Pm0015 quantitative methods in project management

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Summer 2013

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Summer 2013

Master of Business Administration-MBA Semester 4

PM 0015-Quantitative methods in project management

Q1. In order to include the cost aspects in the project scheduling, it is very much necessary to first define the cost-duration relationships for various activities in the project. Discuss Project Cost. (Explanation of direct and indirect costs 2 marks; effect of crashing the activity on cost 2 marks; direct cost-time relationship and indirect cost time relationship - 3 marks; explanation of cost slope , total project cost 3 marks) 10 marks

Answer : Direct and indirect costs :

Direct costs can be defined as costs which can be accurately traced to a cost object with little effort. Cost object may be a product, a department, a project, etc.Examples: Cost of gravel, sand, cement and wages incurred on production of concrete.Costs which cannot be accurately attributed to specific cost objects are called indirect costs. These typically benefit multiple cost objects and it is impracticable to accurately trace them to individual products, activities or departments etc.

Q2. Describe the importance of Business Forecasting. (Need for forecasting with examples 5 marks; Two common approaches to forecasting 5 marks) 10 marks

Answer : Need for business forecasting :

Forecasting is the process by which companies ponder and prepare for the future. It involves predicting the future outcome of various business decisions. This includes the future of the business as a whole, the future of an existing or proposed product or product line, and the future of the industry in which the business operates, to name a few. Forecasting is used to answer important questions, such as: How much profit will the business make?Financial forecasting is important for several

Q3. Explain the steps of the project budgeting process. (5 steps X 2= 10 marks)\ 10 marks

Answer : Steps of project budgeting process :

1. Formulation :

The executive branch normally formulates the annual budget behind closed doors. In some cases, the executive may release a discussion document or an overview of the budget in advance, but generally the legislature and civil society have little direct access to this stage of the process. Nevertheless, because the budget is rarely constructed from scratch, major parts of the budget may be anticipated by stakeholders outside the executive. This creates an opportunity for analysis and advocacy at the

Q4. Describe how you can enter tasks in MS Project. (Task Information Box / Task Sheet 6, Other Methods of Adding Tasks-4 ) 10 marks

Answer : Task information Box / Task sheet :

Use the Advanced tab on the Task Information dialog box to enter, review, or change supplemental task information. You can:1. Enter a deadline for the task if you want to be alerted about missed deadlines.

2. Change the constraint on the task to affect schedule dates.

Q5. Write short notes on Network Diagram Chart. (Explanation of Network Diagram Chart 2 marks, View the Network Diagram Chart- 2 marks; Elements of the Network Diagram Chart 2 marks; The Network Diagram Box 2 marks; Navigating the Network Diagram Chart- 2 marks) 10 marks

Answer : Network diagram chart :

A network diagram is essentially a flow chart that includes all of the project elements and how they relate to one another. The Network Diagram chart was called the PERT Chart in earlier versions of Project. This view shows the dependencies between tasks in a graphical

Q6. Discuss the algorithm for solving the shortest-route problem. (Description of shortest-route problems 2 marks; Description/discussion of the steps of the algorithm 8 marks) 10 marks

Answer : Shortest route problem :

A shortest-route problem involves a connected network having a nonnegative cost associated with each branch. One node is designated as the source, and the other node is designated as the sink. These terms dont imply an orientation of the branches. However, it

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