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Exam 8: Managing Projects

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Question 1

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Identify and briefly explain the four categories of project risks.

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Four categories of project risks include...

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The earliest start time (ES)for an activity is the maximum of the earliest finish (EF)times for all the activities that immediately precede the activity.

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Discuss the importance of establishing the scope,time frame,and resources to be allocated to a project before the project is actually started.

For controlling projects,the Schedule Performance Index (SPI)equals the cost of the work that was scheduled to have been completed by a particular date based on the original budget and project plan.

Table 3.7 -Using Table 3.7,what is the latest start time for activity A?

Table 3.7 -Using Table 3.7,suppose activity I is delayed,taking 8 weeks to complete instead of 2 weeks.Assume all other activity times remain the same.How much longer will the total project earliest completion time become?

Table 3.4 -Using Table 3.4,what is the latest finish time for activity D?

Table 3.3 -Using Table 3.3,what is the minimum number of activities that would have to be delayed in order to cause an increase in the project's earliest completion date?

The work breakdown structure is a statement of all work that has to be completed.

The ________ cost refers to the additional cost associated with reducing an activity time in a project network.

Network methods let project managers analyze the time and cost implications of resource trade-offs.

Table 3.8 -Using Table 3.8,what is the earliest completion time of the project?

Total slack can be calculated as the difference between the latest start (LS)and earliest start (ES),or by the difference between the latest finish (LF)and earliest finish (EF).

The earliest start time for an activity is equal to the

Table 3.9 All activity times for the project are in weeks. -Using Table 3.9,what is the expected time of completion of the project?

Free slack is the amount of time that an activity's earliest finish time can be delayed without delaying the earliest start time of any activity immediately following it.

A precedence relationship specifies that one activity cannot start until a preceding activity has been started.

Assume that activity G has the following times: Early start time = 7 days Early finish time = 13 days Late start time = 15 days Late finish time = 21 days Which of the following statements is TRUE about activity G?

The ________ is the shortest time in which an activity can be completed if all goes exceptional well.

Table 3.6 -Using Table 3.6,what is the slack for activity G?