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PROJECT MANAGEMENT
Total Marks: 100
Note: (i) Attempt any three questions from Section A, eachcarrying 20 marks.
SECTION A
Question.1. Detailed Project Report (DPR) forms the foundation on whichthe entire superstructure of the project is built – “If it is weak,project cannot weather turbulent times ahead.” Bring out thedo’s and don’ts of a good DPR.(20 Marks)
Answer:A project plan, according to the Project Management Body of Knowledge, is: “…a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summarized or detailed.”.
Question.2. Explain the following methods of forecasting demand(20mrks)
(a) Exponential Smoothing
(b) Adaptive Exponential Smoothing
(c) Exponential Smoothing with trend and seasonal data
(d) Double Exponential Smoothing
Answer: Demand forecasting is the art and science of forecasting customer demand to drive holistic execution of such demand by corporate supply chain and business management. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, such as the use of
(a) Exponential Smoothing
Exponential smoothing is a rule of thumb technique for smoothing time series data, particularly for recursively applying as many as three low-pass filters with exponential window functions. Such techniques have broad application that is not intended to be strictly accurate or reliable for every situation. It is an easily learned and easily applied procedure for approximately calculating or recalling some
(b) Adaptive Exponential Smoothing
Adaptive exponential smoothing models are designed to improve performance by letting the smoothing parameter vary according to the most recent forecasting accuracy. This paper argues that the constant exponential smoothing results used in two comparative studies are inadequate as benchmarks. A
(c) Exponential Smoothing with trend and seasonal data
It is straightforward to perform seasonal adjustment and fit exponential smoothing models using Excel. The screen images and charts below are taken from a spreadsheet which has been set up to illustrate multiplicative seasonal adjustment
(d) Double Exponential Smoothing
Forecasting formula: The one-period-ahead forecast is given by:
Ft+1=St+bt.
The m-periods-ahead forecast is given by:
Ft+m=St+mbt.
Example
Consider once more the data set:
6.4, 5.6, 7.8, 8.8, 11
Question.3. Why do we need different types of cost estimates inprojects? Discuss five such estimates. On what factors is theirlevel or degree of accuracy dependent? (20mrks)
Answer: A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values.
Question.4. Why is a Project Management Information System ofimmense importance in a project? Discuss the objectives ofProject Management Information System. In designing aProject Management Information System what parameters areto be spelt out clearly? (20mrks)
Answer:The explosion in the computing field in the last twenty years forced the organisations to be computerised for achieving most of their operations using Information Technology (IT) systems. The implementation of the systems requires a management program for the IS applications development.
It is supposed that the tools and techniques used in such IS projects will differ independently based on the projects’ requirements. The roles and responsibilities of each contributor to the projects differ as well. The organisations responded to this new
Question.5. Explain the importance of “Project Review” in the context ofcontrol of a project. What are the elements of controls inprojects? How is cybernetics concepts applied to projectmanagement? (20mrks)
Answer:This Project Management Review form helps you document the results of your Project Review, at the end of the Execution Project Phase.
The Project Management Review is conducted to measure the deliverables produced by the project, and the results of the review are documented on this Project Review Form which is presented to the sponsor for approval.
Project Reviews are conducted at the end of the
SECTION B
(ii) Section B is compulsory and carries 40 marks.
Question.6. The activities, duration and direct activity costs are givenbelow. The indirect cost is Rs. 3000 per week. Starting fromthe normal duration obtain the crash cost and duration of theproject.
| Activity | Time in Weeks | Cost | Cost to Expedite per week (Cost slope) |
||
| Normal | Crash | Normal | Crash | ||
| 1 – 2 | 2 | 2 | 3000 | 3000 | — |
| 2 – 3 | 4 | 3 | 4000 | 5000 | 1000 |
| 2 – 6 | 8 | 8 | 6000 | 6000 | —- |
| 3 – 4 | 3 | 2 | 2000 | 3500 | 1500 |
| 3 – 5 | 2 | 2 | 2000 | 2000 | —- |
| 4 – 6 | 4 | 3 | 4000 | 5000 | 1000 |
| 5 – 6 | 3 | 3 | 4000 | 4000 | —- |
| 6 – 7 | 8 | 5 | 8000 | 12000 | 1333 |
Answer: Shortening the duration on an activity will normally increase its direct cost. A duration which implies minimum direct cost is called the normal duration and the minimum possible time tocomplete an activity is called crash duration, but at a maximum cost. The linear relationship shown above between these two points implies that any intermediate duration could also be chosen.
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