PM0015 - QUANTITATIVE METHODS IN PROJECT MANAGEMENT

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ASSIGNMENT

DRIVE	FALL 2014
PROGRAM	MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT
BK ID	B1344
Credit and Max. Marks	4 credits; 60 marks

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:

a) Graphical Evaluation & Review Technique:-

Answer : Graphical Evaluation & Review Technique:- Graphical Evaluation and Review Technique, commonly known as GERT, is a network analysis technique used in project management that allows probabilistic treatment of both network logic and estimation of activity duration. The technique was first described in 1966 by Dr. Alan B. Pritsker of Purdue University and WW Happ.

Compared to other techniques, GERT is only rarely used in complex systems. Nevertheless, the GERT approach addresses the majority of the limitations associated with PERT/CPM technique. GERT allows loops between tasks. The fundamental

2 Describe CPM technique of project planning.

Answer : :  The critical path method (CPM) is an algorithm for scheduling a set of project activities.[1] It is an important tool for effective project management.

The essential technique for using CPM [6] [7] is to construct a model of the project that includes the following:

1)      A list of all activities required to complete the project (typically categorized within a work breakdown structure),

2)      The time (duration) that each activity will take to completion, and

3)      The dependencies between the activities.

3 What do you understand by managing cash flow?

Answer : Maintaining a healthy cash flow is one of the most important aspects of running any small business. Key to success in this area is the management of inflows and outflows, which can be monitored using a financial software package.

Analyzing cash flow

Before you can begin to improve your cash flow management, you should obtain a detailed view of how your company manages cash. Look at areas including accounts receivable, accounts payable, credit terms and inventory.

4 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 which techniques are suited to their needs of the moment. Here the authors try to explain the potential of forecasting to managers, focusing special attention on sales forecasting for products of Corning Glass Works as these have matured through the product life cycle. Also included is a rundown

5 Describe how you can display data using Gantt chart and Network Diagram Chart in MS Project .

Answer : Most Microsoft Project users generally use the Gantt Chart view when planning a project, however sometimes users like to use the Network Diagram view as well when planning and reporting. 

Did you know that the Network Diagram view can be highly customised and improved quickly?

One simple improvement is to place ‘Link Labels’ on the view to indicate the dependency type and any lag time applied between tasks within the project plan.

6 How to create a report on the project activities in the MS Project

Answer : Create and print a basic report

                         

You can create and print basic predefined task, resource, and crosstab reports to help present your project data to others. You can change any of these reports to present the information that you want.

What basic reports are available?

Basic reports are divided into six categories in the Reports dialog box (Report menu). The following sections provide descriptions of the reports in each category.

Overview category

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