PM0015 – Quantitative methods in Project Management

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(Winter/November 2012) Master of Business Administration - MBA Semester 4 Project Management Specialization PM 0015 Quantitative methods in Project Management (4 credits) (Book ID: B1344) ASSIGNMENT- Set 1 Marks 60 Note: Assignment Set -1 must be written within 6-8 pages. Answer all questions. Q1.a. Describe the Scoring Method for project selection 5 marks (150-200) words Answer : A method of scoring options against a prioritize requirements list to determine which option best fits the selection criteria. The Weighted Scoring Method Weighted Scoring is a technique for putting a semblance of objectivity into a subjective process. Using a consistent list of criteria, weighted according to the importance or priority of the criteria to the organization, a comparison of similar products can be completed. If numerical values are assigned to the criteria priorities

b. Discuss the algorithm for solving the shortest-route problem

5 marks(150-200) words

Answer : In recitation we talked a bit about graphs: how to represent them and how to traverse them. Today we will discuss one of the most important graph algorithms: Dijkstra's shortest path algorithm, a greedy algorithm that efficiently finds shortest paths in a graph. (Pronunciation: "Dijkstra" is Dutch and starts out like "dike"). Many more problems than Q2. Describe the rules for network construction. Discuss PERT technique of project planning 10 marks(300-400) words Answer : The following are the primary rules for constructing AOA diagram. 1. The starting event and ending event of an activity are called tail event and head event, respectively. 2. The network should have a unique starting node (tail event). 3. The network should have a unique completion node (head event). 4. No activity should be

Q3. What do you mean by crash duration? Describe the Time-Cost Optimization algorithm. 10marks(300-400) words Answer : The premise, the whole idea behind Crash, is brilliant. Succinctly and elegantly explained in the introduction to the French edition (included in most of the English-language editions), Ballard's book sounds visionary. It is "an extreme metaphor for an extreme situation," he warns the reader, with the car "a total metaphor for man's life in today's society." Seductively he promises:

Q4. Describe how you can choose an appropriate forecasting model. 10 marks(300-400) words Answer : These options are briefly described below, and are discussed in more depth in other notes in the course outline. See the accompanying Forecasting Flow Chart for a pictorial view of the model-specification process, and refer back to the Statgraphics Model Specification panel to see how the model features are selected in the software. Deflation?

Q5.a. Write a note on Graphical Evaluation & Review Technique

5 marks(150-200) words

Answer : The Graphical Evaluation and Review Technique (GERT) is a schedule development technique that illustrates loops in an activity sequence, branches between activities, and different project outcomes. Project managers use GERT to determine alternate paths of activity flow that can be taken if something goes wrong with the original schedule. GERT (Graphical Evaluation Review Technique) is a stochastic1 network analysis technique used in project management that

b. Describe the time-series smoothing

5marks(150-200) words

Answer : Time series data often arise when monitoring industrial processes or tracking corporate business metrics. The

Q6. Discuss how you can forecast project cost at completion Answer : Purpose

10 marks(300-400) words

As a project is executed, variances occur between the original cost and process planning and the actual course of the project. Simply shifting activities within floats is enough to change the pattern of costs in the project. Once the first actual costs

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