PM0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT

 

 

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ASSIGNMENT

 

 

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. Management Operation System Technique (MOST)

Answer : A Management Operating System (often abreviated “MOS”) refers to the system of controls, communication and activity used to achieve organisational goals and objectives. Most often the MOS exists in a written form and is used to communicate to relevant stakeholders how an objective is being met.

 

Techniques :

Communication Plan: The communication plan addresses both the meetings that will be a part of the effort as well as the reporting out functions.

• Who will be invited to the meeting

 

 

2 Describe the different nonnumeric methods for project selection.

Answer : Project selection is the process of choosing a project or set of projects to be implemented by the organization. Since projects in general require a substantial investment in terms of money and resources, both of which are limited, it is of vital importance that the projects that an organization selects provide good returns on the resources and capital invested. This requirement must be balanced with the need for an

 

 

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

 

 

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

 

 

 

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

 

 

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.

 

 

 

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