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Exam 18: Project Management

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Question 41

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Explain the stages of the project life cycle and what types of decisions are normally made at each stage.

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The following are the stages of the proj...

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Question 42

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The Critical Path Method (CPM) allows for an evaluation of uncertainty in project completion times.

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Question 43

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A statement of work would be developed in the "organize" step of the project life cycle.

A high definition television manufacturer in Asia wants to develop a new smart television as fast as possible using Program Evaluation and Review Technique (PERT) and must complete the design and testing work first. The objective is to be the first to market the most innovative smart television on the planet and capture the first adopter market share. The manufacturer has determined the following activities, precedence relationships, and time estimates in days for the project: $\begin{array}{rcccr}& \text { Immediate } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\text { Activity } & \text { Predecessors } & t_{o} & t_{m} & t_{p}\\\hlinea & \text { none } & 4 & 6 & 7 \\\mathrm{~b} & \mathrm{a} & 1 & 2 & 3 \\\mathrm{c} & \mathrm{a} & 5 & 5 & 5 \\\mathrm{~d} & \mathrm{~b} & 7 & 9 & 12 \\\mathrm{e} & \mathrm{b} & 2 & 4 & 8 \\\mathrm{f} & \mathrm{c} d & 6 & 9 & 10\end{array}$ Solutions are at the end of questions -The expected variance of Activity A is _____.

Jude is in charge of the advertising program for the Boston Red Sox baseball team during their spring training in Fort Myers, Florida. He has defined the advertising program as a project with the following characteristics. The goal is to fill all stadium seats during the spring training season or he may not have this job next year-the pressure is on! $\begin{array}{|c|c|c|}\hline \text { Activity } & \begin{array}{c}\text { Immediate } \\\text { Predecessor(s) }\end{array} & \begin{array}{c}\text { Activity Time } \\\text { in weeks }\end{array} \\\hline \text { A } & \text { None } & 1 \\\hline \text { B } & \text { None } & 1 \\\hline \text { C } & \text { A } & 4 \\\hline \text { D } & \text { B } & 5 \\\hline \text { E } & \text { C, D } & 5 \\\hline \text { F } & \text { E } & 3 \\\hline \text { G } & \text { F } & 2 \\\hline\end{array}$ -The most likely activities to share resources with critical path activities are:

Strong leadership is an impediment to project management success because of the team-based nature of most projects.

Which of the following is NOT a stage in the project life cycle?

The critical path method (CPM) work breakdown structure consists of all of the following EXCEPT:

Which one of the following statements about Project Evaluation and Review Technique (PERT) is TRUE?

You are responsible for managing an advertising and promotion project with the following activities (times are given in weeks). $\begin{array}{lcrrrrc}&&&\text { Likely }\\\text { Project}&\text { Immediate }&\text {Optimistic }&\text { Most }&\text {Pessimistic }&\text {Expected t}&\text {Activity }\\\text { Activity}&\text { Predecessor(s) }&\text {Time}&\text { Time }&\text { Time }&\text { Time }&\text { Variance }\\\hline\text { A } & \text { none } & 2 & 5 & 14 & 6 & 4 \\\text { B } & \text { none } & 8 & 11 & 14 & 11 & 1 \\\text { C } & \text { A } & 5 & 7 & 9 & 7 & 0.44 \\\text { D } & \text { A } & 6 & 9 & 12 & 9 & 1 \\\text { E } & \text { B. C D } & 1 & 3 & 5 & 3 & 0.44\end{array}$ a.What is the critical path and expected completion time for this project? b.Which activity has the largest slack, and how large is that slack? c.What is the probability that the project will be completed within 16 weeks? d.If the expected time (not the most likely time) for activity B is changed to 18 weeks from 11 weeks, by how many weeks will the project's expected completion time increase?

Using a beta probability distribution to characterize uncertain activity times is practical because it allows managers to use judgmental estimates to identify the distribution.

Consider the following project network. Time estimates are in weeks. Complete the following table and questions : $\begin{array} { | c | l | l | l | l | l | l | l | } \hline \text { Activity } & \text { Time } & \text { Earliest Start } & \text { Earliest Finish } & \text { Latest Start } & \text { Latest Finish } & \text { Slack } & \text { On Critical Path? } \\\hline \text { A } & & & & & & & \\\hline \text { B } & & & & & & & \\\hline \text { C } & & & & & & & \\\hline \text { D } & & & & & & & \\\hline \text { E } & & & & & & & \\\hline \text { F } & & & & & & \\\hline\end{array}$ $\begin{array}{|c|c|c|c|c|c|c|c|}\hline \text { Activity } & \text { Duration } & \text { ES } & \text { EF } & \text { LS } & \text { LF } & \text { Slack } & \begin{array}{c}\text { On } \\\text { CP? }\end{array} \\\hline \text { A } & 2 & 0 & 2 & 0 & 2 & 0 & \text { yes } \\\hline \text { B } & 4 & 2 & 6 & 2 & 6 & 0 & \text { yes } \\\hline \text { C } & 5 & 6 & 11 & 6 & 11 & 0 & \text { yes } \\\hline \text { D } & 4 & 11 & 15 & 11 & 15 & 0 & \text { yes } \\\hline \text { E } & 6 & 2 & 8 & 9 & 15 & 7 & \text { no } \\\hline \text { F } & 7 & 15 & 22 & 15 & 22 & 0 & \text { yes } \\\hline\end{array}$ -Slack for activity E is:

Which one of the following statements about the critical path method (CPM) is TRUE?

Rose is in charge of the advertising program for Proctor & Gamble's new laundry detergent. She has defined the advertising program as a project with the following characteristics. The goal is to complete the project on time and within budget, or she may not have this job next year-the pressure is on! $\begin{array}{|c|c|c|c|c|c|}\hline\text { Activity } & \begin{array}{c}\text { Immediate } \\\text { Predecessor(s) }\end{array} & \begin{array}{c}\text { Normal } \\\text { Time } \\\text { in weeks }\end{array} & \begin{array}{c}\text { Crash Time } \\\text { in weeks }\end{array} & \text { Normal Cost } & \text { Crash Cost } \\\hline \text { A } & \text { None } & 2 & 2 & \$ 15,000 & \$ 15,000 \\\hline \text { B } & \text { None } & 1 & 1 & \$ 12,000 & \$ 12,000 \\\hline \text { C } & \text { A, B } & 5 & 3 & \$ 18,000 & \$ 24,000 \\\hline \text { D } & \text { A, B } & 4 & 2 & \$ 12,000 & \$ 16,000 \\\hline \text { E } & \text { C, D } & 2 & 1 & \$ 22,000 & \$ 23,500 \\\hline \text { F } & \text { D } & 4 & 3 & \$ 32,000 & \$ 36,000 \\\hline \text { G } & \text { E, F } & 3 & 2 & \$ 19,000 & \$ 20,000 \\\hline\end{array}$ Draw the project network in the space below if you want. BLANK SPACES -The largest amount of slack that any activity has in this project is:

Consider the project network and data shown below: $\begin{array}{|c|c|c|c|c|c|}\hline\text { Activity } & \begin{array}{c}\text { Normal Time } \\\text { (Months) }\end{array} & \begin{array}{c}\text { Crash Time } \\\text { (Months) }\end{array} & \begin{array}{c}\text { Normal } \\\text { Cost }\end{array} & \begin{array}{c}\text { Crash } \\\text { Cost }\end{array} & \begin{array}{c}\text { Crash } \\\text { Cost/Month }\end{array} \\\hline \text { A } & 3 & 2 & \$ 100,000 & \$ 150,000 & \\\hline \mathrm{B} & 6 & 4 & \$ 200,000 & \$ 320,000 \\\hline \mathrm{C} & 2 & 2 & \$ 90,000 & \$ 90,000 \\\hline \mathrm{D} & 2 & 1 & \$ 180,000 & \$ 250,000 \\\hline \mathrm{E} & 4 & 2 & \$ 225,000 & \$ 450,000 \\\hline \mathrm{F} & 7 & 6 & \$ 80,000 & \$ 120,000 \\\hline \mathrm{G} & 4 & 2 & \$ 310,000 & \$ 500,000 \\\hline \mathrm{H} & 2 & 2 & \$ 400,000 & \$ 400,000 \\\hline\end{array}$ a.Determine the critical path. b.If management wants the project done in one less month, which activity should they crash?

You are responsible for managing an advertising project with the following activities (times are given in weeks) . $\begin{array}{cccccc}&\text { Immediate } & \text { Normal Time } & \text { Crash Time } & \text { Normal } & \text { Crash } \\\text { Activity }&\text { Predecessor } & \text { (Weeks) } & \text { (Weeks) } & \text { Cost }(\$) & \text { Cost }(\$) \\\hline\text { A } & \text { none } & 3 & 2 & \$ 14,000 & \$ 16,500 \\\text { B } & \text { none } & 6 & 6 & \$ 5,500 & \$ 5,500 \\\text { C } & \text { none } & 2 & 1 & \$ 6,000 & \$ 8,000 \\\text { D } & \text { A, B } & 5 & 3 & \$ 7,500 & \$ 14,500 \\\text { E } & \text { C } & 2 & 1 & \$ 9,000 & \$ 10,500 \\\text { F } & \text { A } & 7 & 6 & \$ 15,000 & \$ 18,000 \\\text { G } & \text { D. E F } & 4 & 3 & \$ 8,400 & \$ 10,000\end{array}$ Draw the project network here. BLANK SPACES -Which of the following activities has the largest amount of slack?

A high definition television manufacturer in Asia wants to develop a new smart television as fast as possible using Program Evaluation and Review Technique (PERT) and must complete the design and testing work first. The objective is to be the first to market the most innovative smart television on the planet and capture the first adopter market share. The manufacturer has determined the following activities, precedence relationships, and time estimates in days for the project: $\begin{array}{rcccr}& \text { Immediate } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } \\\text { Activity } & \text { Predecessors } & t_{o} & t_{m} & t_{p}\\\hlinea & \text { none } & 4 & 6 & 7 \\\mathrm{~b} & \mathrm{a} & 1 & 2 & 3 \\\mathrm{c} & \mathrm{a} & 5 & 5 & 5 \\\mathrm{~d} & \mathrm{~b} & 7 & 9 & 12 \\\mathrm{e} & \mathrm{b} & 2 & 4 & 8 \\\mathrm{f} & \mathrm{c} d & 6 & 9 & 10\end{array}$ Solutions are at the end of questions -The expected duration of Activity A is _____.

Which is NOT true of the critical path?

Explain the purpose of Gantt charts.

Ayben is responsible for managing an advertising and promotion project using Program Evaluation and Review Technique (PERT) with the following activities (times are given in weeks) . $\begin{array}{|c|c|c|c|c|c|c|}\hline\text { Project } & \text { Immediate } & \text { Optimistic } & \text { Most Likely } & \text { Pessimistic } & \text { Expected } & \text { Activity } \\\hline \text { Activity } & \text { Predecessor(s) } & \text { Time } & \text { Time } & \text { Time } & \text { Time } & \text { Variance } \\\hline\\\hline \text { A } & \text { none } & 2 & 5 & 14 \\\hline \text { B } & \text { none } & 8 & 11 & 14 \\\hline \text { C } & \text { A } & 5 & 7 & 9 \\\hline \text { D } & \text { A } & 6 & 9 & 12 \\\hline \text { E } & \text { B, C, D } & 1 & 3 & 5 \\\hline\end{array}$ Draw the project network here. BLANK SPACES $\text { PERT Exam Question \#52 to \#55 }$ $\begin{array}{cccccc}\text { Activity } & \text { OT } & \text { MLT } & \text { PT } & \text { ET } & \text { AV } \\\text { A } & 2 & 5 & 14 & 6.00 & 4.00 \\\text { B } & 8 & 11 & 14 & 11.00 & 1.00 \\\text { C } & 5 & 7 & 9 & 7.00 & 0.44 \\\text { D } & 6 & 9 & 12 & 9.00 & 1.00 \\\text { F } & 1 & 3 & 5 & 3.00 & 0.44\end{array}$ -Using the table for the advertising and promotion project, what is the critical path and expected completion time for this project?