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OMIS 338 Final Exam with Questions 100% Solved |Latest Update| Verified Answers
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OMIS 338 Final Exam with Questions 100%Solved |Latest Update| Verified Answers
What is an AON (activity-on-node) diagram? - ✔ANS It is a method of constructing a
project schedule network diagram that uses boxes, referred to as nodes, to
represent activities and connects them with arrows that show the dependencies
How do you find the critical path with an AON diagram? - ✔ANS The critical path is
the longest path through the network within the diagram
What path within the AON diagram takes the shortest time to complete? -
✔ANS Critical Path
How much slack time do critical path activities have? - ✔ANS None
Can multiple critical path exist? - ✔ANS Yes
What 3 time estimates are required when using PERT? - ✔ANS Optimistic,
Pessimistic, and Most Likely Time
Optimistic Time - ✔ANS If everything goes according to plan
Pessimistic Time - ✔ANS Assuming very unfavorable conditions
, Most Likely Time - ✔ANS Most realistic time
What is project crashing? - ✔ANS Shortening the duration of the project
Why is project crashing necessary at times? - ✔ANS If the project isn't going to
be completed by the scheduled time and the cost of crashing is low, then crash it
What are the steps in the crash process? - ✔ANS Compute the crash cost per time
period -> Find critical path & identify critical activities -> If 1 crit. path, crash the
activity / if 2 crit. paths find best one to crash activity -> Update all activity times
What is decision making under uncertainty? - ✔ANS Complete uncertainty as to
which state of nature may occur
What are the 3 methodologies to making a decision under uncertainty? -
✔ANS Maximax, Maximin, & Equally Likely
What is the Maximax methodology? - ✔ANS -Find the alternative that maximizes
the maximum outcome (Gain) for every alternative
-Pick the outcome with the maximum number (Gain)
-Choose the alternative with the Highest possible gain
-This is viewed as an optimistic decision criteria
What is the Maximin methodology? - ✔ANS -Find the alternative that maximizes
the minimum outcome (Loss) for every alternative
-Pick the outcome with the minimum number (Loss)
-Choose alternative with Least possible loss
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