OPSY 5315 - Exam 1 Questions with Correct Answers Latest Update 2026/2027
project management activities - Answers 1. Planning
2. Scheduling
3. Controlling
planning phase - Answers objectives, resources, work breakdown structure, organization
PERT - Answers Program Evaluation and Review Technique
Gantt Chart - Answers A time and activity bar chart that is used for planning, managing, and
controlling major programs that have a distinct beginning and end.
CPM - Answers Critical Path Method
Critical Path Method - Answers A method used to estimate the minimum project duration and
determine the amount of scheduling flexibility on the logical network paths within the schedule
model.
Six Steps of PERT & CPM - Answers 1. Define the project and prepare the work breakdown
structure
2. Develop relationships among the activities - decide which activities must precede and which
must follow others
3. Draw the network connecting all of the activities
4. Assign time and/or cost estimates to each activity
5. Compute the longest time path through the network - this is called the critical path
6. Use the network to help plan, schedule, monitor, and control the project
AOA - Answers Activity on Arrow
AON - Answers Activity on Node
critical path - Answers the sequence of activities that determine the earliest date by which the
project can be completed
three primary functions all organizations perform - Answers 1. finance/accounting
2. marketing
3. production/operations
A large percentage of the revenue of most firms is spent on which function? - Answers
, operations
reasons to study OM - Answers 1. one of three major functions
2. know how goods and services are produced
3. understand what operations managers do
4. it is a costly part of an org
What fosters specialization and worldwide supply chains? - Answers specialized expert
knowledge, cheaper transportation, instant communication
where does the supply chain start? - Answers provider of raw materials
basic functions of the management process - Answers planning, organizing, staffing, leading,
controlling
scheduling - Answers intermediate- and short-term schedules that use both personnel and
facilities while meeting demands
The Father of Scientific Management - Answers Frederick W. Taylor
The person who introduced standardized, interchangeable parts - Answers Eli Whitney
the person who believed that management must do more to improve the work environment and
processes so that quality can be improved - Answers W Edwards Deming
the service sector constitutes what percentage of employment in the US? - Answers between 80
-90%
85.9%
services - Answers economic activities that typically produce an intangible product
characteristics of services - Answers intangibility
inseparability of production and consumption
perishability
heterogeneity
client-based relationships
customer contact
mission statement - Answers 1. provides boundaries and focus
project management activities - Answers 1. Planning
2. Scheduling
3. Controlling
planning phase - Answers objectives, resources, work breakdown structure, organization
PERT - Answers Program Evaluation and Review Technique
Gantt Chart - Answers A time and activity bar chart that is used for planning, managing, and
controlling major programs that have a distinct beginning and end.
CPM - Answers Critical Path Method
Critical Path Method - Answers A method used to estimate the minimum project duration and
determine the amount of scheduling flexibility on the logical network paths within the schedule
model.
Six Steps of PERT & CPM - Answers 1. Define the project and prepare the work breakdown
structure
2. Develop relationships among the activities - decide which activities must precede and which
must follow others
3. Draw the network connecting all of the activities
4. Assign time and/or cost estimates to each activity
5. Compute the longest time path through the network - this is called the critical path
6. Use the network to help plan, schedule, monitor, and control the project
AOA - Answers Activity on Arrow
AON - Answers Activity on Node
critical path - Answers the sequence of activities that determine the earliest date by which the
project can be completed
three primary functions all organizations perform - Answers 1. finance/accounting
2. marketing
3. production/operations
A large percentage of the revenue of most firms is spent on which function? - Answers
, operations
reasons to study OM - Answers 1. one of three major functions
2. know how goods and services are produced
3. understand what operations managers do
4. it is a costly part of an org
What fosters specialization and worldwide supply chains? - Answers specialized expert
knowledge, cheaper transportation, instant communication
where does the supply chain start? - Answers provider of raw materials
basic functions of the management process - Answers planning, organizing, staffing, leading,
controlling
scheduling - Answers intermediate- and short-term schedules that use both personnel and
facilities while meeting demands
The Father of Scientific Management - Answers Frederick W. Taylor
The person who introduced standardized, interchangeable parts - Answers Eli Whitney
the person who believed that management must do more to improve the work environment and
processes so that quality can be improved - Answers W Edwards Deming
the service sector constitutes what percentage of employment in the US? - Answers between 80
-90%
85.9%
services - Answers economic activities that typically produce an intangible product
characteristics of services - Answers intangibility
inseparability of production and consumption
perishability
heterogeneity
client-based relationships
customer contact
mission statement - Answers 1. provides boundaries and focus
