • The time (duration) that each activity will take to completion, and
  • The dependencies between the activities.

 

 

3 What do you understand by managing cash flow?

 

Answer : Maintaining a healthy cash flow is one of the most important aspects of running any small business. Key to success in this area is the management of inflows and outflows, which can be monitored using a financial software package.

 

Analyzing cash flow

 

Before you can begin to improve your cash flow management, you should obtain a detailed view of how your company manages cash. Look at areas including accounts receivable, accounts payable, credit terms and inventory.

 

 

 

4 Describe how you can choose an appropriate forecasting model.

Answer : In virtually every decision they make, executives today consider some kind of forecast. Sound predictions of demands and trends are no longer luxury items, but a necessity, if managers are to cope with seasonality, sudden changes in demand levels, price-cutting maneuvers of the competition, strikes, and large swings of the economy. Forecasting can help them deal with these troubles; but it can help them more, the more they know about the general principles of forecasting, what it can and cannot do for them currently, and which techniques are suited to their needs of the moment. Here the authors try to explain the potential of forecasting to managers, focusing special attention on sales forecasting for products of Corning Glass Works as these have matured through the product life cycle. Also included is a rundown

 

 

 

5 Describe how you can display data using Gantt chart and Network Diagram Chart in MS Project .

 

Answer : Most Microsoft Project users generally use the Gantt Chart view when planning a project, however sometimes users like to use the Network Diagram view as well when planning and reporting.

 

Did you know that the Network Diagram view can be highly customised and improved quickly?

One simple improvement is to place ‘Link Labels’ on the view to indicate the dependency type and any lag time applied between tasks within the project plan.

 

 

 

 

6 How to create a report on the project activities in the MS Project

 

Answer : Create and print a basic report

 

You can create and print basic predefined task, resource, and crosstab reports to help present your project data to others. You can change any of these reports to present the information that you want.

What basic reports are available?

Basic reports are divided into six categories in the Reports dialog box (Report menu). The following sections provide descriptions of the reports in each category.

 

Overview category

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