Exam 7: Project Management

A(n) ________ is an interrelated set of activities that has a definite starting and ending point and that results in a unique outcome for a specific allocation of resources.

To calculate the probability of completing a project by a certain date:

You are given the following information about activity F: What is the normal cost for activity F?

Table 7.5 -Using Table 7.5, how many days can activity C be delayed without changing the whole project's earliest completion time?

A relationship that determines the sequence for undertaking activities is a precedence relationship.

The earliest start time for an activity is equal to the:

Figure to accompany Table 7.7 Table 7.7 -What is the crashing cost per week for activity F in Table 7.7?

The savvy project manager knew there would be a high demand for finish carpenters in late October, so she started a crew early on one section of the house so they would be available to help elsewhere later on. This project manager is engaging in:

A project has three paths. A-B-C has a length of 25 days. A-D-C has a length of 15 days. Finally, A-E-C has a length of 20 days. Which one of the following statements is True?

Table 7.9 -Using Table 7.9, what is the difference, in dollars, between the minimum-time schedule and the schedule created by crashing all activities to their limits? Assume that there are no indirect or penalty costs.

Figure to accompany Table 7.7 Table 7.7 -What is the critical path for the project shown in the above network and Table 7.7, using the normal times?

Table 7.14 You are responsible for managing a project with the following activities (times are given in weeks). -Using Table 7.14, what is the critical path and expected completion time for this project?

A good risk management plan will contain which of these elements?

Table 7.4 -Using Table 7.4, what is the early start time for activity D?

Table 7.5 -Using Table 7.5, what is the earliest completion time of this project?

In making an estimate of the most pessimistic time for an activity, a manager deliberately estimates this time too high (i.e., longer than it should be). What is the result of this action, assuming the beta distribution is being used to make time estimates?

Table 7.6 -Using Table 7.6, suppose activity D can be shortened from four days to one day. Assume all other activity times remain the same. How much shorter will the total project earliest completion time become?

Table 7.10 Four possible options exist to crash activities: crash A by one week at a cost of $6,000; crash C by two weeks at a cost of $15,000; crash E by one week at a cost of $2,000; and crash I one week at a cost of $7,000. What is the maximum amount of additional profit that can be made by crashing an option (or options)? A) less than or equal to $4,000 B) greater than $4,000 but less than or equal to $8,000 C) greater than $8,000 but less than or equal to $12,000 D) greater than $12,000 -If a project has exactly one critical path, which of the following statements is True?

Table 7.4 -Using Table 7.4, what is the latest finish time for activity C?