Cost and Quantitative Management

Learning Outcomes 1. Use monitoring and control techniques to ensure the regulation of expenditure and realization of appropriate profits in all phases of the work 2. Apply a range of numerical techniques relevant to the processes of building design and construction leading to the investigation analysis and solution of construction problems Assignment Objective This is an individual assignment concentrated is to develop the student’s understanding of the estimation of budgets of costs in the design tender and construction phases of major building projects. This will include developing knowledge of the importance of setting budgets of design costs in to price building works. This will assist quantity surveying and construction management students to carry out more accurate estimating and efficient management in construction work. Task: In your submittal please discuss clearly the following: 1. The attached “Cost and Quantitative Management (CIVL 0029.1)-Coursework-Data” in Excel sheet shows the details of decision variables objective function and constraints of the mathematical model details taken up by a contractor of his daily production that can be assigned to his production line Determine the optimum solution in to maximize profit by applying simplex method and graphical method showing the feasible region and in all the cases the value of X1 X2 X3 and X4 ≥ 0 . a. Represent the initial solution table b. Illustrate graphical interpretation with optimum solution c. Show the detailed calculations of all the iterations involved 2. Five shipping companies S1 S2 S3 and S4 are supplied by four factories F1 F2 F3 F4 and F5. The supply available from each factory (F) the demand at each shipping companies (S) and the cost per unit of transporting goods from the factories to the shipping are summarized in the attached “Cost and Quantitative Management (CIVL 0029.1)-Coursework-Data” in Excel sheet. a. For the given table according to your excel data sheet draw the network representation b. Solve by transportation problem to maximize profit choosing the method North West method / Least cost method /Vogel’s approximation method as per your data sheet. Find the optimal solution of this problem i.e. the solution that minimizes the transportation costs clearly showing and explaining your working 3. Company al MAHAR has developed a new line of products. Top management is attempting to decide on the appropriate marketing and production strategy. Three strategies are being considered which we will simply refer to as A (aggressive) B (basic) and C (cautious). The market conditions under study are denoted by Poor Moderate or High. Managements best estimate of the net profits (in millions of OMR) in each case is given in the given tree. Managements best estimates of the probabilities of a strong or a weak market are given in the table. Draw a decision tree based on the attached “Cost and Quantitative Management (CIVL 0029.1)-Coursework-Data” in Excel sheet Which strategy should be chosen under Earned Value Management (EMV). 4. Elaborate on any two-cost monitoring and cost controlling measures taken in the construction project to ensure the regulation of expenditure and realization of appropriate profits in all phases of the work 5. Pre class and post class activities Each student is expected to complete the pre class and post class activities on weekly basis. The details topics mode of weekly activities is given in MIG session 8. Report Section The Report should contain 1500 words with the following sections: Cover Page Table of contents Introduction Main body of Case Study Conclusion References *** Words count 1600 words. *** In-Text Citations and References using Harvard style. *** I’ve uploaded two files “Coursework-Data 2021” and “EXCEL DATA SHEET”. Note: once you open them choose name “ABDULLAH SALEH ISSA AL FARSI” Requirements: As mentioned | .doc file