GMS401 CHAPTER 13: PROJECT MANAGEMENT EXAM
QUESTIONS AND VERIFIED ANSWERS
3 Phases of Management of Projects
1. Planning - this phase includes goal setting, defining the project, and team
organization
2. Scheduling - this phase relates people, money, and supplies to specific activities and
relates activities to each other
3. Controlling - here, the firm monitors resources, costs, quality, and budgets. It also
revises or changes plans and shifts resources to meet time and cost demands
Projects
Can be defined as a series of related tasks directed toward a major output
Project Organization
An organization formed to ensure that programs (projects) receive the proper
management and attention
Work Breakdown Structure (WBS)
A hierarchical description of a project into more and more detailed components
Gantt Charts
Planning charts used to schedule resources and allocate time.
Project Scheduling Purposes
1. It shows the relationship of each activity to others and to the whole project.
2. It identifies the precedence relationships among activities.
3. It encourages the setting of realistic time and cost estimates for each activity.
, 4. It helps make better use of people, money, and material resources by identifying
critical bottlenecks in the project.
Project Controlling
Computerized programs produce a broad variety of PERT/CPM reports, including:
1. Detailed cost breakdowns for each task
2. Total program labour curves
3. Cost distribution tables
4. Functional cost and hour summaries
5. Raw material and expenditure forecasts
6. Variance reports
7. Time analysis reports
8. Work status reports
Program Evaluation and Review Technique (PERT)
A project management technique that employs three time estimates for each activity
- PERT and CPM both follow six basic steps.
- When using PERT, we often assume that activity time estimates follow the beta
distribution.
Critical Path Method (CPM)
A project management technique that uses only on time factor per activity
Critical Path
The computed longest time path(s) through a network
QUESTIONS AND VERIFIED ANSWERS
3 Phases of Management of Projects
1. Planning - this phase includes goal setting, defining the project, and team
organization
2. Scheduling - this phase relates people, money, and supplies to specific activities and
relates activities to each other
3. Controlling - here, the firm monitors resources, costs, quality, and budgets. It also
revises or changes plans and shifts resources to meet time and cost demands
Projects
Can be defined as a series of related tasks directed toward a major output
Project Organization
An organization formed to ensure that programs (projects) receive the proper
management and attention
Work Breakdown Structure (WBS)
A hierarchical description of a project into more and more detailed components
Gantt Charts
Planning charts used to schedule resources and allocate time.
Project Scheduling Purposes
1. It shows the relationship of each activity to others and to the whole project.
2. It identifies the precedence relationships among activities.
3. It encourages the setting of realistic time and cost estimates for each activity.
, 4. It helps make better use of people, money, and material resources by identifying
critical bottlenecks in the project.
Project Controlling
Computerized programs produce a broad variety of PERT/CPM reports, including:
1. Detailed cost breakdowns for each task
2. Total program labour curves
3. Cost distribution tables
4. Functional cost and hour summaries
5. Raw material and expenditure forecasts
6. Variance reports
7. Time analysis reports
8. Work status reports
Program Evaluation and Review Technique (PERT)
A project management technique that employs three time estimates for each activity
- PERT and CPM both follow six basic steps.
- When using PERT, we often assume that activity time estimates follow the beta
distribution.
Critical Path Method (CPM)
A project management technique that uses only on time factor per activity
Critical Path
The computed longest time path(s) through a network
