Question

avorable variances do not require corrective action or further investigation; only unfavorable variances in performance.

Select one:

True

False

Projects should be evaluated against standards and by methods established at their completion, including procedures for monitoring, collecting, storing, and evaluating the history of the project.

Select one:

True

False

The amount of flexibility the project manager has in terms of starting and completing an activity is referred to as its:

Select one:

A. Slack

B. Float

C. Flex

D. Both A and B

The amount of flexibility the project manager has in terms of starting and completing an activity is referred to as its slack.

Select one:

True

False

The amount of safety time needed to protect a particular path in a project is less than the sum of the safety times required to protect the individual activities making up the path.

Select one:

True

False

The amount of time a project manager estimates it will take to complete the activity under ideal conditions is known as:

Select one:

A. Pessimistic time

B. Optimistic time

C. Likeliest time

D. Utopian time

The objective of feeding buffers is to ensure that non-critical chains are completed so that they do not delay tasks on the critical chain.

Select one:

True

False

The optimistic time is the amount of time the project will take under the worst-case scenario.

Select one:

True

False

Answer 1

Answer 1 : True

Explanation : As favorable variance and unfavorable variance indicated the relationship between the standard and actual price due to which favorable variances do not require corrective action or further investigation.

Answer 2 : True

Explanation : As the final outcome of any project depends upon the effectiveness shown during various stages of project which involves monitoring, storing information, evaluating etc.

Answer 3 : D. Both A and B

Explanation : As activities on its critical path usually has zero slack which is also known as float when the project is been started or when completed.

Answer 4 : True

Explanation : As the slack also known as float provides the project manager required flexibility while starting or completing the project.

Note : Attempted first 4 questions as per HomeworkLib's answering guidelines.