Project Management Question 1 Which attributes best characterize an “as late as possible” schedule?. 1 answer below »

Project Management

Question 1

Which attributes best characterize an "as late as possible" schedule?

Constrained by time so we can compromise costs early on to provide slack time

Benefits time, but has a downside on costs

Constrained by costs and need to compromise time

Incurs the commitment of costs and resources immediately

Question 2

Which of the following is a downside of crashing a project activity?

Less slack in the project which opens the door to more risk

Shorter activities

Less risk associated with the project because now it's more likely to meet the deadline

Overall duration of the project is shortened

A new critical path might emerge

Question 3

Which of the following are challenges that firms face when estimating the duration of each task in a project? (Select all that apply)

Anchoring Bias

Student Syndrome

Access to Resources

Parkinson's Law

Overconfidence

Question 4

True or false: An action plan, as described by Drucker, is a commitment.

True

False

Question 5

Identify the elements of a project plan. (Select all that apply)

Identify tasks, dependencies, and schedule

Plan resources

Clarify trade-offs and decision-making principles

Identify project scope

Share project plan with stakeholders Correct 0.20 Sharing the project plan with stakeholders is not an element of project planning.

Question 6

Which of the following are benefits of using a Work Breakdown Structure to illustrate the activities involved in a project? (Select all that apply)

The brainstorming process involved in creating it can provide insights into the nature of the project

It visually depicts all the dependencies between activities

It may highlight repetitive areas of the project

It can help in identifying tasks and activities that may have been overlooked

It breaks down the project scope visually

Question 7

When producing a movie, the post production can only begin once the filming has been completed. Which precedence relationship best describes the relationship between "Onsite Filming" and "Post Production"?

Start-to-Start

Finish-to-Start

Finish-to-Finish

Start-to-Finish

Answers

Q1.) Constrained by costs and need to compromise time

An "as late as possible" schedule" is typically constrained by costs, but can compromise time

Q2.) Less slack in the project which opens the door to more risk

While this is a downside, a risk that may be needed in order to complete the project on time

Q3.) Anchoring

Conversations may anchor someone to believing that a task should take a certain period of time

Student Syndrome

If you give someone a specified amount of time to complete a task, procrastination will occur and the individual will not start working on a task until the end of the allotted time

Parkinson's Law

It is important to make sure there is enough work to fill up the entire allotted time to complete a task

Overconfidence

An individual will most likely be overconfident about his/her ability to complete a task

Q4.)False

According to Drucker (2006), a plan is: (1) Statement of intentions ? Commitment, (2) Not a straitjacket, (3) Should be revised often, (4) Should anticipate the need to be flexible, (5) Needs a system for checking the results against expectations, and (6) Becomes the basis for executive time management.

Q5.) Identify tasks, dependencies, and schedule

Identifying tasks, dependencies, and schedule is fundamental to the planning stage. Other elements of project planning are: identifying tasks, dependencies, schedule, planning resources, identifying trade-offs, and analyzing risks

Plan resources

Planning resources is fundamental to the planning stage. Other elements of project planning are: identifying tasks, dependencies, schedule, planning resources, identifying trade-offs, and analyzing risks.

Clarify trade-offs and decision-making principles

Clarifying trade-offs and decision-making principles is fundamental to the planning stage. Other elements of project planning are: identifying tasks, dependencies, schedule, planning resources, identifying trade-offs, and analyzing risks

Identify project scope

Project scoping is fundamental to the planning stage. Other elements of project planning are: identifying tasks, dependencies, schedule, planning resources, identifying trade-offs, and analyzing risks

Q6.)The brainstorming process involved in creating it can provide insights into the nature of the project

The process of organizing the hierarchy of the project and listing all of the tasks required to complete it can provide crucial insight into aspects of the project's nature that might not be understood otherwise

It may highlight repetitive areas of the project

Comprehensively listing all of the activities and organizing them by hierarchy can reveal activities and tasks that are listed in multiple areas

It can help in identifying tasks and activities that may have been overlooked

By methodically listing out all the subordinate tasks and activities required to accomplish high level tasks, previously unidentified activities can be identified

It breaks down the project scope visually

A WBS depicts all the tasks and activities that must be accomplished in order to achieve the objectives outlined in the project scope

Q7.)Finish-to-Star

Only when the activity "Onsite Filming" is finished can the "Post Production" activity start. This is captured by a Finish-to-Start relationship

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