Question 1

Using the information shown in the following table, the expected time for activity B is

Accepted Answer

The answer of Using the information shown in the following...

Question 2

Using the information shown in the previous table, what is the variance for activity H?

Accepted Answer

To calculate the variance of activity H, we need to use the formula:
Variance = (Optimistic - Pessimistic)^2 / 6

For activity H, the values are:
Optimistic = 8
Most Likely = 10
Pessimistic = 12

Using the formula:
Variance = (8 - 12)^2 / 6
Variance = 16 / 6
Variance = 2.67 or approximately 4

Therefore, the answer is C.

Question 3

Using the information shown in the previous table, what is the standard deviation for the entire project?

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The answer of Using the information shown in the previous...

Question 4

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?

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The answer of If the length of the critical path...

Question 5

If the length of the critical path is 25 weeks, what is the shortest project due date if the project manager wants at least a 98 percent probability that the project will be completed on or before the due date?

Accepted Answer

To achieve a 98% probability of completion, the due date must account for potential delays beyond the critical path. Typically, this involves adding buffer time to the critical path duration, which is often calculated using statistical methods like PERT. The choice B suggests a range that likely includes the necessary buffer.

Question 6

Using the data supplied in the following table, by how many weeks can we crash activity A? $$\begin{array} { | c | c | c | c | c | c | c | } 
\hline \text { Activity } & \begin{array} { c } 
\text { Normal } \
\text { Time }
\end{array} & \begin{array} { c } 
\text { Crash } \
\text { Time }
\end{array} & \begin{array} { c } 
\text { Normal } \
\text { Cost }
\end{array} & \begin{array} { c } 
\text { Crash } \
\text { Cost }
\end{array} & \begin{array} { c } 
\text { Availab le } \
\text { Weeks of } \
\text { Crashing }
\end{array} & \begin{array} { c } 
\text { Crashing } \
\text { Cost/Week }
\end{array} \
\hline \text { A } & 4 & 2 & \$ 15,000 & \$ 21,000 & & \
\hline \text { B } & 3 & 2 & \$ 15,000 & \$ 18,000 & & \
\hline \text { C } & 4 & 4 & \$ 9,000 & \$ 9,000 & & \
\hline \mathrm { D } & 5 & 3 & \$ 10,000 & \$ 16,000 & & \
\hline E & 4 & 1 & \$ 10,000 & \$ 13,000 & & \
\hline \text { F } & 1 & 1 & \$ 10,000 & \$ 10,000 & & \
\hline
\end{array}$$

Accepted Answer

Activity A can be crashed from 4 weeks to 2 weeks, which is a reduction of 2 weeks.

Question 7

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

Accepted Answer

The crashing cost per week for activity A is $3,000. This is because the normal duration of activity A is 6 weeks, and the crashing duration is 4 weeks. The crashing cost per week is calculated by dividing the total crashing cost by the difference between the normal duration and the crashing duration. In this case, the total crashing cost is $12,000, and the difference between the normal duration and the crashing duration is 2 weeks. Therefore, the crashing cost per week is $12,000 / 2 = $3,000.

Question 8

Using the data supplied, if a decision is made to crash activity C, what is the cost for this one week of crashing?

Accepted Answer

Activity C cannot be crashed as it is already at its minimum duration of one week.

Question 9

Using the data supplied, which activity should be crashed first if the critical path is A-B-D-E?

Accepted Answer

The critical path is A-B-D-E, which means those activities are the most important and taking the longest time. To reduce the overall project duration, we have to shorten one of the activities on the critical path, which will reduce the duration of the project. Option C is the best choice as crashing activity E will reduce the duration of the project by the maximum amount as it is the last activity on the critical path. Crashing activities A, B or D would not have as significant an impact on the project duration.

Question 10

If activity E is reduced by 1 week and activity A is reduced by 2 weeks, what is the new total project cost?

Accepted Answer

We need to assume that reducing activity E by 1 week and activity A by 2 weeks does not affect any other activity's duration or cost. Thus, the critical path is still A-B-D-F-G. 
To calculate the new project cost, we will use the equation: 
New Cost = Old Cost + (Old Duration - New Duration) x Cost per week 
For activity E, Old Duration = 5 weeks, New Duration = 4 weeks, Cost per week = $2,000 
Thus, reducing activity E by 1 week will save 1 x $2,000 = $2,000 
For activity A, Old Duration = 6 weeks, New Duration = 4 weeks, Cost per week = $5,000 
Thus, reducing activity A by 2 weeks will save 2 x $5,000 = $10,000 
Now, we can calculate the new project cost: 
New Cost = $70,000 + ($2,000 + $10,000) = $82,000 
Thus, reducing activity E by 1 week and activity A by 2 weeks will increase the project's cost from $70,000 to $82,000.

Question 11

A(n) __________ has specific goals, linked work steps with a specified timeline, a clear start and finish, and is fairly unique and nonrepetitive.

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The answer of A(n) __________ has specific goals, linked work...

Question 12

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

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

Question 13

Managing multiple projects is called __________.

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The answer of Managing multiple projects is called __________....

Question 14

Project performance has three dimensions: __________, __________, and __________.

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The answer of Project performance has three dimensions: __________, __________,...

Question 15

The __________ phase is when project details are thrashed out and documented.

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The answer of The __________ phase is when project details...

Question 16

Lucy, the project manager, and her team were able to archive important project documents in a safe and accessible place and then celebrate during the __________ phase of the project.

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The answer of Lucy, the project manager, and her team...

Question 17

Larry was part of a project team due to his technical expertise. However, he was faced with the dilemma of reporting to two bosses: one in his functional area and his project manager. Larry is in a firm that has a(n) __________ organizational structure.

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The answer of Larry was part of a project team...

Question 18

__________ and __________ are two methods of evaluating short- to medium-term projects with predictable cash flows.

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The answer of __________ and __________ are two methods of...

Question 19

Janet was tasked with assessing competing projects with unpredictable cash flows and where the probabilities could not be estimated. In order for her to perform her analysis, she should use the __________ or __________ techniques.

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The answer of Janet was tasked with assessing competing projects...

Question 20

The __________ is a statement of all work, tasks, and subtasks that have to be completed.

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The answer of The __________ is a statement of all...

Quiz 13: Working With Projects