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Strategic Cost Management
Section A: Objective Type & Short Questions (30 Marks)
This section consists of Multiple Choi ce & Short Notes questions.
Answer all the questions.
Part one carries 1 mark each & Part Two carries 5 marks each.
Part One:
Multiple Choices:
1. A set of policies, procedures and approaches that helps a firm attain and retain success for
long is termed as a)
Benchmarking
b) Life cycle costing
c) Target costing
d) Strategy
2. A cost management tool that bring in its focus the activities performed to produced a product
is called a)
Target costing
b) Life cycle costing
c) ABC
d) Benchmarking
3. Cost incurred to the past that are not relevant to present decisions are a)
Fixed cost
b) Sunk cost
c) Opportunity cost
d) Indirect costs
4. In a process costing system, when items are sold, the cost of the item are moved from a)
Work-in-progress to finished goods
b) Work-in-progress to Cost of goods sold
c) Cost of goods sold to finished good
d) Finished goods to cost of goods sold
5. Differential costs are sometimes referred to as a)
Incremental costs
b) Relevant costs
c) Avoidable costs
d) Both a& b
6. Customer service feature does not include a)
Warranty and repair service
b) Adherence to specifications
c) On-time delivery
d) Follow-up with customer after the sale.
7. Product cost are function ofa)
Product design
b) Specific customers
c) Customer characteristics
d) Market segments
8. The company‟s overall sales performance is influenced by factors such as a)
Sales volume
b) Sales Mix
c) Market size and share
d) All of the above
9. Customer life cycle cost includes a)
Purchases price
b) Start-up costs
c) Post-purchase cost
d) All of the above
10. Which stage of product life cycle is characterized by little competition and slowly increasing
sales?
a) Introduction
b) Growth
c) Maturity
d) Decline
Part Two:
1. List the characteristics of Balance score card.
2. What are the methods of Alternative costing?
3. Differentiate between fixed cost and variable cost.
4. Discuss the dissimilarities between job order costing & process costing systems.
END OF SECTION A
Section B: Caselets (40 Marks)
This section consists of Caselets.
Answer all the questions.
Each caselet carries 20 marks.
Detailed information should form the part of your answer (Word limit 150 to 200 word)
Caselet 1
Vikram Ahuja was hired as assistant cost controller of chemfert Ltd., a multinational firm that
processed chemical for use in fertilizers. Soon Vikram learned that the nearby residential landfill
was being used to dump toxic wastes. It appeared that some members of management team were
aware of this situation and may have been involved in arranging for this dumping. uncertain, how
he should approach, Vikram is contemplating several alternatives courses of action , like seeking
the advice of the superior, the controller or anonymously releasing the information in the national
daily or discussing with an outside member of the BOD‟s
Questions:
1. Discuss why Vikram has an ethical responsibility to take some action against the MNC.
2. Which of the alternative courses would be the most appropriate in the given situation?
Caselet 2
A brilliant university is located in Mumbai. The university has four deportments- Business,
humanities, fine arts and engineering. The university is headed by a president who has five
presidents reporting to him, each heading auxiliary services, admission and records, academics.
Financial services and maintenance. In addition, there are managers who report to these vicepresidents.
These include managers for central purchasing, the university press and bookstore; all
of whom report to the vice president of auxiliary services, and managers for accounting and
finance report to vice president for financial services. Further, a dean who is responsible to the
academic vice-president heads each department.
Questions:
1. Prepare an organizational structure of brilliant University.
2. List the name of the departments having under the university.
Section C: Long Questions (30 Marks)
This section consists of Long Questions.
Answer all the questions.
Each question carry 15 marks each.
Detailed information should from the part of your Answer (Word limit 200 to 250 words)
1. What is “Cost management”? Explain the primary objectives of cost management?
2. Define “Target costing”; discuss the principles of target costing.
END OF SECTION C
END OF SECTION B
Examination Paper of Project Management
Project Management in Information Technology
Section A: Objective Type & Short Questions (30 marks)
This section consists of Multiple Choice & Short Note type questions.
Answer all the questions.
Part One carries 1 mark each and Part two carries 5 marks each.
Part One:
Multiple forms:
1. „Enterprise project management software (EPMS)‟ integrates information from a single project to
show the status.(T/F)
2. Gantt chart is used for the___________
3. In Adaptive approach for software development the focus is on___________
a. Time based cycles to meet the target dates
b. No time based cycles
c. Although time based but no target date
d. None
4. IEEE standard_____________ describes the contents of software project management plan.
a. 1058 – 1997
b. 1058 – 1998
c. 1058 – 1999
d. 1058 – 1996
5. Scope creep means________
a. The tendency for project scope to shrink
b. The tendency for project scope to grow bigger and bigger
c. The tendency for project scope to collapse completely
d. None
6. Slack or float is the amount of time an activity may be delayed without delaying succeeding
activity.(T/F)
7. „PERT‟ stands for_________
8. „Murphy‟ law states_________
a. If something can go wrong, it can be corrected.
b. If something can go wrong , it will
Examination Paper of Project Management
c. If something can no go wrong , it will
d. None
9. Project that use Six Sigma principles for quality control normally follows a 5 phase improvement
process called DMAIC, here A stands for_______
a. Art
b. Analyze
c. Allies
d. None
10. Fishbone diagram is also called_______
a. Gantt diagram
b. Murphy diagram
c. Parkinson diagram
d. Ishikawa diagram
Part Two:
1. Write a note on „Work Breakdown Structure (WBS)‟.
2. Define the Earned value?
3. Explain the Kichoff meeting?
4. How would you explain the Cross-Referencing requirement Matrix?
END OF SECTION A
Section B: Caselets (40 marks)
This section consists of Caselets.
Answer all the questions.
Each caselet carries 20 marks.
Detailed information should form the part of your answer (Word limit 200 to 250 words).
Caselet 1
A preliminary estimate of costs for the entire project is $140,000. This estimate is based on the
project manager working about 20 hours per week for six months and other internal staff working a
total of about 60 hours per week for six months. The customer representatives would not be paid for
their assistance. A staff project manager would earn $50 per hour. The hourly rate for the other
project team member would be $70 per hour, since some hours normally billed to clients may be
needed for this project. The initial cost estimate also includes $10,000 for purchasing software &
services from suppliers. After the project is completed, maintenance costs of $40,000 are included
for each year, primarily to update the information and coordinate the “Ask the Expert” feature and
online articles. Projected benefits are based on a reduction in hours consultants spend researching
Examination Paper of Project Management
project management information, appropriate tools and templates, and so on. Projected benefits are
also based on a small increase in profits due to new business generated by this project. If each of
more than 400 consultants saved just 40 hours each year (less than one hour per week) and could bill
that time to other projects that generate a conservative estimate of $10 per hour in profits, then the
projected benefit would be $160,000 per year. If the new intranet increased business by just 1
percent, using past profit information, increased profits due to new business would be at least
$40,000 each year. Total projected benefits, therefore, are about $200,000 per year.
Exhibit A summarizes the projected costs and benefits and shows the estimated net percent value
(NPV), return on investment (ROI), and year in which payback occurs. It also lists assumptions
made in performing this preliminary financial analysis. All of the financial estimates are very
encouraging. The estimate payback is within one year, as requested by the sponsor. The NPV is
$272,800, and the discounted ROI based on a three-year system life is excellent at 112 percent.
Discount rate 8%
Assume the
project is done
in about is
months
Year
0 1 2 3 Total
Costs 140,000 40,000 40,000 40,000
Discount
factor
1 0.93 0.86 0.79
Discounted
costs
140,000 37,037 34,294 31,753 243,084
Benefits 0 200,000 200,000 200,000
Discount
factor
1 0.93 0.86 0.79
Discounted
benefits
0 186,185 171,468 158,766 515,419
Discounted
benefits –
costs
(140,000) 148,148 137,174 127,013
Cumulative
benefits-costs
(140,000) 8,148 145,322 272,336 NVP
Payback in
year 1
Discounted
life cycle
ROI----
112%
Assumptions
Costs #hours
PM (500hours,
$50/hour)
25,000
Staff (1500
hours,
$70/hour)
105,000
Outsourced
software &
10,000
Examination Paper of Project Management
services
Total project
costs (all
applied in year
0)
140,000
Benefits
# consultants 400
Hours saved 40
$/hour profit 10
Benefits from
saving time
160,000
Benefits from
1% increase in
profits
40,000
Total annual
projected
benefits
200,000
1. What according to you are the factors that can hamper the profit growth related with the project?
2. Mention some strategies to further improve the project‟s turnover.
Caselet 2
Many organizations spend a great deal of time and money on training efforts for general project
management skills, but after the training, project managers may still not know how to tailor their
project management skills to the organization‟s particular needs. Because of this problem, some
organizations develop their own internal information technology project management methodologies.
The PMBOKR Guide is a standard that describes best practices for what should be done to manage a
project. A methodology describes how things should be done, and different organizations often have
different ways of doing things. For example, after implementing a systems development life
cycle (SDLC) at Blue Cross Shield of Michigan, the Methods department became aware that
developers and project managers were often working on different information technology project in
different ways. Deliverables were often missing or looked different from project to project. They may
have all had a project charter, status report, technical documents (i.e., database design documents,
user interface requirements, and so on), but how they were producing and delivering these
deliverables was different. There was a general lack of consistency and a need for standards to guide
both new and experienced project managers. Top management decides to authorize funds to develop a
methodology for project managers that could also become the basis for information technology
project management training within the organization. It was also part of an overall effort to help raise
the company‟s Software Capability Maturity Model level.BlueCross BlueShield of Michigan
launched a three-month project to develop its own project management methodology. Some of the
project team members had already received PMP certification, so they decided to base their
methodology on the PMBOKR Guide 2000, making adjustment as needed to best describe how their
organization managed information technology projects. See a complete article on this project on the
companion Web site for this text. Also see the Suggested Reading to review the State of Michigan
Project Management Methodology, which provides another good example of an information
technology project management methodology. Many organizations include project management in
their methodologies for managing Six Sigma projects. Other organizations include project
management in their software development methodologies, such as the Rational Unified Process
(RUP) framework. RUP is an interactive software development process that focuses on team
Examination Paper of Project Management
productivity and delivers software best practices to all team members. According to RUP expert Bill
Cottrell, “RUP embodies industry-standard management and technical methods and techniques to
provide a software engineering process particularly suited to creating and maintaining componentbased
software system solutions,” Cottrell explains that you can tailor RUP to include the PMBOK
process groups. Specifically, IBM Rational, the creators of RUP, found that it could adjust RUP input
artifacts with PMBOK process inputs, RUP steps with PMBOK process tools and techniques, and
RUP resulting artifacts with PMBOK process outputs.
1. According to you what the skills needed for the project management of organization?
2. How could have been the six sigma project became a helpful tool in very sophisticated kind of
project management?
END OF SECTION B
Section C: Applied Theory (30 marks)
This section consists of Long Questions.
Answer all the questions.
Each question carries 15 marks.
Detailed information should form the part of your answer (Word limit 150 to 200 words).
1. How would you explain the project manager? Explain the characteristics of the successful project
manager?
2. Define the IT project plan? Discuss the IT project plan format in detail?
END OF SECTION C
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