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Exam 17: Project Management

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Question 21

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Which of the following is not characteristic of good risk management?

A) estimating the likelihood of chance events occurring
B) planning to eliminate chance events
C) identifying potential chance events
D) formulating contingency plans for chance events
E) analyzing the consequences of chance events

F) A) and E)
G) A) and B)

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Question 22

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Consider the following work breakdown structure: $\begin{array}{r}\text { Duration Estimates (Days) }\quad\quad\quad\\\begin{array} { l c c c c } \text { Activity } & \text { Precedes } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\hline \text { Start } & \text { U, V } & - & - & - \\\text { U } & \text { W } & 35 & 50 & 65 \\\text { V } & \text { W, X } & 28 & 40 & 52 \\\text { W } & \text { Z } & 26 & 35 & 44 \\\text { X } & \text { Y } & 28 & 40 & 52 \\\text { Y } & \text { Z } & 26 & 29 & 38 \\\text { Z } & \text { End } & 36 & 60 & 84\end{array}\end{array}$ What is the estimated slack time for activity W?

A) 0 days
B) 25 days
C) 35 days
D) 45 days
E) 85 days

F) B) and E)
G) A) and D)

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Question 23

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A disadvantage of activity-on-node diagrams is the occasional need for dummy activities.

Consider the following work breakdown structure: $\begin{array}{r} \text { Duration Estimate (Days) }\quad \quad \quad \quad \\\begin{array}{lccccc} & \text { Start } & \text { Finish } \\\text { Activity } & \text { Node } & \text { Node } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\hline \text { A } & 1 & 2 & 9 & 15 & 21 \\\text { B } & 1 & 3 & 13 & 21 & 23 \\\text { C } & 2 & 4 & 6 & 9 & 18 \\\text { D } & 2 & 5 & 23 & 35 & 47 \\\text { E } & 3 & 5 & 19 & 26 & 27 \\\text { F } & 4 & 6 & 23 & 29 & 41 \\\text { G } & 5 & 6 & 14 & 20 & 26 \\\text { H } & 6 & 7 & 2 & 5 & 8\end{array}\end{array}$ What is the estimated expected (mean) time (in weeks) for project completion?

Activity 7-8 is directly preceded by two activities-activity 5-7 and activity 6-7. Activity 5-7 has an expected time of five and an ES time of six. Activity 6-7 has an expected time of seven and an ES time of seven. Activity 7-8 has an expected time of 10. The ES for activity 7-8 is:

A hierarchical (vertical) listing of what must be done during a project is called matrix.

Many activities have slack time; if we add these slack times together, this represents the potential improvement in early completion for the project.

The latest starting time for an activity is equal to the latest finish time minus the activity time.

Activity 4-5 in a network diagram has an optimistic time estimate of five days, a most likely time estimate of seven days, and a pessimistic time estimate of 10 days. Its expected time (in days) is approximately:

The earliest finish time for an activity is equal to the latest finish time minus the activity slack.

Consider the following work breakdown structure: $\begin{array}{l}\begin{array} { l c c c c } &&&\text { Time Estimates (days) }\\\text { Activity } & \text { Precedes } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\hline \text { Start } & \text { A, B } & - & - & - \\\text { A } & \text { C, D } & 44 & 50 & 56 \\\text { B } & \text { D } & 45 & 60 & 75 \\\text { C } & \text { E } & 42 & 45 & 48 \\\text { D } & \text { F } & 31 & 40 & 49 \\\text { E } & \text { F } & 27 & 36 & 39 \\\text { F } & \text { End } & 58 & 70 & 82\end{array}\end{array}$ What is the estimated expected (mean) time for project completion?

What is the probability that this project will take more than 10 weeks to complete if the activity means and standard deviations are as shown below? $\begin{array} { l c c } \text { Activity } & \text { Mean } & \text { Std.Dev. } \\\hline 1 - 2 & 5 & 1 \\2 - 3 & 4 & 1 \\1 - 3 & 8 & 1\end{array}$

A PERT/CPM activity has an optimistic time estimate of three days, a most likely time estimate of eight days, and a pessimistic time estimate of 10 days. The expected time (in days) of this activity is:

Gantt charts are most closely associated with

The sum of times of the longest path in a network indicates expected project completion time, and the activities represent the critical activities.

A method used for establishing a logical framework for identifying the required activities for the project is called:

Consider the following work breakdown structure: $\begin{array}{l}\begin{array} { l c c c c } &&&\text { Time Estimates (days) }\\\text { Activity } & \text { Precedes } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\hline \text { Start } & \text { A, B } & - & - & - \\\text { A } & \text { C, D } & 44 & 50 & 56 \\\text { B } & \text { D } & 45 & 60 & 75 \\\text { C } & \text { E } & 42 & 45 & 48 \\\text { D } & \text { F } & 31 & 40 & 49 \\\text { E } & \text { F } & 27 & 36 & 39 \\\text { F } & \text { End } & 58 & 70 & 82\end{array}\end{array}$ What is the estimated standard deviation in the time for activity E?

A project is represented by the following diagram: The expected duration of this project is:

Which of the following is not true about the use of dummy activities in project networking?

Consider the following work breakdown structure: $\begin{array}{r} \text { Duration Estimate (Days) }\quad \quad \quad \quad \\\begin{array}{lccccc} & \text { Start } & \text { Finish } \\\text { Activity } & \text { Node } & \text { Node } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\hline \text { A } & 1 & 2 & 9 & 15 & 21 \\\text { B } & 1 & 3 & 13 & 21 & 23 \\\text { C } & 2 & 4 & 6 & 9 & 18 \\\text { D } & 2 & 5 & 23 & 35 & 47 \\\text { E } & 3 & 5 & 19 & 26 & 27 \\\text { F } & 4 & 6 & 23 & 29 & 41 \\\text { G } & 5 & 6 & 14 & 20 & 26 \\\text { H } & 6 & 7 & 2 & 5 & 8\end{array}\end{array}$ What is the critical path for this project network?