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Sunday, March 28, 2010

The question is related to Operation Research assignment of MB0032 for SMU MBA. The question is “Describe the broad classification of Operations Research models in details. Name the different steps needed in OR approach of problem solving?” However, we already have solved significance of reviewing ROI.

A model is a representation of the reality. It is an idealized representation or abstraction of a real life system. A model is helpful in decision making as it provides a simplified description of complexities and uncertainties of a problem in logical structure.

A) Physical Model: It includes all form of diagrams, graphs and charts. They are designed to deal with specific problems. They bring out significant factors and inter-relationship in pictorial firm so as to facilitate analysis.

B) Mathematical Model: It is known as symbolic models also. It employs a set of mathematical symbols to represent the decision variable of the system.

C) By Nature of Environment: We have 1) Deterministic model in which every thing is defined and the results are certain. Eg: EOQ model 2) Probabilistic Models in which the input and output variables follow a probability distribution. Eg: Games Theory.

D) By the extent of Generality: The two models belonging to this class are 1) General models can be applied in general and does not pertain to one problem only. Eg: Linear programming 2) Specific model is applicable under specific condition only. Eg: Sales response curve or equation as a function of advertising is applicable in the marketing function alone.

Methodology of Operations Research:

The basic dominate characteristic feature of operations research is that it employs mathematical representations or model to analyze problems. This distinctive approach represents an adaptation of the scientific methodology used by the physical sciences. The scientific method translates a real given problem into a mathematical representation which is solved and transformed into the original context. The OR approach problem solving consists of the following steps:

Definition of the Problem

Construction of the Model

Solution of the Model

Validation of the Model

Implementation of the Final Result

Wednesday, March 17, 2010

The question is the part of Project Management of MB0033 assignment of SMU MBA. It is – “What is meant by baseline? How is it reviewed?” You already have gotten many assignments in this category such as - Deming’s philosophy relevant to Project Management, How can risks be prioritized in a Project Management, Main Considerations in Planning P2M, significance of reviewing ROI and Introduction to ScMo Supply Chain Monitoring. Now, you will get a new assignment about “What is meant by baseline? How is it reviewed?”

The Baseline created can be used to compare the original project plan with actual events and achievements. This will display the days required for each task and project phase. For actual operating instruction phase refer the Microsoft project user handbook.

After creating a baseline, if the project has begun, it is necessary to enter actual dates that tasks are being completed and the resource utilization used to complete them. Again review different views and the cost and summary tables before proceeding to the next section. Return to the entry view of the Gantt chart before proceeding.

At times people and equipment can become assigned more work then they can complete in normal working hours. This is called over allocation. Project can test for this condition and reschedule (or level) their workload to accommodate completing tasks during a normal day.

After a baseline has been established and the project has begun, it is desirable to determine if task are being accomplished on time and/or if cost over runs are occurring.

Project has many different built-in reports and has the capability building custom reports and exporting data to other MS office applications for integration into other reporting venues.

Monday, March 8, 2010

It is the question of Project Management of MB0033 assignment of SMU MBA. The question is – “What is the significance of reviewing ROI? Explain in detail.” We already have discussed on many assignments in this category such as - Deming’s philosophy relevant to Project Management, How can risks be prioritized in a Project Management and Introduction to ScMo Supply Chain Monitoring. Now, I am going to present my theory on ROI (Return on Investment) for MB0033 MBA assignment of SMU.

Return on Investment (ROI) is the calculated benefit that an organization is projected to receive in return for investing money (resources) in a project within the context of the review process. The investment would be in an information system development or enhancement project. ROI information is used to assess the status of the business viability of the project at key check points throughout the project’s life-cycle.

ROI may include the benefits associated with improved mission performance, reduced cast, increased quality, speed, or flexibility, and increased customer and employee satisfaction. ROI should reflect such risk factors as the project’s technical complexity. The agency’s management capacity, the likelihood of cost overruns, and the consequences of under – or non-performance where appropriate, ROI should be reflect actual returns observed through pilot projects and prototypes.

ROI should be quantified in terms of dollors and should include a calculation of the break-even point (BEP) which is the date when the investment begins to generate a positive return. ROI should be re-calculated at every major checkpoint of a project to see if the BEP is still on schedule, based on project spending and accomplishments to date. If the project is behind schedule or over budget, the BEP may move out in time; if the project is ahead of or under budget the BEP may occur earlier. In either case, the information is important for decision-making based on the value of the investment throughout the project life-cycle.

Any project that has developed a business case is expected to fresh the ROI at each key project decision point (i.e. stage exist) or at least yearly.

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