Thursday, 29 December 2016

PM 0018 –CONTRACTS MANAGEMENT IN PROJECTS

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Assignment

DRIVE
FALL 2016
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
FALL 2016
PROGRAM
MBA
SEMESTER
IV
SUBJECT CODE & NAME
PM 0017 – PROJECT QUALITY MANAGEMENT
BK ID
B2013
CREDITS and MARKS
4 CREDITS AND 60 MARKS



Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.



Question. 1. What is Total Quality Management? Explain various terms used in quality management. Discuss the benefits of traditional method and contemporary method of quality assurance.

Answer: Total quality management (TQM) consists of organization-wide efforts to install and make permanent a climate in which an organization continuously improves its ability to deliver high-quality products and services to customers. While there is no widely agreed-upon approach, TQM efforts typically draw heavily on the previously developed tools and techniques of quality control. TQM enjoyed widespread attention during the late 1980s and early 1990s before being overshadowed by ISO 9000, Lean manufacturing,



Question. 2. Explain the major project management standards and frameworks.

Answer: Many different professions contribute to the theory and practice of project management. Engineers and architects have been managing major projects since pre-history. Since approximately the 1960s, there have been efforts to professionalize the practice of project management as a specialization of its own. There are many active debates around this: Should project management be a profession in the same way as engineering, accounting,


Question. 3. What are the benefits of quality metrics? Explain the 3 categories of quality metrics.

Answer:  When a company promises and delivers on quality, there is a good chance that customer satisfaction and retention will be high. But paving the road to success depends on companies being well-informed about their own business. They achieve that knowledge by developing and utilizing effective metrics.

Why Do We Need Metrics?



Question. 4. What are the methods of Improving Quality? Discuss the major barriers to project quality improvement.

Answer: Achieving high productivity in small businesses typically involves getting the most out of limited resources, such as manpower or equipment. A challenge to business owners is to discover ways to increase productivity while maintaining high levels of quality. A variety of methods are available to accomplish this, including motivating and empowering your workers and streamlining production processes, or even changing them if necessary.

Empower Workers: Your workers are the ones




Question. 5. What is SIPOC (Suppliers, Inputs, Process, Outputs, and Customers)? Which 3 factors should you focus on developing SIPOC? Explain.

Answer: SIPOC (suppliers, inputs, process, outputs, customers) is a visual tool for documenting a business process from beginning to end. SIPOC (pronounced sigh-pock) diagrams are also referred to as high level process maps because they do not contain much detail.

SIPOC diagrams are useful for focusing a




Question. 6. Explain Statistical Process Control (SPC) along with SPC theory and tools?

Answer: Statistical Process Control (SPC) is a group of tools and techniques used to determine the stability and predictability of a process. Graphical depictions of process output are plotted on Control Charts. The first Control Charts were developed by Walter Shewhart at Bell Labs in the 1920’s. At this time, telephone technology was in its infancy with poor reliability. Shewhart used SPC to study variation and reduce special causes of failure. Quality and reliability in phone service increased dramatically as a result of SPC. W. Edwards

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PM 0016 –PROJECT RISK MANAGEMENT

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ASSIGNMENT

DRIVE
FALL 2016
PROGRAM
MBA
SEMESTER
IV
SUBJECT CODE & NAME
PM 0016 –PROJECT RISK MANAGEMENT
BK ID
B2012
CREDITS and MARKS
4 CREDITS AND 60 MARKS


Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.



Question. 1. What is Project Risk? Explain different sources of project risk with examples

Answer: Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and controlling risk on a project. The objectives of project risk management are to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events in the project.



Question. 2. What is Risk Opportunity and Management System (ROMS)? What are its benefits?

Answer: ROMS is based on 20 years of research and current best practice across a range of high risk industry sectors including construction, mining, security, nuclear power, defence, social and economic infrastructure, ports, health, emergency management, asset management etc

ROMS has been used as the basis for risk and



Question. 3. What is Project Activity Risk? Explain different Categories of Risk with examples.

Answer: Risk is the uncertainty which is associated with a future event which may or may not occur and a corresponding potential for loss.

In the context of Project Management, Risk Identification and Risk Management are critical areas for the success or failure of any software project. Most




Question. 4. What are the sources of resource risks?

Answer: Resource risks represent less than one-third of the records in the PERIL database. There are three categories of resource risk: people, outsourcing, and money. People risks arise within the project team. Outsourcing risks are due to the use of people and services outside the project team to perform critical project work. The third category, money, is something of an anomaly in the data, as very few of the problems reported were




Question. 5. What is Scope Risk? Explain different types of scope risks.

Answer: While scope risks represented roughly one-third of the data in the Project Experience Risk Information Library (PERIL) database, they account for close to half of the total impact. The two broad categories of scope risk in PERIL relate to



Question. 6. Explain the three point estimates used in quantitative risk analysis.

Answer: The three-point estimation technique is used in management and information systems applications for the construction of an approximate probability distribution representing the outcome of future events, based on very limited information. While the distribution used for the approximation might be a normal distribution, this is not always so and, for example a triangular distribution might be used, depending on the application.,

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PM 0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT

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ASSIGNMENT

DRIVE
FALL 2016
PROGRAM
MBA
SEMESTER
IV
SUBJECT CODE & NAME
PM 0015 – QUANTITATIVE METHODS IN PROJECT MANAGEMENT
BK ID
B2011
CREDITS and MARKS
4 CREDITS AND 60 MARKS


Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.


Question. 1. Explain Business Value Models in detail.

Answer: The following business models in detail in the following section:

Balanced scorecard model

The balanced scorecard model defines four scoring areas for business value and was first published by Robert S. Kaplan and David P. Norton in an article, “The Balanced Scorecard – Measures that Drive Performance.”





Question. 2. What is parametric estimating? Explain the steps involved in the development of a parametric model.

Answer: Parametric estimating is an estimating technique that uses a statistical relationship between historical data and other variables, such as square footage in construction and lines of code in software development for calculating an estimate for activity parameters, such as scope, cost, budget, and duration. Parametric estimating can produce higher levels of accuracy depending upon the accuracy and sophistication of the underlying data.

Describe the 7 steps involved in the development of a parametric model




Question. 3. What is Capital Budgeting? What aspects of capital budgeting must be considered while selecting a project?

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 of machinery, new plants, new products, and research development projects are worth the funding of cash through the firm's capitalization structure (debt,




Question. 4. Explain the concept and application of Earned Value. What is Time Centric Earned Value.

Answer: Current performance is the best indicator of future performance, and, therefore, using trend data, it is possible to forecast cost or schedule overruns at an early stage in a project. The most comprehensive trend analysis technique is the


Question. 5. Explain Benefit-Cost Ratio Analysis and Break-Even Analysis.

Answer: Break-even analysis, a subset of cost-volume-profit (CVP) analysis, is used by management to help understand the relationships between cost, sales volume and profit. This techniques focuses on how selling prices, sales volume, variable costs, fixed costs and the mix of product sold affects profit. Understanding some of the basic tenets of CVP analysis can help you analyze these factors in your business and make better business decisions.



Question. 6. What are the steps that should be followed to construct a “house of quality”?

Answer: House of Quality is a diagram, whose structure resembles that of a house, which aids in determining how a product is living up to customer needs. Although quite intricate, it is capable of storing a lot of information and comparing large amounts of data used for defining the relationship between customer desires and the firm/product capabilities. It is a part of the Quality Function Deployment (QFD) and utilizes a planning matrix
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OM 0017 – Advanced Production Planning & Control

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ASSIGNMENT

DRIVE
FALL 2016
PROGRAM
MBA
SEMESTER
IV
SUBJECT CODE & NAME
OM 0017 – Advanced Production Planning & Control
BK ID
B2010
CREDIT AND MARKS
4CREDITS AND 60 MARKS


Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.


Question. 1. Explain Various Functions of Production Planning and Control.

Answer: Production Planning and Control (PPC) - Functions of Production Planning and Control (PPC)



Question. 2. Explain the concept of Master Schedule. Also define the Characteristics of the master schedule.

Answer: A master production schedule (MPS) is a plan for individual commodities to be produced in each time period such as production, staffing, inventory, etc. It is usually linked to manufacturing where the plan indicates when and how much of each product will be demanded. This plan quantifies significant processes, parts, and other resources in order to optimize production, to identify bottlenecks, and to anticipate needs and completed goods. Since an MPS drives much factory activity, its accuracy and viability dramatically affect profitability. Typical MPSs are created by software with user tweaking.


Question. 3. Define the various steps of VA.

Answer: There are eight distinct steps that most claims for disability compensation follow. These phases may vary in time depending on the complexity of the claim, the amount of evidence that must be gathered to support the claims, and the type of evidence. You are strongly encouraged to submit as much evidence as possible with your claim to help minimize processing time. The eight steps of claims processing are as follows:

Step 1. Claim Received

Your claim has been received by the VA. If you applied online with VONAPP Direct Connect, you should see receipt in your list of Open Claims within one hour. If you applied through the U.S. mail, please allow mailing time plus one week for us to process and record receipt of your claim.

Step 2. Under Review

Your claim has been assigned to a Veterans Service Representative and is being reviewed to determine if additional evidence is needed. If we do not need any additional information, your claim will move directly to the Preparation for Decision phase.

Step 3. Gathering of Evidence




Question. 4. Write Short notes on

a. Hybrid 1: MRP with lean principles

Answer: When the demand pattern is very stable and has a radical design change of product, most of the planning and execution can be achieved by using MRP. However, to provide better stability to the system, some of the lean principles are also used to integrate with MRP. "MRP (Material Requirements Planning)" is a concept of creating material plans and production schedules based on the lead times of a supply chain. However,


b. Hybrid 2: Kanban with MRP planning

Answer: In conventional MRP procedures, production quantities and dates are calculated in accordance with actual customer/planned independent requirements and the required quantity and dates of the components are calculated by exploding the bill of material. The production quantities can be compiled for various requirements. The creation of lot sizes is based on the selected lot sizing procedure. In each production level, the lots are usually produced completely before being passed on for further processing.



c. Hybrid 3: MRP for capacity and long lead time

Answer: Managers often took obviously inappropriate action because of the old OP, OQ method. Demand surges invariably caused shortages; small shortages triggered production of parts even when people knew there would be no near-term demand for the part. Against this flawed system, MRP—the first generation of what is now MRP II—had obvious merit and won wide acceptance very quickly.1

MRP to the Rescue. The concept behind


d. Hybrid 4: Pull system with spike control

Answer: An inventory manager must be able to develop an effective inventory control system to manage customer demand. The demand for the product will control inventory costs, carrying costs, ordering costs and storage costs. Inventory control systems are generally categorized as push or pull models. Knowing the definitions, advantages and disadvantages of each system will help a company establish which inventory control method works best for their organization.

Push System: The push system of inventory




Question. 5. Differentiate between Mass Production and Batch Production.

Answer: The Romans used Mass Production to build a navy from the example of a single Carthaginian ship to build hundreds of identical ships in a very short period. The Venetian Arsenal was doing that with shipbuilding by the Medieval Era if not before. The British were using flow production to manufacture Brown Bess


Question. 6. Elaborate various Elements of cost.

Answer: The following chart shows the various elements of cost and how they are classified.


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