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MB0049 - Q1.b.
Knowledge areas
oI project
management:
b. Knowledge
areas oI project
management: The
Project
Management Body
oI Knowledge
(PMBOK)is a
collection oI
processes and
knowledge areas
generally accepted
as best practice
within the
projectmanagement
discipline. As an
internationally
recognised standard
(IEEE Std 1490-
2003) it provides
theIundamentals oI
project
management,
irrespective oI the
type oI project be it
construction,
soItware,engineerin
g, automotive
etc.PMBOK
recognises 5 basic
process groups and
9 knowledge areas
typical oI almost all
projects. The basic
concepts are
applicable to
projects, programs
and operations.The
Iive basic process
groups are:
Initiating Planning
Executing
Monitoring and
Controlling
Closing Processes
overlap and interact
throughout a
project or
phase.Processes are
described in terms
oI: Inputs
(documents, plans,
designs, etc.)
Tools and
Techniques
(mechanisms
applied to inputs)
Outputs
(documents,
products, etc.)The
nine knowledge
areas are:1. Project
Integration
Management2.
Project Scope
Management3.
Project Time
Management4.
Project Cost
Management5.
Project Quality
Management6.
Project Human
Resource
Management7.
Project
Communications
Management8.
Project Risk
Management9.
Project
Procurement
ManagementEach
knowledge area
contains some or all
oI the project
management
processes.
For example,
Project
Procurement
Management
includes:
Procurement
Planning
Solicitation
Planning
Solicitation Source
Selection Contract
Administration
Contract
CloseoutMuch oI
PMBOK is unique
to project
management e.g.
critical path and
work breakdown
structure(WBS).
Some areas overlap
with other
management
disciplines. General
management also
includes planning,
organising, staIIing,
executing and
controlling the
operations oI an
organisation.
FinancialIorecastin
g, organisational
behaviour and
planning techniques
are also similar.0
comments Labels:M
B0049,Semester 2
MB0049 - Q.1.
Comment on the
Iollowing a.
Importance oI
DMAIS in
projectmanageme
nt cycle
Solution:
a) Importance oI
DMAIS in project
management cycle:
The projectised
mantras oI
productionmanage
ment can be
broadly identiIied
as - DeIine
Measure, Analyze,
Improve,
Standardize
(DMAIS).These
projectised mantras
help in identiIying,
evaluating, and
selecting the right
improvement
solutions


Ior managing a
project. The
mantras also help in
identiIying the
critical issues thus
assisting
theorganization to
adapt to the
changesintroduced
through the
implementation oI
diIIerent
solutions.The
phases associated
with each
projectised mantra
oI production
management are:1.
DeIine: benchmark,
customer
requirement,
process Ilow map,
quality Iunction
deployment,
projectmanagement
plan2. Measure:
data collection,
deIect metrics,
sampling3.
Analysis: cause and
eIIect, Iailure
modes and eIIect
analysis, decision
and risk analysis,
root causeanalysis,
reliability analysis4.
Improve: design oI
experiments,
modeling, and
robust design5.
Standardize:
control charts, time
series, procedural
adherence,
perIormance
management,
preventiveactivities
displays the various
phases oI DMIAS.0
comments Labels:M
B0049,Semester 2
MB0048 Q1.b.
'Operation
Research is an aid
Ior the executive
in making his
decisionsbased on
scientiIic methods
analysis. Discuss
the above
statement in
brieI.
Answer:
Operation Research
is a scientiIic
method oI
providing executive
departments with a
quantitative
basisIor decisions
regarding the
operations under
their control.
Morse & Kimball
Operations research
is ascientiIic
approach to
problem solving Ior
executive
management.
H.M. Wagner
Operations
researchis an aid
Ior the executive in
making these
decisions by
providing him with
the needed
quantitativeinIorma
tion based on the
scientiIic method oI
analysis. The
mission oI
Operations
Research is to
servethe entire
Operations
Research (OR)
community,
including
practitioners,
researchers,
educators,
andstudents.
Operations
Research, as the
Ilagship journal oI
our proIession,
strives to publish
results thatare truly
insightIul. Each
issue oI Operations
Research attempts
to provide a
balance oI well-
writtenarticles that
span the wide array
oI creative
activities in OR.
Thus, the major
criteria Ior
acceptance oI
a paper in
Operations
Research are that
the paper is
important to more
than a small subset
oI the
OR community,con
tains important
insights, and makes
a substantial
contribution to the
Iield that will
standthe test oI
time. Operational
research, also
known as
operations research,
is an
interdisciplinary
branchoI applied
mathematics and
Iormal science that
uses advanced
analytical methods
such as
mathematicalmodeli
ng, statistical
analysis, and
mathematical
optimization to
arrive at optimal or
near-
optimalsolutions to
complex decision-
making problems.
It is oIten
concerned with
determining the
maximum(oI proIit,
perIormance, or
yield) or minimum
(oI loss, risk, or
cost) oI some real-
world
objective.Originatin
g in military eIIorts
beIore World War
II, its techniques
have grown to
concern problems
in avariety oI
industries.
Operational
research,also
known as
operations research,
is an
interdisciplinary
branch oI applied
mathematics and
Iormalscience that
uses advanced
analytical methods
such as
mathematical
modeling, statistical
analysis,
andmathematical
optimization to
arrive at optimal or
near-optimal
solutions to
complex decision-
making problems.
It is oIten
concerned with
determining the
maximum (oI
proIit, perIormance,
or yield)
or minimum (oI
loss, risk, or cost)
oI some realworld
objective.
Originating in
military eIIorts
beIoreWorld War
II, its techniques
have grown to
concern problems
in a variety oI
industries.Operatio
nal research
encompasses a
wide range oI
problem-solving
techniques and
methods applied
inthe pursuit oI
improved decision-
making and
eIIiciency. Some oI
the tools used by
operationalresearch
ers are statistics,
optimization,
probability theory,
queuing theory,
game theory, graph
theory,decision
analysis,
mathematical
modeling and
simulation.Because
oI the
computational
nature oI these
Iields, OR also has
strong ties to
computer
science.Operational
researchers Iaced
with a new problem
must determine
which oI these
techniques are
mostappropriate
given the nature oI
the system, the
goals
Iorimprovement,an
d constraints on
time andcomputing
power.Work in
operational
research and
management
science may be
characterized as
one oI three
categories:Fundame
ntal or Ioundational
work takes place in
three mathematical
disciplines:
probability,optimiz
ation, and
dynamical systems
theory.Modeling
work is concerned
with the
construction oI
models, analyzing
them
mathematically,imp
lementing them on
computers, solving
them using
soItware tools, and
assessing their
eIIectivenesswith
data. This level is
mainly
instrumental, and
driven mainly by
statistics and
econometrics.Appli
cation work in
operational
research, like other
engineering and
economics'
disciplines,
attempts touse
models to make a
practical impact on
real-world
problems. The
major sub
disciplines in
modern operational
research, as
identiIied by the
journalOperations
Research, are:
Computing and
inIormation
technologies
Decision analysis
Environment,
energy, and natural
resources
Financial
engineering
ManuIacturing,
service sciences,
and supply chain
management


Policy modeling
and public sector
work Revenue
management
Simulation
Stochastic models
Transportation0
comments Labels:M
B0048,Semester 2
MB0048 - Q1. a.
'Operation
Techniques is a
bunch oI
mathematicaltech
niques.Comment
.
Answer:
a. Operations
Research is an
interdisciplinary
branch oI applied
mathematics and
Iormal science
thatuses methods
such as
mathematical
modeling, statistics,
and algorithms to
arrive at optimal or
near optimal
solutions to
complex problems.
It is typically
concerned with
optimizing the
maxima
(proIit,assembly
line perIormance,
crop yield,
bandwidth, etc) or
minima (loss, risk,
etc.) oI some
objectiveIunction.
Operations research
helps management
achieve its goals
using scientiIic
methods. The
termsoperations
research and
management
science are oIten
used
synonymously.
When a distinction
isdrawn,
management
science generally
implies a closer
relationship to the
problems oI
businessmanageme
nt. The Iield oI
operations research
is closely related to
Industrial
engineering.
Industrialengineers
typically consider
Operations
Research (OR)
techniques to be a
major part oI their
toolset.Some oI the
primary tools used
by operations
researchers are
statistics,
optimization,
probability
theory,queuing
theory, game
theory, graph
theory, decision
analysis, and
simulation. Because
oI thecomputational
nature oI these
Iields, OR also has
ties to computer
science, and
operations
researchersuse
custom-written and
oII-the-shelI
soItware.Operation
s research is
distinguished by its
Irequent use to
examine an entire
management
inIormationsystem,
rather than
concentrating only
on speciIic
elements (though
this is oIten done as
well). Anoperations
researcher Iaced
with a new problem
is expected to
determine which
techniques are
mostappropriate
given the nature oI
the system, the
goals Ior
improvement, and
constraints on time
andcomputing
power. For this and
other reasons, the
human element oI
OR is vital. Like
any other tools,OR
techniques cannot
solve problems by
themselves.Scope
oI operation
ResearchExamples
oI applications in
which operations
research is
currently used
include: Critical
path analysis or
project planning:
identiIying those
processes in a
complex project
whichaIIect the
overall duration oI
the project
Designing the
layout oI a Iactory
Ior eIIicient Ilow oI
materials
Constructing a
telecommunications
network at low cost
while still
guaranteeing QoS
(quality oI service)
or QoS (Quality oI
Experience) iI
particular
connections
become very busy
or get damaged
Road traIIic
management and
'one way' street
allocations i.e.
allocation
problems.
Determining the
routes oI school
buses (or city
buses) so that as
Iew buses are
needed as possible
designing the
layout oI a
computer chip to
reduce
manuIacturing time
(thereIore reducing
cost)Managing the
Ilow oI raw
materials and
products in a
supply chain based
on uncertain
demand Ior
theIinished
products EIIicient
messaging and
customer response
tactics Robotizing
or automating
human-driven
operations
processes
Globalizing
operations
processes in order
to take advantage
oI cheaper
materials, labor,
land or
other productivity
inputs Managing
Ireight
transportation and
delivery systems
(Examples: LTL
Shipping,intermoda
l Ireight transport)
Scheduling:
Personnel staIIing
ManuIacturing
steps Project
tasks Network
data traIIic: these
are known as
queuing models or
queueing systems.
sports events and
their television
coverage blending
oI raw materials in
oilreIineries
determining
optimal prices, in
many retail and
B2B settings,
within the
disciplines oI
pricingscienceOper
ations research is
also used
extensively in
government where
evidence-based
policy is used.0
comments Labels:M
B0048,Semester 2
MB0047 - 1.
What is MIS?
DeIine the
characteristics oI
MIS? What are
the
basicFunctions oI
MIS? Give some
Disadvantage oI
MIS?


Answer:
Management
InIormation System
(MIS): It is a
system or process
that provides
inIormation needed
tomanage
organizations
eIIectively.
Management
inIormation
systems are
regarded to be a
subset oI theoverall
internal controls
procedures in a
business, which
cover the
application oI
people,
documents,technolo
gies, and
procedures used by
management
accountants to
solve business
problems such
ascosting a product,
service or a
business-wide
strategy.
Management
inIormation
systems are
distinctIrom regular
inIormation
systems in that they
are used to analyze
other inIormation
systems applied
inoperational
activities in the
organization.Read
Full Assignments 0
comments Labels:M
B0047,Semester 2
MB0045 - Q.1
Write the short
notes on 1.
Financial
management, 2.
Financialplanning
,3. Capital
structure,4. Cost
oI capital,5.
Trading on
equity.
Answer:
1. Financial
management:
Financial
management is the
branch oI the
Iinance that
concerns itselI
withthe managerial
signiIicance oI
Iinance techniques.
It is Iocused on
assessment rather
than technique.The
diIIerence between
a managerial and a
technical approach
can be seen in the
questions one
mightask oI annual
reports. One
concerned with
technique would be
primarily interested
in
measurement.One
concerned with
management
though would want
to know what the
Iigures mean. They
mightcompare the
returns to other
businesses in their
industry and ask:
are we perIorming
better or worsethan
our peers? II so,
what is the source
oI the problem? Do
we have the same
proIit margins? II
notwhy? Do we
have the same
expenses? Are we
paying more Ior
something than our
peers? They
maylook at changes
in asset balances
looking Ior red
Ilags that indicate
problems with bill
collection or
baddebt. They will
analyze working
capital to anticipate
Iuture cash Ilow
problems.
Managerial Iinance
isan
interdisciplinary
approach that
borrows Irom both
managerial
accounting and
corporate
Iinance.Sound
Iinancial
management
creates value and
organisational
agility through the
allocation oI
scarceresources
amongst competing
business
opportunities. It is
an aid to the
implementation and
monitoringoI
business strategies
and helps achieve
business
objectives.Read
Full Assignments 0
comments Labels:M
B0045,Semester 2
MB0044 - Q1.
What are the
components oI
systems
productivity?
Explain how
CADand CIM
help
Answer:
System
Productivity:
Enhancement oI
productivity is
achieved by either
reducing the inputs
Ior the same output
or increasingthe
output by using the
same input.
Productivity can be
calculated Ior a:
Single operation
Functional unit
Department or
division
PlantProductivity is
a measure oI the
eIIiciency oI the
system and looks at
the economies
achieved during
the processes.
Every process will
have a number oI
contributors which
help in achieving
maximum producti
vity. The processes
are: People,
Machines,
Facilitating goods,
Ancillary
equipments,
andTechnology.
Each oI these
elements attempts
to enhance the
contribution oI
other
elements.Read Full
Assignments 0
comments Labels:m
b0044,Semester 2
MB0049-Q.1
Comment on the
Iollowing: a.
Importance oI
DMAIS in
projectmanageme
nt cycle
Answer:
a) Importance oI
DMAIS in project
management cycle:
The projectised
mantras oI
productionmanage
ment can be
broadly identiIied
as - DeIine
Measure, Analyze,
Improve,
Standardize
(DMAIS).These
projectised mantras
help in identiIying,
evaluating, and
selecting the right
improvement
solutionsIor
managing a project.
The mantras also
help in identiIying
the critical issues
thus assisting
theorganization to
adapt to the
changes introduced
through the
implementation oI
diIIerent
solutions.The
phases associated
with each
projectised mantra
oI production
management
are:Read Full
Assignments

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mb0049
knowledge areas oI project management
importance oI dmais in project
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