Agree? When discussing time-cost trade-offs it seems that this would be beneficial for project managers. When...
Agree? When discussing time-cost trade-offs it seems that this would be beneficial for project managers. When determining the time estimates for activities in a project manager bases these estimates on the amount of resources that will be assigned to an activity.
Homework Answers
Yes, I agree with this statement that when determining the time estimates for activities in a project, manager bases these estimates on the amount of resources that will be assigned to an activity. This is a general viewpoint of the project managers that the activity which has more resources allocated to it will tend to naturally consume more time and efforts. In this manner, they allocate time and resources to particular activities and base their decisions accordingly. This seems to be beneficial for project managers when discussing time-cost trade-offs and they are able to take accurate and quick decisions based on the resource and time allocation models and complexity of the activities which require more man hours in order to be accomplished.
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Agree? When discussing time-cost trade-offs it seems that this
would be beneficial for project managers. When...
A priority matrix helps project managers manage trade-offs among time, cost and performance or scope. This...
A priority matrix helps project managers manage trade-offs among time, cost and performance or scope. This helps to identify which criterion is constrained, which should be enhanced and which can be accepted. Some argue that all of these criteria are always constrained. Agree or disagree? Explain why.
Describe how CPM handles the trade-offs between time and cost in the scheduling of a project.
Describe how CPM handles the trade-offs between time and cost in the scheduling of a project.
Question 18 What are the two principles when crashing a project? Focus on the critical path,...
Question 18 What are the two principles when crashing a project? Focus on the critical path, select the least expensive alternative. Reduce the cost, reduce the duration. Reduce the duration, increase the cost. Reduce the use of resources, reduce the cost 4 points Question 19 The formula for computing the cost/time slope for each activity that can be crashed is . (Crash cost + Normal cost) / (Crash time + Normal time) (Crash cost - Normal cost) / (Crash time...
6. A project has been defined to contain the following list of activities, along with their...
6. A project has been defined to contain the following list of activities, along with their precedence relations and time and cost estimates for the activity durations. Time estimates (weeks L Cost estimates ($) Activity Predecessor(s) Normal time Crashed time Normal cost Crashed cost 10 9 $6000 $8000 - 85 $1100 $2000 A 7 5 $3000 $3800 B 12 4 $4000 $6000 B 4 2 $5000 $6500 AD 6 3 $2500 $4000 CE $2800 $$3000 a. Draw the Activity-on-node (AON)...
1. A milestone can best be described as: a) A significant event in the project schedule...
1. A milestone can best be described as: a) A significant event in the project schedule b) An activity in the project that consumes a large amount of project resources and time c) The activities included in the close of a phase or the project 2. Project managers have accountability for project success but can delegate to others the project manager s responsibility for quality. True False 3. To whom would the project manager go first for assigning the resources...
Ivanhoe Company from time to time embarks on a research program when a special project seems...
Ivanhoe Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2019, the company expends $327,000 on a research project, but by the end of 2019 it is impossible to determine whether any benefit will be derived from it. The project is completed in 2020, and a successful patent is obtained. The R&D costs to complete the project are $117,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84...
Sunland Company from time to time embarks on a research program when a special project seems...
Sunland Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2019, the company expends $323,500 on a research project, but by the end of 2019 it is impossible to determine whether any benefit will be derived from it. The project is completed in 2020, and a successful patent is obtained. The R&D costs to complete the project are $113,500. The administrative and legal expenses incurred in obtaining patent number 472-1001-84...
1. When finding the approximate probability of project duration, it is necessary to know which of...
1. When finding the approximate probability of project duration, it is necessary to know which of following? a. The mean and variance of each activity b. The mean of each activity on the CP c. The sd of only the activities on the CP d. Each activity's probability of completion e. The distribution of activity times 2. The sd of a path is computed as: a. the sum of the sd of all activities on the path b. the square...
7. An organisation operates compliance and audit functions that 3. When estimating time for activities, a Project Ma...
7. An organisation operates compliance and audit functions that 3. When estimating time for activities, a Project Manager should: Answer: Answer: Use the best guess and estimate all activities since there will be changes as the project progresses and more information becomes available Involve people who will be doing the work to get estimates Estimate for what the cost will allow and include buffers None of the above Page 4. An accepted deadline for project approaches. However, the project manager...
2 Problem 5-6 (Algo) A project to build a new bridge seems to be going very...
2 Problem 5-6 (Algo) A project to build a new bridge seems to be going very well since the project is well ahead of schedule and costs seem to be running very low. A major milestone has been reached where the first two activities have been totally completed and the third activity is 65% complete. The planners were expecting to be only58 % through the third activity at this time. The first activity involves prepping the site for the bridge....
6. A project has been defined to contain the following list of activities, along with their precedence relations and time and cost estimates for the activity durations. Time estimates (weeks L Cost estimates ($) Activity Predecessor(s) Normal time Crashed time Normal cost Crashed cost 10 9 $6000 $8000 - 85 $1100 $2000 A 7 5 $3000 $3800 B 12 4 $4000 $6000 B 4 2 $5000 $6500 AD 6 3 $2500 $4000 CE $2800 $$3000 a. Draw the Activity-on-node (AON)...
Ivanhoe Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2019, the company expends $327,000 on a research project, but by the end of 2019 it is impossible to determine whether any benefit will be derived from it. The project is completed in 2020, and a successful patent is obtained. The R&D costs to complete the project are $117,000. The administrative and legal expenses incurred in obtaining patent number 472-1001-84...
7. An organisation operates compliance and audit functions that 3. When estimating time for activities, a Project Manager should: Answer: Answer: Use the best guess and estimate all activities since there will be changes as the project progresses and more information becomes available Involve people who will be doing the work to get estimates Estimate for what the cost will allow and include buffers None of the above Page 4. An accepted deadline for project approaches. However, the project manager...
2 Problem 5-6 (Algo) A project to build a new bridge seems to be going very well since the project is well ahead of schedule and costs seem to be running very low. A major milestone has been reached where the first two activities have been totally completed and the third activity is 65% complete. The planners were expecting to be only58 % through the third activity at this time. The first activity involves prepping the site for the bridge....
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