Question 1

Define the critical path and explain its importance

Accepted Answer

The critical path is determined by constructing a network representation of a project that captures all of the precedence relationships among activities. The critical path is the set of activities that must be completed exactly on time in order to keep the project on schedule. By definition, there is no slack for completing the activities on the critical path, as delaying any one of them will delay in the completion time of the entire project.

Question 2

Explain how and when a project's risk is addressed in the project management lifecycle.

Accepted Answer

The risks associated with the project are assessed at the planning stage. A risk plan will be developed, identifying the major risks, their potential impact, and methods for avoiding or minimizing them.

Question 3

What is a project charter?

Accepted Answer

It is a document defining the terms of reference of a project, that is, what the project is intended to achieve, and the approximate timeline and resources available.

Question 4

A new bridge project passed the feasibility study test, and is now in the planning stage. The project manager thinks that evaluation of people's willingness to pay for the use of the bridge was done under the assumption of low inflation. In this regard, at this stage the project manager should

Accepted Answer

A) initiate a public hearing. 
B) perform sensitivity analysis with respect to variable levels of inflation. 
C) terminate the project. 
D) move on to the execution stage. 
E) perform hedonic price evaluation. 
A) initiate a public hearing. 
B) perform sensitivity analysis with respect to variable levels of inflation. 
C) terminate the project. 
D) move on to the execution stage. 
E) perform hedonic price evaluation.

Question 5

Nodes and arcs are used in the following project management tool:

Accepted Answer

A) CPM 
B) WBS 
C) BCA 
D) MARR 
E) ERR 
A) CPM 
B) WBS 
C) BCA 
D) MARR 
E) ERR

Question 6

"CPM" stands for

Accepted Answer

A) Critical Path Method. 
B) Company Profit Maximization. 
C) Competitive Profit Methodology. 
D) Complete Project Management. 
E) Computer-Powered Management. 
A) Critical Path Method. 
B) Company Profit Maximization. 
C) Competitive Profit Methodology. 
D) Complete Project Management. 
E) Computer-Powered Management.

Question 7

What is a Gantt Chart?

Accepted Answer

A Gantt chart is a graph or bar chart th

Question 8

Describe three "best practices" to observe when producing a WBS?

Accepted Answer

1. Items should represent distinct proje

Question 9

What are the advantages and disadvantages of a Gantt Chart?

Accepted Answer

A Gantt chart is an excellent tool for d

Question 10

For an engineering project, the justification for the project is defined in the

Accepted Answer

A) initiation stage. 
B) planning stage. 
C) execution stage. 
D) monitoring and control stage. 
E) closure stage. 
A) initiation stage. 
B) planning stage. 
C) execution stage. 
D) monitoring and control stage. 
E) closure stage.

Question 11

A fundamental advantage of the CPM networks project management tool is that it provides

Accepted Answer

A) a sequential representation of a project's activities. 
B) a structural representation of a project's activities. 
C) a representation that is able to capture the interdependence of a project's activities. 
D) a graphical representation of a project's activities. 
E) a three-dimensional representation of a project's activities. 
A) a sequential representation of a project's activities. 
B) a structural representation of a project's activities. 
C) a representation that is able to capture the interdependence of a project's activities. 
D) a graphical representation of a project's activities. 
E) a three-dimensional representation of a project's activities.

Question 12

How do we find a project's critical path?

Accepted Answer

The critical path is the set of activiti

Question 13

The AON diagram shown represents a project. Normal and crash times, and the associated costs, are shown for each activity in the accompanying table. The normal completion time for the project is 130 weeks. If it is worth $10 000 a week to reduce the project duration, what is the shortest economical crash time?

Accepted Answer

A) There is no economical way to reduce completion time. 
B) 10 weeks 
C) 15 weeks 
D) 20 weeks 
E) 25 weeks 
A) There is no economical way to reduce completion time. 
B) 10 weeks 
C) 15 weeks 
D) 20 weeks 
E) 25 weeks

Question 14

Project execution includes

Accepted Answer

A) economic evaluation of the project's cash flows. 
B) carrying out the processes defined in the project plan so that the project's objectives are achieved. 
C) estimation of the time, cost, and resources needed to complete the project. 
D) identification of corrective actions. 
E) review of the project's activities. 
A) economic evaluation of the project's cash flows. 
B) carrying out the processes defined in the project plan so that the project's objectives are achieved. 
C) estimation of the time, cost, and resources needed to complete the project. 
D) identification of corrective actions. 
E) review of the project's activities.

Question 15

What is meant by "crashing a project"?

Accepted Answer

Crashing a project means shortening the

Question 16

In a single sentence, what is project management?

Accepted Answer

Project management is a tempor

Question 17

In crashing a project, what should be the first activities you chose to crash?

Accepted Answer

A) the ones that can be sped up most cheaply 
B) the ones closest to the beginning of the project 
C) the ones on the critical path 
D) the ones closest to the end of the project 
E) the ones with the greatest slack 
A) the ones that can be sped up most cheaply 
B) the ones closest to the beginning of the project 
C) the ones on the critical path 
D) the ones closest to the end of the project 
E) the ones with the greatest slack

Question 18

Suppose that the crash cost is $10 million, normal cost is $8 million, normal project time is 10 years and crash time is 8 years, what is the project's crash cost per year?

Accepted Answer

A) $1 million 
B) $2 million 
C) $3 million 
D) $4 million 
E) $5 million 
A) $1 million 
B) $2 million 
C) $3 million 
D) $4 million 
E) $5 million

Question 19

A Gantt Chart is

Accepted Answer

A) a chart that depicts the timing and magnitude of a project's cash flows. 
B) a graph or bar chart that depicts the timing and sequence of project activities. 
C) a numbered list of a project's activities. 
D) an organizational chart of a project's activities. 
E) a bar graph of a project's costs. 
A) a chart that depicts the timing and magnitude of a project's cash flows. 
B) a graph or bar chart that depicts the timing and sequence of project activities. 
C) a numbered list of a project's activities. 
D) an organizational chart of a project's activities. 
E) a bar graph of a project's costs.

Question 20

When resources such as overtime, extra equipment, and additional staff result in higher costs, what should a project manager do?

Accepted Answer

A) Hire additional staff and acquire additional resources. 
B) Terminate the project. 
C) Make a tradeoff between the extra costs associated with crashing and the benefits of a reduced project completion time. 
D) Look for a new sponsor of the project. 
E) Delay the project until economic conditions change. 
A) Hire additional staff and acquire additional resources. 
B) Terminate the project. 
C) Make a tradeoff between the extra costs associated with crashing and the benefits of a reduced project completion time. 
D) Look for a new sponsor of the project. 
E) Delay the project until economic conditions change.

Define the critical path and explain its importance

Explain how and when a project's risk is addressed in the project management lifecycle.

What is a project charter?

A new bridge project passed the feasibility study test, and is now in the planning stage. The project manager thinks that evaluation of people's willingness to pay for the use of the bridge was done under the assumption of low inflation. In this regard, at this stage the project manager should

Nodes and arcs are used in the following project management tool:

"CPM" stands for

What is a Gantt Chart?

Describe three "best practices" to observe when producing a WBS?

What are the advantages and disadvantages of a Gantt Chart?

For an engineering project, the justification for the project is defined in the

A fundamental advantage of the CPM networks project management tool is that it provides

How do we find a project's critical path?

Project execution includes

What is meant by "crashing a project"?

In a single sentence, what is project management?

In crashing a project, what should be the first activities you chose to crash?

Suppose that the crash cost is $10 million, normal cost is $8 million, normal project time is 10 years and crash time is 8 years, what is the project's crash cost per year?

A Gantt Chart is

When resources such as overtime, extra equipment, and additional staff result in higher costs, what should a project manager do?

Engineering Decision Making

Time Value of Money

Cash Flow Analysis

Comparison Methods: Part I

Comparison Methods: Part Ii

Financial Accounting and Business Plans

Replacement Decisions

Taxes

Inflation

Public Sector Decision Making

Dealing With Uncertainty and Risk

Filters

Exam 11: Project Management

Define the critical path and explain its importance

Explain how and when a project's risk is addressed in the project management lifecycle.

What is a project charter?

A new bridge project passed the feasibility study test, and is now in the planning stage. The project manager thinks that evaluation of people's willingness to pay for the use of the bridge was done under the assumption of low inflation. In this regard, at this stage the project manager should

Nodes and arcs are used in the following project management tool:

"CPM" stands for

What is a Gantt Chart?

Describe three "best practices" to observe when producing a WBS?

What are the advantages and disadvantages of a Gantt Chart?

For an engineering project, the justification for the project is defined in the

A fundamental advantage of the CPM networks project management tool is that it provides

How do we find a project's critical path?

Project execution includes

What is meant by "crashing a project"?

In a single sentence, what is project management?

In crashing a project, what should be the first activities you chose to crash?

Suppose that the crash cost is $10 million, normal cost is $8 million, normal project time is 10 years and crash time is 8 years, what is the project's crash cost per year?

A Gantt Chart is

When resources such as overtime, extra equipment, and additional staff result in higher costs, what should a project manager do?

Engineering Decision Making

Time Value of Money

Cash Flow Analysis

Comparison Methods: Part I

Comparison Methods: Part Ii

Financial Accounting and Business Plans

Replacement Decisions

Taxes

Inflation

Public Sector Decision Making

Dealing With Uncertainty and Risk

Filters