PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT

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ASSIGNMENT

DRIVE	SUMMER 2015
PROGRAM	MBADS (SEM 4/SEM 6)MBAFLEX/ MBA (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME	PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT
BK ID	B2011
CREDITSANDMARKS	4 CREDITS AND 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.

Q. 1. Explain how Kano model is used by companies to analyse customer needs.

Answer:The Kano model is more narrowly focused than the former two models discussed. Named for Dr.Noriaki Kano and widely described in the literature, the model is aimed at capturing the voice of the customer for requirements for products and service. Originally conceived in the 1970s as a quality tool for obtaining a good match of customer need and product feature and function, project managers can apply this tool not only for grading requirements but also for evaluating budget allocations and priorities, and for assessing qualitative risks. In this regard, Kano models are quite useful for project managers who must make dollar decisions about where discretionary funds can be best leveraged for business value.

Q. 2. a. Explain the concept of expected value.

Answer:In statistics and probability analysis, expected value is calculated by multiplying each of the possible outcomes by the likelihood that each outcome will occur, and summing all of those values. By calculating expected values, investors can choose the scenario that is most likely to give them their desired outcome.

The concept of expected value of a random variable is one of the most important concepts in probability theory. It was first devised in the 17th

b. Suppose project A and B are under construction. The possible profit outcomes of project A are USD 1000 (0.4 probability) and USD 300 (0.6 probability). Project B has profit outcomes of USD 900 (0.6 probability) and 200 (0.4 probability). Calculate the expected values of profit to be generated by the two projects.

Answer:The expected value formula for binomial random variables is written as E(X)=n*P (or P*n, X*P or P*X).

The expected value formula changes a little if you have a series of trials (for example, a series of coin tosses). When you have a series of trials, you take your basic formula (n*P) for each trial and then add them together. Mathematically, the expected value formula for a series of binomial trials is:

E(X) = x1P1 + x2P2 + x3P3 + . . . + xnPn.

Q. 3. Write short notes on :

a)  Project scoping process

Answer:The project scoping process is the first step in the project development process. This process is undertaken to determine what the project should entail and what potential impacts exist.

It involves identifying and describing the work that is needed to produce the product of the project in sufficient detail to ensure that:

·         The project team understands what it

b) Resource assignment matrix

Answer:A responsibility assignment matrix (RAM), also known as RACI matrixor ARCI matrix or linear responsibility chart (LRC), describes the participation by various roles in completing tasks or deliverables for a project or business process. It is especially useful in clarifying roles and responsibilities in cross-functional/departmental projects and processes. RACI and ARCI are acronyms derived from the four key responsibilities most typically used: Responsible, Accountable, Consulted, and Informed.

There is a distinction between a role and individually identified people: a role is a descriptor of an associated set of tasks; may be performed by

Q. 4. Explain the various expense items in a project.

Answer:At some point in your organization, your plan for your future will include a look at your income and expenses. You may find jotting a budget easy. Others prefer never to have to look at the budget  part of their activities and rely on their fiscal department or someone else to take care of all “that money stuff.” If you are one of the latter types, seek  skills about managing money, funding, and budgeting, so you can understand and direct your nonprofit’s future.

·         Staff by position: Record approximate salaries and hours for each position.

·         Benefits: This budget comprises pensions,

Q. 5. What are the major steps in time management process? What is rolling wave planning?

Answer:Following are the main steps in the project time management process. Each addresses a distinct area of time management in a project.

1. Relax and Remain Composed: Unless you hold some magical power, and if so please enlighten me, everything cannot be finished at once. The first step towards effectively managing time is to take a step back and think clearly. Rushing into any situation without poise can make even the easiest task feel impossible.

Q. 6. What are the steps that should be followed to construct a “house of quality”?

Answer:Every successful company has always used data and information to help in its planning processes.  In planning a new product, engineers have always examined the manufacturing and performance history of the current product.  They look at field test data, comparing their product to that of their competitor’s product. They examine any customer satisfaction information that might happen to be available.  Unfortunately, much of this information is often incomplete.  It is frequently examined as individual data, without comparison to other data that may support or contradict it.

The Voice of the Customers

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Send your semester & Specialization name to our mail id :

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