Business Development: Project Management Assignment Solution

This document provides comprehensive solutions to a project management assignment covering a wide range of topics. It includes multiple-choice questions related to project scheduling, critical path analysis, and project characteristics. Numerical problems address financial aspects like Net Present Value (NPV) calculations, payback periods, and Economic Order Quantity (EOQ), as well as operational efficiency metrics such as throughput efficiency and availability rates. The assignment also explores theoretical concepts in operations management, including the 4 Vs framework and its application to different business models. It further delves into project lifecycle stages and risk management processes, using examples to illustrate key principles. Finally, it discusses various operations management layouts, including product, process, fixed position, and hybrid layouts, along with their advantages and disadvantages.

Activity X has a duration of 15 days, its Early Start Time is day 10 and its Late Finish
Time is day 25. Which of the following is true?
Group of answer choices
Activity is on the critical path
The float for this activity is 15
Its Early Finish Time is 10
This is the last activity of the project
Which of the following is NOT a project?
Group of answer choices
A construction company building a tower
A team designing a new car
A husband preparing a special dinner for his wife
A restaurant serving its customers
Numerical Question 1
ABC Electronics has to install 20 new projectors at LSBM in 20 days. The budget for
the project is £20,000 (£1,000 for each projector installed) and we are at the end of
day 10. So far, only 8 projectors have been installed and £12,500 have been already
spent due to an underestimation of project’s difficulty.
a) How long the project will take until completion?
b) How much will it cost in total?
Numerical Question 2
Required rate
= 10%

Year 0 Year 1 Year 2 Year 3 Year 4
Project A Outflows -400,000
Inflows 130,000 130,000 130,000 130,000
Project B Outflows -250,000
Inflows 72,000 72,000 72,000 72,000
a. Which of the projects above has the highest NPV? What is its NPV?
b. What is the payback period for Project A?
Numerical Question 3
Activity Immediate follower Duration
(weeks)
A E 12
B F 7
C D,G 9
D F 3
E F 6
F H 3
G H 10
H End 8

Based on the information above answer the following questions.
a. What is the duration of the project?
b. What is the Early Start Time of Activity D?
c. What is the Early Finish Time of Activity E?
d. What is the Late Finish Time of Activity B?
e. What is the Slack/Float of Activity F?
Numerical Question 4
We need to mark 230 exam scripts in one week. The staff for this job will work 8
hours per day from Monday to Friday and 6 hours on Saturday. It takes 60 minutes
to mark a script.
a. How many markers do we need?
b. How much is the Throughput Efficiency?
Numerical Question 5
A water distributor sells 150 20lt tanks per month (1,800 per year) and purchases in
quantities of 900 per order. The cost accounting department has analysed inventory
costs and has determined that the cost of placing an order is £40 and the annual
cost of holding one 20lt tank in inventory is £4.
a. Under its current policy of ordering, what is the water distributor’s total annual
inventory cost?
b. What is the Economic Order Quantity?
Numerical Question 6
In a car manufacturing factory that operates from Monday until Saturday (6 days a
week). A particular machine is programmed to run for 144 hours - its loading time.
Changeovers and set-ups take an average of 25 hours per week (Mon-Sat).
Breakdown failures average 2.5 hours per day. The machine works on 90% of its full
speed. Five per cent of the parts processed by the machine are found to be defective
in some way.

a. How much is the valuable operating time?
b. What is the availability rate?
Write your answer below. Remember to indicate which Numerical Question you are
answering.
View keyboard shortcuts
EditViewInsertFormatToolsTable
12pt
Paragraph
Write your answer below. Remember to indicate which Numerical Question you are
answering.
View keyboard shortcuts
EditViewInsertFormatToolsTable
12pt
Paragraph
Write your answer below. Remember to indicate which Numerical Question you are
answering.
View keyboard shortcuts
EditViewInsertFormatToolsTable
12pt
Paragraph
Answer TWO out of four questions. Remember to indicate which question you
are answering.
Question 1
What are the four Vs in Operations Management? Use the 4 V framework to
compare a fine dining restaurant and McDonalds.
Question 2
Which are the main stages in a project’s lifecycle? Use the example of a university
graduation ceremony project to discuss what happens at each stage.

Question 3
Discuss the main layouts in operations management? Write key advantages and
disadvantages for each layout and quote examples where possible.

There are two four types of the operational management layouts that covers product,
process, fixed position and hybrid.
Process layout
The process layouts are the group resources that are based on the functional or
similar process layouts. This kind of layouts can be seen in the organizations who have the
intermittent processing systems. Normal companies adopt the process layouts in their
working environment in which the later variety of the items and products are produced and
each w are with the uniqueness processing needs. It is not possible to dedicate the whole
factuality t each items. It is more efficient for the resources group based on the functions.
Advantages-
 flexibility- the organization has the ability to handle the variety of the processing
requires Cost this payout is less costly and easy to use for the business.
Disadvantages
 Higher cost of supervision
 Longer production times
Product layout
The product layouts refers to the production system within the manufacturing
organizations where the company locate their work equipments along with their production
lines. In this layouts high volume of the products are developed effectively by the companies
employees And the department ad equipments are arranges in the line assembly.
Advantages
 it helps the company to generate large product volume to the company in very less
time. The unit cost as the result in high volume and labour specialization result in reduced
training cost an the time.
Disadvantage
 Not flexible for the companies
 difficult for the supervisor in supervision.
fixed position layout
' The fixed position layout lets the product of the company stay in the same place
while companies employees work and move the produces to it as needed. The products that
are not possible to move are shipped thorough the airline, ships and the other
transportation.
Advantages

 The production cost of the company decrease thorough this fixed position layouts it slow the company to change the products designs and put in their inventory for
long time.
Disadvantages
 less strange area or space an affect
 administration and oft-times.
Hybrid Layout
The Hybrid layout is the combination an mixture of the three top manufacturing
layout that conclude, fixed, process and product. This all are work together and it makes the
easy for the company to create volume, improve their proses and they can also fixed their
products and take in the helps when they are needed to move from the one place to the
another place.
Advantages
 it helps to improve both quality of the product and volume of the production. Easy to locate the sources of the problems with the companies products.
Disadvantages
 Higher level of layouts (WIP)
 Higher machines utilization in not guaranteed to all the cells.
Question 4
What are the main processes in project risk management? Use the example of
project managing a concert to describe what is done within each process to manage
project risks.------100 word per questions.
There are total 5 process in the risk management that help the project mangers to identify
the potential risk and they can use the sped to overcome the risk within the concert-
Identify risk
There are many risk that can occur in the concert that can affect the whole product
plan and affect the concert. For examples- timeline risk can affect the concert an it can be
delayed.
Analization
Risk are analogized by the project mangers which means that what are the likelihood
of the risk and chances of happening.
Evaluation
here project mangers create the strategies for examples- activities can be plaining to
overcome the risk of timeline. Within the concert.

Threat of risk
This is also referred to as Risk Response Planning
The project manager has just met with her team to discuss ways to reduce the
impact and probability of identified risks. This meeting would be an example of:
Group of answer choices
Analysis of probability and consequences
Risk identification
Risk control and documentation
Risk mitigation
Which term do we use to refer to money that has been spent in the past and should
not be taken into account when deciding the approval of a project?
Group of answer choices
Sunk costs
Intangible costs
Indirect costs
Direct costs