Pm0015 quantitative methods in project management

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<ul><li> 1. Dear students get fully solved assignmentsSend your semester &amp; Specialization name to our mail id : orCall us at : 08263069601(Prefer mailing. Call in emergency )ASSIGNMENTDRIVE WINETR SUMMER 2014PROGRAM MBADS (SEM 4/SEM 6) MBAFLEX/ MBAN2 (SEM 4)PGDPMN (SEM 2)SUBJECT CODE &amp; NAME PM0015 QUANTITATIVE METHODS IN PROJECT MANAGEMENTSEMESTER 4BK ID B1344CREDITS 4MARKS 60Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximatelyof 400 words. Each question is followed by evaluation scheme.Q.1. Write short notes on: Scoring Method for project selection Rules for network construction Project crashing using network analysis</li></ul> <p> 2. Graphical Evaluation &amp; Review TechniqueAnswer: - Scoring Method for project selection: - The weighted scoring method, also known as 'weightingand scoring', is a form of multi-attribute or multi-criterion analysis. It involves identification ofall the non-monetary factors (or "attributes") that are relevant to the project; the allocation ofweights to each of them to reflect their relative importance; and the allocation of scores toeach option to reflect how it performs in relation to each attribute. The result is a singleweighted score for each option,Rules for network construction:-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 completion node (head event).4. No activity should be representedby more than one arc in the network.5Project crashing using network analysis: - One important extension to the basic network analysistechnique relates to project cost/ project time tradeoff. In this extension to the basic method we assume that, for each activity, the completion timecan be reduced (within limits) by spending more money on the activity. Essentially each activitynow has more than one possible completionGraphical Evaluation &amp; Review Technique:- Graphical Evaluation and Review Technique, commonlyknown as GERT, is a network analysis technique used in project management that allows probabilistictreatment of both network logic and estimation of activity duration. The technique was first described in1966 by Dr. Alan B. Pritsker of PurdueQ.2. Describe the importance of Business Forecasting.Answer: - Business Forecasting:- Forecasting is the process of making statements about events whoseactual outcomes (typically) have not yet been observed. A commonplace example might be estimationof some variable of interest at some specified future date. Prediction is a similar, but more general term.Both might refer to formal statistical methods employing time series, cross-sectional or longitudinaldata, or alternatively to less formal judgmental methods. Usage can differ between areas of application:for example, in hydrology, the terms "forecast" and "forecasting" are sometimes reserved for estimatesof values at certain specific future times, while the term "prediction" is used for more general estimates,such as the number of times floods will occur over a long 3. Q.3. Describe the different stages in Project management.Answer: - Different stages in Project management: - Project Life Cycle Overview:- The projectmanagement life cycle consists of five process groups (often referred to as phases): Initiation, Planning,Execution, Control, and Closure. It is important not to skip any of these stages if you want to keep yourproject from failing. For example, if you skip from initiation to execution without effectively planning theproject, mistakes can be made, the project will be too disorganized, and it will fall apart.Life Cycle Phase I: Initiation of the ProjectBefore you can get to plan a project, the project has to be initiated. Project initiation consists of thefollowing steps:Q.4. Write short notes on: Time-series forecasting of Seasonal Data Setting resource calendar in MS Project Network diagram chart Cost Performance IndexAnswer: - Time-series forecasting of Seasonal Data: - Many time series are collected quarterly ormonthly, and others are collected weekly, daily, and even hourly. When a time series is collectedquarterly or monthly, you must consider the impact of seasonal effects. In this section, regressionmodel building is used to forecast monthly or quarterly data.One of the companies of interest in the Using Statistics scenario is Wal-Mart Stores, Inc. In 2010,Wal-Mart Stores, Inc., operated more than 8,Setting resource calendar in MS Project :- First I will crate a brand new Project Calendar:Network diagram chart: - A network diagram may refer to: Computer network diagram, a depiction of nodes and connections in a computer ortelecommunications network Graph drawing, methodsCost Performance Index: - A measure of the efficiency of expenses spent on a project. The formula thata business normally uses to assess the cost performance index (CPI) is the ratio of earned value (EV) overactual costs (AC); therefore, CPI is equal toQ.5. How to create a report on the project activities in the MS Project.Answer: - Set up of Reports:- 4. To set report margins In Report Builder design mode, click Page Setup on the File menu. The Page Setup dialog box opens. In the Margins area, specify the margin settings. Click OK.Q.6. Discuss the algorithm for solving the shortest-route problem.Answer: - Description of shortest-route problems:- The shortest path problem is the problem of findinga path between two vertices (or nodes) in a graph such that the sum of the weights of its constituentedges is minimized.This is analogous to the problem of finding the shortest path between two intersections on a road map:the graph's vertices correspond to intersections and the edges correspond to road segments, eachweighted by the length of its road segment.Everyone's favorite way to explain dynamic programming seems to be by example. One of the favoriteexamples is a simple shortest path problem. WeDear students get fully solved assignmentsSend your semester &amp; Specialization name to our mail id : orCall us at : 08263069601(Prefer mailing. Call in emergency ) </p>


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