Project Management MCQ 1
- Abandoning the project
- Completing the project with all possible haste
- Reduction of duration for a few of the activities
- Reducing the cost of the project with all needful modifications
Answer: C. Reduction of duration for a few of the activities
Crashing: Crashing can be defined as the method of optimizing the cost of the project for an optimum duration of the project. Optimum cost of the project is the minimum cost of the project for the same duration of the project.
Crashing of an activity is done based on their cost slope.
Cost slope=crashed cost - Normal costNormal duration - crashed duration. With the help of crashing, the cost of the total project is reduced but the duration of the project remains same.
Project Management MCQ 2
CPM method of network analysis is:
- Ideally suited for linearly extending works
- Meant essentially for research and development activities
- Activity oriented
- Used for planning, scheduling and controlling the project purposes
- 1 and 2 only
- 3 and 4 only
- 2 and 3 only
- 1 and 4 only
Answer: B. 3 and 4 only
Critical Path method (CPM) is a method used in project management. CPM is based on the activity oriented method. CPM is used for planning, scheduling and controlling the project activities.
PERT is also used in project management for the planning, scheduling and controlling the project activities but PERT is useful for research based activities and it is event oriented.
Difference between CPM and PERT technique:
It is activity oriented
It is event oriented
It is used in non research projects
It is used in research based project
It controls time and cost
It controls only the time
It uses deterministic approach to calculate duration of the project
It uses probabilistic approach to calculate duration of the project
It uses one time estimate of time
It uses three time estimate of time
Project Management MCQ 3
The best tool to ensure that there is neither piling up of stocks nor shortage of materials in a project to run it economically is
- Economic order quantity
- ABC analysis
- Inventory control and management
- Gantt chart method
Answer: A. Inventory control and management
Economic Order Quantity (EOQ): EOQ is a mathematical tool that companies use to manage inventory and minimize the holding cost. EOQ represents their ideal size of holding the inventory without much investment on inventory.
ABC analysis: ABC analysis is a technique of inventory management which represents the inventory items based on their importance. In ABC analysis ranking of items is done based on their demand, cost and risk to holding it.
Inventory control and management: With the help of Inventory control process controlling of inventory cost is minimized. Inventory control and management is used to manage inventory for the holding of it such that neither any extra nor any shortage of inventory will occur. Inventory control and management is the task of daily work management of inventory.
Gantt chart method: Gantt chart is a project management tool. With the help of Gantt chart project planning is carried out.
Project Management MCQ 4
What is optimizing strategy
- Strategy of choosing the best possible solution considering all parameters
- Strategy of choosing a compromise solution
- Strategy of choosing the least count solution
- Strategy of choosing a solution on the basis of precedents
Answer: A. Strategy of choosing the best possible solution considering all parameters
Optimizing strategy is the process to optimize the business strategies which improves the efficiency and reduces the total cost. Optimization can be done by using efficient resources.
Optimization strategy can be used to find and optimize the new parameters for the maximization of the similar values
Optimization strategy is the strategy of choosing the best possible solution considering all parameters
Project management MCQ 5
Pick up the correct statement from the following
- The float may be positive, zero or negative.
- If the float is positive and the activity is delayed by a period equal to its total float, the completion of project is not delayed.
- If the float of an activity is negative, delay in its performance is bound to delay the completion of project.
- If the float of an activity is zero, the activity is critical and any delay in its performance will delay the whole project.
- All the above.
Answer: E. All the above
Float: Float is the maximum available time by which an activity can be delayed without affecting the project completion time. Float is associated to an activity. Float can be zero, positive or negative
- Positive float represents that activity has enough time to complete, it means activity can be delayed by that much of float. Such an activity is called subcritical activity.
- Negative float represents that activity has less time to complete, and it requires more time to complete.It means that activity can not be delayed otherwise total project duration will be delayed. Such a type of activity requires more resources to complete on time. Such an activity is called super critical activity.
- Zero float of an activity represents the critical activity. If any delay will occur in such type activity it will reflect the delay of the whole project. Critical activities have just enough resources to complete the activity without delaying the project.
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