In a critical path analysis, if slack time in an activity exists, the activity
Answer(s): C
Slack is the free time associated with each activity. In other words, paths that are not critical have slack time. Slack represents unused resources that can be diverted to the critical path.
The primary difference between PERT and CPM is that
Answer(s): D
Both PERT and CPM are network analysis techniques. But CPM was developed independently of PERT and is widely used in the construction industry. CPM may be thought of as a subset of PERT. Like PERT, it is a network technique, but, unlike PERT, it uses deterministic time and cost estimates. Its advantages include cost estimates plus the concept of "crash" efforts and costs. Activity times are estimated for normal effort and crash effort. Crash time is the time to complete an activity assuming that all available resources were devoted to the task overtime, extra crew, etc.). Activity costs are also estimated for normal and crash efforts. These estimates allow the project manager to estimate the costs of completing the project if some of the activities are completed on a crash basis. The network diagram is constructed in the same manner as PERT diagrams. Once the diagram is constructed, the critical paths are found for normal and crash times. More than one critical path may exist for each diagram.
Is PERT analysis a control tool or a planning tool?
Answer(s): B
PERT Program Evaluation and Review Technique) is applied in the management of complex projects. It analyzes the project in terms of its component activities and determines their sequencing and timing. Thus. it systematically combines planning with control.
Various tools are employed to control large scale projects. They include all of the following except:
Statistical process quality) control is not used to control large scale projects. Statistical quality control is a method of determining whether the shipment or production run of units lies within acceptable limits. It is also used to determine whether production processes are out of control.
Which of the following statements is false regarding the efficient and economical achievement of the organization's objectives?
Answer(s): A
Efficient performance accomplishes objectives and goals in an accurate, timely, and economical fashion. Economical performance accomplishes objectives and goals with minimal use of resources i.e., cost) commensurate with risk exposure. Thus, to achieve economical performance when accomplishing objectives, the minimal cost should correspond to the degree of risk exposure.
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