Quiz 8 All Correct

Prepare a project proposal for a promoting operations management major among newly enrolled students. The project should develop different means to attract new students to the major. What and how to promote and how to deliver is for the group to decide. Business Case 1.0. Introduction/ Background 2.0. Business Objective 3.0. Current Situation and Problem/Opportunity Statement 4.0. Critical Assumptions and Constraints 5.0. Analysis of Options and Recommendation 6.0. Preliminary Project Requirements 7.0. Budget Estimate and Financial Analysis 8.0. Schedule Estimate 9.0. Potential Risks Please answer all the requirement

(Please do not give solution in image format thanku) Imagine you have been assigned a project to get your office premises renovated in the minimum possible number of days. Discuss planning details of the same in terms of: Any 3 objectives of the project • Any 3 methods used to assess the cost • Any 3 methods used to estimate the schedule of the project

Projected costs are calculated during the planning phase of a project and must be approved before work begins. 1. How does a project engineer prepare the projected costs? Describe the procedure in detailed form. As the project plan is executed, expenses are documented and tracked so things stay within the cost management plan. 2. How are expenses documented and tracked? 3. As the project manager, what will you do if the expenses go beyond the cost management plan? Once the project is completed, predicted costs vs. actual costs are compared, providing benchmarks for future cost management plans and project budgets. 4. How will you use the results of the comparison between the predicted and actual costs for your future projects?

You are the manager of a project to improve a billing processat your firm. Table 7.7 contains the data you will need toconduct a cost analysis of the project. Indirect costs are $1,600per week, and penalty costs are $1,200 per week after week 12.a. What is the minimum-cost schedule for this project?b. What is the difference in total project costs between the ear-liest completion time of the project using “normal” timesand the minimum-cost schedule you derived in part (a)?

You are managing a large construction project that’s been broken down intosub-projects (or phases). Each of these sub-projects is scheduled to takebetween three and six months to complete. At the end of each sub-project,you plan to go through the closing processes and document lessons learned.Which of the following BEST describes what you must do at the beginning ofeach sub-project or phase?A. Develop the preliminary scope statement for the phaseB. Make sure you don’t involve the team, to avoid introducing too much projectmanagement overheadC. Use the Earned Value Technique to decide whether or not to finish the projectD. Release all resources from the project and contact sellers to renegotiate allcontracts

Which planning process is within the Project Scope Management knowledge area?   1) Schedule development   2) Developing a project management plan   3)Creation of a WBS   4) Quality planning

Part 1: The 5 project management groups have wide industry application in modern day project management. By using practical examples of your choice, demonstrate the practical application of the project management processes in bringing a project to a successful end (Detailed response required, also acknowledge information sources). Part 2: A gantt chart is widely applied in project management as a project scheduling tool,whose format is in bar chart form. Critically examine a gantt chart as a project scheduling tool and practically demonstrate how it can also be used as a project planning and control technique (Detailed response required, also acknowledge information sources).

7.  Contract requirements state that a project must be completed within 180 working days, or it will incur penalties for late completion. Analysis of the activity network reveals an expected project completion time of 145 working days with a project variance of 400. What is the probability that the project will be completed before the late-payment deadline? (select the closest answer)   Select one: a. about 4% b. over 99% c. about 80% d. about 46% e. about 96%

. 1. Project Scope & Constraints The new payroll system project has been approved. The new system will reduce clerical time and errors, improve morale in the payroll department, and avoid possible fines and penalties for noncompliance. The system must be installed by January 1st to meet new federal reporting rules, all expenses must be approved in advance, and the system should have a modular design if possible. The new system is expected to be announced in a year-end report if it is ready by mid-December. 1. Why is it important to define the project scope? How would you describe the scope of the payroll project in this case? 2. Based upon the project scope, identify the constraints, and determine its characteristics: present versus future, internal versus external, and mandatory versus desirable. 3. What questions would you ask to determine the feasibility of this project? 4. Given the project time constraints, could you shorten the typical steps in the preliminary investigation…

must be measured regularly to identify variances from the plan. O A. Schedule progress O B. Project performance O C. Cost O D. Stakeholder requirements

The project manager of Good Public Relations gathered the data shown in Table 7.15 for a new advertising campaign.a. How long is the project likely to take?b. What is the probability that the project will take more than 38 weeks?c. Consider the path A–E–G–H–J. What is the probability that this path will exceed 38 weeks?

Evaluate the below statement according to the project management terminologies and choose the correct answer: It is the process of making a forecast or precise approximation Choose... of time and cost associated with a work package or activity. Graphically describes a project consisting of well-defined Choose.. activities, the completion of which marks its end. One of the Perform Quantitative Risk Analysis process has a Choose.. Tools and Techniques. Useful for building accountability through assigning specific Choose.. tasks to team members. It is the standard format each path through the network must be continuous with no gaps, discontinuities, or dangling Choose... activities. Organizational Assets, Project Scope Statement, Cost Management Plan and Schedule Management Plan are inputs Choose.. of: Choose... Work Breakdown Structure Expert Judgment Bar chart Estimating A horizontal diagram format Plan Risk Management

MODELLING AND SIMULATION 1. What is the best way to plan a simulation project? Why? 2. Does project management help you to simulate a model? In what way/s? 3. Car dealers have realized how profitable it can be to sell automobiles by using the Web. Pretend that you work for a local car dealership that is part of a large chain of car industry. Create a project management process (include the sub-processes) that you will implement in developing such web-based system.

1.Estimating the type and quantities of resources required to perform each schedule activity defines: Select one: a. Three-point estimating. b. The Estimate Activity Resources process. c. Analogous estimating. d. The Estimate Activity Durations process.   Which of the following project documents would NOT likely be updated in the Develop Schedule process? Select one: a. Project scope statement b. Risk register c. Project calendar d. Activity resource requirements   Comparing target schedule dates with the actual or forecasted start and finish dates is an example of: Select one: a. Using project management software. b. Progress reporting. c. Calculating a cost performance index (CPI) value. d. Conducting a variance analysis.   All of the following are parts of the scope baseline EXCEPT the: Select one: a. Project Scope statement b. WBS dictionary c. Work breakdown structure d. Scope management plan   The project manager has just received a change from the customer that does not affect…

The following represents a project that should be scheduled using CPM: ACTIVITY ABCDEFGH А с IMMEDIATE PREDECESSORS IAABUDR C,D D,E F,G TIMES (DAYS) b a 1 1 3 - NTTTTE 1 1 1 1 2 m 5 WaNNASNU 2 5 4 2 2 6 3 ∞∞NWO3770 9 10 12 8

12.  All of the following elements should be included in a project scope statement EXCEPT:   a. project boundaries or exclusions     b. final and intermediate deliverables with acceptance criteria     c. names of the project team members     d. constraints imposed on the project, and assumptions made during planning 13.  While many projects may have a primary deliverable such as a house, almost all projects have additional deliverables such as documentation and customer support.  a. True    b. False

Students shall, with a point of view of him/herself as project manager (PM), submit a Project Management Plan (PMP) for the given engineering project below: - “Procurement & Installation of Emergency Generator at Fire station” Students are allowed to propose their own project, given that the projects shall have enough scale to address the element described below:- a. Student should produce a project definition statement regarding the proposed project. b. Student should propose a suitable project team to carry out the project. Student should in the PMP describe the duties and power of different team memebrs in the project. c. The PMP shall include a risk management plan, which student shall identify, analyse and proposed mitigations measures for smooth delivery of the project deliverables. The risk manamgenet plan shall include a risk register d. The PMP shall include a quality management plan, which student shall propose a method statement to control the quality of the delivery of…

(12) Cost budgeting can be best described by which of the following? A The process of developing the future trends along with the assessment of proba bilities, uncertainties, and inflation that could occur during the project B. The process of assembling and predicting costs of a project over its life cycle C. The process of establishing budgets, standards, and a monitoring system by whi ch the investment cost of the project can be measured and managed D. The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis (13) The process of monitoring the status of the project to update the project costs and managing changes to the cost baseline is called A Determine Budget B. Control Costs C. Estimate Costs D. Plan Cost Manag ement (14) Cost Variance (CV) is which of the following equations? A CV = EV - PV B. CV = EV - AC C. CV = EV / AC D. A and c (15) To assist in budget control, it is suggested that an estimate be created at the level of the…

The following precedence diagram reflects three time estimates for each activity. Determine: Use Table B1 and Table B2. 9-10-12 3 8 5-7-10 8-10-14 11-12-13 6 11 14-18-26 10.5-13-15.5 10 8-8-8 1 5-6-7 2 4 13-13-13 7 7-10-12 a. The expected completion time for each path and its variance. (Round intermediate calculations to 4 decimal places and final answers to 2 decimal places.) Path Mean Var. Std. Dev. 1-2-3-8-11 37.33 1-2-4-6-11 43.00 5.11 1-2-4-7-11 0.81 1-2-5-9-10-11 46.83 1.25 9-9-9 10-11-12 10-12-14

The ideal outcome of the planning process group is to complete a project successfully by delivering the agreed-upon project scope within time, cost, and quality constraints Select one: True False Initiating involves developing a project charter, which is part of the project ______ management knowledge area. Select one: a. scope b. risk c. communications d. integration Estimate activity resources output Select one: a. Activity list, activity attributes, milestone list, project management plan updates b. Project schedule network diagrams, project documents updates c. Activity resource requirements, resource breakdown structure, project documents updates d. Schedule management plan As time progresses, the scope of a project should become ... Select one: a. more clear and specific b. more vague c. more ambiguous d. more difficult

Reasons why estimating time and cost are important include all of the following EXCEPT   a. to schedule work b.to determine how long the project should take and cost c. to develop cash flow needs d. to determine how well the project is progressing e. to help establish a project selection process

Financing is needed to fund new equipment for the build sites. A) You are required to create a business proposal to buy a truck (Tipper Trucks) suitable for Rubbish removal, sand and soil delivery, demolition clearing work, and this proposal will be discussed during the shareholders meeting. The proposal should include how buying the vehicle will help reduce long-term costs for Metharom.

You are the project manager of the software installation project in Table 7.12. You would like to find the minimum-cost schedule for your project. There is a $1,000-per-week penalty for each week the project is delayed beyond week 25. In addition, your project team determined that indirect project costs are $2,500 per week.a. What would be your target completion week?b. How much would you save in total project costs with your schedule?

1. Represent the contents of a project charter with your own example. 4. Give your own example of WBS in Chart Form.

2.To obtain reasonable assurance about the completion of the project within the timeline, the best method is which of the following? Group of answer choices To compare the estimated end date and estimated time for completion of the project To obtain confirmation from the project manager about the project completion date To obtain confirmation from the project manager about the project completion date To extrapolate the end date on the basis of completed work and resource availability     15.From among the following activities, which is the best example of a project? Group of answer choices Writing a term paper Completing a college degree Producing automobiles Processing insurance claims

Which project delivery method is the LEAST favorable when the owner has no construction experience? DBB CM c. DB d. BOT Most risk to the owner When comparing Unit Price to Lump Sum contracts, which of the following is TRUE a. Bid Balancing can be used by contractors to earn more money in Lump Sum contracts b. Bid Unbalancing can be used by contractors to earn more money in Lump Sum contracts > Bid Unbalancing can be used by contractors to earn more money in Unit Price contracts

The four types of project closures are:  Group of answer choices a. finite, infinite, continuous, discrete b. crashed, finished, successful, unsuccessful c. none of these d. normal, premature, perpetual, failed

What are the main characteristics of a Project? a. Budget, Scope, Schedule, Change Management b. Focused on IT, Engineering, Risk Management c. All of the options listed d. Broad, exceed one year in duration, operational e. Unique, Specific Deliverables, Specific due date..

Task: Assume that you have been contracted as a marketing consultant by a sports organization, andhave been asked to develop and submit a marketing and sponsorship plan to them. The marketing planis a comprehensive, written framework for strategically obtaining marketing objectives. The sports marketing plan can be written for a single sports product/service, a group of products/services, a newpromotional strategy, or an entire sports organization. The Marketing and Event Proposal should include the following: 1. Executive Summary - a condensed overview of the marketing plan2. Introduction - Description of the event3. Marketing Strategies:• A strategy for Market Segmentation: What will serve as the basis for segmentation,and why? What is the rationale for selecting the target markets?• A discussion of the Product: What is the core product, what are the productextensions?4. A discussion of the Place the event is held and means of its distribution.5. A discussion and presentation of the…

Project Cost. 1. Discuss project cost relative to project planning. 2. In which phase is the cost completed in the project life cycle? 3. Explain the Determine Budget process.

Explain how earned value management (EVM) may control costs and monitor project performance and hypothesise why it is not used more commonly. What are some guidelines for evaluating cost variation, schedule variance, cost performance index, and schedule performance index numbers?

1. Using the information in this section, write a project plan for NIBCO. 2. Why is change management so important for NIBCO? 3. Use the WBS and start a project plan using Microsoft Project. Write a rationale for each of the cost summary

Mueller & Associates is a urban planning firm that is designing a new public park in an Omaha suburb. Coordination of the architect and subcontractors will require a major effort to meet the 45-week completion date requested by the owner. The Mueller project manager prepared the following project network. Start A B F H 0 D E Finish Estimates of the optimistic, most probable, and pessimistic times (in weeks) for the activities are as follows. Activity Optimistic Most Probable A 4 8 Pessimistic 12 B 6 7 8 C 6 12 18 D 3 5 7 E 6 9 18 F 5 8 17 G 10 15 20 H 5 6 13