Liberty University BUSI 313 quiz 3 complete solutions correct answers A+ work

Liberty University BUSI 313 quiz 3 complete solutions correct answers A+ work

Question 1 The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Question 2 Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens.

Question 3 Fixed­price contracts are an example of transferring risk from an owner to a contractor.

Question 4 Which of the following is NOT included in a Failure Mode and Effects Analysis?

Question 5 After your team has successfully identified potential risks that could affect the project, what is the next step?

Question 6 Adopting proven technology instead of experimental technology is an example of mitigating a risk.

Question 7 If, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessary.

Question 8 The probability that a risk event will occur is higher during the initial stages of a project.

Question 9 Regina's boss has told her that her project is very important. If the critical path is delayed, she will be given whatever she needs to get it back on schedule. Her project is classified as ________ constrained.

Question 10 Gene is trying to order the concrete needed to continue his project. However, the supplier will not be able to deliver it until next week. This is an example of what kind of resource constraint?

Question 11 Rachel is working on a project that technically allows three activities to be done at the same time. If they were to be implemented at the same time, she would need 5 contractors in order for the activities to be completed on time. There are only 3 available for her to use. This is an example of what type of constraint?

Question 12 Project budgets are developed by time­phasing which of the following?

Question 13 If resources are truly limited and activity time estimates are accurate, the resourceconstrained schedule will materialize as the project is implemented, not the timeconstrained schedule.

Question 14 When resource constraints are added to technical constraints the original project network may change as well as the completion date.

Question 15 In a resource­constrained project, the first priority in assigning resources is usually given to activities with the

Question 16 Sequential activities hold just as much potential for resource conflicts as parallel activities.

Question 17 These are all guidelines a project manager should consider when assigning project work EXCEPT

Question 18 The higher the cost slope of an activity the lower the cost to reduce its duration.

Question 19 One of the advantages of using a Project Cost­Duration Graph is that it keeps the importance of indirect costs in the forefront of decision making.

Question 20 When reducing project duration, there will always be an optimum cost­time point where the total cost of the project is less than it was when the project was initially planned under normal conditions.

Question 21 When reducing project duration, the crash cost per unit has to be calculated and the maximum units each activity can be reduced must be known. After this, the critical path must be identified. What is the next step?

Question 22 The cost slope of an activity is calculated by dividing the run by the rise.

Question 23 According to Brooks' Law, adding more people to a late project is most likely to have which of the following impacts?

Question 24 Reducing project duration

Question 25 As a project is crashed and project duration is reduced, direct costs typically

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is termed a

The chances of a risk event occurring as a project proceeds through its life cycle tend to

The cost impact of a risk event occurring as a project proceeds through its life cycle tends to

The attempt to recognize and manage potential and unforeseen trouble spots that may occur when a project is implemented is known as

Which of the following is NOT one of the steps in the risk management process

The initial step in the risk management process is to

One common mistake made early in the risk identification process is to

Organizations use ____ in conjunction with work breakdown structures to help management teams identify and eventually analyze risk

Which of the following groups should NOT be a part of the risk identification process?

After your team has successfully identified potential risks that could affect the project, what is the next step

A list of questions that address traditional areas of uncertainty on a project is termed a

____ focuses on how to respond to events that have a positive impact on a project

Tools such as a risk assessment form and a risk severity matrix are used to

Based on the following, which event should you be most concerned about

____ is a measure of how easy it would be to notice that a risk event was going to occur in time to take mitigating action, that is, how much warning you would have

Purchasing an accident insurance policy would be an example of responding to a risk by ____ it

The risk management tool that is divided into three color-coded zones representing major, moderate, and minor risks is the risk

The risk assessment form contains all of the following EXCEPT

Risks are evaluated in terms of

Adopting proven technology instead of experimental technology in order to eliminate technical failure would be an example of which risk response

Which of the following activities might you consider adding a time buffer to

Which of the following is NOT included in a Failure Mode and Effects Analysis

A fixed price contract is an example of

Which of the following is NOT one of the potential responses to a specific risk event

A Risk Response Matrix contains all of the following EXCEPT

A key distinction between a risk response and a contingency plan is

The risk associated with the unlikelihood that one of the key members will be struck by lightning would most likely be handled by which of the following

Funds that are for identified risks that have a low probability of occurring and that decrease as the project progresses are called ______ reserves

Risks that can result in a system or process that will not work are known as

Which of the following is NOT involved in risk control

Which of the following is identified to cover major unforeseen risks and, hence, are applied to the total project

Change management systems are designed to accomplish all of the following EXCEPT

An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives is known as a ____

The likelihood of a risk event occurring ____ as a project goes through its life cycle

The first step in the risk management process is ____

The significance of a risk is assessed in terms of the ____ and the impact of the event

A list of questions that address traditional areas of uncertainty on a project is known as a

The measurement of how easy it would be to detect that the event was going to occur in time to take mitigating action is known as

The ____ form identifies each risk event, the likelihood of it occurring, the potential impact, when it may occur, and the degree of difficulty in detecting it

The ____ matrix is divided into red, yellow, and green zones representing major, moderate, and minor risks

According to the Failure Mode and Effects Analysis (FMEA), Impact x Probability x Detection = ____

When considering risk response development, reducing the likelihood that an event will occur and/or reducing the impact that an adverse event would have on a project is known as ____ the risk

When considering risk response development, changing the plan to eliminate the risk or condition is known as ____ the risk

When considering risk response development, passing risk to another party instead of changing it is known as ____ the risk

When considering risk response development, assuming the risk because the chance of such an event is slim is known as ____ the risk

Testing a new project on a smaller isolated area prior to installing it for the entire organization is an example of ____ a risk

Performance bonds, warranties, and insurance are examples of ____ a risk

Choosing to move a concert indoors to eliminate the threat of bad weather is an example of ____ a risk.

Flooding would be devastating to the project; however, it is very unlikely. The project manager is most likely to ____ this risk

The event or point in time when a contingency plan will be implemented is called a ____

____ reserves are identified for specific work packages and are distributed by the project manager and the team members.

____ reserves are controlled by the project manager and the owner of the project and are used to cover major unforeseen risks to the entire project

A ____ is an alternative that will be used if a possible foreseen risk event becomes a reality

____ systems involve reporting, controlling, and recording changes to the project baseline

The probability that a risk event will occur is higher during the initial stages of a project

Risk events that occur in the early stages of a project will have a greater cost impact than those that occur in later stages

Risk management is a reactive approach that is designed to ensure that surprises are reduced and that negative consequences associated with undesirable events are minimized

One common mistake that is made early on in the risk identification process is to focus on consequences and not on the events that could produce consequences

The project being delayed is an example of a major risk that should be assessed

The first step in the risk management process is risk assessment

A risk profile is a list of questions that have been developed and refined from previous, similar projects

The risk identification process should be limited to just the core project team.

While a "can do" attitude is essential during implementation, project managers have to encourage critical thinking when it comes to risk identification

Responses to all identifiable risks should be a top priority for the project manager

When considering risk value, the lower the value, the higher the level of risk

If, during risk response development, you successfully identify how you will respond to a risk, contingency planning is unnecessary

Adopting proven technology instead of experimental technology is an example of mitigating a risk

A risk is an uncertain event that, if it occurs, can have a positive or negative effect on project objectives

Performance bonds, warranties, and guarantees are financial instruments used to share risk.

Fixed-price contracts are an example of transferring risk from an owner to a contractor

When developing a response to a risk by scheduling outdoor work in the summer, investing in up-front safety training, or choosing high-quality materials, these are examples of retaining a risk

Budget reserves are set up to cover identified risks associated with specific segments of a project while management reserves are set up to cover unidentified risks associated with the total project

Change management systems involve reporting, controlling, and recording changes to the project baseline

Enhancing a risk is a tactic that seeks to eliminate the uncertainty associated with an opportunity to ensure that it definitely happens

Contingency funding is made up of budget reserves and management reserves

Resources are adequate, but demand varies widely over the life of the project. Delaying noncritical activities to lower peak demand on resources is known as resource

If resources are not adequate to meet peak demands, the resulting reschedule is termed

Which of the following is NOT a potential consequence of failing to identify limited resources before project implementation

When developing a new software package, logically, the software must be designed before the code is written, and the code must be written before it is tested. These activities are dependent on each other by ______ constraints

When considering the sequence and timing of activities, which of the following is NOT one of the types of project network constraints

Sam, the project engineer, has been scheduled to run the product system test at the same time he is to build a marketing prototype. This is an example of what type of resource constraint

Susan is to conduct environmental testing but the chamber cannot hold all the equipment that she wants to test. This is an example of a constraint that could impact the sequence and timing of activities in a project network. What type of constraint is it

All of the following are types of resource constraints EXCEPT

Gene is trying to order the concrete needed to continue his project. However, the supplier will not be able to deliver it until next week. This is an example of what kind of resource constraint

A special truck that George needs on his project has been scheduled on another project. This is an example of what type of resource constraint?

Most of the scheduling methods available today require the project manager to classify the project as either _____ constrained or ______ constrained

Regina's boss has told her that her project is very important. If the critical path is delayed, she will be given whatever she needs to get it back on schedule. Her project is classified as ______ constrained

In reviewing the status of her project with top management, Shirley was told that there are only two programmers that she can use for her project. Her project is classified as _______ constrained

All resource leveling techniques involve

Technical constraints have been carefully considered when developing a project network. Which of the following is true at this point

Rachel is working on a project that technically allows three activities to be done at the same time. If they were to be implemented at the same time, she would need 5 contractors in order for the activities to be completed on time. There are only 3 available for her to use. This is an example of what type of constraint

Resource leveling or smoothing can have all the following results on a project EXCEPT

Jan is trying to reallocate resources in a time-constrained project to create smoother resource utilization. She should first identify activities with the

In a resource-constrained project, which of the following is most likely to be changed

In a resource-constrained project, the first priority in assigning resources is usually given to activities with the

In a resource-constrained project the second priority in assigning resources is usually given to activities with the

Tony has realized that two activities in his project cannot be done at the same time because not enough resources are available. Activity 3 is critical and has a duration of 5 days. Activity 4 has 2 days of slack and a duration of 2 days. How will he decide which activity should be scheduled first

Splitting an activity can result in all of the following EXCEPT

All of the following are benefits of scheduling resources before project implementation EXCEPT

These are all guidelines a project manager should consider when assigning project work EXCEPT

When a company will reduce the number of projects they have to manage internally to only core projects and send noncritical projects to contractors and consulting firms this is called

Which of the following is NOT one of the more common problems associated with scheduling multiproject resources

In a resource-constrained project the third priority in assigning resources is usually given to activities with the

Why is it necessary to have a time-phased budget baseline

Project budgets are developed by time-phasing which of the following

A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. Which of the following is true

Delaying noncritical activities to lower peak demand and, thus, increase resource utilization is called resource ____

A(n) ________ constraint addresses the sequence in which project activities must occur even after considering resource constraints

Having one person responsible for performing several activities, all due at the same time, is an example of a(n) _____ constraint

Trying to renovate a ship compartment that is too small for more than one person is an example of a(n) _____ resource constraint

A shortage of programmers to write software is an example of a(n) _____ type of resource constraint

The shortage of computer chips to produce a circuit board is an example of a(n) ______ type of resource constraint

If three copiers are needed to produce a final report on time and only two are available, the project is facing a(n) ________ type of resource constraint

Resource dependency takes priority over the technological dependency but does not violate _____ dependencies

In order that the new product is on the shelf for the Christmas buying season, the development of the new product would be classified as a(n) ________ -constrained project

Beth has two engineers assigned to her project and does not have access to more even if the result means extending the completion date on her project. She is managing a(n) ________ -constrained project

All leveling techniques delay noncritical activities by using ________ to reduce peak demand

When scheduling activities in a resource-constrained project, typically the activity scheduled first has the ______ amount of slack

Since resource leveling or smoothing delays noncritical activities, a common result is an increase in network _____

When the work in an activity is interrupted to work on another activity and is then resumed at a later point in time, it is called ____

In scheduling resource-constrained projects, _____ are typically used rather than optimum mathematical solutions

When classifying projects, ________ constrained means that project duration is fixed and resources are flexible

When classifying projects, ________ constrained means that a specific resource is fixed and the duration of the project is flexible

Start-up and shutdown costs are major considerations when using the ______ scheduling technique

After resource leveling or smoothing one goal is that the amount of resources needed over the life of the project will be

Many companies are ______ project work to contractors and consultants as a means of dealing with the peaks and valleys of resource allocation among projects

When a project is classified as resource-constrained and a resource constraint exists, the project duration is typically ____

In reality resource allocation generally occurs in a(n) ______ environment where the demands of one project have to be reconciled with the needs of other projects

Without a ____ budget a good project schedule and cost control are impossible

A project cost baseline is also called ____

The fact that you must pour foundation before you frame the house and that you have to frame the house before you can put on the roof demonstrates scheduling constraints

Too many parallel activities for one individual is an example of a resource constraint

The level of resources each activity will need to be completed in the given amount of time has been estimated; therefore, there are no resource constraints

Resource leveling or smoothing is only used on projects which are resource constrained

Resource bottlenecks are one of the three more common problems encountered in managing multiproject resource schedules

The inability to fit more than two earth movers on a construction site at the same time when more are needed to complete the activity on time is an example of a physical constraint

In a resource-constrained project, the completion date is most likely to change.

Having too few programmers and too many engineers is an example of a people resource constraint

If a project needs one earth mover six months from now in order to complete one activity, and the organization has four such machines, there is no equipment resource constraint

A lack of readily available engineers is a technical constraint

Resource dependency takes priority over technological dependency but it does not violate it

To determine if a project is time-constrained or resource-constrained you would consult the project priority matrix

Sequential activities hold just as much potential for resource conflicts as parallel activities.

All leveling techniques delay noncritical activities by using positive slack to smooth out the resource requirements

Since resource leveling or smoothing delays noncritical activities, a common result is a decrease in network sensitivity

Scheduling projects classified as resource-constrained focuses on completing the project as soon as possible under the given resource constraints

When resource constraints are added to technical constraints the original project network may change as well as the completion date

When scheduling activities in a resource-constrained project typically the activity scheduled first has the most amount of slack

A project budget report is showing our project as spending $35,000 against a budgeted amount of $40,000. We can assume that everything is going as planned and that we are under budget

Splitting is a scheduling technique used to get a better schedule or better resource utilization and should be used without hesitation

Without a time-phased budget a good project schedule and cost control are impossible

If resources are truly limited and activity time estimates are accurate, the resource-constrained schedule will materialize as the project is implemented, not the time-constrained schedule

Project managers should always assign the best people to the most difficult tasks

1. The president of a software company remarks in a speech that new technologically advanced software will be available in one year. This is an example of reducing project duration caused by:

2. Intense global competition and rapid technological advances create pressure on developing projects rapidly. This is an example of reducing project duration caused by:

3. A contractor finished a bridge across a lake 18 months early and received more than $6 million for the early completion. This is an example of reducing project duration caused by:

4. Adverse weather, design flaws, and equipment breakdown can create negative slack. This is an example of reducing project duration caused by:

5. Total project costs include all of the following except:

6. Which of the following is not considered a project indirect cost?

7. Project costs are generally classified as ____ costs.

8. Low-cost, realistic, efficient methods for completing an activity under normal conditions are supported by ____ time.

9. The shortest possible time an activity can be completed realistically is called ___ time.

10. The most common response for meeting unattainable deadlines is to

11. ____ costs are incurred when completing an activity in its realistically shortest time.

12. An activity's crash costs include ____ costs.

13. Cost slope can be determined by dividing the

14. The less steep the cost slope of an activity, the

15. Which of the following correctly calculates an activity's cost slope?

16. An activity's cost slope represents an activity's

17. In selecting the best activity to reduce you would first select the activity with the

18. The optimum duration for a project is at the point where:

19. Creating a Project Cost-Duration graph is useful:

20. Crashing a project should occur:

21. If a network has several critical or near-critical paths it is deemed to be:

22. The project direct-cost line near the normal point is usually:

23. The relationship between cost and time for various durations is assumed to be:

24. A common method for shortening the project time is to:

25. A positive situation where moving toward the optimum time can result in very real, large savings—this occurs when the network is:

26. Which of the following is/are included in a Project Cost-Duration Graph?

27. One way of reducing project costs is identifying tasks that _________ can do themselves.

28. The most common method for shortening project time is to

29. Which of the following is not one of the more commonly used options for cutting project costs?

30. Which of the following is the most common method for shortening project time?

31. According to Brooks' Law, adding more people to a late project is most likely to have which of the following impact?

32. Which of the following is the easiest method for shortening project time?

33. Which of the following is not one of the techniques for accelerating project completion?

34. When the project team is salaried, which of the following is the preferred choice for accelerating project completion?

35. The Snapshot from Practice "Cell-Phone Wars" is an excellent example of reducing project duration due to:

36. When a politician makes a public statement that a new building will be available in two years, a(n) ________ duration has reduced the project duration.

37. Intense global competition and rapid technological advances combine to create a(n) ________ imposed project duration date.

38. The Snapshot from Practice which detailed the Northridge earthquake demonstrated the importance of reducing a project's ______.

39. Sometimes very high ________ costs are recognized before a project begins and reducing these costs through shorter project durations becomes a high priority.

40. The ________ project cost is the sum of the indirect and direct costs.

41. Costs such as supervision, administration, consultants, and interest are examples of ________ project costs.

42. Costs such as labor, materials, equipment, or contractors are examples of ________ project costs.

43. Direct costs are assignable directly to a project ________.

44. Because direct costs are assumed to be developed from normal methods and time, any reduction in activity time should ________ the cost of the activity.

45. To shorten the duration of a project the project manager should limit the choices of activities to just those which ________.

46. The ________ time for an activity represents low-costs, realistic, efficient methods for completing the activity under typical conditions.

47. Shortening an activity is called ________.

48. The direct costs for completing an activity as early as possible is called its ________.

49. An activity's ________ is calculated by dividing the rise by the run.

50. Subtracting an activity's normal cost from the crash cost will calculate an activity's ________.

51. Subtracting an activity's crash time from the normal time will calculate an activity's ________.

52. When considering whether to move the project to its optimum cost-time position, the manager should also consider ________.

53. A network is considered to be ________ if it has a predominate critical path with no other path close in terms of slack.

54. The easiest way to add more resources to a project is not to add more people, but to schedule ________.

55. According to ________, adding more manpower to a late software project makes it later.

56. The easiest way to add more labor to a project is not to add more people, but to add ___________.

57. ____________ is the rearranging of the project network logic so that critical activities are done in parallel rather than sequentially.

58. ___________ is probably the most common response for meeting unattainable deadlines.

59. In the "I'll Bet You..." Snapshot from Practice, the draftsman won ___________ for making a very difficult deadline.

60. A rule of thumb for moderate- to high-technology firms is that a six-month delay in bringing a product to market can result in a gross profit loss of about 35 percent.

61. Imposed project durations almost always leads to a higher-cost project than one planned with detailed scheduling of all the project's activities.

62. Managers have several effective methods for crashing specific project activities when resources are not constrained.

63. Indirect costs generally represent overhead costs such as supervision, administration, consultants, and interest.

64. The total cost for each possible duration of a project is the sum of labor, materials, and equipment.

65. Direct costs are so named because they can be assigned directly to a work package and activity.

66. Because direct costs are assumed to be developed from normal methods and time, any reduction in activity time should add to the costs of the activity.

67. The sum of the costs of all the work packages represents the total direct costs for the project.

68. Incentive contracts can make reduction of project time rewarding—usually for both the project contractor and owner.

69. Shortening an activity's duration is termed crashing.

70. Expected time for an activity represents low-cost, realistic, efficient methods for completing the activity under anticipated conditions.

71. Crash cost is the incremental cost incurred when an activity is reduced in duration.

72. The cost slope of an activity is calculated by dividing the run by the rise.

73. Crash time is the greatest time reduction possible under realistic conditions.

74. The higher the slope of an activity the greater the cost to reduce its duration.

75. Creating a Project Cost-Duration Graph in the pre-project planning phase without an imposed duration is the best time to use this tool.

76. Crashing a more expensive activity may be wise if fewer inherent risks are involved.

77. A project network is classified as sensitive if it has a large number of interacting paths.

78. Collecting crash times for a moderate-size project is relatively easy.

79. While the relationship between normal and crash times is really curvilinear, the assumption that it is linear is seldom a concern for practicing managers.

80. The accuracy of crash times and costs is frequently rough at best, when compared with normal time and cost.

81. One of the advantages of using a Project Cost-Duration Graph is that it keeps the importance of indirect costs in the forefront of decision making.