PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT

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ASSIGNMENT

DRIVE WINETR	SPRING 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT
SEMESTER	4
BK ID	B1344
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

1 Write short notes on:

Ø  Q sort method of project selection

Answer : A method for analyzing the opinions of a group based on a series of rankings (sorts) produced by the individual group members. The Q sort was originally developed within the field of psychology as a means for measuring correlations among the views expressed by different people. The letter Q was assigned to differentiate the method from another approach used in psychology, known as the R method, for analyzing correlations among various factors (e.g., height versus age). The Q sort, in contrast, is based on

Ø  Basic components of a network

Answer : A computer network is a data communications system that interconnects computer systems at various different sites.

In this learning module we are going to learn about the pieces that make a network , some of which you are familar with:

Ø  Project cost

Answer : Project cost management (PCM) is a method that uses technology to measure cost and productivity through the full life cycle of enterprise level projects.

PCM encompasses several specific functions of project management including estimating, job controls, field data collection, scheduling, accounting and design.

Beginning with estimating, a vital tool in PCM, actual historical data is used to accurately plan all aspects of the project. As the project

Ø  Resource smoothing

Answer : A scheduling calculation that involves utilising float or increasing or decreasing the resources required for specific activities, such that any peaks and troughs of resource usage are smoothed out. This does not affect the overall duration. It is also known as time limited resource scheduling.

What is the difference between 'resource smoothing' and 'resource scheduling'?

Resource smoothing is used when the

2 What are the three methods for determining the forecasted cost at completion? Explain.

Answer : Three methods for determining the forecasted cost at completion :

1)      General time forecasting formula

2)      General cost forecasting formula

3)      Performance factor

1) Cost forecasting EAC

Forecasting the final cost of the project is key to the success or failure of a project since it allows to take corrective actions when the predicted EAC exceeds a certain threshold. This forecast is based on the actual costs already spent and a prediction of the future spendings for the remaining portion of work to be done. The general forecasting formula is equal to:

EAC = AC + PCWR

3 Describe the different stages in Project management.

Answer : Whether a project is large or small, the stages of a project are ultimately the same. Initiate the project, and then move into planning, followed by execution. Once the project is in the execution stage, you'll monitor and control it, which will continually influence changes that loop back to the planning stage as necessary. Once all project tasks are complete and approved, you will finally be ready to close the project.

4 Write short notes on:

Ø  Linking of tasks in MS Project

Answer : Link tasks in a project

You can link any two tasks in a project to show their relationship (also called a task dependency). Dependencies drive the project schedule — once you link the tasks, every change you make to the predecessor affects the successor, which

Ø  Setting resource calendar in MS Project

Answer : You can apply different, customized calendars to individual tasks and individual resources. In most cases the base calendar is the calendar that describes the standard working times for most resources in your organization. As you know, the base calendar contains standard working times that designate the beginning of the work day at 8:00 A.M., ending at 5 P.M., and allowing employees a one-hour break for lunch. If you want to

Ø  Network diagram chart

Answer : The Network Diagram view was called the PERT Chart in earlier versions of Project. This view shows the dependencies between tasks in a graphical manner. A box (also called a node) represents each task, and a line connecting two boxes represents the dependency between those tasks.

The Network Diagram view is just one of

Ø  Updating the project in MS Project

Answer : You can quickly update your project's tasks to 100% complete or the scheduled percent complete.

For example, your project is going well and most of your tasks are on track. Rather than updating each task in your project daily, you update the tasks to their scheduled percent complete weekly, and then modify the percent complete for those tasks that are either behind or ahead of schedule.

5 Discuss consolidating several projects in MS project.

Answer :  Projects can get of hand quickly. Before you know it, a simple building project becomes a collage of smaller projects, such as design, excavation, foundation work, and marketing. You can have more control over your project by creating smaller projects in Microsoft Office Project 2007 and then linking them into a single file to show where they fit in your master project.

6 Describe how you can choose an appropriate forecasting model.

Answer : In virtually every decision they make, executives today consider some kind of forecast. Sound predictions of demands and trends are no longer luxury items, but a necessity, if managers are to cope with seasonality, sudden changes in demand levels, price-cutting maneuvers of the competition, strikes, and large swings of the economy. Forecasting can help them deal with these troubles; but it can help them more, the more they know about the general principles of forecasting, what it can and cannot do for them currently, and

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Call us at : 08263069601

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