Saturday, 27 February 2016

PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS

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Assignment

DRIVE
WINTER 2015
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


1 Explain the essential elements of a project contract.
Answer:
Initiate. The initiation process authorizes the overall project or the next phase of a project. In this phase, project objectives are established, scope is defined, and responsible parties and deliverables are identified.

Plan. The planning processes are precisely that--the defining and refining of the best courses of action to take to attain the project objectives. Planning falls into two categories: core planning processes and facilitating processes.



2 Explain the steps involved in the contract closure process.
Answer: Contract Closure puts the finishing touches on Project Procurement Management. The four inputs to the Contract Closure Process are:

·         The Procurement Management Plan – The Procurement Management Plan is the play book for how to manage the Contract Closure process and to interweave it with other processes.
·         The Contract Management Plan - The Contract Management Plan details how to manage the contract on significant purchases, throughout the life of the contract. A project team commonly refers to the Contract Management Plan for any contract closure guidelines surrounding a purchase. By providing information for the


3 What is an outsourcing contract? What are its key content?
Answer: Outsourcing contracts can be complex affairs, but a good outsourcing contract will examine service level agreements, penalties and rewards, timeframes and measurements, regular reviews, and exit strategies.
The benefits for businesses that outsource their IT include lower IT costs, and the ability to scale up their operations as and when required.
They can also gain from using the expertise of


4 Discuss the process of procurement.
Answer: A Procurement Management Process, or Procurement Process, is a method by which items are purchased from external suppliers. The procurement management process involves managing the ordering, receipt, review and approval of items from suppliers. A procurement process also specifies how the supplier relationships will be managed, to ensure a high level of service is received. This is a critical task in Procurement Management. In essence, the procurement process helps you "get what you have paid for".


5 What is contract management? Describe its important features.
Answer: The terms “contract management” and “contract administration” are often used synonymously. However, “contract management” is commonly understood as a broader and more strategic concept that covers the whole procurement cycle including planning, formation, execution, administration and close out of a contract and goes beyond the day to day “administrative” activities in the procurement cycle. Because it is difficult to draw the line between the two terms and because the majority of the UN organizations commonly use “contract management” when describing the contract administration phase, “contract management”



6 Write short notes on:
(a)Software development agreements: Software development agreement states the terms and conditions that govern the contractual agreement between having his principal place of business at developer address and having its principal place business at client address who agrees to be bound by this agreement.
Whereas the client has conceptualization which described in further detail on Exhibit A and the developer is a contractor with whom the client has come to an agreement to develop the software.
Now therefore in consideration of the mutual



(b)Bill of quantities method of pricing project contracts: The bill of quantities is a document prepared by the cost consultant (often a quantity surveyor) that provides project specific measured quantities of the items of work identified by the drawings and specifications in the tender documentation. The quantities may be measured in number, length, area, volume, weight or time. Preparing a bill of quantities requires that the design is complete and a specification has been prepared.





(c)Reasons for why an organisation uses standard form of contract: A standard form contract (sometimes referred to as an adhesion or boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more


(d)Post bid review: Post Bids are presented to the Sellers daily and any Seller may elect to approve any bid at any time resulting in a deal being made with a bidder. If a bid is approved, the property may be removed from the site,

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PM 0017 –PROJECT QUALITY MANAGEMENT

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Assignment

DRIVE
WINTER 2015
PROGRAM
MBADS (SEM 4/SEM 6) MBAFLEX/ MBA (SEM 4) PGDPMN (SEM 2)
SUBJECT CODE & NAME
PM 0017 –PROJECT QUALITY MANAGEMENT
BK ID
B2013
CREDIT AND MARKS
4 CREDITS AND 60 MARKS



1 Write short notes on:
(a)Plan-Do-Check-Act (PDCA) cycle
Answer: The plan–do–check–act cycle is a four–step model for carrying out change. Just as a circle has no end, the PDCA cycle should be repeated again and again for continuous improvement.

When to Use Plan–Do–Check–Act
·         As a model for continuous improvement.
·         When starting a new


(b)Product quality standards: Manufacturers usually invest money, time and effort in checking the quality of the products they manufacture.


(c)Inputs to quality assurance process: There are four inputs to the perform quality assurance process:

Project management plan. It is actually the quality management plan portion that is of interest here as it describes how the process of perform




2 Explain the process of quality control.
Answer: The quality control process is divided into three separate processes, ensuring that specialized expertise is applied to each stage of our operation. This system also provides the redundancy necessary to prevent any quality problem from evading detection.
Incoming Quality Control
It is the job of the IQC process to conduct inspections and handle quality issues before the assembly process starts.




3 Write a note on tree diagram, an advanced quality management tool.
Answer: The tree diagram starts with one item that branches into two or more, each of which branch into two or more, and so on. It looks like a tree, with trunk and multiple branches.
It is used to break down broad categories into finer and finer levels of detail. Developing the tree diagram helps you move your thinking step by step from generalities to specifics.

When to Use a Tree Diagram
·         When an issue is known or being


4 Explain the cycle time flowchart tool that can be used to analyse project processes.
Answer: The five steps in DMAIC are   Define, Measure, Analyze, Improve, and Control.   As the backbone of the Six Sigma methodology, DMAIC delivers sustained defect-free performance and highly competitive quality costs over the long run.

Step 1 – Define
The “D” (Define) in the DMAIC process focuses on selecting high-impact projects and understanding which underlying metric(s) will reflect project


5 Discuss the role of training and development in project quality.
Answer: Training presents a prime opportunity to expand the knowledge base of all employees, but many employers find the development opportunities expensive. Employees also miss out on work time while attending training sessions, which may delay the completion of projects. Despite the potential drawbacks, training and development provides both the company as a whole and the individual employees with benefits that make the cost and time a worthwhile investment.

Addressing Weaknesses


6 What are the issues in quality control in construction?
Answer: Quality control and safety represent increasingly important concerns for project managers. Defects or failures in constructed facilities can result in very large costs. Even with minor defects, re-construction may be required and facility operations impaired. Increased costs and delays are the result. In the worst case, failures may cause personal injuries or fatalities. Accidents during the construction process can similarly result in personal injuries and large costs. Indirect costs of insurance, inspection and regulation are increasing rapidly due to these increased direct costs. Good project managers try to ensure that the job is done right the first
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PM 0016 –PROJECT RISK MANAGEMENT

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Assignment

DRIVE
WINTER 2015
PROGRAM
MBADS (SEM 4/SEM 6)  MBAFLEX/ MBA (SEM 4)  PGDPMN (SEM 2)
SUBJECT CODE & NAME
PM 0016 –PROJECT RISK MANAGEMENT
BK ID
B2012
CREDIT AND MARKS
4 CREDITS AND 60 MARKS


1 Describe the various type of project risks.
Answer:
1. Executive Support
Wavering, inconsistent or weak executive commitment is often a project's biggest risk. This can be difficult (but not impossible) to document. Ask for specific commitments. Where you are denied you can document it as a risk.

2. Scope
The quality of your estimates, dependencies and scope management. If an estimate is just a guess, that's a risk. Be sensitive to the comfort level of estimates. If your team is unsure about a particular estimate, you can document this as a risk.



2 Explain the different types of probability distributions in risk analysis.
Answer: Risk analysis is systematic use of available information to determine how often specified events may occur and the magnitude of their consequences.
Risks are typically defined as negative events, such as losing money on a venture or a storm creating large insurance claims. However, the


3 How is the impact of a qualitative risk assessed?
Answer: Risk analysis is systematic use of available information to determine how often specified events may occur and the magnitude of their consequences.

Risks are typically defined as negative events, such as losing money on a venture or a storm creating large insurance claims. However, the process of risk analysis can also uncover potential positive outcomes. By exploring the full space of possible



4 Explain the steps in risk management planning.

Answer: A Risk Management Plan is a document that a project manager prepares to foresee risks, estimate impacts, and define responses to issues. It also contains a risk assessment matrix.

A risk is "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives." Risk is inherent with any project, and project managers should assess risks continually and develop plans to address them. The risk


Q5 What are the sources of schedule risk?
Answer: Schedule risks are the most numerous in the Project Experience Risk Information Library (PERIL) database, representing well over a third of the records. They fall into three categories: delays, dependencies, and estimates. Delays occurred whenever something expected by the project—a part, a decision, a piece of information—was late. Schedule dependency risks relate to unanticipated linkages or missing inputs that primarily affect the project timeline (dependencies that primarily affect the project deliverables or the work are grouped


6 Write short notes on:

(a)Tools for analysing project constraints:
·         Strengths: As they relate to your organization or project’s value chain, strengths are what give your project team or product a distinct advantage over others in your same industry. For example, your project team members and the experience they hold may give you an edge over other organizations or consulting teams.
·         Weaknesses: Intuitively, to



(b)Project status report: The project status report is the project manager's billboard to the world as far as how things are going on his project. It starts clean at the beginning of the project, full of optimism predicting the future of the engagement and indicating what's coming up in the coming days and weeks.

Objectives



(c)Types of project audits based on method of conducting the audit:

·         Financial Audit:A historically oriented, independent evaluation performed for the purpose of attesting to the fairness, accuracy, and reliability of financial data.
·         Operational Audit: A future-oriented, systematic, and independent evaluation of organizational activities.
·         Department Review:A current


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PM 0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT

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Assignment

DRIVE
WINTER 2015
PROGRAM
MBADS (SEM 4/SEM 6)  MBAFLEX/ MBA (SEM 4)  PGDPMN (SEM 2)
SUBJECT CODE & NAME
PM 0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT
BK ID
B2011
CREDIT AND MARKS
4 CREDITS AND 60 MARKS



1 Write short notes on:
(a)Kano model
Answer: The Kano model is a theory of product development and customer satisfaction developed in the 1980s by Professor Noriaki Kano, which classifies customer preferences into five categories.

Categories
These categories have been translated into English using various names (delighters/exciters, satisfiers, dissatisfiers, etc.), but all refer to the



(b)Differences between a sponsor’s view and project’s view in a project balance sheet:
·         Individual or entity that organizes and is committed to the development of a product, program, or project.
·         Advertiser who pays (in part or in full) the cost of broadcasting a radio or television program, by running commercials during the program's broadcast.
.Donor firm that


(c)Triangular distribution: The triangular distribution is a continuous probability distribution with lower limit a, upper limit b and mode c, where a < b and a ≤ c ≤ b.
·         Use of the distribution: The triangular distribution is typically used as a subjective description of a population for which


(d)Organisational break down structure: An Organisational Breakdown Structure, OBS, compliments the Work Breakdown Structure and Resource Breakdown Structure for your project. Its main intent is to communicate how those tasked with delivering the project will be organised and structured as a Project Team. It's without a doubt the simplest of the three structures in terms of understanding, yet performs a great role in



2 Discuss capitals budgeting in project management.
Answer: Capital budgeting, or investment appraisal, is the planning process used to determine whether an organization's long term investments such as new machinery, replacement machinery, new plants, new products, and research development projects are worth the funding of cash through the firm's capitalization structure (debt, equity or




3 Write short notes on:
(a)Rolling wave planning: Rolling Wave Planning is the process of project planning in waves as the project proceeds and later details become clearer. Work to be done in the near term is based on high level assumptions; also, high level milestones are set. As the project progresses, the risks, assumptions, and milestones originally identified become more defined and reliable. One would use Rolling Wave Planning in an instance where there is an




(b)Time centric earned value: Time centric earned value systems are a substitute for cost-centric systems when the cost collection measures are not available but there is a need to focus on value accumulation.
·         Earned value: Earned value tools help the project manager measure and assess accumulation of value all way through the project


4 Describe the various cost incurred in a project. Describe the applications of three - point estimates.
Answer: There are five types of costs in a typical project:
·         Fixed
·         Variable
·         Direct
·         Indirect
·         Sunk


5 Explain the six sigma methodologies.
Answer: Six Sigma is a methodology that provides businesses with the tools to improve the capability of their business processes. This increase in performance and decrease in process variation leads to defect reduction and vast improvement in profits, employee morale and quality of product.

The goal of Six Sigma is to eliminate variability, defects and waste that undermine customer loyalty.

Six Sigma simply means a measure of quality that strives for near perfection. Six Sigma is a disciplined, data-driven approach and methodology for eliminating defects (driving towards six standard deviations between the mean and the nearest


6. Discuss the time and materials contract.

Solve the following problem

Consider a time and materials contract as follows:

Labour is billed according to the following schedule
1 software engineer: $45/hr
1 tester: $ 45/hr
1 senior software engineer: $65/hr
Material is billed according to the following schedule:
Cost of materials + 30 % profit/overhead
Actual cost of the material is $2140

Calculate the material cost, calculate the contract payable

Answer:


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