Exam 1

The longest path throush the network with zero slack

The critical path of a project network diagram is:

Decide whether or not to kill the project

At the end of each phase of a project, you will:

the project scope

Defines what the project is

almost always wrong

Forcasts are :

Operations

Provides the organization's products and services

qualitative and quantitative

The two general approaches to forecasting are

All of the above

A project: a) Is a temporary endeavor b) Has a starting point c) Has an ending point d) Is unique e) All of the above

First tier supplier

A supplier that provides products or services directly to a particular firm is called a:

The task was on the critical path

A task has been started too late, and has just delayed the end date of your project. This means that:

True

A time-series model uses a series of past data points to make the forecast : T or F

A repeated pattern of data continuing in an upward or downward direction

A trend in a data series is

False

An order qualifier is a criterion that differentiates the products and services of one firm over another : T or F

complex and constantly shifting product line

Which of the following is least likely to be a Cost Leadership competitive advantage? a) complex and constantly shifting product line b) low overhead c) tight inventory management d) effective capacity use

Dependent on the executive's insight

Expert opinion forecasts are:

Stage gate review

Between the major phases of a project there is a

The pessimistic time

The estimated time an activity will take assuming very unfavorable conditions is

Forecasts

are rarely perfect

False

In competition, it is usually desirable to attempt to excel at as many competitive differentiators as possible : T or F

measure forecast accuracy

The primary purpose of the mean percent error (MPE) in forecasting is to

True

The project manager must manage the trade-offs between project cost, quality and time : T or F

False

The strategic performance dimensions DO NOT involve tradeoffs between them : T or F

True

By their very nature, projects are temporary : T or F

Quality, time, flexibility and cost

Companies can differentiate themselves through the following performance dimensions:

True

Every organization, including services firms have an operations function : T or F

True

Demand (sales) forecasts serve as inputs to financial, marketing, and operations planning : T or F

Decide whether or not to kill the project

Describe the role of gates in the project management process:

The delphi method

Is an improvement on expert consensus

Mean Absolute Deviation

Is used to evaluate which forecast is best

False

Most businesses are organized functionally, which means that they are organized in the order in which the product is produced : T or F

True

National differences in labor costs sometimes drive production and manufacturing to other countries : T or F

True

Operations management is an area of business concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective in meeting customer requirements : T or F

Project Sponsor

Project managers during the course of their project are working for the

Seasonality

Repeated patterns in the data that occur at the same time of each year are called

True

There are several professional societies associated with operations and supply chain management : T or F

E

The following is primarily an operations &supply chain management decision: a) Building a new plant or opening a new office b) Selecting suppliers to do business with c)Deciding where to place distribution hubs d)Designing the layout for a new office area e) All of the above

False

The naive forecast simply averages the last few months of actual demand to arrive at a forecast : T or F

Supply chain

The network of manufacturers and service providers that work together to convert and move goods from the raw materials stage through to the end user is called the:

Weighted Moving Average forecasts

Treat the most recent data with more impact than the other pieces of data

False

When forecasting, the forecast for individual products are usually more accurate than for those products added together as a group : T or F

E

Which of the following is NOT a stakeholder of a project: a) Project manager b) Project team c) Proiect sponsor d) Manager not involved, but who loses access to information as a result of the project e) All of the above are stakeholders of a project

They are formulated after strategies are known

Which of the following statements about organizational missions is false? a) They define a company's reason for existence b) They provide guidance for functional areas c) They are formulated after strategies are known d) They reflect a company's purpose e) They indicate what a company intends to contribute to society

Crew Scheduling

Which of the following tasks within an Airline Company are related to Operations? a) Sales b) Crew Scheduling c) International Monetary Exchange d) Accounts Payable

E

Which one of the following is NOT a project: a) Construction of a custom home b) An innovative new fund raiser c) Construction of a bridge d) Development of multiple enhancements to a computer system e) All of the above fit the definition of a project

A strategy is an

action plan to achieve the mission