...Intl Project Management Cost & finance Part 2 : Tools and techniques SupdeCo La Rochelle (H. Khatchadourian) Aligned with the PMBOK® Guide Fourth Edition 1 Investment Concept & project investment Investment : basics The process of compounding and discounting Compound interest and future value (FV) of a single payment (« lump sums ») FVn = PV(1+I)n With N number of period (= years, quarters,months) I interest rate PV present value FV future value at end of year « n » Step-by-step approach or formula approach Use of spreadsheets (Excel) 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Present value (PV) PV = FVn / (1+I)n Step-by-step approach and formula approach Finding the interest rate « i » ? Finding the number of years « n » ? 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Annuities (ordinary) A series of payments over time At the end of each period Periods 0 5% 1 2 3 Payments -100€ -100€ -100€ 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Annuities (due) At the beginning of each period Investment: basics Future value of an ordinary annuity With ⎡ (1 + I )n − 1⎤ FVAn = PMT ⎢ ⎥ I ⎣ ⎦ Interest rate I Series of payment (= constant payment) 1. Int. 2. Scope 3. Time 4. Cost 5. Quality 6. HR 7. Com. 8. Risk 9. Proc. Investment: basics Future value of an ordinary annuity Periods 0 r=5%...
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...Results for TQM6-H2327-Strategic Quality and Systems Management(Active) Mohamed Thaha 1 | Which one of the following would normally be considered as one of the "costs of quality"? 1. Appraisal costs 2. Performance related pay 3. Purchase order discounts 4. The Economic Order Quantity Correct Answer | 2 | Which of these is not an improved production system? 1. Kaizen 2. Process re-engineering 3. TQM 4. Just-in-case delivery Skipped | 3 | The specific concerns of total quality management (TQM) include a number of aspects. Which is not normally associated with TQM? 1. Covering all parts of the organization 2. Meeting the needs and expectations of customers 3. Primarily a “worker” rather than a management activity 4. Inclusion of every person in the organization Skipped | 4 | To achieve high performance, managers try to improve their: 1. Product quality 2. All in the list 3. Customer responsiveness 4. Organizational efficiency Skipped | 5 | Training effectiveness can be measured most accurately by 1. supervisors rating the improvement of employees skills at the end of the training session 2. trainers analyzing trainees' job performance before training and after training 3. trainers rating their own performance against a professionally developed grading system 4. trainees using a rating scale to assess their training session Skipped | 6 | A process improvement team has studied the flow of product through the company's production...
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...TQM EVOLUTION Total Quality Management (TQM) - is a modern management concept. - is customer oriented management philosophy and strategy, centered on quality so as result in customer delight. TQM addresses the concepts of: 1. Product Quality 2. Process Control 3. Quality Assurance 4. Quality Improvement Quality - fitness for use - Its suitability for use by the customer ISO - International Organization for Standardization - founded in the year 1946 and has it’s headquarter in Geneva, Switzerland. PRODUCT QUALITY 1. Functionality- refers to the core features and characteristics of a product. 2. Reliability- is an indicator of durability of product. 3. Usability- product should be easily usable. 4. Maintainability- refers to the ease which a product can be maintained in the original condition. 5. Efficiency- ratio of output to input. 6. Portability- defined as a set of attributes that bear on the ability of software to be transferred from one environment to another. SERVICE QUALITY- is made to order. Additional features of Service Quality are: * Quality of Customer Service * Quality of Service Design * Quality of Service Delivery Additional Attributes of Quality (Product and Services) 1. Timeliness- Delivery on schedule per...
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...Cost Accounting, 14e (Horngren/Datar/Rajan) Chapter 19 Balanced Scorecard: Quality, Time, and the Theory of Constraints Objective 19.1 1) Quality management provides an important competitive edge because it: A) reduces costs B) increases customer satisfaction C) often results in substantial savings and higher revenues in the short run D) All of these answers are correct. Answer: D Diff: 1 Terms: quality Objective: 1 AACSB: Ethical reasoning 2) Quality of design measures how closely the characteristics of products or services match the needs and wants of customers. Conformance quality: A) measures the same things B) is the performance of a product or service according to design and product specifications C) is making the product according to design, engineering, and manufacturing specifications D) focuses on fitness of uses from a customer perspective Answer: B Diff: 1 Terms: design quality Objective: 1 AACSB: Ethical reasoning 3) Which of the following FAIL to satisfy conformance quality? A) machines that fail to meet the needs of customers B) machines that break down C) depositing a customer's check into the correct account D) All of these answers are correct. Answer: B Diff: 2 Terms: conformance quality Objective: 1 AACSB: Reflective thinking 4) Costs incurred in precluding the production of products that do NOT conform to specifications are: A) prevention costs B) appraisal costs C) internal failure costs D) external...
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...International Conference on Economics, Social Science, Arts, Education and Management Engineering (ESSAEME 2015) Study on trade-off of time-cost-quality in construction project based on BIM XU Yongge 1, a, Wei Ya 1, b 1 Xi’an Univ.of arch.﹠Tech., Xi’an 710055, China; a 15829690177@163.com, b631931577@qq.com Keywords: Building information modeling; Construction project; Time-cost-quality trade-off optimization; Genetic algorithm. Abstract. With the development of BIM technology, BIM provides a new direction for the project management of three objectives. Based on the current situation of the project time cost-optimized mass balance studies, pointing out the implementation mechanism of achieving the trade-off of time-cost-quality in construction project based on BIM mainly oriented components of the BIM model based; the use of Structured Query Language query statistics data information needs combined bill of quantities calculation method for the specification, preliminary engineering scale generation; establishment of Project relations system model. In the process duration is subject, for the construction of uncertainty factors such as interest rates and prices, through the establishment of quality, cost and schedule function, the establishment of quality balanced schedule cost optimization model, using genetic algorithm model of the optimal solution are obtained. With BIM case finally proves the rationality of the model and the effectiveness of the...
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...Chapter 4 Product and service design It is the major factor in - Cost - Customer satisfaction - Quality - Competitive advantage - Time-to-market Objectives of Product and Service Design Main focus - Customer satisfaction - Understand what the customer wants Secondary focus - Function of product/service - Appearance - Cost/profit - Ease of production/assembly - Quality - Ease of maintenance/service Product or Service Design Activities 1. Translate customer wants and needs into product and service requirements 2. Refine existing products and services 3. Develop new products and services 4. Formulate quality goals 5. Formulate cost targets 6. Construct and test prototypes 7. Document specifications Reasons Design or Re-Design : The driving forces for product and service design or redesign are market opportunities or threats: - Economic - Competitive - Social and Demographic - Cost or Availability - Political, Liability, or Legal - Technological Regulations and Legal Considerations Product Liability : A manufacturer is liable for any injuries or damages caused by a faulty product. Uniform Commercial Code : Products carry an implication of merchantability and fitness. Designers Adhere to Guidelines - Produce designs that are consistent with the goals of the company - Give customers the value they expect - Make health and safety a primary concern - Consider potential harm to the environment Other...
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...Managing Quality ) Purchase here http://devrycourse.com/GM%20588/gm-588-all-discussion-questions-managing-quality Product Description GM 588 All 7 Weeks Discussion Questions ( Managing Quality ) GM 588 week 1 dq1 – Definition of Quality GM 588 week 1 dq2 – Quality Management in Your Organization GM 588 week 2 dq1 – Quality Philosophies GM 588 week 2 dq2 – Quality Award Processes GM 588 week 3 dq1 – The Voice of the Customer GM 588 week 3 dq2 – The Kano Model GM 588 week 4 dq1 – Quality Focus GM 588 week 4 dq2 – Alignment of Strategy and Quality Management GM 588 week 5 dq1 – Performance Metrics GM 588 week 5 dq2 – Cost of Quality and the Customer GM 588 week 6 dq1 – Differences in Organizational Processes GM 588 week 6 dq2 – Six SigmaLean Applications GM 588 week 7 dq1 – Statistical Process Control GM 588 week 7 dq2 – Capability vs. Control GM 588 All Discussion Questions ( Managing Quality ) Purchase here http://devrycourse.com/GM%20588/gm-588-all-discussion-questions-managing-quality Product Description GM 588 All 7 Weeks Discussion Questions ( Managing Quality ) GM 588 week 1 dq1 – Definition of Quality GM 588 week 1 dq2 – Quality Management in Your Organization GM 588 week 2 dq1 – Quality Philosophies GM 588 week 2 dq2 – Quality Award Processes GM 588 week 3 dq1 – The Voice of the Customer GM 588 week 3 dq2 – The Kano Model GM 588 week 4 dq1 – Quality Focus GM 588 week 4 dq2 – Alignment of Strategy and Quality Management ...
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...the restaurant doesn’t have an advance booking system. Further to the above, the time required to serve the meal from the time the order is placed is twelve minutes, and most of it consumed for final cooking. According to the customer survey feedback as provided in the case study, during the rush hours on Friday and Saturday’s nights, indicates that customers were overall pleased with the general dining experience. However, sixteen customers said that the food and service that the restaurant offers does not worth the money paid for while other sixty-seven customers said that food worth the cost. Even when considering the rates of the aspects of the survey it appeared that the majority of the customers are well satisfied with overall dining experience apart from the delivery time of the food; especially during the rush time. QUALITY DEFINITION Customers define quality in different ways, where some will describe it as an overall satisfaction with a provided product or service. Internal or external customers are happy when their expectations on the product or service are met or...
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...CHAPTER Total Quality Management Before studying this chapter you should know or, if necessary, review 1. 2. Trends in total quality management (TQM), Chapter 1, page Quality as a competitive priority, Chapter 2, page 5 LEARNING OBJECTIVES After studying this chapter you should be able to 1 2 3 4 5 6 7 Explain the meaning of total quality management (TQM). Identify costs of quality. Describe the evolution of TQM. Identify key leaders in the field of quality and their contributions. Identify features of the TQM philosophy. Describe tools for identifying and solving quality problems. Describe quality awards and quality certifications. CHAPTER OUTLINE Defining Quality 138 Links to Practice: General Electric Company; Motorola, Inc. 140 Cost of Quality 140 The Evolution of Total Quality Management (TQM) 142 The Philosophy of TQM 147 Links to Practice: The Walt Disney Company 150 Links to Practice: The Kroger Company; Meijer Stores Limited Partnership 153 Quality Awards and Standards 159 Why TQM Efforts Fail 162 OM Across the Organization 162 Inside OM 163 Case: Gold Coast Advertising (GCA) 166 Case: Delta Plastics, Inc. 167 136 000 DEFINING QUALITY • 137 E veryone has had experiences of poor quality when dealing with business organizations. These experiences might involve an airline that has lost a passenger’s luggage, a dry cleaner that has left clothes wrinkled or stained, poor course offerings and scheduling at your college, a purchased product...
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...THE COST OF QUALITY (Recent Concept) 1. CONSEQUENCES OF FAILURE TO MEET CUSTOMER (I & E) REQUIREMENTS ← Replacements ← Rectification – Reworks. ← Warranties Payments. ← Recall. ← Results in Loss of Money. 2. WHY HAS COSTS OF QUALITY CONCEPT NEGLECTED ← Lack of effective cost control system. ← Reluctance to change existing financial control systems. ← Most office and manufacturing processes produce defect levels around 20%. ← Twenty percent is accepted as the norm. ← No organized effort is made to change the situation until a ‘real’ quality problem is found. ← All efforts are then expended to solve the problem and return to the previously acceptable level. 3. ELEMENTS OF THE COST OF QUALITY (COQ) 1. Prevention Costs – Price of Conformance (POC) ← Expected costs of getting things right first time, always the first time. 2. Appraisal Costs – Inspection and Testing ← Inspection and testing required to some extent. ← Minimize. 3. Failure Costs – Price of Non-Conformance a) Internal Costs of Failures: ← Identified. ← Corrected. b) External ← Returned of defective/customers non-conforming products. ← Engineer/personnel...
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...Process Capability Where Z (min) is the smaller of: Or: When Cpk=Cp, the process is centered. P Charts (Attributes) Maximum p: UCL*n Minimum p: LCL*n C Charts U Charts Maximum u: UCL*n Minimum u: LCL*n Chapter 1 Quality Perspectives Garvin’s Product Quality Dimensions 1. Conformance 2. Reliability 3. Features 4. Performance 5. Durability 6. Serviceability 7. Aesthetics 8. Perceived Quality PZ&B’s Service Quality Dimensions Tangibles(Physical appearance of facility Service Reliability(Dependable and accurate Responsiveness(Helpful and prompt Assurance(Knowledge and courtesy Empathy(Caring attention Viewpoint depends on function Core Processes • Value Stream Mapping| FlowChart • Six Sigma| value added • DMAIC – Define, Measure, Analyze, Improve, Control Downstream • Shipping and Logistics “Right product, right place, right time, right quantity” • Reliability of delivery • Customer support including after sales service In concurrent engineering, work is done as a multi-functional team. Three Spheres of Quality Quality Management(responsibility of all), Assurance(design), Control (scientific method) Contingency Theory of Quality No one method can be applied in all instances....
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...calculations. Itcontains four departments like that job preparation, scanning assembly, output, quality control etc. The FOH expenses of company wages, depreciation ,rent and otherexpenses are allocated on basis of labor hours then we obtain overhead rate per labor hour.3-Exhibit include the job profit analysis. It shows net profitor loss of the company.It contains 26 jobs of colorscope company and it have separate revenue and ,material expenses. Profibility analysis of the job shows profit of thecompany of all jobs.4-Exhibit shows the whale curve analysis .The separate job have separate then we deducted all the expenses of particular job. It mens all the profit of particular job is cumulative of previous month.5-Exihibit shoows the rework of cost. Rework due to change in specification by customer. Rework the job due to occur large cost.2-Exhibit include the overhead drivers rate calculations. Itcontains four departments like that job preparation, scanning assembly, output, quality control etc. The FOH expenses of company wages, depreciation ,rent and otherexpenses are allocated on basis of labor hours then we obtain overhead rate per labor hour.3-Exhibit include the job profit analysis. It shows net profitor loss of the company.It contains 26 jobs of colorscope company and it have separate revenue and ,material expenses. Profibility analysis of the job shows profit of thecompany of all jobs.4-Exhibit shows the whale curve analysis .The separate job have separate then we deducted all...
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...Chapter - 1 Concept of Quality and TQM Dr. Shyamal Gomes “Quality is not an art, it is a habit” - Aristotle Introduction: Till 300 years ago, people used the power of their own muscles, animals or the force of wind and flowing water to do all works. With the invention of the ‘steam engine’ they got a powerful method of running their machines. This provided a tremendous boost to Industry. Goods started getting produced in larger quantities using machines. This led to the beginning of the factory system. The significant change from handmade goods to machine-made goods, which began in Britain in 18th century, is known as the Industrial Revolution. Why it was called Revolution? Because of the large scale changes it brought about our economy, society and culture. IR soon spread to other nation like Germany, France, Portugal. As these countries became industrialised, they needed two things: 1. Raw materials for manufacturing and 2. New markets to sell the goods they made. They found both raw materials as well as new markets to sell their goods in the nonindustrialised countries of Asia and Africa. So they started annexing to meet the needs of their new factories. Soon they became jealous of each other, and wanted their own empires to grow. They started fighting among themselves. This finally led to a great war in which several nations of the world were involved. It came to be known as World War- I (August 1914-1918). Millions of soldiers and other people were killed or wounded...
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...CAREER EXPLORATION PROGRAM (PROJECT FIGARO) PROJECT PLAN APRIL 2015 Document versions and key changes: Version | Issue Date | Key Changes | Author | 2.0 | April 25, 2015 | Updated WBSUpdated PERT/CPMUpdated Organizational Chard | Monitoring & Control Committee | Approved by: Version | Name | Function | Signature/Email | 2.0 | Sorono, Terence | Project Sponsor | | TABLE OF CONTENTS Executive Summary of Project 1. Project Title 2. Introduction 3. Background 4. Goals and Objectives 5. Scope 6. Time Frame 7. Cost Management Plan 8. Benefit Analysis 9. Risk Assessment 10. Milestones 11. Assumptions 12. Constraints 13. Critical Barriers 14. Deliverables and Key Users 15. Approach 16. Schedule 17. Communication Plan 18. Quality Management Plan 19. Appendices Executive Summary of Project Project Name: | Career Exploration Program (Project Figaro) | Date: | 29 April 2015 | Submitted To: | Prof. Terence Soroṅo | Objectives:The main objective of this project is to guide the students in choosing their courses in college through established means of exploring their passions, talents, and interests and eventually, pursuing a career they are most interested in. Project Deliverables & Key Users:In summary, this project aims to: 1) Design a seminar program that will help students identify their passion, explore them, and find ways to turn them into career opportunity...
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...Roberta Russell & Bernard W. Taylor, III Organization of This Text: Part I – Operations Management Intro. to Operations and Supply Chain Management: Quality Management: Statistical Quality Control: Product Design: Service Design: Processes and Technology: Facilities: Human Resources: Project Management: Chapter 1 (Slide 5) Chapter 2 (Slide 67) Chapter 3 (Slide 120) Chapter 4 (Slide 186) Chapter 5 (Slide 231) Chapter 6 (Slide 276) Chapter 7 (Slide 321) Chapter 8 (Slide 402) Chapter 9 (Slide 450) 1 -2 Organization of This Text: Part II – Supply Chain Management Supply Chain Strategy and Design: Global Supply Chain Procurement and Distribution: Forecasting: Inventory Management: Sales and Operations Planning: Resource Planning: Lean Systems: Scheduling: Chapter 10 (Slide 507) Chapter 11 (Slide 534) Chapter 12 (Slide 575) Chapter 13 (Slide 641) Chapter 14 (Slide 703) Chapter 15 (Slide 767) Chapter 16 (Slide 827) Chapter 17 (Slide 878) 1 -3 Learning Objectives of this Course Gain an appreciation of strategic importance of operations and supply chain management in a global business environment Understand how operations relates to other business functions Develop a working knowledge of concepts and methods related to designing and managing operations and supply chains Develop a skill set for quality and process improvement 1 -4 Chapter 1 Introduction to Operations and Supply Chain Management Operations Management Roberta Russell & Bernard W. Taylor, III Lecture...
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