PROGRAM - MBA
SEMESTER II
SUBJECT CODE & NAME MB0044 - PRODUCTION AND OPERATION MANAGEMENT
1. Write short notes on:
a) Outsourcing strategies for
capital productivity
b) Implementation of operations
c) Basic competitive priorities
d) Market survey method of
forecasting
a)
Outsourcing strategies for capital productivity
Outsourcing
strategies
When
capacity requirements are determined, it is easy to figure out whether
some goods or
services can be
outsourced. Outsourcing can
reduce the capital and manpower
requirements. Also, the available
capacities can be used to augment
the core competencies
thus reducing the
cost of the
product or
service to the
customer. Further, outsourcing
also helps in improved
product design and
even enables better
networking and collaborations.
However, lack of expertise, quality considerations, nature of demand, and cost
factors may restrict outsourcing.
• Lack
of expertise –
The outsourced firm
may not have
the requisite expertise to do the
job required.
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b)
Implementation of operations
Implementation
is the process of executing the planned
operations. When planning and controlling
functions are put
together, we call
it as Implementation of
Operations.
The planning
is the process
of estimating, routing,
and scheduling. The controlling functions are conducted while
the manufacturing is going on, like dispatching
and expediting.
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c)
Basic competitive priorities
The basic
competitive priorities are:
I.
Cost
II.
Quality
III.
Time
IV.
Flexibility
1. Cost
Cost is
one of the
primary considerations while
marketing a product
or a service. Being a low cost
producer, the product accepted by the
customer offers sustainability and can outperform competitors. Lower price and
better quality of a
product will ensure
higher demand and higher
profitability. To estimate the
actual cost of
production, the operations
manager must address labour,
materials, scrap generations, overhead and other initial cost of design and
development, etc.
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d)
Market survey method of forecasting
Market surveys
Conducting surveys
among the prospective
buyers or users
is a very old
method of forecasting.
Here, a questionnaire
is prepared and
circulated among the people
and their responses
are obtained. The
responses are collated and analysed
to reveal possible
clues towards acceptance
or otherwise about a new product or service. Based on the overall
decision, the forecasting is done.
This method is
typically done for
new products or at
new places where a product is to be launched. In
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2. “Gujarat’s emergence as an
auto hub is a positive for the economy
Saturday, 17 September 2011 - 8:00am IST | Place: Mumbai | Agency: DNA
Source:
http://www.dnaindia.com/money/report-gujarat-s-emergence-as-an-auto-hub-is-a-positive-for-the-economy-1588052,
accessed 24th Oct, 2014
Instructions: Read the above article and hyperlinked articles to answer
the question given below
Answer:-
The general factors that favour Gujarat as a destination for
automobile manufacturing
·
Gujarat has leveraged its locational advantages.
·
Good rail connectivity.
·
Gujarat’s port development initiatives are
closely coordinated with rail transport.
·
Gujarat’s port development also could permit
economical transportation to other parts of the country.
·
Developing domestic and international financial
services, improving road and air connectivity and focusing on affordable
housing and other amenities could further add to Gujarat’s locational
advantage.
·
One of the advantages of Gujarat is the larger
share of non-fertile agricultural land.
Special factors that favour Gujarat as a destination for automobile
manufacturing
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3. Write short notes on:
a) 5Ss system of waste
elimination
b) Scheduling in services
c) Vendor managed inventory
d) Subcontracting capacity
(production) option
a)
5Ss system of waste elimination
Historically, production
managers have used
“housekeeping” for a
neat, orderly, and
efficient workplace and as a
means of reducing
waste. Operations managers have
improvised “housekeeping” to
include a checklist commonly
known as the 5Ss. The Japanese developed the initial
5Ss where
each S stands for a Japanese word.
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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
·
Demand for service
are initiated mostly as unplanned event and hence,there may be certain
distortions in scheduling
·
Providing the
required manpower and skills for
the sudden demand
in scheduling a service
activity is challenging
and sometimes becomes crucial
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c)
Vendor managed inventory
Vendor
Managed Inventory (VMI) is a process in which a supplier generates orders for
its distributor based
on demand information
sent by the distributor.
VMI was
first applied to the grocery
industry, between companies
like Procter & Gamble (supplier) and Wal-Mart (distributor).
With VMI,
suppliers generate orders
based on mutually
agreed upon objectives for
inventory levels, fill rates and transaction costs, and demand information sent
by their distributor customers.
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d)
Subcontracting capacity (production) option
A firm
can acquire temporary
capacity by subcontracting work
during peak demand
periods. Subcontracting, however,
has several pitfalls. First, it may be expensive; second, it risks opening the
client’s door to a competitor. Third, it is often hard to find the perfect
subcontract supplier, one who always delivers the quality product on time.
However, of late outsourcing has become a complete
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4. 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.
2. Outstanding
project work review:
Many times it
is found that
there may be some item of the project which is still not in its finished
form. It may be insignificant as it may be a by-product of that
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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
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6. Describe the dimensions of
quality.
Dimensions of quality
Quality is inherent in
the product or service that is rendered to the customer. Since we
are attempting to
measure the same,
we will look
into those aspects of
quality, called dimensions
of quality.
• Quality
of design –
A product is
designed keeping in
view the customers’ requirement.
For designing a
product, the manufacturer
or service provider should
be aware of
the specifications of
different features required to incorporate in the product. Some of the
features to be known for
designing a product
include – material,
dimensions, and characteristics.
The quality of the product is introduced by the design of these features.
Inspection of the manufacturing processes is
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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
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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.
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Financial Leverage
Financial leverage
relates to the financing activities of a firm and measures the effect of EBIT
on Earnings Per Share (EPS) of the company. A company’s sources of funds fall
under two categories:
·
Those which
carry fixed financial
charges like debentures,
bonds, and preference
shares
·
Those which
do not carry any fixed charges like equity shares
Debentures
and bonds carry a fixed rate of interest and are to be paid off
irrespective of the
firm’s revenues. The
dividends are not
contractual obligations, but the
dividend on preference
shares is
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Total or Combined Leverage
The combination
of operating and
financial leverage is
called combined leverage. Operating
leverage affects the
firm’s operating profit
EBIT and financial leverage
affects PAT or the EPS. These cause wide fluctuations in EPS. A company having
a high level of operating or financial leverage will find a drastic change in
its EPS even for a small change in sales volume. Companies whose
products are seasonal
in nature have
fluctuating EPS, but the amount
of changes in EPS due to leverages is more
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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.
Leverage
The use of
sources of funds that have a fixed cost attached to them, such as
preference shares, loans
from banks and
financial institutions, and debentures in
the capital structure,
is known as
“trading on equity”
or “financial leverage”.
If the assets financed by debt yield a return greater than the cost of
the debt, the EPS will
increase without an
increase in the
owner’s investment. Similarly,
the EPS
will also increase if preference share capital is used to acquire
assets. But the leverage impact is felt more in case of debt because of
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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
Sources of risk
The five different
sources of risk are:
·
Project-specific
risk
·
Competitive or
competition risk
·
Industry-specific
risk
·
International risk
·
Market risk
Below are the sources of
risk in detail:
Project-specific risk : Project-specific risk
could be traced
to something quite
specific to the project.
Managerial deficiencies or
error in estimation
of cash flows
or discount rate may lead to a situation of actual cash flows realised
being less than the projected cash flow.
Competitive
or competition risk: Unanticipated actions of a firm’s competitors will
materially affect the cash flows expected from a project. As a result of this, the actual cash flows
from a project will be less
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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 relationships
with creditors and suppliers. Creditors give cash discount if payments
are made in time
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PROGRAM - MBA -
SEMESTER 2
SUBJECT CODE & NAME MB0046- Marketing Management
1. Suppose you are the marketing
manager of a banking firm. Your bank has opened its first branch overseas. What
factor do you think will affect the choice of marketing the most and why?
Define environment 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
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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
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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
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5. Describe the stages in consumer decision making process.
Explanation of the stages in consumer decision :
1. Problem recognition
A buying
process starts when a consumer
recognises that there
is a substantial discrepancy
between his/her current
state of satisfaction
and expectations in a consumption situation.
A need
can be activated
through internal or external stimuli.
The basic needs of common men
rise to a particular level and become a drive. From their previous
experiences, they know
how to satisfy
these needs like hunger, thirst, sex, etc. This is a case
of internal stimulus. A need can also be
aroused by an
external stimulus such
as sighting a
new product in a
shop while purchasing other usual products.
2. Information search
After
need arousal, the behaviour of the consumer leads towards collection of
available information about various stimuli. In this case, information about
products and services
are gathered from
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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,
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PROGRAM - MBA
SEMESTER II
SUBJECT CODE & NAME - MB0047 – MANAGEMENT
INFORMATION SYSTEM
1. In the current e-world any
organisation’s massive operations are managed by various types of information
systems that help them to achieve their goals of servicing their clients. This
can be done by the growth of modern organization. Discuss some of the essential
features of modern organisation.
Essential Features of Modern Organisations
1. IT-Enabled
organisation
2. Networked
organisation
3. Dispersed
organisation
4. Knowledge
organization
1. IT-Enabled organisation
The
organisations discussed above are modern in the sense that they have built into
their structure the elements of information technology (IT) that enable them to
function in a manner appropriate to the demands of the environment. This is a
fundamental difference between a modern organisation and its older, premodern
incarnation. Tata Motors, for instance, upon its initiation in 1945 would also
have put in place built-in mechanisms to respond to its
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2. Marketing managers are keener
to look for a least cost route that also allow a sales person to meet all his
customers. Identifying a least cost route with this features is slightly
complicated. Therefore, managers depend on decision support tools to find the
most cost effective routes to
cover the market. The travelling salesman problem is one of such tool.
Describe the tool with a diagram.
The travelling salesman problem:
Below figure depicts
the travelling salesman problem which is an example of an operational decision.
The salesman has to cover all the cities in one tour at the lowest possible
cost.
Fig :
Travelling salesman problem (the figure shows the distances between
seven cities in India)
The
salesman can start from Bangalore and then follow any sequence, such as
Chennai–Mumbai–Bhopal–New Delhi–Kolkata–Ranchi or Kolkata–Ranchi–New
Delhi–Mumbai–Bhopal–Chennai. If all the combinations of cities are counted,
there are 720 ways in which the salesman
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3. There are many examples of
digital goods. Companies such as Amazon.com are selling digital versions of
books over their site. These digital books can be read on special readers that
display the pages on a screen.
a. List the important properties
of information goods
b. Explain positive feedback with
diagrams
A a. Important Properties of Information Goods
Many argue that the
life of the physical, paper-based book is about to decline with the advent of
the digital book readers. Book buyers can now buy books directly over the
Internet and have them instantly available on their digital readers. The
digital readers have massive capacities; one such device can store thousands of
books. Besides, some of them provide access through wireless networks to a huge
library of free and paid books that the readers can access instantly.
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Positive feedback
In a situation where
there is a benefit for individual users when many others start using a network
technology, the benefit from using the network acts as a boost for all the
users. For example, when people start using e-mail that allows them to send
messages and documents to many others, they realise the benefit or value of the
network and then are encouraged to use it even more. When they use the e-mail
network more often, others are further encouraged too, and the usage of the
technology grows. This is positive feedback.
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4. Decision support systems (DSS)
are used extensively across organisations to assist managers with making
decisions. Decision making by managers involves the phases of intelligence,
design, and choice, and DSS help mainly with the choice part as they support
structured and unstructured types of decisions.
a. What is it that managers do
when they make decisions?
b. Explain the different types of
decisions
Decision Making Process:
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
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Different Types of Decisions
Types of decisions
·
Structured Decisions
·
Semi-structured Problems
·
Unstructured Problems
DSS are
typically used to support what are called structured decisions. In a structured
decision-making scenario, the relevant criteria, the data needed, and the
method of analysis are usually known and can be modelled by the system. For
example, the travelling salesman problem is a very well-known structured
problem. In this problem, the data on the number of cities the
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5. What is crowdsourcing? How does
the site Galaxy Zoo manage crowdsourcing?
Crowdsourcing
The phrase
crowdsourcing is often used to describe projects that encourage collaboration.
The term refers to the idea that a ‘crowd’ of people, not necessarily known to
each other, participate in working on a project.
Fig. :
Image of galaxy classified on Galaxy Zoo. The grey object in the bottom
is an unclassified element that prompted further research
Many
critics have argued that crowdsourcing works for some kinds of tasks, but for
others it is not effective. For instance, it was initially argued that the
quality of articles on Wikipedia was not as good as that available in a
traditional encyclopaedia like Encyclopaedia Britannica.
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6. Data and information relating
to individuals could be of sensitive nature. Give some examples of such kind of
data
Data and information
relating to individuals could be of sensitive nature. Some examples of such
kind of data are as follows:
1. Employees, who work extensively with
computers, log in every morning when they come to work and log out in the
evening when they leave. During the working day, every time they leave their
desk or are not working on the computer, the system logs their inactivity at
work. For example, a United Airlines worker, in the USA, was threatened with
job loss on the grounds that she had spent more than the allotted time in the
bathroom, making her co-workers take up her work.
2. Medical records detailing illnesses and
treatments, hospital visits, and medication routines are all stored on
organisational databases that contain personnel data. The data is specific to
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PROGRAM - MBA
SEMESTER II
SUBJECT CODE & NAME - MB0048 - OPERATIONS RESEARCH
1. Describe the framework of
Operations Research.
Answer: List the seven stages of
Operations Research
a. Orientation
b. Problem
definition
c. Data
collection
d. Authentication
and evaluation
e. Model
solution
f.
Model formulation
g. Implementation
and monitoring
These stages in the
framework of OR are described in detail as follows:
1. Orientation:
In the recent
years, much emphasis
has been given on teamwork in
a business environment.
Today, most industrial
projects are handled by multifunctional teams. Therefore, the team approach in OR is a natural and
desirable phenomenon. In the orientation phase, OR team
holds several meetings
to identify the
on-going operational problems
in an organisation.
This team ensures
that all its
members have a clear understanding of the relevant issues.
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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 some of the
important terms of the transportation problem.
Answer: Below is the list and explanation of some of the important
terms of the transportation problem
After formulating
the transportation problem,
you should be
aware of the terms that you may encounter while
solving a transportation problem. Some of these terms are discussed as follows:
Feasible Solution
(FS): It refers
to a set
of non-negative individual allocations (xij ≥0) that
satisfies row and column restrictions.
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3. b. Explain the steps of MODI (Modified Distribution) method.
Answer: Below are the steps of MODI method
The MODI method, also
known as the U-V method, helps in
providing the minimum cost solution
for the transportation problem.
In this method,
a closed route for vacant cell having maximum opportunity cost is made.
This method is an improvement over the stepping stone method.
The steps involved in
the evaluation of unoccupied cells are as follows:
1. For an IBFS with m + n − 1 occupied
cell, calculate ui(i = 1, 2, 3…m) and vj(j = 1, 2, 3…n) for each row and
column. IBFS can beobtained by any of the three methods discussed earlier.
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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
|
7
|
8
|
|
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
|
(0)
|
1
|
|
M2
|
(0)
|
3
|
2
|
2
|
|
M3
|
1
|
(0)
|
2
|
1
|
|
M4
|
0
|
1
|
2
|
3
|
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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.
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5. b. Hindustan Bakery is popular for its delicious fruit cakes. The
table below shows the daily demand for the bakery’s cakes.
|
Daily Demand
|
0
|
15
|
25
|
35
|
45
|
50
|
|
Probability
|
0.01
|
0.15
|
0.2
|
0.5
|
0.12
|
0.02
|
Simulate the demand for cakes for 10 days using the following sequence of
random numbers:
22, 26, 48, 53, 93, 89, 42, 91, 25, 20
If 35 cakes are baked every day in Hindustan Bakery, determine the
inventory stock. In addition, estimate the daily average demand for cakes on
the basis of simulated data.
Answer: Below table (a) shows the probability
distribution that is obtained by using daily demand distribution:
Table (a): Probability Distribution for the
Production of Cakes
|
Daily Demand
|
Probability
|
Cumulative Probability
|
Random Numbers
|
|
0
|
0.01
|
0.01
|
0
|
|
15
|
0.15
|
0.16
|
1-15
|
|
25
|
0.2
|
0.36
|
16-35
|
|
35
|
0.5
|
0.86
|
36-85
|
|
45
|
0.12
|
0.98
|
86-97
|
|
50
|
0.02
|
1
|
98-99
|
At the start of
simulation, the first random number 22generates the demand of 25
cakes (see in
Table (a) ). The
demand is determined
from the cumulative probability
values given in Table (a). At the end of the first day, the closing quantity is
10 (35 – 25) cakes. Similarly, wecan calculate the daily demand, as shown in
Table (b):
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6. a. State the assumptions of
game theory.
Assumptions of game theory
Game theory provides an
appropriate solution of a problem if its conditions are properly
satisfied. These conditions
are often termed
as the assumptions of the game
theory. These assumptions are applicable to twoperson as
well as n-person
game. Some of
these assumptions are as
follows:
• Assumes that
a player can
adopt multiple strategies
for solving a problem
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6. b. What are the characteristics of Markov chain?
The following are the
characteristics of a Markov chain:
• There are finite numbers of possible
states.
• States are both collectively exhaustive
and mutually exclusive.
• The
transition probabilities depend
only upon the
current state of the
system, i.e., the conditional probabilities of the next state is
independent of the states prior to the present state.
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6.c. What are the rules for prioritising jobs?
Answer:
There are
a number of
rules for prioritising
a job. Some
of the most commonly used rules of priority are
discussed as follows:
First Come First Served
(FCFS):Refers to the rule of priority in which job orders are processed on the
basis of their order of arrival in a
production department.
Shortest Operating
Time (SOT): Refers
to one of
the most commonly used rules of prioritising a job. In
SOT, jobs are sequenced on the basis of their processing time. If the
processing time of a job is less as compared to others, it
would be run
first. SOT is
also termed as
Shortest Processing Time
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PROGRAM - MBA
SEMESTER II
SUBJECT CODE & NAME MB0049 - PROJECT MANAGEMENT
1. Explain the 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 combined together
to make the
completed project. Below figure
depicts the phases of project life cycle which is
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2. Write short notes on:
(i) Economic feasibility of a
project
(ii) Need for project planning
(iii) Diversity management
(iv) Rules for network
construction
(i)
Economic feasibility of a project
The
economic feasibility aspect of a project relates to the earning capacity of the
project. Earnings of the project depend on the volume of sales. Here, the
following important indicators are taken into consideration:
• Present demand of the goods produced through the project i.e. market
facility (or) getting a feel of the market.
• Future demand of the goods. A projection may be made about the future
demand. The period normally depends upon the scale of investment.
• Determining the extent
of supply to
meet the expected
demand and arriving at the gap.
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(ii)
Need for project planning
The purpose
of project planning
is to identify
various areas of
the project work and the
influencing factors, and
subsequently define the
boundaries of the project performance.
In addition, scope
of the project
also needs to be explicitly
mentioned in the list project objectives. Further it serves as a guide through
its well defined directions to perform the project.
Planning is basic
to all human
activities and requires
common sense. It is a trap
laid down to
capture the future.
It helps in
bridging the gap
between where you are
to where you
want to
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(iii)
Diversity management
Diversity
management is a management strategy to promote and maintain a positive workplace environment in the organisation. It
is crucial for growth in
today’s
competitive marketplace.
Diversity management works
on the principle
of “acceptance”. Diversity management inspires the employees
to recognise that everyone is different. They
should not be
afraid or be
biased about these
differences. Employees are encouraged
to live with
the fact that
there are different
interests, different values, and different physical and emotional
characteristics present in the
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(iv)
Rules for network construction
The rules to be
observed in constructing the network diagram are discussed below:
Every activity must
have a preceding and a succeeding event.
An activity is numerically represented
by the pair of preceding and succeeding events. In the dinner project, for instance, the activity
‘send invitations’ is designated as (1-2).
1. Each
event must have
a distinct number.
The number specified
to an event can be chosen in any way, provided this condition is fulfilled. In practice, yet, events are numbered in the
manner that
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3. What are the key steps for
effective risk management? Explain any FIVE risk identification techniques.
Steps in risk management
An effective risk
management plan comprises of following steps:
• Creation
To create a risk
management plan, you must carefully select appropriate controls and
counter measures to
quantify each risk.
Risk mitigation must also be
approved by the suitable level of management as per the level/domain of risk.
• Implementation
The next
step is the
implementation of the
plan. Firstly, you
must undertake measures for
mitigating the effect
of the risks.
You must purchase insurance
policies for all those risks that could be insured. You must try
to avoid and
minimise all risks
without sacrificing the
entity's goals. The risks left after all these are retained.
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4. Write a short notes on
(i) Parametric estimating tool
of cost estimating
(ii) Procurement process
(iii) Project team’s
responsibilities in project execution
(iv) Project termination
(i)
Parametric estimating tool of cost 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 higher levels of
accuracy depending upon the sophistication, the underlying resource quantity
and cost
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(ii)
Procurement process
An effective
procurement process plays
in important role
in the successful implementation of
a project. A
procurement process starts
with the identification of
the required materials
and equipments. Delayed
delivery, manufacturing
defects, incorrect specifications, belated
replacement,
pilferage, shortage, etc
are common problems
in almost all
projects. An efficient project
management can avoid
much of these
problems by proper planning and
control of procurement
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(iii)
Project team’s responsibilities in project execution
The project
team members are expected to assist in the management of the project
as well; albeit,
at a more
functional level. The
critical project management elements
for the project
team to provide
assistance with include:
• Performance
monitoring: Implement an execution plan to measure the actual performance as
compared to planned performance. For example, the actual
project schedules will
need to be
reviewed periodically and compared
to baseline schedules
in order to
discern if the
project is performing according
to plan. If the project is not performing according to baseline,
steps will be
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(iv)
Project termination
Project termination
is one of the most
serious decisions of a project management team and its control
board. The decision of project termination affects all the stakeholders of the
project and can put some negative impact on the organisation’s growth. So it is
important to critically evaluate all the aspects before taking the decision.
The project manager and his or her team members
will feel that
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5. What is Quality planning? Explain the inputs, tools and techniques and
outcomes of quality planning.
Definition of quality planning
Quality planning
is the process
of identifying the quality
standards that are
related to the
project and determining how to
these standards can be achieved. It is one
of the significant
processes of project planning and
should be performed
on a continuous basis and
in parallel with
the other project
planning processes.
A good quality planning
process starts with a clear definition of the goals of the project. What is the
product or deliverable likely to achieve? What does the product look like? What
functions will it perform? How do you evaluate customer satisfaction? What
determines the success of a project?
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6. Describe the various types of
project performance evaluation techniques. List any FOUR benefits of
performance measurement and evaluation.
Types of project performance evaluation
The following are the
types of project performance evaluation techniques:
(i) Process
(or implementation) evaluation: It
is also called
formative evaluations which are
designed to improve
the implementation of a
program, policy or
strategy as it
unfolds. In this
type of evaluation
we measure the level to which a program is effective as it was planned.
It usually considers the
program activities’ conformance
to statutory and regulatory requirements, program design,
and professional standards or customer expectations.
(ii) Outcome evaluation: It is also called summative evaluations which
are designed to judge
a program, policy
or strategy’s relevance,
success and/or
cost-effectiveness which includes
its relative contribution
to the intended outcomes. This
type of evaluation measures the level to
which a
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