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ASSIGNMENT
| DRIVE WINETR | SUMMER 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.
Q.1. Write short notes on:
- Scoring Method for project selection
- Rules for network construction
- Project crashing using network analysis
- Graphical Evaluation & Review Technique
Answer: –
- Scoring Method for project selection: – The weighted scoring method, also known as ‘weighting and scoring’, is a form of multi-attribute or multi-criterion analysis. It involves identification of all the non-monetary factors (or “attributes”) that are relevant to the project; the allocation of weights to each of them to reflect their relative importance; and the allocation of scores to each option to reflect how it performs in relation to each attribute. The result is a single weighted score for each option,
Rules for network construction:-The following are the primary rules for constructing AOA diagram.
- The starting event and ending event of an activity are called tail event and head event, respectively.
- The network should have a unique completion node (head event).4. No activity should be represented by more than one arc in the network.5
Project crashing using network analysis: – One important extension to the basic network analysis technique relates to project cost/ project time tradeoff.
- In this extension to the basic method we assume that, for each activity, the completion time can be reduced (within limits) by spending more money on the activity. Essentially each activity now has more than one possible completion
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
Q.2. Describe the importance of Business Forecasting.
Answer: – Business Forecasting:- Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods. Usage can differ between areas of application: for example, in hydrology, the terms “forecast” and “forecasting” are sometimes reserved for estimates of values at certain specific future times, while the term “prediction” is used for more general estimates, such as the number of times floods will occur over a long
Q.3. Describe the different stages in Project management.
Answer: – Different stages in Project management: – Project Life Cycle Overview:- The project management life cycle consists of five process groups (often referred to as phases): Initiation, Planning, Execution, Control, and Closure. It is important not to skip any of these stages if you want to keep your project from failing. For example, if you skip from initiation to execution without effectively planning the project, mistakes can be made, the project will be too disorganized, and it will fall apart.
Life Cycle Phase I: Initiation of the Project
Before you can get to plan a project, the project has to be initiated. Project initiation consists of the following steps:
Q.4. Write short notes on:
- Time-series forecasting of Seasonal Data
- Setting resource calendar in MS Project
- Network diagram chart
- Cost Performance Index
Answer: – Time-series forecasting of Seasonal Data: – Many time series are collected quarterly or monthly, and others are collected weekly, daily, and even hourly. When a time series is collected quarterly or monthly, you must consider the impact of seasonal effects. In this section, regression model building is used to forecast monthly or quarterly data.
One of the companies of interest in the Using Statistics scenario is Wal-Mart Stores, Inc. In 2010, Wal-Mart Stores, Inc., operated more than 8,
Setting resource calendar in MS Project :- First I will crate a brand new Project Calendar:
Network diagram chart: – A network diagram may refer to:
- Computer network diagram, a depiction of nodes and connections in a computer or telecommunications network
- Graph drawing, methods
Cost Performance Index: – A measure of the efficiency of expenses spent on a project. The formula that a business normally uses to assess the cost performance index (CPI) is the ratio of earned value (EV) over actual costs (AC); therefore, CPI is equal to
Q.5. How to create a report on the project activities in the MS Project.
Answer: – Set up of Reports:-
- To set report margins
- In Report Builder design mode, click Page Setup on the File menu.
- The Page Setup dialog box opens.
- In the Margins area, specify the margin settings.
- Click OK.
Q.6. Discuss the algorithm for solving the shortest-route problem.
Answer: – Description of shortest-route problems:- The shortest path problem is the problem of finding a path between two vertices (or nodes) in a graph such that the sum of the weights of its constituent edges is minimized.
This is analogous to the problem of finding the shortest path between two intersections on a road map: the graph’s vertices correspond to intersections and the edges correspond to road segments, each weighted by the length of its road segment.
Everyone’s favorite way to explain dynamic programming seems to be by example. One of the favorite examples is a simple shortest path problem. We
Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
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Call us at : 08263069601
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