strategies of different components. After appropriate analysis of the various courses of actions, the team selects the best course of action, known as the ‘optimum strategy’.
ii) In Industry:
The system of modern industries is so complex that the optimum pointof operation in its various components cannot be intuitively judged by an individual.The business environment is always changing and any decision useful at one time maynot be so good sometime later. There is always a need to check the validity of decisionscontinuously against the situations. The industrial revolution with increased division of labor and introduction of management responsibilities has made each component anindependent unit having their own goals. For example: production departmentminimizes the cost of production but maximise output. Marketing departmentmaximizes the output, but minimizes cost of unit sales. Finance department tries tooptimize the capital investment and personnel department appoints good people atminimum cost. Thus each department plans its own objectives and all these objectivesof various department or components come to conflict with one another and may notagree to the overall objectives of the organization. The application of OR techniqueshelps in overcoming this difficulty by integrating the diversified activities of variouscomponents to serve the interest of the organization as a whole efficiently. OR methodsin industry can be applied in the fields of production, inventory controls and marketing, purchasing, transportation and competitive strategies.
In modern times, it has become necessary for every government to havecareful planning, for economic development of the country. OR techniques can befruitfully applied to maximise the per capita income, with minimum sacrifice and time.A government can thus use OR for framing future economic and social policies.
With increase in population, there is a need to increase agriculture output. But thiscannot be done arbitrarily. There are several restrictions. Hence the need to determine acourse of action serving the best under the given restrictions. You can solve this problem by applying OR techniques
v) In Hospitals
:OR methods can solve waiting problems in out-patient department of big hospitals andadministrative problems of the hospital organizations.
You can apply different OR methods to regulate the arrival of trains and processingtimes minimize the passengers waiting time and reduce congestion, formulate suitabletransportation policy, thereby reducing the costs and time of trans-shipment.
vii) Research and Development:
You can apply OR methodologies in the field of R&D for several purposes, such as tocontrol and plan product introductions.
unsuccessful. Risk analysis examines how project outcomes might change as a result of theidentified risks.
is one way to deal with a risk: don’t do the risky thing! You might avoid risks by
not undertaking certain projects, or by relying on proven rather than cutting-edge technologieswhen possible. In certain situations you might be able to transfer a risk to some other party, suchas a subcontractor.
is the process of managing risks to achieve the desired outcomes.
Risk management planning
produces a plan for dealing with each significant risk, including mitigation approaches,owners, and timelines.
entails executing the plans for dealing with each risk.Finally, risk monitoring involves tracking your progress toward resolving each risk item.
Q3. Describe the various steps involved in monitoring and controlling aproject
Ans:- Project Monitoring and Control: Any project aimed at delivering aproductor a service has to go through phases in a planned manner in order tomeet therequirements. It is possible to work according to the project plan only bycarefulmonitoring of the project progress. It requires establishing control factors to keeptheproject on the track of progress. The results of any stage in aproject,depends on the inputs to that stage. It is therefore necessary to controlall theinputs and the corresponding outputs from a stage. A project manager mayusecertain standard tools to keep the project on track. The project managerand theteam members should be fully aware of the techniques and methods torectifythe factors influencing delay of the project and its product. Thevarious stepsinvolved in monitoring and controlling a project from start to end are asfollows
the team members understand the project plans, projectstage schedule,progress controls, tracking schedules, summary of the stagecost and relatedworksheets. All the member has to understand the tolerances inany change and maintain achange control log. They must realize the need andimportance of quality forwhich they have to follow strictly a quality reviewschedule andfrequently discuss on the quality agendas. They must understandthe stage statusreports, stage end reports, stage end approval reports. Project Progress
The membersmust keep a track of the project progress andcommunicate the same to otherrelated members of the project. They mustmonitor and control projectprogress, through the use of regular check points,quality charts, and statistical tables,control the quality factors which are likely todeviate from expected values as anydeviation may result in changes to thestage schedule. The projectmanager ensures that these changes are madesmoothly and organizes reviewmeeting with the project management group. Stage Control
The manager must establish aproject check point cycle. For thissuitable stage version control procedures may be followed. Thedetails are to bedocumented stage wise. Project files have to be frequently updated withsuitableversion control number and revision status should be maintained for eachchange. Team members are identified who will exercise controls atvarious pointsof the project. Resources
Plan the resources required for various stage