Concept of Project Quality and Importance of TQM
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Added on 2020-10-15
Concept of Project Quality and Importance of TQM
Added on 2020-10-15
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Project mngt Q1 ( a ) Explain the concept of project quality and importance of TQM in Projects.ANS. Total Quality Management(TQM) is a popular customer-based methodology of quality control and improvement derived from Japanese industry since the 1950’s. It offers a unique approach for managing quality of a product or process while looking to customers as the major source of quality definition. In other words, TQM principles are based on customer requirements and standards to establish a continuous and dynamic process for product improvement. The methodology lets create an effective working environment where every person strives to consistently improve the product or process.Because TQM is acustomer-oriented methodologyit requires every project team member to be completely involved in the improvement process. Every employee should focus on improvements while trying to enhance their personal productivity.Importance of TQMTQM can have an important and beneficial effect on employee and organizational development. By having all employees focus on quality management and continuous improvement, companies can establish and uphold cultural values that create long-term success to both customers and the organizationitself. TQM’s focus on quality helps identify skills deficiencies in employees, along with the necessary training, education or mentoring to address those deficiencies.With a focus onteamwork, TQM leads to the creation of cross-functional teams and knowledge sharing. The increased communication and coordination across disparate groups deepens institutional knowledge and gives companies more flexibility in deploying personnel.Q 2 ( c) Discuss the different types of cost estimating in the life cycle of projectANS. Cost estimation in project management is the process of forecasting the financial and other resources needed to complete a project within a defined scope . An initial cost estimate can determine whether an organization greenlights a project, and if the project moves forward, the estimate can be a factor in defining the project’s scope. If the cost estimation comes in too high, an organization may decide to pare down the project to fit what they can afford. Once the project is in motion, the cost estimate is used tomanageall of its affiliated costs in order to keep the project on budget.There are two key types of costs addressed by the cost estimation process:1.Direct costs: These are the costs associated with a single area, such as a department or this particular project itself. Examples of direct costs include fixed labor, materials and equipment.2.Indirect costs: These are costs incurred by the organization at large, such as utilities and quality control.Within these two categories,some typical elementsthat a cost estimation will take into account include:Labor: the cost of project team members working on the project, both in terms of wages and time.Materials and equipment: The cost of resources required for the project, from physical tools to software to legal permits.Facilities: the cost of using any working spaces not owned by the organization.Vendors: the cost of hiring third-party vendors or contractors.Risk: the cost of any contingency plans implemented to reduce risk.Q 2 ( d ) EXPLAIN the team building process in managing projects.Ans. Bruce Tuckman was a professor whose major field of research wasgroup dynamics. He categorized the formation of teams into stages of group development. Envision a company's project to create a website to build a brand and increase its sales. The project sponsor is the CEO of the company and he assigns the major responsibilities to the project manager. Theproject manager puts together a team including a website designer, software developer and the sales lead. Let us see how this team will go through the various stages of team building according to Tuckman's stages of group development.
There are formally identified stages of team formation and development. The stages are:Forming:People are brought together as a teamStorming:There are disagreements as people learn to work togetherNorming:Team members begin to build good working relationshipsPerforming:The team becomes efficient and works effectively togetherAdjourning:The project ends and the team is disbandedQ 3 ( d) SHORT NOTE : Pay Back Period (PB) method for project evaluationANS. Payback periodincapital budgetingrefers to the time required to recoup the funds expended in an investment, or to reach thebreak-even point.[1]For example, a $1000 investment made at the start of year 1 which returned $500 at the end of year 1 and year 2 respectively would have a two-year payback period. Payback period is usually expressed in years. Starting from investment year by calculating Net Cash Flow for each year: Net Cash Flow Year 1 = Cash Inflow Year 1 - Cash Outflow Year 1. Then Cumulative Cash Flow = (Net Cash Flow Year 1 + Net Cash Flow Year 2 + Net Cash Flow Year 3, etc.)Accumulate by year until Cumulative Cash Flow is a positive number: that year is the payback year.Thetime value of moneyis not taken into account. Payback period intuitively measures how long something takes to "pay for itself."All else being equal, shorter payback periods are preferable to longerpayback periods. Payback period is popular due to its ease of use despite the recognized limitations described below. SeeCut off period.Q 3 ( d) SHORT NOTE : Project ClosingANS . According toA Guide To The Project Management Body of Knowledge (PMBOK®Guide)– Fifth Edition, “The Project Closing Process Group consists of those processes performed to conclude all activities across all Project Management Process Groups to formally complete the project, phase, or contractual obligations. This process group, when completed, verifies that the defined processes are completed within all of the Process Groups to close the project of phase, as appropriate, and formally establishes that the project or project phase is complete” In other words, Project Closing is the combination of the following when applied to a project:1.Assurance that all the work has been completed,2.Assurance that all agreed upon project management processes have been executed, and3.Formal recognition of the completion of a project—everyone agrees that it is completed.At first, the three points above may seem like “de-facto” or natural by-products of the last phase of a project; however, Exhibit 1 demonstrates how the above may be overlooked on even the simplest of projects and Exhibit 2 outlines the impact of such oversight.Disaster mgtQ1 ( b) Explain Ecosystems and their composition & Structure.Ans. Ecosystem is a complex in which habitat, plants and animals are considered as one interesting unit, the materials and energy of one passing in and out of the others” The concept of ecosystem was first put forth by A.G. Tansley (1935). Ecosystem is the major ecological unit. It has both structure and functions. The structure is related to species diversity. The more complex is the structure the greater is the diversity of the species in the ecosystem. The functions of ecosystem are related to the flow of energy and cycling of materials through structural components of the ecosystem.Organisms and environment are two non-separable factors. Organisms interact with each other and also with the physical conditions that are present in their habitats.Structure of Ecosystem:The structure of an ecosystem is basically a description of the organisms and physical features of environment including the amount and distribution of nutrients in a particular habitat. It also provides information regarding the range of climatic conditions prevailing in the area.Composition of Ecosystem
1)Abiotic components - Abiotic component of ecosystem includes basic inorganic elements and compounds, such as soil, water, oxygen, calcium carbonates, phosphates and a variety of organic compounds (by-products of organic activities or death).2)Biotic components - The biotic components include all living organisms present in the environmental system. The biotic components can be grouped into two basic components:a)Autotrophic components - The autotrophic components include all green plants which fix the radiant energy of sun and manufacture food from inorganic substances.b)Heterotrophic components - The heterotrophic components include non-green plants and all animals which take food from autotrophs.So biotic components of an ecosystem can be described under the following three heads:1.Producers (Autotrophic components),2.Consumers, and3.Decomposers or reducers and transformersQ 2 (b) Distinguish between disaster and hazard.HazardDisasterA dangerous situation needing to be heeded because it can lead to a disaster.A dangerous situation that has become out of control and is a disasterA threat that can be managed by observing warning signs and keeping in harmony with the environment.An international danger and threat to humanity that needs intervention to bring the situation under control.Hazard can be used as a verb and a noun.Disaster is used as a noun.Hazardous is the adjective derived from hazardDisastrous is the adjective derived from disasterHazards are known to have specific warnings usually man-made to prevent disastrous eventsDisasters are the outcomes of hazards when warning signs were ignored.Hazards can lead to disasters.A disaster is the result of a hazard but at the sametime is also a hazardous event.Hazards are not used to describe everyday mishaps. They are specific occurrences and danger areas with appropriate warning signs.Disasters, although in literal terms are more severe than hazards are used to describe events that are not literally of a disastrous nature but rather an idiomatic use of the word.In simple terms, a hazard is a dangerous situation or event that carries a threat to humans. A disaster is an event that actually harms humans and disrupts the operations of society. Hazards will be considered disasters once they affect humans, but if they occur in an unpopulated area, they will remain hazards. A good example of this is an underwater volcano. If it explodes and humans are not affected, it remains a hazard. But if it affects a nearby population by destroying food sources and property on a large scale, it will be seen as a disaster.Q2 (c) Explain the importance of environment study.ANS. ENVIRONMENT STUDIES: IMPORTANCE1. Environment Issues are being of Global:It has been well recognised that environment issues like global warming and ozone depletion, acid rain,marine pollution and biodiversity are not merely national issues but are global issues and hence requireinternational efforts and cooperation to solve them.2. Development and Environment:Development leads to Urbanization, Industrial Growth, Telecommunication and Transportation Systems,Hi-tech Agriculture and Housing etc. However, it has become phased out in the developed world. TheNorth intentionally moves their dirty factories to South to cleanse their own environment. When theWest developed, it did so perhaps in ignorance of the environmental impact of its activities.Development of the rich countries of the world has undesirable effects on the environment of the entireworld.3. Explosive Increase in PollutionWorld census reflects that one in every seven persons in this planet lives inIndia. Evidently with 16 percent of the world's population and only 2.4 per cent of its land area, there is a heavy pressure on the
natural resources including land. Agricultural experts have recognized soil health problems likedeficiency of micronutrients and organic matter, soil salinity and damage of soil structure.4. Need for an Alternative SolutionIt is essential, specially for developing countries to find alternative paths to an alternative goal. We needa goal as under:A true goal of development with an environmentally sound and sustainable development.A goal common to all citizens of our planet earth.A goal distant from the developing world in the manner it is from the over-consuming wasteful societies of the “developed” world.It is utmost important for us to save the humanity from extinction because of our activities constrictingthe environment and depleting the biosphere, in the name of development.5. Need for Wise Planning of DevelopmentOur survival and sustenance depend on resources availability. Hence Resources withdraw, processingand use of the products have all to be synchronised with the ecological cycle. In any plan ofdevelopment our actions should be planned ecologically for the sustenance of the environment anddevelopment.Q 3 ( c ) SHORT NOTE : Effects of land slideAns. A landslide is defined as the movement of a mass of rock, debris, or earth down a slope. Landslidesare a type of "mass wasting," which denotes any down-slope movement of soil and rock under the direct influence of gravity. The term "landslide" encompasses five modes of slope movement: falls, topples, slides, spreads, and flows. These are further subdivided by the type of geologic material (bedrock, debris, or earth). Debris flows (commonly referred to as mudflows or mudslides) and rock falls are examples of common landslide types.Almost every landslide has multiple causes. Slope movement occurs when forces acting down-slope (mainly due to gravity) exceed the strength of the earth materials that compose the slope. Causes includefactors that increase the effects of down-slope forces and factors that contribute to low or reduced strength.Landslides can be initiated in slopes already on the verge of movement by rainfall, snowmelt, changes in water level, stream erosion, changes in ground water, earthquakes, volcanic activity, disturbance by human activities, or any combination of these factors. Earthquake shaking and other factors can also induce landslides underwater. These landslides are called submarine landslides. Submarine landslides sometimes cause tsunamis that damage coastal areas.Q 3 ( d ) SHORT NOTE : Life Style Diseases .Ans. Lifestyle diseasesare defined as diseases linked with the way people live their life. These arenon-communicable diseases. This is commonly caused bylack of physical activity, unhealthy eating,alcohol,drugsandsmoking. Diseases that mostly have an effect on our lifestyle areheart disease,stroke,obesityandtype II diabetes.[1]Thediseasesthat appear to increase in frequency as countries become more industrialized and people live longer can includeAlzheimer's disease,arthritis,atherosclerosis,asthma,cancer,chronic liver diseaseorcirrhosis,chronic obstructive pulmonary disease,colitis,irritable bowel syndrome,type 2 diabetes,heart disease,hypertension,metabolic syndrome,chronic kidney failure,osteoporosis,PCOD,stroke,depression,obesityandvascular dementia.Some commenters maintain a distinction between diseases of longevity and diseases ofcivilizationor diseases of affluence.[2]Certain diseases, such as diabetes,dental cariesand asthma, appear at greater rates in young populations living in the "western" way; their increased incidence is not related to age, so the terms cannot accurately be used interchangeably for all diseases.SALES AND DISTRIBUTION MANAGEMENTQ 1 (b) What is channel information system? Discuss its role & importance for the success of a corporate retail outlet.ANS. Channel information systems comprise an information database and the hardware and networks that help in the collection, processing and transmission of information. The hardware, software and
networks vary depending on the application requirements of channel members. They vary for business-to-business applications, retailing applications, business to consumer applications and interactive applications for consumers.Channel Information Systems (CIS) have influenced the way in which different channel functions are performed. It has streamlined operations leading to improved channel flow. CIS has also changed the order in which different functions are performed. CIS has influenced the physical distribution of products or distribution flow. Transaction flow, promotion flow, inventory flow and negotiation flow have improved with the advent of information technology in channel management.Role & Importance for the success of a corporate retail outlet.Customer Convenience:Perhaps the most important role of bringing the ready to be consumed goods to the doorstep of the consumer is performed by the retail community.Consumers benefit from retailing as retailers perform marketing functions that makes it possible for customers to have access toa broad variety of products and services. Retailing also helps to create place, time and possession utilities. Accessibility:Products and services have no value for consumers until they are acquired and used by the customers. Retailers acquire products and services from different places and. assort them at a singlepoint as per the needs of the consumers and thus facilitate customers' access.Convenience of Size:Retailers break bulk and serve the products in quantities and sizes as desired by the customer. For example, shampoo is available in small sachets. The retailer helps consumer by providing appropriate products, service and advice in the packing and quantities desired by them.Associated Services:A vibrant retail sector benefits the consumers by providing range of products and services efficiently. Retailing can be done in either fixed locations or online. Retailing includes subordinated services, such as delivery. Supply Chain:Retailers are part of an integrated system called the supply-chain. A retailer purchases goods or products in large quantities from manufacturers or directly through a wholesaler, and then sells smaller quantities to the consumer for a profit. Retailers participate in the sorting process by collecting an assortment of goods and services from a wide variety of suppliers and offering them for sale. Q 2 (d) What are the channel conflict? What are their sources? How can a company resolve conflicts in distribution channels?ANS. Channel conflict can be explained as any dispute, difference or discord arising between two or more channel partners, where one partner’s activities or operations affect the business, sales, profitability, market share or similar goal accomplishment of the other channel partner.In the process of the constant supply of products in the market, several channel partners and intermediaries join thesupply chainof the brand. Any clash and disturbance among these trading partners can be considered as a channel conflict.SOURSES OF CHANNEL CONFLICT Role Ambiguity: The uncertain act of an intermediary in a multi-channel arrangement may lead to disturbance in the channel of distribution and cause conflict among the intermediaries.Incompatible Goals: When the manufacturer and the intermediaries do not share the same objectives, both work in different directions to meet their ends, this results in channel conflict.Marketing or Strategic Mis-Alignment: Sometimes, two-channel partners promote the manufacturer’s product in a different manner, which created two different images of the same product in the consumers’ mindset, which creates conflicting brand perception.Difference in Market Perception: The manufacturer’s understanding of the potential market and penetration into a specific region or territory, may vary from the perception of the intermediaries, which can create conflict and reduce the intermediary’s interest in capturing that particular market.Change Resistant: When the channel leader plans to modify the distribution channel, the intermediaries may or may not accept this change. Thus, it may result in a condition of discord or non-cooperation.RESOLVING OF CONFLICT :
Co-optation :The manufacturer should hire an expert who has already gained experience in managing the channel conflicts in other organizations, as a member of the grievance redressal committee or boardof directors, for addressing such conflicts.Superior Goals :Establishing a supreme goal of the organization and aligning it with the individual goalsor objectives of the channel partners, may reduce the channel conflicts.Legal Procedure : When the conflict is critical and uncontrollable by the channel leader, the aggrieved party can seek legal action, by filing a lawsuit against the accused party.Fair Pricing : Most of the channel conflicts are a result of the price war, and therefore, these can be resolved by ensuring that products are equally priced in all the territories and a fair margin is provided to the channel partners.Q 2 ( c) Explain various types of channels of distribution. How does a marketing manager select a distribution channel in case of a consumer durable firm?ANS. Types of Distribution Channels :A. Direct Channel:1. Producer → Consumer.... (Zero Level/No Intermediary)Example –Eureka ForbesB. Indirect Channel:1. Producer Retailer → Consumer...... (One Level/Intermediary)Example –Specialty products like Washing Machines, TVS, Refrigerators, or industrial products are sold2. Producer → Wholesaler → Retailer → Consumer (Two Level/Intermediaries)Example –Goods like food items drugs etc., small manufacturers’ goods which are widely sold to consumers3. Producer Agent → Wholesalers → Retailer → Consumer (Three Level/Intermediaries)Example –Items like cloth, grocery where producer wishes to totally pass on the burden of distribution to intermediaries.CONSUMER DURABLES - Consumer durables are a category of consumer products that do not have to be purchased frequently because they last for an extended period of time (typically more than three years).EXAMPLE - A washing machine is an example of a consumer durable good. It takes many years and multiple uses to wear it outOne Level ChannelOne-level Channel Only one intermediary between producer and consumers is present here. It may be a retailer or a distributor. In case the intermediary is a distributor, this type of channel is used for specialty products like washing machines, refrigerators or industrial products.This channel of distribution involves one intermediary to transfer goods from the manufacturer to the customer. In this, the title and risk transfers from manufacturers to retailers who in turn sell goods to customers. This distribution channel enables manufacturers to retain control and approach large number of potential customers.Therefore , marketing manager should select One Level Channel distribution channel in case of a consumer durable firmQ 3 ( d ) SHORT NOTE :Sales quotasAns. A sales quota refers to a time-bound sales target set by management for a particular region, sales team, or individual rep. Sales quotas are often attached to a daily, monthly, or quarterly period.
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