Question 1

How does benchmarking improve operations? And give a relevant example.

Accepted Answer

Benchmarking is evaluating your operations to another companies/persons operations to see where it is they are potentially better at,and where you can implement their actions to improve your own.Benchmarking helps one get better plans to correct their problems/issues,helps save money by looking at another company to improve,and lowers time needed to come up with a new idea to a problem when perhaps another company has faced that issue too,and came up with a solution.An example would be the VHA story found on page 35,how they benchmarked other healthcare providers to improve their claim processing abilities.

Question 2

Any path that if delayed will delay the completion of the entire project is known as a:

Accepted Answer

A)  Significant path
B)  Critical path
C)  Central path
D)  Network path
E)  Troublesome path B

Question 3

Explain the importance of slack time and how it can impact the critical path.

Accepted Answer

Slack time is the amount of time a project activity may be delayed until where further delay would delay the entire project.Slack time allows a project manager to use resources between activities to help expedite the project.For example projects with slack time can have resources shifted to an activity along the critical path to help facilitate completion,which could result in the project finishing early.

Question 4

An optimal procedure for organizations to accept projects is to specify a return on investment (ROI)and fund only projects that meet this criterion.

Accepted Answer

A) True 
 B)False

Question 5

Give an example of a project with the exponential life cycle and describe why this is a good example.

Accepted Answer

The answer of Give an example of a project with...

Question 6

The amount of safety time needed to protect a particular path in a project is less than the sum of the safety times required to protect the individual activities making up the path.

Accepted Answer

A) True 
 B)False

Question 7

Give an example of a derivative project and explain why your reasoning.

Accepted Answer

The answer of Give an example of a derivative project...

Question 8

The set of all project activities graphically interrelated through precedence relationships is known as a/an:

Accepted Answer

A)  Activity
B)  Event
C)  Network
D)  Path
E)  Gantt chart

Question 9

Which of the following statement(s)concerning probabilities of completion is/are incorrect?

Accepted Answer

A)  Using the variance of each activity,we can compute the likelihood of completing the project in a given time period.
B)  The probability of completing a path is found by calculating the standard normal deviate of the desired completion time less the expected completion time.
C)  The distribution of a path's completion time will be approximately normally distributed if the path has a large number of activities on it.
D)  The individual activity completion times must be normally distributed
E)  All of the above are incorrect

Question 10

Why might it be useful to simulate project completion times?

Accepted Answer

The answer of Why might it be useful to simulate...

Question 11

Compare and contrast PERT and CPM.

Accepted Answer

The answer of Compare and contrast PERT and CPM....

Question 12

Both PERT and CPM are based on variations of the __________ chart?

Accepted Answer

The answer of Both PERT and CPM are based on...

Question 13

Provide an example of how a project manager can use slack time.

Accepted Answer

The answer of Provide an example of how a project...

Question 14

According to Goldratt,to complete a project on time,the highest priority should be given to the:

Accepted Answer

A)  Critical buffer
B)  Feeding chain
C)  Project buffer
D)  Critical chain
E)  Slack activities

Question 15

Duration of critical path - path duration = __________?

Accepted Answer

A)  Latest finish time
B)  Critical time
C)  Path slack
D)  Latest start time
E)  Project slack

Question 16

What is the product life cycle (PLC)?

Accepted Answer

The answer of What is the product life cycle (PLC)?...

Question 17

Describe the two types of project organizational structure were discussed and the advantages of both.

Accepted Answer

The answer of Describe the two types of project organizational...

Question 18

Three phenomena that tend to bias the expected completion time of projects are inflated time estimates,activity time variability with path interdependencies,and resource dependence.

Accepted Answer

A) True 
 B)False

Question 19

Give an example of Inflated Activity Time Estimates.

Accepted Answer

The answer of Give an example of Inflated Activity Time...

Question 20

The amount of flexibility the project manager has in terms of starting and completing an activity is referred to as its slack.

Accepted Answer

A) True 
 B)False

Exam 2: Executing Strategy: Project Management

How does benchmarking improve operations? And give a relevant example.

Any path that if delayed will delay the completion of the entire project is known as a:

Explain the importance of slack time and how it can impact the critical path.

An optimal procedure for organizations to accept projects is to specify a return on investment (ROI)and fund only projects that meet this criterion.

Give an example of a project with the exponential life cycle and describe why this is a good example.

The amount of safety time needed to protect a particular path in a project is less than the sum of the safety times required to protect the individual activities making up the path.

Give an example of a derivative project and explain why your reasoning.

The set of all project activities graphically interrelated through precedence relationships is known as a/an:

Which of the following statement(s) concerning probabilities of completion is/are incorrect?

Why might it be useful to simulate project completion times?

Compare and contrast PERT and CPM.

Both PERT and CPM are based on variations of the __________ chart?

Provide an example of how a project manager can use slack time.

According to Goldratt,to complete a project on time,the highest priority should be given to the:

Duration of critical path - path duration = __________?

What is the product life cycle (PLC)?

Describe the two types of project organizational structure were discussed and the advantages of both.

Three phenomena that tend to bias the expected completion time of projects are inflated time estimates,activity time variability with path interdependencies,and resource dependence.

Give an example of Inflated Activity Time Estimates.

The amount of flexibility the project manager has in terms of starting and completing an activity is referred to as its slack.