1 .How you can conclude that quality plays an important role in the overall project performance?
Ans. Great expenditures of time, money and resources, both human and material, are wasted each year because of inefficient or nonexistent quality management procedures. Specially, the construction industries during the last decades has been heavily criticized for its performance and productivity compared to other industries. It is necessary to investigate the importance of quality for construction project success.
Quality can be defined as meeting the legal, aesthetic and functional requirements of a project.
Project Quality Management includes the processes required to ensure that the project will satisfy the needs for which it was undertaken. It includes “all activities of the overall management function. Includes of three major points
Quality Planning-identifying which quality standards are relevant to the project and determining how to satisfy them.
Quality Assurance-evaluating overall project performance on a regular basis to provide confidence that the project will satisfy the relevant quality standards. Quality control—monitoring specific project results to determine if they comply with relevant quality standards and identifying ways to eliminate causes of unsatisfactory performance.
2. Why an organization should take a strategic approach to improving its environmental performance? Explain with examples.
Ans. With time we are developing and depleting our environment. So every organization should take a strategic approach to improving its environmental performance. For this we have an ISO standard ISO 14001:2015 which includes all environmental challenges such as water, air, soil, waste , biodiversity etc. Improvement in environmental performance do not occur abruptly.
Success requires a permanent commitment to environmental leadership.
There are a numerous reasons why an organization should take a strategy to improve environmental performance-
1. Attain key business points by consolidating natural issues into business administration.
2. Establish consistency between present and future administrative needs.
3. Increased efficiency and reduced cost.
4. Conservation of resources.
5. Encourages organizations to support their ecological performance by more systematic utilization of assets and diminishment of waste.
3. What do you understand about “Tools and Techniques for Quality Assurance”. Explain in your words with examples.
Ans-.Tools and techniques for quality assurance
Quality audits- A quality audit is a structured review of other quality management activities. The objective of a quality audit is to identify lessons learned that can improve performance of this project or of other projects within the performing organization. Quality audits are used to perform a structured review of the project to determine whether the team is complying with project and organization policies, procedures, and processes. Those areas not in compliance will result in some type of deficiency report. The team will then develop a corrective action plan and assign someone to implement the plan and follow up on the deficiency report.
For those areas in compliance, no action is needed. For those areas that are performing well, the audit team may identify the good or best practices being employed and share them throughout the organization so other teams can improve their performance as well.
2. Process analysis-Perform Quality Assurance is concerned with process improvement. The process improvement plan is developed in the Plan Quality Management process. In the Perform Quality Assurance process, the target process is analyzed, and alternative approaches for improvement are identified
4. What are the differences and similarities between Money Market and Capital-Market.
Similarities-. Their similarities is that they could both go up and down in value. They have their own supply and demand curve, they’re both markets (you sell and buy things in a market – like fish, shoes
Money Market Capital Market
Definition Is a component of the financial markets where short-term borrowing takes place Is a component of financial markets where long-term borrowing takes place
Maturity period Lasts anywhere from 1 hour to 365 days. Lasts for more than one year and can also include life-time of a company.
Credit Instruments Certificate of deposit, Repurchase agreements, Stocks, Shares, Debentures, bonds, Securities of the Government.
Purpose of loans Short-term credit required for small investments. Long-term credit required to establish business, expand business or purchase fixed assets.
Basic role Liquidity adjustment Putting capital to work
5. Discuss the Capital budgeting techniques under uncertainty.
Capital budgeting (or investment appraisal) is the process of determining the viability to long-term investments on purchase or replacement of property plant and equipment, new product line or other projects. Or, capital budgeting is the process of evaluating the profitability of the projects under consideration and deciding on the proposal to be included in the capital budget for implementation.
Capital budgeting techniques under uncertainty.
Risk is the chance that actual outcome will differ from expected outcome and Uncertainty is the situation where there is a number of outcomes with unknown probabilities. Both are actually interchangeable. Managers are concerned with evaluating the riskiness of a project’s future cash flows. Here, they evaluate the chance that the cash flows will differ from expected cash flows, NPV will be negative or the IRR will be less than the cost of capital. The decision maker does not know what the outcome .In the context of risk assessment, the decision-maker does not know exactly what what will be the outcome So they calculate probability weightage of various potential outcomes .The most common measures of risk are standard deviation and coefficient of variations.
In case of risk three different types of projects risks are observed-
1. Stand-alone risk
2. Corporate risk
3. Market risk
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