PROGRAM
MBA - SEMESTER IV
SUBJECT CODE & NAME - PM0015 – QUANTITATIVE
METHODS IN PROJECT MANAGEMENT
1. Explain Business Value Models
in detail.
Answer:
(I)
Balanced scorecard model
The balanced scorecard
model defines four
scoring areas for
business value and was first published by Robert S. Kaplan and David P.
Norton in an article, “The Balanced Scorecard –
Measures that Drive Performance.” The model was developed as a
replacement for earlier systems; those only included the financial perspective
to measure performance.
The business scorecard model
is an educational,
informational, and communication instrument, instead
of being a
controlling instrument. As
the name of the
model suggests, it is a balance between the internal and external factors of
the company. Areas
present on the
scorecard are referred
to as perspectives, namely,
financial perspective,
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2. What is parametric estimating?
Explain the steps involved in the development of a parametric model.
Parametric Estimating
Parametric estimating
is an estimating
technique that uses
a statistical relationship between
historical data and
other variables, such
as square footage in
construction and lines
of code in
software development for calculating an estimate for activity
parameters, such as scope, cost, budget,
and
duration. Parametric estimating can
produce higher levels of accuracy
depending upon the accuracy and sophistication of the underlying data. This
technique is used for estimates that are
quantitatively based such as dollars per square foot or number of
installations per day. It is relatively
a simple method, but not every activity or cost can be estimated
quantitatively. This method is also
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3. What is Capital Budgeting? What aspects of capital budgeting must be
considered while selecting a project?
Meaning of Capital Budgeting
Capital budgeting is a
cost-benefit analysis. In simple words, it means that if a company purchases an asset or makes any
investment, it needs to ensure that benefits
to the company
are greater than
the total cost.
In essence, capital
budgeting compares the
cash inflows and
outflows in a
project.
Capital budgeting
also assists project
managers to evaluate
whether to continue or discontinue with a project. Let
us have an
overview of the
steps involved in
the capital budgeting process. First, we need to list all the cash
flows in a project. This is a difficult task
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4. Explain the concept and application of Earned Value. What is Time
Centric Earned Value.
Application of Earned Value
If a project is fairly complex, EVM can assist
in controlling the performance. By providing cost and schedule performance
assessments of both the total project
and its major parts, EVM allows
identifying the likely problem
areas so that an effective corrective
action can be taken.
The viability of EV in
measuring SV can be seen clearly in the
illustration shown in fig:
Part ‘a’
of above figure shows a
two-task project experiencing
schedule slippage. The first
task, valued at $700, is complete, but the second task, valued at
$300, is only partially complete.
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5. Explain Benefit-Cost Ratio
Analysis and Break-Even Analysis.
Benefit-Cost Ratio Analysis
BCR analysis
refers to an approach that compares
the cost to be incurred and
financial benefits to be received from a project. It is conducted to make project decisions. BCR analysis involves weighing total expected costs and expected benefits
to select the
most profitable option.
An accurate estimation of costs and benefits would result in an accurate outcome of the BCR analysis.
A BCR
indicates the overall value of money invested
in a project. In simple words,
BCR refers to
the ratio of
the benefits of
a project proposal to its
costs
(both expressed in
monetary terms). All
the costs and
benefits are expressed in terms of present value. If the
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6. What are the steps that should
be followed to construct a “house of quality”?
House of Quality
The following steps need to be followed to
construct a house of quality:
Step-1 Voice
of the customer: This
step includes determining
and identifying the customer’s
needs. The main
objective of this
step is to translate
the needs of
every customer into
engineering specifications.
Customers buy products
that have the
desired characteristics, and manufacturers offer
the desired characteristics.
There should be a
proper alignment between the
needs of the
customers and the
offerings of the manufacturer.
After
determining the most important features, their translation into particular
specifications is carried out. Each aspect, such as heights, torques, weights,
etc., of
the desired item
must be defined.
For
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PROGRAM MBA - SEMESTER IV
SUBJECT CODE & NAME PM0016 –PROJECT RISK MANAGEMENT
1. What is Project Risk? Explain
different sources of project risk with examples
Project
Risk
Risk is one of the major factors to be
considered during the management of a project. Risk can be defined as, “A probability or threat of damage, injury,
liability, loss or any other negative occurrence that is caused by external or
internal vulnerabilities and may be avoided through pre-emptive action”. In other words, risk refers to an uncertain
circumstance that can affect at least one project objective.
A project manager should assess risk throughout the
lifecycle of a project and manage the project’s exposure to
risk (that is, the probability of specific risks occurring and their potential
impact if they occur).
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2. What is Risk Opportunity and
Management System (ROMS)? What are its benefits?
Ans- Risk and Opportunity Management System
(ROMS)
An
opportunity is usually created by an external event. However, it may be
possible to create them internally by taking an advantage of the favourable
conditions that help project managers execute projects much more efficiently.
This approach was called “optimise, reuse and leverage”. In the early days of
project management, when the project management methodologies were getting
created and tested, the entire focus used to be on risk management alone. At
that time, opportunity management was relatively a new focus area. Later, it
was realised that project risks and opportunities should be studied together. A
holistic view of risk and opportunity management requires a single
comprehensive
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3. What is Project Activity Risk?
Explain different Categories of Risk with examples.
Meaning of Project Activity Risk
The first step of creating a
schedule (time) management plan is to
define an activity and
list the different
activities involved in
a project to
achieve the desired objectives. An activity list provides a structure to the project plan. A project
plan is
an amalgamation of all the
activities and additional attributes associated with the
activities such as owner, duration, start and end date, milestones, dependencies, etc. Any deliverable
that the project is supposed to produce
must have one or more activities associated with it.
This
includes even the work that is
outsourced or the items that are procured. When
a project manager correctly identifies and documents all the
project activities in
a project
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4. What are the sources of
resource risks?
Ans-
Sources of Resource Risks are:
To
effectively manage resource risks, you should know their sources. In the
previous section, you studied that there
are three categories of resources, which are as follows:
· People
· Outsourcing
(procurement)
· Money
Below
are the risks related :
People
risks
Risks
related to people represent the maximum risks (by count) in the PERIL database,
accounting for more than two-thirds of the total risk incidents. The sources of
people risks can be divided into two main
categories, which are as follows:
categories, which are as follows:
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5. What is Scope Risk? Explain
different types of scope risks.
Meaning of Scope Risk
Scope refers
to the work
that needs to be completed
for delivering a product, service or result with specified
features and functions. In
short, scope is the
work that needs
to be accomplished and delivered
as a
part of the project. A project
should focus on delivering the complete
scope and nothing
else. Defining the
exact scope is
very difficult and crucial for the success of a project.
A project
scope statement refers
to a comprehensive
document that includes the
details of the project scope. The document in effect says, “Here is what we
will do as a part of this project and
this is what we will NOT do”. The
development of a
scope statement takes
a lot of
time and involves expert judgment of many stakeholders
and sometimes, experts outside the organisation. A well-
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6. Explain the three point
estimates used in quantitative risk analysis.
Ans-
Three-Point Estimates
The
three-point estimates are widely used in a quantitative risk analysis.
Three-point estimates describe three scenarios (pessimistic, base case and
optimistic) and thus, help in considering different outcomes
and their impacts.
and their impacts.
Three-point
estimates provide a simple means of representing the magnitude and range of a
risk impact or effect. These are most often used for estimating the cost or
schedule effects of a project risk. They can also be used in connection with
other important variables of a project. For example, one of the key factors in
an aircraft design is weight and a rigorous quantitative analysis is done to
see the impact of
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PROGRAM MBA
- SEMESTER IV
SUBJECT
CODE & NAME PM 0017 – PROJECT
QUALITY MANAGEMENT
1. What
is Total Quality
Management? Explain various
terms used in
quality management. Discuss the benefits of traditional method
and contemporary method of quality assurance.
Total Quality
Management (TQM):
This quality assurance
theory emphasises on product
quality. The definition
of TQM is
“it is a management
approach to long-term
success by satisfying customers”. According
to this concept,
all the members
of an organisation contribute
towards the improvement
of products, processes, and
services, thereby improving
their working culture. TQM
focuses on the
customer/client requirement and
the ways in which
it can be
best achieved. It
emphasises on continuous improvement and customer
satisfaction.
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2. Explain the major project management
standards and frameworks.
Ans-
Project Management Frameworks and Standards
The
major project management standards and frameworks are :
ISO
10006
ISO
10006 is a standard published by the ISO for providing guidance on quality
management in projects. It is not meant to serve as a ‘project management
standard’, and deals only with the requirements of QMS in managing projects. It
focuses primarily on project management processes and requires organisations to
refer to ISO 9000 for quality management of product related processes in any
project.
ISO
10006 differentiates between a project originating organisation and a project
organisation. A project originating organisation is the one that decides to
undertake the project, whereas a project organisation carries out the project.
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3. What are the benefits of quality metrics?
Explain the 3 categories of quality metrics.
Ans- Quality metrics provide the following key benefits:
· They
identify the accepted frameworks, standards, and best practices applicable for
the project.
· They
establish quality assurance activities and control project management aspects,
such as cost, schedule, and resource utilisation.
· They
manage technical and business process performance to applicable standards.
· They
achieve compliance with industry standards, statutory requirements, and
business policies.
· They
set benchmarks to judge project management competency, process capability, and
organisational maturity goals.
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4. What are the methods of Improving Quality? Discuss
the major barriers to project quality improvement.
Methods
of Improving Quality
Joseph M. Juran described quality management as ‘Quality trilogy’,
which is also called
the “Juran trilogy”
after his name.
Quality trilogy includes
the following three elements:
Quality planning: It involves
various activities to
develop action plans
in order to improve the quality
of deliverables in an organisation. It includes the following steps:
1. Determine target
customers.
2. Identify the needs and
expectations of customers.
3. Develop products
and services according
to customers’ needs
and expectations.
4. Develop processes
and strategies for
producing quality products
and services.
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5. What
is SIPOC (Suppliers,
Inputs, Process, Outputs,
and Customers)? Which
3 factors should you focus on
developing SIPOC? Explain.
Ans- SIPOC
The
Suppliers, Inputs, Process, Outputs, and Customers (SIPOC) process provides a
template to define a process in order to map, measure, and/or improve it. It is
represented in a five column tabular format.
In
the 1980s, SIPOC was used in the TQM programmes of different organisations.
Today, it is used as a tool in the Measure phase of Six Sigma’s Define,
Measure, Analyse, Improve, and Control (DMAIC)
methodology to identify the key elements of an improvement process. To understand the concept of SIPOC, consider a process of serving tea. Here, the suppliers provide various inputs that are converted into outputs before delivering them to customers.
methodology to identify the key elements of an improvement process. To understand the concept of SIPOC, consider a process of serving tea. Here, the suppliers provide various inputs that are converted into outputs before delivering them to customers.
SIPOC
defines the scope for improving quality consistently. Consider the general
pizza delivery process in pizza outlets, such as Domino’s. To cater to customer
preferences and improve the service quality, most pizza outlets commit to
deliver a pizza within a specific period (usually within a span of 30
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6. Explain Statistical Process Control (SPC)
along with SPC theory and tools?
Statistical
Process Control (SPC)
Statistical Process
Control (SPC) is an important
statistical quality control tool.
Its concept originated
from the manufacturing
industry, but is now
applicable for analysing, controlling,
and improving any kind of repeatable process.
In
general, the project processes might not
be amenable to SPC techniques because, by definition, the projects are of
temporary nature with a fixed start and end
dates, and result
in a single
project outcome. Therefore,
the processes of a
project are slightly
different from the
operations in a manufacturing industry,
where identical products
are mass produced. Irrespective of
this, you can
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PROGRAM
MBA - SEMESTER IV
SUBJECT CODE & NAME PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS
1. Explain the essential elements
of a project contract.
These elements of a valid contract are as follows:
1. Proposal (offer) and
acceptance
There must be a ‘lawful
proposal’ and a ‘lawful acceptance’ of the proposal for a
contract. The word ‘lawful’ before offer and acceptance signifies that
the proposal and acceptance must satisfy the requirements of the law of the
contract. There must
be at least two
parties to a contract,
i.e., one party making
the proposal and
the other party
accepting it. The
terms of the proposal
must be definite
and the acceptance
of the proposal
must be absolute and
unconditional. The acceptance must also be according to the mode prescribed and
must be communicated to the proposer. In the case of project contracts,
one party is
the owner/purchaser and
the other party is the contractor.
2. Intention to create legal
relations
There
must be an intention among the parties that the agreement should be
attached by legal
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2. Explain the steps involved in
the contract closure process.
Steps Involved in the Contract Closure Process
1. Collecting
contract documentation: In
order to close
a contract successfully, it
is important to collect all
the relevant documents
for review. This may
include collecting all
the documents regarding
the original contract, variations, schedules and performance reports.
2. Completing
contractor final review: It
includes a complete review of all contracts
and verifying that
all the requirements
and outputs specified in the
contracts have been met. It also aims to ensure that all the variations to the
contract requirements have been documented with a clear tracking system,
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3. What is an outsourcing
contract? What are the Advantages and Disadvantages
of Outsourcing?
Outsourcing Contracts
Outsourcing a
contract implies a
process in which
one party contracts
a work to another party.
First, the outsourcer
accepts the tasks given by the organisation. Then, the contract is and
involves key contents such as scope, conditions,
deliverables, etc.
The advantages of outsourcing are as follows:
Access to resources and knowledge: It implies that
access to resources is more important than
their ownership. If organisations
spend on acquiring resources and creating skills and
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4. Discuss the process of procurement.
The steps of the procurement process are as below:
·
Planning purchases and acquisitions
·
Making procurement plan
·
Selecting the contract approach
·
Soliciting bids
·
Negotiation
·
Awarding the contract
·
Purchase
·
Evaluation
1. Planning
purchases and acquisitions:
It involves identifying
the goods or services
that need to
be procured. The
contract type is determined under this step.
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5. What is contract management? Describe its important features.
Contract Management
Contract management
refers to the management of contracts by negotiating the terms and
conditions of the contract and ensuring
compliance. It implies systematically managing
the contract creation
and maximising the operational and financial performance of
contracts. An increase in the use of contracts
in organisations requires
growing recognition for
improving contractual processes; thus proper management of contracts is
essential. Contract management is a process that enables both parties of a
contract to meet their obligations in order to deliver objectives required in
the contract.
It covers
the transition and
implementation, ongoing day-to-day management, evaluation,
and succession planning.
The aim of
contract management is to achieve services as agreed, efficiency,
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6. Write short notes on:
· Contract Structure and its elements.
· Software Licensing
Contract
Structure
There are
several types of contracts in different industries. Contracts differ in their terms such as type of work, number of
parties involved, degree of risk, price of the contract, etc. However, the
structure of a contract is almost similar
in most industries. Most contracts follow the same basic format. Generally,
contracts begin with
a Preamble and
continue with recitals
or introduction. Some
contracts may not
include the recitals
or introduction units,
for example, contracts with short
time periods. All contracts have a main
section, the body of the contract, which addresses the reason why the contract
is being entered
into and
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