Question 1

Very few big budget projects are failures because more money spent means quicker project completion.

Accepted Answer

A) True 
 B)False

Question 2

Three key performance dimensions of a project are cost, scope, and time.

Accepted Answer

A) True 
 B)False

Question 3

Short- to medium-term project selection with predictable cash flows can be done by which of the following methods?

Accepted Answer

A)  simple payback period 
B)  net present value 
C)  internal rate of return 
D)  all of the above 
A)  simple payback period 
B)  net present value 
C)  internal rate of return 
D)  all of the above

Question 4

Which of the following is the critical path for the project network shown in the following diagram?

Accepted Answer

A)  ACEF 
B)  ACDF 
C)  ABDF 
D)  ABCDEF 
A)  ACEF 
B)  ACDF 
C)  ABDF 
D)  ABCDEF

Question 5

Which of the following is not a phase of a project?

Accepted Answer

A)  scoping 
B)  implementation 
C)  closure 
D)  planning 
A)  scoping 
B)  implementation 
C)  closure 
D)  planning

Question 6

People are the major reason for project failures.

Accepted Answer

A) True 
 B)False

Question 7

__________ a project involves reducing expected project activity times and adding more resources (people/tools) to it.

Accepted Answer

The answer of __________ a project involves reducing expected project...

Question 8

Activity times for a project can be estimated by all but which of the following methods?

Accepted Answer

A)  standard normal distribution curve models to improve replications 
B)  statistical methods based on actual past experiences 
C)  subcontractors with extensive experience in our project area 
D)  previous managerial experiences 
A)  standard normal distribution curve models to improve replications 
B)  statistical methods based on actual past experiences 
C)  subcontractors with extensive experience in our project area 
D)  previous managerial experiences

Question 9

Every project needs a superstar to be successful.

Accepted Answer

A) True 
 B)False

Question 10

Critical paths cannot change when we crash a project.

Accepted Answer

A) True 
 B)False

Question 11

__________ is the art of orchestrating time and resources to meet and manage stakeholder goals, project risks, and project changes.

Accepted Answer

The answer of __________ is the art of orchestrating time...

Question 12

Projects with larger and longer deliverables are becoming more popular because of the chance to generate more revenue for the project providers.

Accepted Answer

A) True 
 B)False

Question 13

Commuting to work and maintaining a website are good examples of long-term projects.

Accepted Answer

A) True 
 B)False

Question 14

Given the following activities, their durations, and the predecessor relationships, construct the network flow diagram and answer the questions that follow.
 
\begin{tabular}{|c|c|c|c|c|}
\hline $ \begin{array}{c}\text { Activity } \
\text { Description }\end{array} $ & $ \begin{array}{c}\text { Immediate } \
\text { Predecessor(s) }\end{array} $ & $ \begin{array}{c}\text { Optimistic } \
\text { (hours) }\end{array} $ & $ \begin{array}{c}\text { Most Likely } \
\text { (hours) }\end{array} $ & $ \begin{array}{c}\text { Pessimistic } \
\text { (hours) }\end{array} $ \
\hline $ \mathrm{A} $ & - & 7 & 10 & 13 \
\hline $ \mathrm{B} $ & $ \mathrm{A} $ & 5 & 11 & 23 \
\hline $ \mathrm{C} $ & $ \mathrm{A} $ & 11 & 15 & 19 \
\hline $ \mathrm{D} $ & $ \mathrm{B} $ & 4 & 5 & 6 \
\hline $ \mathrm{E} $ & $ \mathrm{D}, \mathrm{C} $ & 9 & 11 & 25 \
\hline $ \mathrm{F} $ & $ \mathrm{C} $ & 5 & 6 & 7 \
\hline $ \mathrm{G} $ & $ \mathrm{F} $ & 5 & 5 & 5 \
\hline $ \mathrm{H} $ & $ \mathrm{F} $ & 9 & 11 & 13 \
\hline $ \mathrm{I} $ & $ \mathrm{E}, \mathrm{G}, \mathrm{H} $ & 7 & 11 & 15 \
\hline $ \mathrm{J} $ & $ \mathrm{I} $ & 4 & 5 & 6 \
\hline
\end{tabular}

A) What is the expected time for activity E?
B) What is the variance for activity E?
C) What is the critical path based on the calculation of the estimated times?
D) What is the estimated duration of the critical path?
E) What is the estimated variance along the critical path?
F) What is the probability of completion of the project before hour 45?

Accepted Answer

To answer these questions, we first need

Question 15

Using the data supplied, what is the crashing cost per week for activity A?

Accepted Answer

A)  $3,000 
B)  $6,000 
C)  $2,000 
D)  cannot be determined 
A)  $3,000 
B)  $6,000 
C)  $2,000 
D)  cannot be determined

Question 16

Seeking improvement in any one dimension of project performance requires acceptance of levels of elevated performance on the others.

Accepted Answer

A) True 
 B)False

Question 17

If the length of the critical path is 25 weeks, what is the probability that the project will be completed on or before 22 weeks?

Accepted Answer

A)  greater than 20 percent but less than 25 percent 
B)  greater than 25 percent but less than or equal to 35 percent 
C)  greater than 80 percent but less than or equal to 85 percent 
D)  greater than 85 percent 
A)  greater than 20 percent but less than 25 percent 
B)  greater than 25 percent but less than or equal to 35 percent 
C)  greater than 80 percent but less than or equal to 85 percent 
D)  greater than 85 percent

Question 18

Evaluation methods used for projects with cash flows that are too uncertain to estimate probabilities include the minimax, maximax, and the maximin regret.

Accepted Answer

A) True 
 B)False

Question 19

Evaluation methods used for projects with predictable cash flows include the payback period, the NPV, the ROI, and the IRR.

Accepted Answer

A) True 
 B)False

Question 20

The phase in which we hand over the final deliverables to the client and intimate formal project closure to all stakeholders is called project closure.

Accepted Answer

A) True 
 B)False

Very few big budget projects are failures because more money spent means quicker project completion.

Three key performance dimensions of a project are cost, scope, and time.

Short- to medium-term project selection with predictable cash flows can be done by which of the following methods?

Which of the following is the critical path for the project network shown in the following diagram?

Which of the following is not a phase of a project?

People are the major reason for project failures.

__________ a project involves reducing expected project activity times and adding more resources (people/tools) to it.

Activity times for a project can be estimated by all but which of the following methods?

Every project needs a superstar to be successful.

Critical paths cannot change when we crash a project.

__________ is the art of orchestrating time and resources to meet and manage stakeholder goals, project risks, and project changes.

Projects with larger and longer deliverables are becoming more popular because of the chance to generate more revenue for the project providers.

Commuting to work and maintaining a website are good examples of long-term projects.

Using the data supplied, what is the crashing cost per week for activity A?

Seeking improvement in any one dimension of project performance requires acceptance of levels of elevated performance on the others.

If the length of the critical path is 25 weeks, what is the probability that the project will be completed on or before 22 weeks?

Evaluation methods used for projects with cash flows that are too uncertain to estimate probabilities include the minimax, maximax, and the maximin regret.

Evaluation methods used for projects with predictable cash flows include the payback period, the NPV, the ROI, and the IRR.

The phase in which we hand over the final deliverables to the client and intimate formal project closure to all stakeholders is called project closure.

Operations Management and You

Designing Products and Processes

Process and Service Design

Managing Processes

Forecasting

Capacity Planning

Managing Capacity

Managing Inventory

Managing Quality

Supply Chain Design

Managing Supply Chains

Finding the Right Location

Filters

Exam 13: Working With Projects

Very few big budget projects are failures because more money spent means quicker project completion.

Three key performance dimensions of a project are cost, scope, and time.

Short- to medium-term project selection with predictable cash flows can be done by which of the following methods?

Which of the following is the critical path for the project network shown in the following diagram?

Which of the following is not a phase of a project?

People are the major reason for project failures.

__________ a project involves reducing expected project activity times and adding more resources (people/tools) to it.

Activity times for a project can be estimated by all but which of the following methods?

Every project needs a superstar to be successful.

Critical paths cannot change when we crash a project.

__________ is the art of orchestrating time and resources to meet and manage stakeholder goals, project risks, and project changes.

Projects with larger and longer deliverables are becoming more popular because of the chance to generate more revenue for the project providers.

Commuting to work and maintaining a website are good examples of long-term projects.

Using the data supplied, what is the crashing cost per week for activity A?

Seeking improvement in any one dimension of project performance requires acceptance of levels of elevated performance on the others.

If the length of the critical path is 25 weeks, what is the probability that the project will be completed on or before 22 weeks?

Evaluation methods used for projects with cash flows that are too uncertain to estimate probabilities include the minimax, maximax, and the maximin regret.

Evaluation methods used for projects with predictable cash flows include the payback period, the NPV, the ROI, and the IRR.

The phase in which we hand over the final deliverables to the client and intimate formal project closure to all stakeholders is called project closure.

Operations Management and You

Designing Products and Processes

Process and Service Design

Managing Processes

Forecasting

Capacity Planning

Managing Capacity

Managing Inventory

Managing Quality

Supply Chain Design

Managing Supply Chains

Finding the Right Location

Filters