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PROGRAM
Masters of
Business Administration - MBA
SEMESTER
IV
SUBJECT
CODE & NAME
PM0015
Quantitative
Methods in Project Management
Qus:1 What is Decision Tree Method? Elaborate the steps
applied to create a decision tree.
Answer: You must have observed that it is relatively easy to make
decisions when the results are known. When future outcomes are certain, we can
select the path that involves the highest value and the lowest cost. In a
real-life scenario too, we tend to select a path that has the highest expected
Qus:2 What is Financial Statement? Define four basic
financial statements.
Answer: A financial statement refers to a formal report of the
financial activities of a business, person or other entities. Financial
statements are a key component of accounting. Managers use financial statements
to make important long-term business decisions.
Financial statement
Qus:3 What do you understand by Capital Budgeting? Elaborate the
techniques for Capital Budgeting.
Answer: Capital
budgeting is a cost-benefit analysis. In simple words, it means that if a
company purchases an asset or makes any investment, it needs to ensure that
benefits to the company are greater
Qus:4 Elaborate Discounted Cash Flow & Discount Rate.
Answer: DCF is a valuation method used for estimating the
attractiveness of investment opportunities. It is a crucial concept in project
financial analysis. Let us now discuss the meaning of the term ‘discounted cash
flow’. Cash in business is the actual monies paid out for salaries,
Qus:5 Define Statistical Distribution of Cost. Elaborate Beta
distribution & Triangular distribution.
Answer: Project cost is used as the decision objective in many
project problems, such as project selection and bidding. In a project, the cost
elements can be represented by a statistical distribution
Qus:6 Explain Earned Value. Describe indicators of Project’s
Schedule and Cost Performance with EV.
Answer: Future performance of a project is indicated by its current
performance. Therefore, with the help of trend data, it is possible to forecast
cost and schedule overruns of projects at an early stage. The EV method is one
of the most important trend analysis techniques used in project
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PROGRAM
Masters of
Business Administration - MBA
SEMESTER
IV
SUBJECT
CODE & NAME
PM0016
Project
Risk Management
Qus:1 What are Risk Processes & Risk Attitudes? Describe
Risk Processes.
Risk Attitudes 5
Risk Processes 5
Answer:
Establish the context: This is the first process in the
overall risk management exercise and often receives the least attention. It
refers to all the activities required to understand the context and
Qus:2 What is Risk Categorization? Elaborate major four
categories of risk.
Risk Categorization 2
Four Major Risk Categories 8
Answer: A risk register, an outcome of the risk identification
process, is a list of all the potential risks. It does not contain any
qualitative or quantitative details of a risk, such as risk priority, severity,
probability etc. A risk register acts as a primary input for the risk analysis
process. However, a raw
Qus:3 Describe Sensitivity Analysis. List the goal of Sensitivity
Analysis.
Sensitivity Analysis 4
Goals of Sensitivity Analysis 6
Answer: In
the quantitative analysis, a project manager should use different tools and
models to study the factors
Qus:4 Define Scope Risk. Elaborate different types of scope
risk.
Scope Risk 4
Types of Scope Risk 6
Answer: To understand the meaning of a scope risk, you should
clearly understand the meaning of the scope. Scope refers to the work that
needs to be completed for delivering a product, service or result with
specified features and functions. In short, scope is the work that needs to be
Qus:5 Define Resource Risk. Discuss three categories of resources
risks.
Resource Risk 4
Categories of Resources Risk 6
Answer: A resource risk is a risk that
occurs when the resources required by a project are not available on time or in
the right quantity. The term ‘resources’ in this case includes human resources,
money and outsourcing (procurement). An equipment or a tool is another
important resource;
Qus:6 What is Risk Mitigation? Elaborate Mitigation Strategies for
Scope Risk, Scheduled Risk & Resources Risks.
Risk Mitigation 4
Mitigation Strategies for Scope Risk 2
Mitigation Strategies for Scheduled Risk 2
Mitigation Strategies for Resources Risk 2
Answer: To mitigate means to make something less severe, serious or
painful. Risk mitigation aims at exactly the same goal, which is reducing the
risk impact by taking steps before a risk
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PROGRAM
Masters of
Business Administration - MBA
SEMESTER
IV
SUBJECT
CODE & NAME
PM0017
Project
Quality Management
Qus:1 What is ISO quality standard? Define ISO 9001:2008,
ISO 9004:2009 and ISO 19011:2011.
ISO Quality Standard 1
ISO 9001:2008 3
ISO 9004:2009 3
ISO 19011:2011 3
Answer: Today, there are various quality programmes, standards, and
excellence models or awards to influence quality practices in organisations.
Different countries have instituted different standards for promoting quality
management. These practices focus on certain parameters like customer
satisfaction and busin
Qus:2 Detail the Concept of Project Quality Assurance.
Illustrate Quality Assurance Plan.
Concept of Project Quality Assurance 4
Quality Assurance Plan 6
Answer: The potential of a project to produce high quality outcomes
largely depends on the decisions taken during its planning stage. In this
stage, you set the quality parameters of project management and product
realization processes, which together affect the quality of the project
Qus:3 Elaborate benefits & barriers of Project Quality
Improvement.
Benefits of Project Quality Improvement. 3
Barriers of Project Quality Improvement. 7
Answer: To
focus on continuous improvement, an organisation needs to constantly manage its
processes, and identify and remove problems. Continuous improvement encompasses
all the processes and departments of an organisation. It follows the top-down
approach. The top management initiates and
Qus:4 Define Process flowcharts. Detail High-level, Detailed
and Deployment/matrix flowchart.
Process flowcharts 1
High-level flowcharts 3
Detailed flowcharts 3
Deployment/matrix flowchart 3
Answer: Process flowcharts
In 1921, Frank Gilbreth, a pioneer
of motion study, introduced the concept of flowcharts. Gradually, flowcharts
made a mark on various industrial and engineering projects. Quality guru Kaoru
Ishikawa defined a
Qus:5 What do you understand from Problem Solving in Project
Management? Detail Tools for Solving Problems.
Problem Solving in Project Management 1
Tools for Solving Problems 9
Answer: A structured approach to problem solving helps in managing
projects in a better way. This approach consists of various problem solving
tools and guidelines that help an organisation to solve problems properly. An
organisation can either adopt various existing problem solving
Qus:6 Define European Forum for Quality Management (EFQM).
Elaborate the three integrated components of EFQM.
European Forum for Quality Management (EFQM) 1
Three integrated components of EFQM 9
Answer: The European Forum for Quality Management (EFQM) is an
excellence model that works as a quality tool. Although mostly used in Europe
by organisations to improve performance, the EFQM model can be applied to any
organisation regardless of size, sector, or maturity. It is a generic
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DRIVE
fall
2017
PROGRAM
MBADS
(SEM 4/SEM 6) - MBAFLEX/ MBA (SEM 4)
PGDPMN
(SEM 2)
SUBJECT
CODE & NAME
PM
0018 –CONTRACTS MANAGEMENT IN PROJECTS
BK
ID - B2014
CREDIT
AND MARKS - 4 CREDITS AND 60 MARKS
Q1. Explain the essential elements
of a project contract. (Discuss the TEN essential elements of a project
contract) 10
Answer: Essential elements of project contract: We have studied
that a contract is an agreement enforceable by law. To be enforceable by law,
an agreement must possess the essential elements of valid contract. These
elements of a valid contract are discussed as follows:
Proposal
(offer) and acceptance: There must be a ‘lawful proposal’ and a ‘lawful
acceptance’ of the proposal for a contrac
Q2. Explain the steps involved in
the contract closure process. (Explain the EIGHT steps involved in the contract
closure process) 10
Answer: Contract Closure: Contract closure
refers to a process of accomplishing all the tasks as per the terms and
conditions mentioned in the contract. The steps involved in the contract
closure process are
Q3. What is an outsourcing contract?
What are the Advantages and Disadvantages of Outsourcing?
Explain about outsourcing
contract.
Advantages and Disadvantages of
Outsourcing
Answer: Outsourcing Contracts: Outsourcing a contract
implies a process in which one party contracts work to another party. First,
the outsourcer accepts the tasks given by the organisation. Then, the contract
is and involves key contents such as scope, conditions, deliverables, etc. Organisations
often
Q4. Discuss the process of
procurement. (Explain the SIX steps of the procurement process) 10
Answer: Process of Procurement: The procurement
process includes the activities of procuring goods or services, paying the
bills, and closing the procurement contracts. The steps involved in the
procurement process are discussed as follows:
1.
Planning purchases and
Q5. What is contract management?
Describe its important features. (Define contract management, List and briefly
explain the important features of a good management contract) 1, 9
Answer: Contract Management: Contract
management refers to the management of contracts by negotiating the terms and
conditions of the contract and ensuring compliance. It implies systematically
managing the contract creation and maximizing the operational and financial
performance of contracts. An increase in the use of contracts in organizations
requires growing recognition for improving
6 Write short notes on:
Contract Structure and its
elements.
Software Licensing
Contract Structure and its elements
Definition Software Licensing
Answer:
Contract Structure and its elements:
There
are several types of contracts in different industries. Contracts differ in
their terms such as type of work, number of parties involved, degree of risk,
price of the contract, etc. However, the structure of a contract is almost
similar in most industries. Most contracts follow the same basic format.
Generally, contracts
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