Description
ASSIGNMENT
Course Code : MMPL-001
Course Title: Principles of Engineering Management and Economics
Assignment Code :MMPL-001/TMA/JUL/2026/JAN/2027
All Blocks Note: Attempt all the questions and submit this assignment to the coordinator of your study centre. Last date of submission for July 2026 session is 31st October, 2026 and for January 2027 session is 30th April, 2027.
1. (a)”While Taylor’s Scientific Management treats the worker as an extension of the machine, the Human Relations approach treats them as social beings.” Critically analyze this statement.
(b)Discuss how a modern engineering manager can synthesize the structural efficiencies of the Systems Approach with behavioral insights to manage high-stress project environments.
2. (a) Define the concept of Price Elasticity of Demand. Explain how a sharp distinction between elastic and inelastic demand curves guides a firm’s pricing decisions when launching a new engineering component.
(b) Discuss the concept of Cross Elasticity of Demand and explain its practical significance for a manufacturing firm that produces both complementary products and close substitutes.
3. (a)Why is the Time Value of Money (TVM) considered a critical factor in evaluating long term engineering investments?
(b) Compare Net Present Value (NPV) and Internal Rate of Return (IRR) as investment appraisal techniques. Under what specific cash-flow conditions might these two methods yield conflicting project rankings, and which one should a financial manager rely on?
4. (a) Differentiate between PERT and CPM networks based on their orientation (Event vs. Activity), time estimates (Deterministic vs. Probabilistic), and application domains.
b) Explain the significance of calculating Total Float and Free Float in CPM. How does identifying the Critical Path assist a project manager in resource leveling and crashing a project schedule?
5. (a) Define Value Engineering (VE) and outline the distinct phases of the Value Engineering Job Plan. How does VE differ fundamentally from routine cost-reduction exercises in design engineering?
(b) Contrast Theory X and Theory Y assumptions regarding human motivation. How do these underlying assumptions dictate the choice of an organizational structure in a highly complex technical project
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