28 The beta distribution is used in project management to: Select one: a. calculate pessimistic and optimistic activity times. b. calculate slack on activities not on the critical path. c. calculate the probability that a project will be completed within its budget. d. determine which activity should be crashed. e. none of these

28 The beta distribution is used in project management to: Select one: a. calculate pessimistic and optimistic activity times. b. calculate slack on activities not on the critical path. c. calculate the probability that a project will be completed within its budget. d. determine which activity should be crashed. e. none of these

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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1. Which of the following is NOT an objective of the Monitor Risks process? a. Determine if implemented risk responses are effective b. Project assumptions are still valid c. Determine if risk management policies are being followed d. Determine methods to eliminate all residual risks
Which of the following is NOT a tool or technique of Qualitative RiskAnalysis?A. Risk urgency assessmentB. Expected monetary value analysisC. Probability and impact matrixD. Risk categorization A new project management software tool has come onto the market. Youspend the weekend taking an online tutorial to learn about it. This is anexample of:A. Lessons learnedB. Not paying for copyrighted softwareC. Contributing to the project management body of knowledgeD. Enhancing personal professional competence Which of the following is NOT a tool in Risk Identification?A. Risk Urgency AssessmentB. BrainstormingC. Delphi techniqueD. SWOT Analysis
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true/false 25)Activity codes are used for filtering in reports. 26) Start/Finish updating is best for vertical construction. 27) Project control is about making decisions. 28) The relationship between present and future cost is linear.
For projects that are complicated and more factors can influence the duration, reasonably costly. Choose... Choose... Expert Judgment Relies information from similar projects to determine the activity duration; needs historical data. The Delphi Technique Analogous Estimation Bottom-up estimating Three-point Estimating Parametric Estimation
Topic: ProbabilityGoal: In your business planning, you will employ mathematics probability to increase your chances of success.You play the role of a tiny business owner who wants to expand into a much larger enterprise. You must write a written report and deliver it to the group on the most likely outcome(s) of the business you wish to start.The target audience is a group of small company owners who could be interested in partnering with you. Product: A written report on the business's likely results that will be given to the group. Success Criteria: The written report that will be provided must be... - Represents genuine business problems or patterns. - Persuasive, based on probability mathematics.
A) Which of the following is NOT included in the risk register? a. Prioritized list of quantified risks b. Potential responses to identified risks c. Revised stakeholder tolerance d. A list of identified risks B) The Responsibility Assignment Matrix (RAM) is: a. Used to identify accountabilities and responsibilities in individual performance appraisals of project team members. b. Used for development of the project budget and network diagrams. c. Developed at the activity level and used to closely link project roles and responsibilities to project network activities. d. Used to illustrate the connections between work packages or activities and project team members. It ensures that there is only one person accountable for any one task to avoid confusion of responsibility. C) The process of cost estimation is defined in which process? a. Control Cost b. Plan Cost Management c. Estimate Cost d. Budget Cost
Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Activity A B C Description Report generation Web scraping Testing Immediate Predecessor This answer has not been graded yet. A, B Optimistic 1 (d) Should you use the estimate in (b) or (c)? 5 1 Time (Weeks) (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen Most Probable 8 9 1 Pessimistic 12 The probability estimate from (b) based on the critical path is more accurate. O The probability estimate from (c) based on both paths is more accurate. The probability estimates from (b) and (c) are equal. 11 (b) Based solely on the critical path, estimate the probability that the project will be complete…
I. MULTIPLE CHOICE . Which of the following statements concerning CPM activities is false?. A. The late finish is the earliest of the late start times of all successor activities. 1. B. The late start of an activity is its late finish less its duration. C. The early start of an activity is the latest early finish of all preceding activities. D. The late finish of an activity is the earliest late start of all preceding activities. E. The early finish of an activity is the early start of that activity plus its duration. 2. Which of the following would not be an operations function in a fast-food restaurant? A. designing the layout of the facility B. advertising and promotion C. maintaining equipment D. making hamburgers and fries E. purchasing ingredients 3. Which of the following is not a reason for globalizing operations? A. reduce costs B. improve the supply chain C. stockholder approval ratings D. attract new markets E. provide better goods and service An activity on a PERT network…
Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a s company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity A B с с Description Report generation Web scraping Testing Immediate Predecessor This answer has not been graded yet. A, B Optimistic 2 5 1 Most Probable (a) Construct the project network. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen 9 10 1 O The probability estimate from (c) based on both paths is more accurate. O The probability estimates from (b) and (c) are equal. Pessimistic (d) Should you use the estimate in (b) or (c)? O The probability estimate from (b) based on the critical path is more accurate. 13 12 (b) Based solely on the critical path, estimate the probability that the project will be…
Please help with correct answers! Management Decision Systems (MDS) is a consulting company that specializes in the development of decision support systems. MDS has a four-person team working on a current project with a small company to set up a system that scrapes data from a collection of websites and then automatically generates a report for management on a daily basis. Time (Weeks) Activity Description ImmediatePredecessor Optimistic Most Probable Pessimistic A Report generation 2 9 13 B Web scraping 5 10 12 C Testing A, B 1 1 1 a) Based solely on the critical path, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.) b) Using all paths through the project network, estimate the probability that the project will be complete within 12 weeks. (Round your answer to four decimal places.)
Section 1: Scenario: Briefly describe the scenario you have been given, expanding on the situation as needed. Section 2: Change Management Plan Be sure to provide a risk analysis table as part of the assessment. In the design section, a budget is optional, but the scope of change must be defined and a backout plan is required. In the implementation section, be sure to document how end-user acceptance testing and documentation of the project will be performed and stored. Also, include a plan for removing/disposing of the old equipment. In the evaluation section, describe how you know the plan is complete. Section 3: Disaster Recovery Plan: Provide a disaster recovery plan as outlined in your scenario.