PROGRAM - MBA
SEMESTER II
SUBJECT CODE & NAME MB 0044 - PRODUCTION AND OPERATION MANAGEMENT
1. Write short notes on:
i) Environmental scanning as a
basis for strategic decision making
ii) Tools for implementation of
operations
iii) Differentiation strategies
as a basis of decision making
iv) Core competencies as a
basis of decision making
i)
Environmental scanning as a basis for strategic decision making
Environmental scanning – The
business environment of any
organisation includes the industry, marketplace, governmental agencies,
society, ecology, technology, and others. Organisations should be aware of the
business environment in
which the firm
exists, and have
to compete continually by exhibiting potential for opportunities and
threats. Being aware of
those, and their
impact on the
firm by a
process of analysis, is
called environmental scanning.
Let us now
consider the potential exhibited
by business environment:
o Competitors
may be gaining
an edge by
diversification, making
forays into the
firm’s niche market
by making new
and better products
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2. Answer the following questions:
a. What is forecasting?
b. What are the benefits of
forecasting?
c. What are the cost implications
of forecasting?
d. List the different types of
forecasting methods.
a. Definition of forecasting
and what it involves
As stated in Heizer and
Render (2010), forecasting is the art and science of predicting the
future events. Forecasting
is an art
because subjective assessment
coupled with historical and contemporary judgment is required to improve the
accuracy of forecasts. It is a science because a wide variety of numerical
methods are used to obtain a number or several numbers and further analysed
using mathematical models
to ascertain the
accuracy of forecast.
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b. Benefits of forecasting
Forecasting basically
helps to overcome the uncertainty about the demand and thus provides a workable
solution. Without the forecast, no production function can be taken up.
Hence, it can be stated that forecasting helps to:
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c. Cost implications
of forecasting
Forecasting
requires special efforts and involves inputs from experts which cost a
lot to the
companies. Well-trained experts
and associations substantially
invest in human resources and hence charge their clients for the service
rendered. Thus, forecasting
done in-house or
carried out
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d. Forecasting methods
based on the context or focus
Classification of Forecasting
Process
According to
Heizer and Render
(2008), the forecasting
methods can be classified based on the context or focus.
The different forecasting methods are discussed below.
Based on the type of
database, the forecasting methods can be classified into 2. They are:
·
Quantitative
(Statistical forecasting)
·
Qualitative
(Subjective estimation)
·
·
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3. Describe the process of value analysis.
Process of Value Analysis
The process of value
analysis can be divided into the following four steps:
1. Data gathering
2. Analysis and valuation of functions
3. Idea generation and evaluation of substitutes
4. Implementation and regulation
Step 1: Data gathering
All
relevant information concerned with the product and the parts that go to make
it are collected. The concerns at this stage are the raw materials used,
its dimensions, characteristics, availability,
lead time, price,
mode of transport, storage,
and the rate
of consumption. All
questions regarding each of
them are asked.
The available information
is recorded and
when information is not available, tags can be attached for information
gathering at a later
date. No information
should be
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4. What do you understand by “line
balancing”? What happens if line balance does not exist?
Line balancing
A simple
line (typically set up for
the purpose of
assembly) consists of a
series of work stations, and the total
work content of the product, which is
expressed in terms
of the total
time is divided
among these workstations equally.
For
example, consider five
operations performed at A, B, C, D, and E.
Each one can
be a workstation
or more than
one operation can be
combined at a
single workstation. In
a simple line
like this it
is easy to visualise
the flow and
also to make
out the work
allocation. Below figure depicts
a
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5. Explain the steps to set data in logical order so that the business
process may be defined. List the ingredients of a business process.
Steps to set data in a logical order
The following
steps should be
considered for setting
the data in
a logical order.
1. Check
whether the participants
in the process
that is, people,
teams, and electronic applications are sufficient or, any changes and
additions need to be made.
2. Ensure
that all the data expected is included or not. Generally, we start with
an initial set of data which we have. When we check them with the requirements of
the process for
the desired outcomes,
we find gaps. These
gaps help us
in determining which
subset of the
data is appropriate at each task
in the process.
3. Check
whether the data
is sufficient for
the implementation of the
process. This can be achieved by answering the following questions:
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6. Describe the post
implementation review of a project. Explain the tools that may be considered
for post implementation review.
Post implementation review
After every stage of a
project is implemented, it may so happen that there could be a minor change or
modification which has to be reviewed. This is known as post implementation
review.
1. Final
product review: The
product obtained after
every stage must meet
the requirements of
that stage. If
it completely meets
the stated objectives, then
focus on the
issues of maintenance
of the processes and product performance. If the final
product does not completely meet the objectives then identify the variations in
the product and analyse the variation.
Study the factors
responsible for the
change and evaluate each one separately.
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SUBJECT CODE & NAME - MB0045 - FINANCIAL
MANAGEMENT
1. Explain the liquidity decisions
and its important elements. Write complete information on dividend decisions.
Liquidity decisions
The liquidity
decision is concerned
with the management
of the current assets, which is a pre-requisite to
long-term success of any business firm. This
is also called
as working capital
decision. The main
objective of the current
assets management is
the trade-off between
profitability and liquidity, and
there is a conflict between these two concepts. If a firm does not have
adequate working capital, it may become illiquid and consequently fail to meet
its current obligations thus inviting the risk of bankruptcy. On the contrary,
if the current assets are too enormous, the profitability is adversely
affected. Hence, the major objective of
the liquidity decision is to ensure
a trade-off between
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2. Explain about the doubling period and present value. Solve the below
given problem:
Under the ABC
Bank’s Cash Multiplier
Scheme, deposits can
be made for
periods ranging from 3
months to 5
years and for
every quarter, interest
is added to the
principal. The applicable rate of interest is 9% for deposits less than 23
months and 10% for periods more than 24 months. What will be the amount of Rs.
1000 after 2 years?
Doubling period
A very common question
arising in the minds of an investor is “how long will it take for the amount
invested to double for a given rate of interest”. There are 2 ways of answering
this question:
1. One way is to answer it by a rule known as
‘rule of 72’. This rule states that the period within which the amount doubles
is obtained by dividing 72 by the rate of interest. Though it is a crude way of
calculating, this rule is followed by most.
For instance, if the
given rate of interest is 10%, the doubling period is 72/10, that is, 7.2
years.
2. A much accurate way of calculating doubling
period is by using the rule known as ‘rule of 69’. By this method, Doubling
Period = 0.35+69/Interest rate
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3. Write short notes on:
a) Operating Leverage
b) Financial leverage
c) Combined leverage
Operating Leverage
Operating leverage
arises due to the presence of fixed operating expenses in the
firm’s income flows.
It has a
close relationship to
business risk. Operating leverage
affects business risk
factors, which can be
viewed as the uncertainty
inherent in estimates of future operating income.
The
operating leverage takes place when a change in revenue produces a greater change
in Earnings Before
Interest and Taxes
(EBIT). It indicates the
impact of changes
in sales on
operating income. A
firm with a high
operating leverage has a relatively greater effect on EBIT for small changes
in sales. A
small rise in
sales may enhance
profits considerably, while
a small decline in sales may reduce
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4. Explain the factors affecting Capital Structure. Solve the below given
problem:
Given below are two firms, A and B, which are identical in all aspects
except the degree of leverage employed by them. What is the average cost of
capital of both firms?
|
|
Firm
A
|
Firm
B
|
|
Net operating income EBIT
|
Rs.1,00,000
|
Rs.1,00,000
|
|
Interest on debentures I
|
Nil
|
Rs. 25,000
|
|
Equity earnings E
|
Rs.1,00,000
|
Rs. 75,000
|
|
Cost of equity Ke
|
15%
|
15%
|
|
Cost of debentures Kd
|
10%
|
10%
|
|
Market value of equity S = E/Ke
|
Rs.6,66,667
|
Rs.5,00,000
|
|
Market value of debt B
|
Nil
|
Rs.2,50,000
|
|
Total value of firm V
|
Rs.6,66,667
|
Rs.7,50,000
|
Factors affecting Capital Structure as follows: -
The major
factor affecting the capital structure is leverage. There
are also a few other factors affecting them. All the
factors are explained briefly here.
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5. Explain all the sources of risk
in capital budgeting with examples.
Solve the below given problem:
An investment will have an initial outlay of Rs 100,000. It is expected
to generate cash inflows. Cash inflow for four years.
|
Year
|
Cash inflow
|
|
1
|
40000
|
|
2
|
50000
|
|
3
|
15000
|
|
4
|
30000
|
If the risk free rate and the risk premium is 10%,
a) Compute the NPV using the
risk free rate
b) Compute NPV using
risk-adjusted discount rate
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b) NPV can be computed using
risk-adjusted discount. Below table
shows
NPV calculation using
the risk-adjusted discount.
NPV Using Risk-adjusted Discount Rate
|
Year
|
Cash
inflows
Rs. |
PV
factor
at 20% |
PV of
cash
inflows |
|
1
|
40000
|
0.833
|
33,320
|
|
2
|
50000
|
0.694
|
34,700
|
|
3
|
15000
|
0.579
|
8,685
|
|
4
|
30000
|
0.482
|
14,460
|
|
PV of
Cash in flows
|
|
|
91,165
|
|
PV of
cash outflows
|
|
|
(100,
000)
|
|
NPV
|
|
|
(8,
835)
|
Interpretation:
The
project would be acceptable when no allowance is made for risk.However, it will
not be acceptable if risk premium is added to the risk free rate. By doing so,
it moves from positive NPV to negative NPV. If
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6. Explain the objectives of Cash
Management. Write about the Baumol model with their assumptions.
Objectives of Cash Management
The major objectives of
cash management in a firm are:
·
Meeting payments
schedule
·
Minimising funds
held in the form of cash balances
Meeting payments schedule
In the normal course of
functioning, a firm has to make various payments by cash to
its employees, suppliers
and infrastructure bills.
Firms will also receive
cash through sales
of its products
and collection of
receivables. Both of these do not occur simultaneously.
The basic objective of cash management is
therefore to meet the payment schedule
on time. Timely
payments will help
the firm to
maintain its
creditworthiness in the
market and to
foster cordial
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SUBJECT CODE & NAME MB0046- Marketing Management
1. A marketing mix can be referred to as a planned mix of the
controllable elements of a product’s marketing plan, commonly termed as 4Ps:
Product, Price, Place and promotion. Considering the increasing role of
services in the economy and customer orientation, additional 3 Ps such as
People, Process and physical evidence were added to the marketing mix. These Ps
are very important while generating optimum income for the company since it
will be adjusted until the right combination that serves the needs of the
customers. Define the term marketing mix. Describe the 7ps of marketing mix.
Marketing Mix – The Traditional 4PS
A marketing
mix can be
referred to as
a planned mix
of the controllable elements of a product's
marketing plan, commonly termed as 4Ps: product, price, place, and promotion.
These four elements are adjusted until the right combination that
serves the needs
of the customers,
while generating
optimum income for the
company is found.
The traditional 4Ps of
marketing are as below:
Product
In marketing
mix, the product
or service is
the most important
element. Customers acquire products for a singular reason that they are
perceived as the means to satisfy their needs and wants. According to Philip Kotler, “A product is anything that can be offered to
a market for attention, acquisition, use, or consumption that might satisfy a
need or want.” In effect, according
to this
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2. A brand is a composite set of beliefs and associations in the mind of
consumers. In brand development, as a part of
branding strategy decision,
the brand manager
can decide to
create new brand elements for the new products, apply some of the
existing brand elements to the new product, or use a combination of existing
and new brand elements to the existing and new products. Explain the different
branding strategies used by the companies for their range of products.
Definition of Brand:
A traditional
definition of brand
stands as a
name, word, mark,
symbol, device, or a combination thereof, used to identify some product
or service of one seller and
to differentiate them
from those of
the competitors. The definition clearly
focuses on the
function of a
brand, that is,
to identify, irrespective of the
specific means employed for the identif ication. A modern definition talks
about the brand as a vehicle for delivering a certain value to the consumers.
Hence, a brand is a mental patent and set of associations that delivers a set
of functional and emotional value to the consumer in a unique way as compared
to others in the business.
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3. Describe the international market entry strategies in brief.
International
Market Entry Strategies
There are two methods to entry into foreign markets. They
are indirect exporting and direct
exporting. In the first method, the manufacturers take the help of merchant
exporters to get products exported to foreign markets. In direct exporting, the
manufacturers decide to export themselves. Thus, the manufacturers have to
decide, whether they will go directly for exports or take the help of merchant
exporters who are very often recognised as export houses, trading houses, etc.
Some government trading organisations
like State Trading Corporation, MMTC, and National Small Industries
Corporations also act as trading houses.
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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. Explain the steps in the personal selling process which helps in the
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 and the type of
industry. Marketers of
B2B products generally
place more emphasis
on personal selling and it plays
a nominal role in companies selling low-priced consumer non-durables.
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5. Describe the stages in Business buying process.
Stages in Business Buying process are as follows:
1. Step 1: Recognising an
organisational need
Organisational purchasing
starts with the
identification of demand
for products and services.
While there are
different kinds of
needs, most needs arise
out of situations
related to the
operation of the
business. Need recognition is not always as complicated or involved as
it is in new task and modified re-buy decisions. It becomes a routine,
particularly in a straight re-buy situation.
2. Step 2: Determining product
specifications
Subsequent to
identification of the
responsibility centre, the
purchase manager also specifies
exact product and
service descriptions for procurement. It is also necessary to
estimate the exact
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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
Dynamics
of rural markets differ from other market types, and similarly rural marketing
strategies are also significantly different from the marketing strategies aimed
at an urban or industrial consumer. This, along with several other related
issues, have been subject matter of intense discussions and debate in
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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,
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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
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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
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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
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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
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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
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SEMESTER II
SUBJECT CODE & NAME - MB0048 - OPERATIONS RESEARCH
1. Discuss the
methodology of Operations
Research. Explain in
brief the phases
of Operations Research.
Meaning of Operations Research : Churchman, Aackoff,
and Aruoff defined
operations research as
“the application of scientific methods, techniques and tools to the
operation of a system with optimum solutions to the problems” where 'optimum' refers to the best possible
alternative.
The objective of OR is
to provide a scientific basis to the decision-makers for solving
problems involving interaction
with various components
of the organisation. This can be
achieved by employing a team of scientists from different disciplines to work together for finding the best possible
solution in the interest of
the organisation as
a whole. The
solution thus obtained
is known as an optimal decision.
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2. a. Explain the graphical method
of solving Linear Programming Problem.
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.
·
There are
a finite number
of basic feasible
regions within the
feasible solution space.
·
If the
convex set of the feasible solutions of the system of simultaneous equation is
a convex polyhedron, then at least one of the extreme points gives an optimal
solution.
·
If the optimal
solution occurs at more than one extreme point, the value of the
objective function will be the same for all convex combination of these extreme
points.
·
·
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b. A paper
mill produces two
grades of paper
viz., X and
Y. Because of
raw material restrictions, it cannot
produce more than 400 tons of grade X
paper and 300 tons of grade Y paper in a week. There are 160 production hours
in a week. It requires 0.20 and 0.40 hours to produce a ton of grade X and Y
papers. The mill earns a profit of Rs. 200 and Rs. 500 per ton of grade X and Y
paper respectively. Formulate this as a Linear Programming Problem.
Answer:
Let x1 and x2 be the
quantity of two product x and y produced per week.
So they can produce
x1+x2<=400+300 due to restrictions of raw material.
Now there is another
restriction that is of time. so
0.20 x1+0.40x2<=160
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3 a. Explain how to solve the
degeneracy in transportation problems.
Degeneracy in transportation problem: A basic
solution to an
m-origin, n destination
transportation problem can have at the most m+n-1 positive basic
variables (non-zero), otherwise the basic
solution degenerates. It
follows that whenever
the number of
basic cells is less than m + n – 1, the transportation problem is a
degenerate one.
The degeneracy can develop in two
ways:
Case 1
- The degeneracy develops
while determining an initial assignment via any one of the initial assignment
methods discussed earlier. To resolve degeneracy,
you must augment
the positive variables
by as many
zero-valued variables as
is necessary to
complete the required m + n – 1 basic variable. These
zero-valued variables are selected in such a manner that
the resulting m + n – 1
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3. b. Explain the procedure of MODI method of finding solution through
optimality test.
MODI METHOD: - A feasible
solution has to be found always. Rather
than determining a first approximation
by a direct application of the simplex method, it is more efficient to work
with the transportation table. The transportation algorithm is the simplex
method specialised to the format of table involving the following steps:
i) Finding an initial basic feasible solution
ii) Testing the solution for optimality
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4. a. Explain the steps involved
in Hungarian method of solving Assignment problems.
Hungarian Method Algorithm: Hungarian method algorithm is based on
the concept of opportunity cost and is
more efficient in solving assignment problems.
The following steps are adopted
to solve an AP using the Hungarian method algorithm.
Step 1: Prepare row ruled matrix
by selecting the minimum values for each
row and subtract it from the other elements of the row.
Step 2: Prepare
column-reduced matrix by
subtracting minimum value of the column from the other values of that column.
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4. b. Find an optimal solution to an assignment problem with the
following cost matrix:
|
|
J1
|
J2
|
J3
|
J4
|
|
M1
|
10
|
9
|
8
|
7
|
|
M2
|
5
|
8
|
7
|
7
|
|
M3
|
5
|
4
|
6
|
5
|
|
M4
|
2
|
3
|
4
|
5
|
Solution:
The same as each row &
column’s minimum value is zero.
Row Reduced Matrix:
|
|
J1
|
J2
|
J3
|
J4
|
|
M1
|
3
|
2
|
1
|
(0)
|
|
M2
|
(0)
|
3
|
2
|
2
|
|
M3
|
1
|
(0)
|
2
|
1
|
|
M4
|
0
|
1
|
2
|
3
|
Column Reduced Matrix:
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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
mathematical models or
where solution of the
model is not possible by analytical method.
Step 1: Define the
problem:
a) Identify the objectives of the problem.
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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.
Solution:
Below Table depicts the production
rate and probability.
Production Rate and Probability
|
Production
rate |
Probability
|
Cumulative
Probability |
Random
No.
Assigned |
|
147
|
0.05
|
0.05
|
00 –
04
|
|
148
|
0.1
|
0.15
|
05 -
14
|
|
149
|
0.15
|
0.3
|
15 -
29
|
|
150
|
0.2
|
0.5
|
30 -
49
|
|
151
|
0.3
|
0.8
|
50 -
79
|
|
152
|
0.15
|
0.95
|
80 -
94
|
|
153
|
0.05
|
1
|
95 –
99
|
Below Table depicts the simulation
worksheet.
Simulation Worksheet
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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 can say that Ar dominates As .
Alternatively, if
each pay-off in a specific column
(pth column) is less than the
corresponding pay-off in
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PROGRAM - MBA -
SEMESTER II
SUBJECT CODE & NAME MB 0049 - PROJECT MANAGEMENT
1 Write Short notes on:
1. PERT model
2. CPM model
1. PERT model
Variability in PERT
analysis is measured by variance or its square root, i.e. standard deviation.
Variance of a
set of numbers
is the average
squared difference of the numbers in the set from their arithmetic
average. A simple example may be given to illustrate the calculation of
variance. Let us take a
series that consist of
numbers 4, 6, and 8. The average of this series is 6. The differences of
various numbers in the series from this average are -2, 0, and 2. Squaring them
we get 4, 0, and 4. Hence, the variance – the average of squared difference –
is 8/3 and standard deviation is √8/3.
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2. Define Project type
organization and discuss in detail
Project-type organization :
Project Type is one of
the root characteristics of a project, which points its nature. Usually project
type is a high-level definition of a project that helps to identify
methodologies to be suitable, objects and resources to be involved into the
project, and nature of products to be generated by this project. When an
organization operates a conception of project type, this may indicate that this
organization possesses different templates for different project types – these
templates package suitable elements and tools to plan, manage, and control
every conventional type of projects.
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3. Answer the following questions:
1. Mention the steps involved in a
competitive bid.
2. Mention the elements/points
that must be kept in view when designing , developing and operating a PMIS
(Project Management Information System)
1. Competitive bid (bid and award)
The steps involved in
competitive bid are discussed below:
1. The
bid or tender
is invited from
a required number
of suppliers.
2. The
bid received in
prescribed condition are
accepted and held
in safe custody.
3. The bids are opened and made public at the
stated time and place in the presence of the bidders who are present.
4. The
information received from
bidders is tabulated
on a comparative statement which
allows comparison of
quoted prices, validity
periods, and other critical
factors.
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4. Discuss the major contents of the project’s final report
The purpose of the project final report is as follows:
The final
Project Report (PR)
should be written
by the project
manager himself. The PR
should present project
evolution, its success,
its management, any outstanding and team recommendation.
Frigenti et al quotes
Meredith and Mantel on the intents of the project final report as, “The final
report is not another evaluation, rather it is the history of the project.
It is the
chronicle of the
life and times
of the project,
a compendium of what went right and what did not, who served the project in
what capacity, what
was done to
create the substance,
and how it was
managed”.
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5. Write short notes on
1. Role of risk management in
overall project management
2. Quality assurance
1. Role of risk management in
overall project management
Risk analysis and
management is a process which enables the analysis and management of the risks
associated with a project. Properly undertaken, it will increase
the likelihood of
successful completion of
a project to
cost, time, and performance objectives. There are a lot of benefits of
proper risk management in projects. Organisations can generate
a lot of
profit if they deal with
uncertain project events in a proactive manner. You can deliver a project on
time, on budget, and with proper quality if you are able to manage the risks
properly. The proper
risk management can
increase the productivity and
efficiency of the project team.
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6. What are the common features of project management software.
The common features of project management software are as follows:
• Data
entry features
o Project
data and calendar:
A project start
date is specified. A
calendar can be
used to define
the working days
and hours for each
individual resource on
a project. The
calendar is used
in calculating the schedule
for the project.
Most systems provide
a
default for the standard working period,
such as Monday
to Friday from 8:00 AM to 5:00
AM, with an hour for lunch. The calendar can be modified for each resource.
o Human resources
o Labour cost
o Human
resources available
o Cost
of construction materials
o Activity identifier
o Activity description
o Precedence
relationship
o Data
entry error
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