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Project Management Fundamentals

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Questions and Answers

What is the primary purpose of PERT and CPM in project management?

To evaluate the project's feasibility

To allocate resources efficiently

To assist managers in managing projects (correct)

To estimate the project budget

What is the main difference between PERT and CPM?

PERT is used for research projects, while CPM is used for manufacturing projects

PERT is used for construction projects, while CPM is used for product development

PERT has three time estimates, while CPM has a single time estimate (correct)

PERT is used for small projects, while CPM is used for large projects

What is the first phase of project management?

Planning (correct)

Scheduling

Executing

Controlling

What is the primary goal of project planning?

To set the objectives of the project Signup and view all the answers

What is the main advantage of using PERT and CPM in project management?

It assists managers in reacting to changing conditions Signup and view all the answers

Which of the following projects is most likely to use PERT and CPM?

Construction of a housing complex Signup and view all the answers

What is the primary purpose of constructing a network diagram during the planning stage of a project?

To identify the sequential interrelationships between activities Signup and view all the answers

During the scheduling phase, what is the outcome of applying forward and backward pass techniques?

Calculation of start and finish times for each activity Signup and view all the answers

What is the significance of identifying the critical path in a project?

It predicts the project completion time Signup and view all the answers

What is the purpose of a dummy activity in a PERT/CPM network?

To maintain the logical relationships between activities Signup and view all the answers

What do events represent in a PERT/CPM network?

Points in time that mark the start or end of an activity Signup and view all the answers

What is the purpose of controlling in a project?

To analyze and evaluate the actual progress against the plan Signup and view all the answers

What is the primary purpose of constructing a project network diagram?

To identify the critical path of the project Signup and view all the answers

What is the formula used to calculate the expected time for each activity?

Expected time = (Optimistic time + 4*Most likely time + Pessimistic time)/6 Signup and view all the answers

What is the purpose of identifying the critical path in a project network?

To determine the project duration Signup and view all the answers

What is the next step after calculating the expected time and variance of each activity?

Constructing the project network diagram Signup and view all the answers

What is the probability of completing the project within a given time calculated using?

P (Z< Z0) formula Signup and view all the answers