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MGT Exam 2 Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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MGT Exam 2 Questions and Answers 2024( A+ GRADED 100% VERIFIED).
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MGT Exam 21: PROJECT MANAGEMENT
crashing
simulation
cash flow
critical chain
probabilistic completion times - ANS
Crashing - ANS Decreasing projection completion time by adding more resources
-Critical Path (CP) is dynamic - ANS
-Crashing CP os recommended 1 unit at a time to see if current critical path is still the only
critical path - ANS
Conditions for Critical Path (CP): Which are the conditions?
a. the longest path
b. Consists only with critical activities
c. The total slack of the Critical Path (CP) should be 0 - ANS a, b and c
Conditions for crashing - ANS Can activities in the critical path be crashed and what is the
additional cost for crashing that activity
-Identify the critical path by looking at which one is the longest - ANS
Other factors to consider when crashing a project - ANS 1. Reliable Data is the most important
in any quantitative analysis
2 If time(t) is uncertain, like original PERT, compute probabilistic completion time
T or F: A factor to consider when crashing a project is that reliable data is the most important in
any quantitative analysis - ANS T
CCPM - ANS Critical Chain Project Management
-In CCPM, use the crashing method of Critical Chain (CC) - ANS
Critical Chain (CC) crashing method - ANS 1. takes into account resources, rather than just on
CP's task order
,2. Pursues "good enough" solution
3. is more practical
Critical Path (CP) crashing method
1. does not take into account resources
2. pursues optimal solution - ANS
T or F: CC crashing method is more practical, takes into account resources rather than CP's
task order and pursues "good enough" solution instead of CP pursuing optimal solution - ANS T
-Tool for crashing: a software such as Excel can aid in crashing for complicated problems that
may arise in Statistical Process Control (SPC). The most popular software is MS Project - ANS
-You can use simulation to aid the process of crashing - ANS
Simulation - ANS imitation of a real system by representing certain key characteristics or
behaviors of a physical or abstract system
2: SERVICE STRATEGY
service operations goals (mission and objec.)
hierarchy of strategy
operations strategy
distinctive competencies and competitive priorities - ANS
Benjamin Franklin - ANS founding father of american business
"tricks or treacheries are by fools"
good is good for business
trust prerequisite for business
What is the difference between strategies and goals? - ANS Goals is about the destination
whereas strategy is how to get there, the directions, it is used to accomplish your goals,
direction to target depends on your goals
Which is more important, the goal or the strategy? - ANS The goal is more important because
an excellent strategy that does not help you reach your goals is useless
-Goals = mission + objective - ANS
, Mission and objective are related, but how are they different? - ANS Mission is fundamental,
ultimate, general and qualitative
Objective is actual, executable, specific, quantifiable/measurable
What is the main reason for the mission? - ANS to keep stakeholders happy
T or F: The mission statement should be clear and simple - ANS
What is the class' mission? - ANS to be Total Quantity Leaders (TQL): to do things right, do the
right thing, need RICK and Trust refrain (e.g. the CEO fires herself)
What is the traditional objective for businesses? - ANS Profit Maximization
What are the issues with the traditional objective of profit maximization? - ANS 1. most likely
businesses chase profit, peripheral, and profit, main, runs away
2. often makes firm tricky and unethical
3. objective is disconnected with the mission
Profit - ANS operating profit ( from products and services) and non-operating profit (from
investment)
What is the new objective for businesses? - ANS Customer Satisfaction
What are the benefits of the new objective of customer satisfaction for businesses? - ANS
Main, long term profit follows
Business Strategy - ANS This business strategy is a long-term plan for accomplishing the
mission set forth in the mission statement. Each function within the business can then derive its
own strategy in support of the firm's overall business strategy (financial strategy, marketing
strategy, and operations strategy).
What are the Critical Path (CP) conditions/definitions? - ANS 1. The longest path in the whole
project
2. Consists only with critical activities
3. The total slack of the Critical Path (CP) should be 0
Operations Strategy - ANS long term master plan to develop and deploy operations capability
to produce product/service that can maximize CS
What is the essence of Operations Strategy - ANS Develop
1. Distinctive Competencies (DC)
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