PROGRAM MBA
SUBJECT CODE & NAME MB 0044 - PRODUCTION AND OPERATION MANAGEMENT
1. Explain the elements or
components of operations strategy.
Ans- Elements or Components of Operations
Strategy
The six elements of
operations strategy are:
1) Designing of the production system
2) Facilities for production and services
3) Product or service design and development
4) Technology selection, development, and
process development
5) Allocation of resources
6) Focus on facilities planning
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2. Answer the following questions:
a. What is location decision
sequence?
b. Which general factors influence
the plant location decision?
Ans.a- Location decision sequence
Location
decisions start from the national level, and move to the site level after
moving through regional
level and the
community level. This
means that, first
the country of
choice is to
be
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b- General factors
The general factors
that influence the plant location are listed as follows:
Availability of
land – Availability
of land plays
an important role
in determining the plant
location. On several
occasions, our plans, calculations and forecasts suggest a
particular area as the best to start an organisation.
However, availability of
land may be
in question. In such
cases, we will have to choose the second best location.
Availability of
inputs – While
choosing a plant
location, it is
very important for the
organisation to get the labour at the right t ime and good quality raw materials. The plant should be
located:
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3.Write short notes on:
Pareto analysis
Acceptance sampling
Juran’s quality trilogy
Taguchi’s quality loss
function
Ans-
Pareto analysis – Pareto analysis is a tool
for classifying problem areas according to
the degree of
importance and attending
to the most important ones.
Pareto principle, verbally
stated as “vital
few; trivial many”
is also called
as 80-20 rule,
because it is
observed that 80 percent of
the problems that
we encounter arise
out of 20
percent of items. For example, if we find that, in a day,
we have 184 assemblies having problems
and there are 11 possible causes, it is observed that 80
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Acceptance sampling
Acceptance sampling is
also known as
end of line
inspection and categorising the products based on sample
based inspection. In acceptance sampling
method of quality control, the supplier and customer agree upon accepting
a lot, by inspecting a small number taken randomly from the bulk supply. Out of the sample, if a small number
as agreed upon by the parties or as
validated by a sampling scheme, is determined as defective, the lot is accepted.
If the number
of defectives is
more than
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Juran’s quality trilogy
Joseph Juran like Edward Deming is considered as a legendary quality
guru and is also regarded as a proponent
in spreading total quality management culture. According to Juran, the definition of quality is “Fitness for use” and is
considered as most
adequate. Juran uses
his famous universal
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4. Answer the following questions:
a. Define project management.
b. What are the major
characteristics of a project mindset?
c. What are the advantages of
Gantt chart?
Ans-a- Project Management
Managing a project is
the practice of controlling the use of resources, such as cost, time, manpower,
hardware, and software involved in
the project. It usually starts with a problem statement and
ends with delivery of a complete product. Figure
9.1 depicts project
management. Project management
involves understanding
the scope and various processes in a project cycle.
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b. Characteristics of project mindset
Project management
is all about
the mindset. Figure
9.5 depicts all
the major characteristics of a project mindset
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c. There are a number of advantages of Gantt charts such as:
A GANTT chart uses a ’fill in the bar’ method to indicate the progress of the project.
It lays out the order in which the
tasks need to be carried out.
It helps in planning the time required for
completion of a project.
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5. Answer the following questions:
a. What are the steps involved in
developing an aggregate plan?
b. Explain the various types of
pure strategies used in aggregate planning.
Ans-a. Steps in developing an aggregate plan
The following steps are
involved in developing an aggregate plan:
1. Start with a forecast for each product that
indicates the quantity to be produced
during each time period.
2. Combine the individual demands into one
single aggregate demand. It is important
to observe that
the individual units
have to be homogeneous
so that they can be combined.
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b. Pure strategies
Three focused or pure
strategies are:
Vary
production to match
demand by changes
in employment (Chase
demand strategy): This
strategy permits hiring
and layoff of workers
as required. When the output is to be increased more workers are
added and when
the output is
to be decreased,
workers are
removed.
Produce at a constant rate
and use inventories (Level production strategy): This
strategy retains a
stable work force
producing at a constant output
rate. Inventory can be accumulated
to satisfy
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6. Answer the following questions:
a. Explain the classification of
scheduling strategies.
b. List the
distinctive differences between
the scheduling followed
for manufacturing and services
Ans-a. Scheduling Strategies
Scheduling strategy
differs from organisation to organisation as it depends on the
quantum of production,
size and type
of production, company’s policy, priorities, etc. Most of these strategies are concerned
with job shop production since
the problems encountered
is more when
more than one product
is produced in the same plant.
Following are the
classifications:
Detailed scheduling
Cumulative scheduling
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b. Scheduling in Services
There are
distinctive difference between
the scheduling followed
for manufacturing and services. All these differences have a
direct impact on scheduling.
These differences are:
Service
operations cannot create
inventories to provide
buffer for demand uncertainties
Demand in service operations cannot be
predicted accurately
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PROGRAM MBA/
MBADS/ MBAFLEX/ MBAHCSN3/ PGDBAN2
SEMESTER II
SUBJECT CODE & NAME - MB0045 - FINANCIAL
MANAGEMENT
1. Critically analyze the four
broad areas of strategic financing decision.
Finance manager
takes several decisions
and performs various important functions:
·
Financing decisions
·
Investment
decisions
·
Liquidity decisions
·
Dividend decisions
1. Financing decisions
Financing decisions
relate to the
composition of relative
proportion of various sources of
finance. The sources could be:
(a) Shareholder’s
Fund: Equity Share
Capital, Preference Share
Capital, Accumulated Profits.
(b) Borrowing
from outside agencies:
Debentures, Loans from
Financial Institutions.
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2. What is FVIFA ? Is it different
from Sinking fund factor ?
A finance company
offers to pay
Rs. 44,650 after
five years to
investors who deposit annually Rs. 6,000 for five years.
Calculate the rate of interest implicit in this offer.
Answer:
Future value of an annuity
Annuity refers to the
periodic flows of equal amounts. These flows can be either receipts or
payments.
The future value
of a regular annuity for
a period of
n years at “i”
rate of interest can be summed up as follows:
Where, FVAn =
Accumulation at the end of n years
i = Rate of interest
n = Time horizon or number of years
A = Amount invested at the end of every year for n years
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3. A firm owns a machine furnishes
the following information:
|
|
Rs.
|
|
Book value of the machine
|
1,10,000
|
|
Current market value
|
80,000
|
|
Expected salvage
value after the
end of five
years of remaining useful life
|
NIL
|
|
Annual cash operating costs
|
36,000
|
|
The firm’s cost of capital
|
15%
|
|
Corporate tax rate
|
35%
|
The firm follows
straight line method
of depreciation (permitted
by the Income-tax authorities).
The management of the
company is now considering selling of the machine. If it does so, the
total operating costs
to perform the
work, now done
by the machine,
will increase by Rs. 40,000 p.a.
Solution:-
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4. How will you compute the cost of equity capital using CAPM ?
The Xavier Corporation, a
dynamic growth firm which pays no dividends, anticipates a long-run level
of future earnings
of Rs. 7
per share. The
current market price
of Xavier’s share is
Rs. 55.45. Floatation
costs for the
sale of new
equity shares would average about 10 % of the price of the
shares. What is the cost of new equity capital to Xavier Corporation ?
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5. Jharkhand Mining ltd.
has to select
one of the
two alternative projects
whose particulars are furnished below :
|
|
Project E
|
Project F
|
|
|
Rajrappa,
Hazaribagh |
Tatisilwai,
Ranchi |
|
|
Rs.
|
Rs.
|
|
Initial Outlay
|
11,87,200
|
10,06,700
|
|
Net Cash Inflow :
|
|
|
|
End of year 1
|
10,00,000
|
1,00,000
|
|
2
|
2,00,000
|
1,00,000
|
|
3
|
1,00,000
|
2,00,000
|
|
4
|
1,00,000
|
10,00,000
|
The company can arrange necessary funds @ 8 %. Compute
the NPV and IRR of each project and comment on the results. Is there
any contradiction in
the
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6. Premier Steel Ltd. has a present annual sales turnover of Rs.
40,00,000. The unit sale price is Rs.
20. The variable
costs are Rs.
12 per unit
and fixed costs
amount to Rs. 5,00,000 per annum. The present credit
period of 1 month is proposed to be extended to either 2
or 3 months
whichever is profitable.
The following additional
information is available :
|
Credit period
|
1 month
|
2 months
|
3 months
|
|
Increase in sales by
|
--
|
10%
|
30%
|
|
Bad debts on sales
|
1%
|
2%
|
5%
|
Fixed costs will
increase by Rs.
75,000 when sales
increase by 30 %.
The company requires a pre-tax
return on investment of 20 %.
Evaluate the profitability of the proposals and recommend the best credit
period for the company.
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SUBJECT CODE & NAME MB0046- Marketing Management
1.Do you think the argument of some theorists that the traditional Ps are
not enough for services marketing? Give
suitable examples to prove your point.
Services Marketing
Service sector
is one of the key
contributing factors for the
growth of our economy and
civilisation. Though marketing
literature is dominated
by manufacturing and product-centric business
practices, service marketing constitutes a
strategic area, which
has propelled growth
and success for many organisations. Pure services and
products are hypothetical extremes as
every product today
is associated with
some level of
service.
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2.What is sales promotion? Explain any eight tools of sales promotion
directed at consumers.
Ans- Fundamentals Of Sales Promotion
Sales promotion
programmes are short-term
programmes aimed at maximising
sales in a period of time. What is most important to remember is that the sales promotion programme should be
designed in such a way that it does not
affect the overall brand image of the firm and its product.
Tools and techniques
We will
discuss this under
three heads -
sales promotions directed
at consumer, sales
promotions directed at
trade partners, and
sales promotions directed at
sales force.
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3.Define Environmental scanning. Explain Delphi technique and Scenario
Building technique of Environmental
Scanning.
Ans- Environmental Scanning
Environmental scanning
refers to the careful monitoring of an organisation's internal and external environment for
detecting early signs of opportunities and threats
that may influence
its present and
future marketing plans.
It helps the marketer in taking
decisions regarding where to compete, how to compete, and on what to compete.
The opportunity
in business can
be a trend
or event that
could lead to a significant upward change in sales and profit
patterns, given the appropriate strategic response.
In the absence
of a strategic
response, a threat
will result in a significant
downward departure from current sales and profits. If the strategic uncertainty is important and
urgent, marketing managers may conduct an in-
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4.Personal selling focuses in on ‘personal’ or ‘one to one’ selling. It
involves an individual salesman or a sales team establishing and building a
profitable relationship with customers over a period of time through a series
of steps. What is personal selling? Explain the steps in the personal selling
process which helps in successful sales.
Personal Selling
Personal selling is an
activity which involves a face-to-face interaction with the customers
wherein there is
a quick response
and personal confrontation. This
allows for more
specific adjustment of
the message. Here, the
communication message can be adjusted as per the customer’s specific needs or
wants. It offers you the opportunity to develop long-term familiarity and
relationship.
The salesman
becomes the representative of the
company. The emphasis accorded
to personal selling
varies across companies
depending on a variety of factors such as the nature of
the product or service
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5 .What is Buying centre? Explain the seven roles of Buying centre and
also specify the role of functional departments in the purchase process.
Ans- Buying Roles in Industrial Marketing
A major task of an
industrial marketer is to identify those individuals who are in any way
involved in purchasing decision process. These decision-making units
are called buying
centres. Buying centres
can be an
individual, a department,
or a group
of individuals from
different departments in the
organisations.
Buying cent3re
has common goals to achieve, which also
includes sharing the risks arising from the purchase decision.
It’s not unusual to encounter groups consisting
of 15 to 20 individuals
as
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6. Describe some of the strategies
for effective marketing and advertising in rural market. Also explain the
innovative use of media in rural market.
Nature of Rural Market
Rural Markets are
defined as those segments of overall market of any economy, which are distinct
from the other types of markets like stock market, commodity markets or Labor
economics. Rural Markets constitute an important segment of overall economy,
for example, in the USA, out of about 3000 counties, around 2000 counties are
rural, that is, non-urbanized, with population of 55 million. Typically, a
rural market will represent a community in a rural area with a population of
2500 to 30000.
Strategies
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SEMESTER II
SUBJECT CODE & NAME - MB0047 – MANAGEMENT
INFORMATION SYSTEMS
1. In today’s
life, Individuals rely
on information systems,
generally Internet-based, for conducting much
of their personal
lives: for socializing,
study, shopping, banking,
and entertainment. Information technology refers to anything related to
computing technology, such as networking,
hardware, software, the
Internet, or the
people that work
with these technologies. How
do you differentiate
between information system
and information technology?
Explain using an example.
Answer:
Information systems
are collections of computers, networks, software, and people who create, store,
modify, and distribute data and information in any organisation. Computers and
information technology (IT) are key ingredients of modern information systems
(IS). Information technology includes computing devices such as personal
computers, notebook computers, personal digital assistants, mobile phones, and
various types of networks that allow the computing devices to connect and to
communicate.
Differences between
information technology (IT) and information systems (IS) are as follows:
Information Technology is understood
as the artefacts such as computing devices, software and network devices that
constitute the material aspects of IS. However, information systems are
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2. Explain decision making with
MIS using Travelling salesman problem.
Decision Making with MIS
1. Tactical decisions
An
important task of all employees within the organisation is to make decisions
about various things. At the lowest level of the organisation, the workers have
to decide how to go about their work. Although their work is usually quite
structured, they have to make choices and evaluate consequences, using the
given details. For example, a sales person may have a fixed route to travel to
meet several clients during the day, but he still has to decide the manner in
which to proceed given the actual conditions on the ground and also how many
appointments he already has and how many are pending. These are called
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3. How to use information system to support competitive strategy? Explain
with an example for each strategy
Answer:
Information Systems and Competitive Strategy
The promise of
information systems is that they enable the competitive strategy of commercial
firms. The competitive strategy of a commercial firm is its longterm
competitive position, such as of being a low-cost player or a differentiator,
which the firm adopts. A firm’s strategy is the set of activities it engages in
as part of its long-term competitive goals. Strategies lead to operational
goals and to tactics that the firm undertakes.
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4. Decision making is a daily activity for any human being. In the
decision making process, we choose one course of action from a few possible
alternatives. In the process of decision making, we may use many tools,
techniques and perceptions. Describe Herbert Simon model on Decision making.
Answer:
Herbert Simon, the
Nobel Prize winning researcher, showed that humans went through three essential
stages in the act of problem solving. He called these the Intelligence, Design,
and Choice stages. Decision making can also be considered as a type of problem
solving. When making a decision, humans tend to follow Simon’s
Intelligence-Design-Choice Model.
Below
figure depicts this model. In the first stage, that of intelligence, they
collect information about the issue from the environment and the surrounding
context. For example, if a person is faced with the
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5. Write short notes on
a. Data administration
b. Managing concurrency
c. Reduced data redundancy
d. Recovery from crashes
e. Data access
a. Data administration
Data
administration entails deciding who can create, read, update, or delete data.
Many organisations have strict controls over who can create or delete data
fields or tables. This is determined by the needs of the organisation and the
roles defined for database administrators and users. Read access is usually
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b. Managing concurrency
A serious
challenge for modern databases, especially those used for e-commerce
applications, is that of managing concurrency. Data is often maintained on many
servers, distributed across a wide geography.
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c. Reduced data redundancy
One goal
of databases is to reduce data redundancy. Data redundancy refers to the
duplication of data in different tables. If data on students is maintained in
two or three different databases in the college
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d. Recovery from crashes
Databases
are crucial to the internal working of an organisation – they are both a
resource and an asset. With the high levels of transactions happening within
the IS of organisations, it is imperative that the
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e. Data access
Data stored in
databases must be accessible efficiently. Very large databases, such as those
maintained by eBay, have to be managed in a way that when users search within
them, their results should be available within a matter of seconds. A search in
eBay results in a response within a few seconds, even
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6. Write short notes on
a. Role of workplace monitoring
b. Power over users
a. Role of workplace
monitoring
The rationale for
monitoring draws from the fact that information about activities is useful. For
commercial organisations, the security aspect of information is paramount.
Information entering the organisation through e-mail and websites represents
security threats owing to the massive presence of viruses, worms, and other
malicious software. Management concerns of privacy are often overridden by the
concern for security – all activity related to data and files being brought
into the organisation are thus monitored.
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b. Power over users
Every organisation that
uses information systems also hires information systems professionals who are
responsible for ensuring that the systems are managed and run properly. In
modern organisations, the role of such professionals has increased considerably
owing to the heavy dependence of the organisations on information systems. Due
to the important role the systems professionals play, they come to have power
over others in the organisation.
An
individual is said to have power over a person when the individual can
influence the thinking or behaviour of that person. For the information systems
professionals, this power is their ability to make IT users listen to and agree
to what they say. For example, if a user wants to send an e-mail with an
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SUBJECT CODE & NAME MB0048 OPERATIONS RESEARCH
1. What are the features of
operations research? What are the limitations of operations research?
Ans- Features of Operation Research
Some key features of OR
are as follows:
OR
is system-oriented. OR
scrutinises the problem
from an organisation’s perspective. The
results can be optimal for one part of the
system, while the
same can be
unfavourable for another
part of the
system.
OR imbibes
an inter–disciplinary team
approach. Since no
single individual can
have a thorough
knowledge of all
the fast developing
scientific know-how, personalities
from different
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2. a. Explain the graphical method
of solving Linear Programming Problem.
b.
A furniture manufacturing
company plans to
make two products:
chairs and tablesfrom its available resources, which
consists of 400 board feet of mahogany timber and 450 man-hours of labour. It knows
that to make a chair requires 5 board feet and 10 manhours and yields a profit
of Rs.45 while each table uses 20 board feet and 15 man-hours and has a profit of Rs.80. Formulate the LPP to maximise the profit.
Source: Srivastava, U.
K., Shenoy, G.V.,
& Sharma, S. C. (2007).
Quantitative
Techniques for Mangerial
Decisions. Delhi: New Age International (P) Limited .
Ans-a- Linear Programming Problem
Linear Programming
(LP) is a
mathematical technique designed
to help managers
in their planning
and decision-making. It
is usually used
in an organisation that is trying to make the
most effective use of its resources.
Resources typically
include machinery, manpower, money, time, warehouse space, and raw materials.
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Graphical Methods to Solve LPP
While obtaining the
optimal solution to an LPP by the graphical method, the statement of the following theorems of linear
programming is used:
The collection of all feasible solutions to
an LPP constitutes a convex set whose
extreme points correspond to the basic feasible solutions.
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3 a. List the steps of the Vogel’s Approximation
Method(VAM) to find the initial feasible
solution.
b.
The XYZ manufacturing company has a current transportation schedule
which is being questioned by the top management as to whether or not it is
optimal. The firm has 3 factories and 5
warehouses. The unit transportation costs (in Rs.), factory capacities, and ware house requirements are
given below. Find the initial feasible
solution using Vogel’s Approximation Method (VAM).
Warehouse
Factories
Warehouse requirements
A
B C
1. 50
40 80 400
2. 80
70 40 400
3. 60
70 60 500
4. 60
60 60 400
5. 30
50 40 800
Factory availability 800
600 1100 2500
Source: Srivastava,
U. K., Shenoy,
G.V., & Sharma,
S. C. (2007).
Quantitative
Techniques for Mangerial
Decisions. Delhi: New Age International (P) Limited .
Ans- a.Vogel’s approximation method
The Vogel’s
approximation method (VAM) takes
into account not
only the least cost c
ij
. The steps of the
method are given as follows:
Step 1
- For each row of the
transportation table, identify the smallest and
the next to smallest costs. Determine the difference between them for
each row. Display them alongside the
transportation table by enclosing them in
parenthesis against the respective rows. Similarly, compute the
differences for each column.
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4. a. What is Integer Programming Problem (IPP) ?
b. Explain Gomory’s all integer
algorithm of an IPP.
Ans-a. Integer Programming Problem (IPP)
The
IPP is a
special case of
Linear Programming
Problem (LPP), where
all or some
variables are constrained
to assume non-negative
integer values. In
LPP, the decision
variables as well as slack or surplus variables were allowed to take any
real or fractional value. However, there
are certain real life problems in which the fractional value of the decision
variables has no significance. For example, it
does not make sense saying
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b. All IPP Algorithm
In the
previous section, you
learnt the Gomory’s
all-IPP method. You
will now learn all the IPP
algorithm.
The
iterative procedure for the solution of integer programming problem is as follows: Below figure
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5. a. Explain Monte Carlo
Simulation.
Explanation of Monte Carlo Simulation method: The Monte-Carlo
method is a
simulation technique in
which statistical distribution
functions are created by using a series of random numbers. This approach has
the ability to
develop many months
or years of
data in a matter of few minutes on a digital
computer.
The method
is generally used
to solve the
problems that cannot
be adequately represented by
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5. b. A Company produces 150 cars. But the production rate varies with
the distribution.
·
·
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.
·
·
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6. a. Explain the dominance
principle in game theory.
Dominance principle in game theory
In a
rectangular game, the
pay-off matrix of
player A is
pay-off in one specific
row (row rth ) exceeding the corresponding
pay-off in another specific row ( row sth) . This
means that whatever course
of action is adopted by player B, for A, the course of
action Ar yields greater gains than the
course of action As. Therefore, Ar is a
better strategy than As irrespective of B’s
strategy. Hence, you
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6. b. Describe the Constituents of a Queuing System.
Constituents of a Queuing System
The constituents of a
queuing system include arrival pattern, service facility and queue discipline.
·
Arrival pattern: It is the average rate at which
the customers arrive.
·
Service facility: Examining the number of customers served at a
time and the statistical pattern of time taken for service at the service
facility.
·
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6. c. Differentiate between PERT and CPM
PERT
Some key points of PERT are as
follows:
PERT was developed
in connection with an Research and Development (R&D) work. Therefore, it had to cope with the
uncertainties that are associated with R&D activities. In PERT, the total
project duration is
regarded as a random variable.
Therefore, associated probabilities are calculated in order to characterise it.
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SUBJECT CODE & NAME MB 0049 - PROJECT MANAGEMENT
1. Explain the various phases of
the project management life cycle.
Ans- Phases of Project Management Life Cycle
Project
management is a rationally planned and organised effort to attain a specific
goal. It comprises
of organising, coordinating
and managing different tasks and resources for successful
completion of project. A project lasts for
a definite period
of time and
then finishes. Projects
are usually made up
of different diverse
elements or mini-tasks
that are completed separately
and finally
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2. List the steps involved in
each process of project planning.
Ans- The steps involved
in each process of project planning are:
The identification process The main steps in the identification
process of any project are:
Identifying
initial requirements. For example,
when a company
identifies a need for
a new or improved product
due to R
& D results
or a consumer survey,
the management of
that company will
acknowledge the necessity of
improving the existing
product in accordance
with the
consumer’s demands.
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3.Write short notes on the following cost estimating tools and
techniques:
a. Analogous estimating
b. Bottom-up estimating
c. Parametric estimating
d. Reserve analysis
Ans-a. Analogous estimating
Analogous cost
estimating implies using the actual cost of previous, similar projects
as the basis
for estimating the
cost of the
current project. Analogous cost estimating is frequently used
to estimate costs when there is a
limited amount of detailed information
about the project (e.g., in the early phases).
Analogous cost estimating uses expert judgment.
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b. Bottom-up estimating
This
technique involves estimating the cost of individual work packages or individual
schedule activities with
the lowest level
of detail. This
detailed cost is
then summarised or
“rolled up” higher
for reporting and
tracking purposes. The cost and
accuracy of bottom-up cost estimating is
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c. Parametric estimating
It is
a technique that
makes use of
a statistical relationship
between historical data and other
variables (e.g., square footage in construction, lines of code in software development, requisite
labour hours) to compute a cost estimate for
a schedule activity
resource. This technique
can generate
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d. Reserve analysis
Various cost estimators
include reserves (contingency allowances) as costs in
many schedule activity
cost estimates. This
may lead to
potentially overstating the cost
estimate for the schedule activity. Contingency reserves are estimated costs to be employed at the
discretion of the project manager
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4. Summarize quality control for
project quality management.
Ans- Quality control
Quality control
involves scrutinising particular
project results to
determine if they
abide by relevant
quality standards and
identifying ways to
removing causes of unsatisfactory results.
Quality Control (QC)
refers to a system of
routine technical activities
that assists in measuring
and controlling the quality of the project as it is being
developed. This includes
identifying, analysing, and
correcting problems.
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5.What is purchase cycle? Explain the key steps involved in the purchase cycle of a project.
Ans- Purchase Cycle
Purchase cycle
is a standard
process that corporations
and individuals progress through
(in order) when
purchasing a product
or service. It
is also known as
the 'buying cycle'
or 'purchase process'.
This cycle discusses about the
decision points that
the buyer or
the purchasing team
goes through. Usually, purchase
cycle of a
project consists of
the following elements. Below
figure
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6.Explain the various elements of
project control.
Ans- Project Control Process
Control of
the project is
exercised through formal
and informal processes exercised
by the project
manager, project team,
and stakeholders. The process of
conducting reviews and
monitoring reports exerts
a degree of control over the project. This discussion
will, however, focus on the formal processes
of control established by the project plan. As a project has a lot of associated
Figure: Purchase Cycle
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