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In a network diagram, an activity: A) is the largest unit of work effort consuming both time and resources that a project manager can schedule and control. B) is the smallest unit of work effort consuming both time and resources that a project manager can schedule and control. C) should always be something the company has had experience with. D) must always have a single, precise estimate for the time duration.

B) is the smallest unit of work effort consuming both time and resources that a project manager can schedule and control.

Which one of the following is an example of causal forecasting technique? A) weighted moving average B) linear regression C) exponential smoothing D) Delphi method

B) linear regression

The manufacturer developed and tested a questionnaire, designed to assist them in gauging the level of acceptance for their new product, and identified a representative sample as part of their: A) salesforce estimate. B) market research. C) executive opinion. D) Delphi method.

B) market research

One aspect of demand that makes every forecast inaccurate is: A) trend variation. B) random variation. C) cyclical variation. D) seasonal variation.

B) random variation.

With the multiplicative seasonal method of forecasting: A) the times series cannot exhibit a trend. B) seasonal factors are multiplied by an estimate of average demand to arrive at a seasonal forecast. C) the seasonal amplitude is a constant, regardless of the magnitude of average demand. D) there can be only four seasons in the time-series data

B) seasonal factors are multiplied by an estimate of average demand to arrive at a seasonal forecast.

A forecaster that uses a holdout set approach as a final test for forecast accuracy typically uses: A) the entire data set available to develop the forecast. B) the older observations in the data set to develop the forecast and more recent to check accuracy. C) the newer observations in the data set to develop the forecast and older observations to check accuracy. D) every other observation to develop the forecast and the remaining observations to check the accuracy.

B) the older observations in the data set to develop the forecast and more recent to check accuracy.

Which statement about forecast accuracy is TRUE? A) A manager must be careful not to "overfit" past data. B) The ultimate test of forecasting power is how well a model fits past data. C) The ultimate test of forecasting power is how a model fits holdout samples. D) The best technique in explaining past data is the best technique to predict the future.

A) A manager must be careful not to "overfit" past data.

Which one of the following statements about forecasting is FALSE? A) You should use the simple moving-average method to estimate the mean demand of a time series that has a pronounced trend and seasonal influences. B) The weighted moving-average method allows forecasters to emphasize recent demand over earlier demand. The forecast will be more responsive to change in the underlying average of the demand series. C) The most frequently used time-series forecasting method is exponential smoothing because of its simplicity and the small amount of data needed to support it. D) In exponential smoothing, higher values of alpha place greater weight on recent demands in computing the average.

A) You should use the simple moving-average method to estimate the mean demand of a time series that has a pronounced trend and seasonal influences.

In an activity-on-node [AON] network, the nodes represent ________, whereas the arcs represent ________. A) activities; precedence relationships. B) precedence relationships; time C) events, activities. D) activities, time

A) activities; precedence relationships.

Which one of the following is most useful for measuring the bias in a forecast? A) cumulative sum of forecast errors B) standard deviation of forecast errors C) mean absolute deviation of forecast errors D) percentage forecast error in period

A) cumulative sum of forecast errors

Large, infrequent jumps in capacity are characteristic of companies that: A) have an expansionist strategy. B) have a wait-and-see strategy. C) have low utilization. D) have high utilization

A) have an expansionist strategy.

Large, infrequent jumps in capacity are characteristic of companies that: A) have an expansionist strategy. B) have a wait-and-see strategy. C) have low utilization. D) have high utilization.

A) have an expansionist strategy.

Long-term capacity plans deal with: A) investments in new facilities. B) workforce size. C) inventories. D) overtime budgets.

A) investments in new facilities.

A project is currently scheduled to be finished on its normal earliest completion date. The project manager has the opportunity to earn a bonus if the project can be completed three weeks ahead of schedule. The increase in project direct costs related to crashing activities would be $40,000. Also, project indirect costs are $15,000 per week. What is the smallest bonus that the project manager should accept if he or she wants to avoid increasing overall project costs? A) less than or equal to $5,000 B) greater than $5000 but less than or equal to $10,000 C) greater than $10,000 but less than or equal to $15,000 D) greater than $15,000.

A) less than or equal to $5,000

The judgment methods of forecasting are to be used for purposes of: A) making adjustments to quantitative forecasts due to unusual circumstances. B) generating data for use in time-series approaches. C) providing the calculations necessary for quantitative forecasts. D) calculating the forecast error for quantitative methods

A) making adjustments to quantitative forecasts due to unusual circumstances.

The savvy project manager knew there would be a high demand for finish carpenters in late October, so she started a crew early on one section of the house so they would be available to help elsewhere later on. This project manager is engaging in A) resource leveling B) resource acquisition C) resource allocation D) resource scheduling

A) resource leveling

Which one of the following best describes the critical path of a PERT/CPM network? A) the sequence of activities between a project's start and finish that takes the longest time to complete B) the sequence of activities between a project's start and finish that has the maximum amount of activity slack C) the set of activities that has no precedence relationships D) the sequence of activities that has the lowest normal activity cost.

A) the sequence of activities between a project's start and finish that takes the longest time to complete

Assume that activity G has the following times: Early start time = 7 days Early finish time = 13 days Late start time = 15 days Late finish time = 21 days Which of the following statements is TRUE about activity G? A) Activity G takes 14 days to complete. B) Activity G has a slack time of 8 days. C) Activity G is on the critical path. D) Activity G takes 2 days to complete.

B) Activity G has a slack time of 8 days

Which of the following descriptions about waiting line models is BEST? A) They account for major events such as competitor actions. B) They account for the random, independent behavior of many customers. C) They assume that each branch can give the highest expected payoff. D) They deal with the certainty and stability in demand.

B) They account for the random, independent behavior of many customers.

Both products are produced on the same machine, called Mark I. A) fewer than 3000 B) between 3000 and 3500 C) between 3501 and 4000 D) more than 4000

B) between 3000 and 3500

Which one of the following factors usually motivates a smaller capacity cushion? A) unevenly distributed demands B) high capital intensity C) high penalty costs for overtime usage D) requests for quick customer services.

B) high capital intensity

7. A well-educated operations manager used the capacity requirements equation to determine the number of crackerbox welders to purchase for the shop, given the standard time per unit, hours available per machine, among other relevant parameters. He studied the answer, 12.6, and concluded that: A) he had made a mistake, since it isn't possible to purchase a fractional welder. B) he needed to decrease his desired capacity cushion to bring him up to an even thirteen welders. C) he should buy twelve welders and spend 50% more time per part to reach the 12.6 figure. D) he should buy twelve welders and use all of them at 5% overtime to achieve the necessary output.

D) he should buy twelve welders and use all of them at 5% overtime to achieve the necessary output.

The earliest start time for an activity is equal to the: A) smallest earliest finish time of all of its immediate predecessors. B) smallest late start time of any of its immediate predecessors. C) largest late finish time of all of its immediate predecessors. D) largest earliest finish time of all of its immediate predecessors

D) largest earliest finish time of all of its immediate predecessors

The number of #2 pencils the bookstore sells appears to be highly correlated with the number of student credit hours each semester. The bookstore manager wants to create a linear regression model to assist her in placing an appropriate order. In this scenario: A) the dependent variable is student credit hours. B) there are two independent variables. C) there are two dependent variables. D) the independent variable is student credit hours.

D) the independent variable is student credit hours.

Long-term capacity decisions that confront managers include all of the following EXCEPT: A) capital equipment. B) additional land. C) buildings. D) workforce size

D) workforce size

To calculate the probability of completing a project by a certain date: A. the expected completion time of the project is taken to be the sum of the activity times on the shortest path. B. we need only the parameters of the beta distribution for the finish node of the diagram. C. the variance of the distribution of project completion times is taken to be one sixth D. we assume that the activity durations are independent of each other so that the normal distribution can be used.

D. we assume that the activity durations are independent of each other so that the normal distribution can be used.

When using the beta probability distribution to estimate activity times, which of the following statements is TRUE? A. The beta distribution is used as a way of approximating a normal probability distribution for time estimates B. The use of most optimistic, most likely, and most pessimistic times for an activity will result in a determination of the expected times for that activity C. The larger the difference between most pessimistic time and most optimistic time for an activity, the smaller will be the variance of that time estimate D. The project manager is usually the only person involved in making time estimates because obtaining estimates from workers involved in the activities would result in inconsistent estimates

B. The use of most optimistic, most likely, and most pessimistic times for an activity will result in a determination of the expected times for that activity

20. Which one of the following statements regarding Figure 7.2 is TRUE? A) Activity S cannot finish until activity T finishes. B) Activity T cannot begin until activity U is completed. C) Activity U cannot begin until activities S and T have been completed. D) Activity V cannot begin until activity S has been completed

C) Activity U cannot begin until activities S and T have been completed

A project has three paths. A-B-C has a length of 25 days. A-D-C has a length of 15 days. Finally, A-E-C has a length of 20 days. Which one of the following statements is TRUE? A) A-D-C is the critical path. B) A-B-C has the most slack. C) The expected duration of this project is 25 days. D) The expected duration of this project is 25 + 15 + 20 = 60 days.

C) The expected duration of this project is 25 days.

A project organization structure where team members are assigned to the project and work exclusively for the project manager is called: A) a matrix structure. B) a fixed structure. C) a pure project structure. D) a functional structure.

C) a pure project structure.

When future demand is uncertain and sequential decisions are involved in capacity planning, a manager should use a: A) waiting line model. B) cash flow analysis. C) decision tree. D) gap analysis.

C) decision tree.

Using salesforce estimates for forecasting has the advantage that: A) no biases exist in the forecasts. B) statistical estimates of seasonal factors are more precise than any other approach. C) forecasts of individual sales force members can be easily combined to get regional or national sales totals. D) confusion between customer "wants" (wish list) and customer "needs" (necessary purchases) is eliminated

C) forecasts of individual sales force members can be easily combined to get regional or national sales totals

If a system is well balanced, which one of the following changes usually calls for a larger capacity cushion? A) higher capital intensity B) higher worker flexibility C) requests for fast delivery times D) higher inventories

C) requests for fast delivery times

Input measures include such metrics as: A) the number of customers served per hour. B) the number of trucks produced per day. C) the number of machine hours available. D) the number of bills processed in a week

C) the number of machine hours available.

To calculate the probability of completing a project by a certain date: A) the expected completion time of the project is taken to be the sum of the activity times on the shortest path. B) the variance of the distribution of project completion times is taken to be one-sixth the difference between the latest finish time and the earliest finish time of the last activity in the project. C) we assume that the activity durations are independent of each other so that the normal distribution can be used. D) we need only the parameters of the beta distribution for the finish node of the diagram.

C) we assume that the activity durations are independent of each other so that the normal distribution can be used

A manufacturing plant is capable of producing 10 tons of product per day when it runs three shifts with no breakdowns and plenty of raw materials. Over the past week, the plant has produced an average of 7.3 tons per day because the third shift has devoted much of their time to preventive maintenance. What is the utilization of the plant? A) 10 tons/day B) 7.3 tons/day C) 137% D) 73%.

D) 73%.

Activity times for a project are estimated by all but which of the following methods? A) Managerial opinions based on similar prior experiences. B) Statistical methods based on actual past experience. C) Estimates using learning curve models to improve replications and estimate accuracy. D) Methods-Time Measurement (MTM) data, which includes predetermined time estimates for different activities.

D) Methods-Time Measurement (MTM) data, which includes predetermined time estimates for different activities.

Andy took what he liked to call "the sheriff without a gun" approach to forecasting. Every period he tried a number of different forecasting approaches and simply averaged the predictions for all of the techniques. This overall average was the official forecast for the period. The more formal name for this technique is: A) grand averaging. B) focus forecasting. C) simple average. D) combination forecasting.

D) combination forecasting.

The transition from economies of scale to diseconomies of scale: A) is more likely to occur in a service operation. B) is more likely to occur in a manufacturing operation. C) is more likely to occur when utilization is low. D) contains the point at which average unit costs are at their lowest

D) contains the point at which average unit costs are at their lowest

The transition from economies of scale to diseconomies of scale: A) is more likely to occur in a service operation. B) is more likely to occur in a manufacturing operation. C) is more likely to occur when utilization is low. D) contains the point at which average unit costs are at their lowest.

D) contains the point at which average unit costs are at their lowest.

Which one of the following basic patterns of demand is difficult to predict because it is affected by national or international events or because of a lack of demand history reflecting the stages of demand from product development to decline? A) horizontal B) seasonal C) random D) cyclical.

D) cyclical

There are historically three 32-month periods of generally rising prices in the stock market for every one 9-month period of falling prices. This observation leads you to conclude that the stock market exhibits a: A) random pattern. B) trend pattern C) seasonal pattern. D) cyclical pattern.

D) cyclical pattern.