MAR 3203 UCF FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
A successful project requires
Answer:
1. planning
2. scheduling
3. controlling
Question:
The longest time path through a network is called the _____
____
Answer:
critical path
Question:
- when a project will be complete
- what are the critical activities
- are we on schedule
etc.
Answer:
CPM can help us find
Question:
Slack =
Answer:
LS (latest start) - ES (earliest start)
OR
LF (latest finish) - EF (earliest finish)
Question:
shortening the duration of the project with the least amount of extra cost
good for when a project gets behind
Answer:
Project Crashing
Question:
(T/F) If you shorten a project that is not on the critical
path, it will still shorten the project duration
Answer:
False, it will not shorten the time because it will just add more slack time to
projects that already have slack time
Question:
, (T/F) If there are multiple critical paths, then you either
need to crash multiple activities at the same time or
crash one activity that is common to all the critical paths.
Answer:
True
Question:
Functional Products
Answer:
include the staples that people buy in a wide range of retail outlets, such as
grocery stores and gas stations
- life cycle more than 2 years
- contribution margin 5 to 20 percent
Question:
Innovative Products
Answer:
- typically have a life cycle of just a few months
- newness makes demand unpredictable
- imitators quickly erode competitive advantage
- these are unpredictable
Question:
Risk-Hedging Supply Chains
Answer:
utilize strategies aimed at pooling and sharing resources in a supply chain to
share risk.
Question:
Agile Supply Chains
Answer:
are responsive and flexible while hedging for the risks of supply shortages and
disruptions by pooling inventories or other resources.
Question:
Strategic Sourcing
Answer:
the development and management of supplier relationships to acquire goods and
services in a way that aids in achieving the immediate needs of the business.
Question:
6 Sourcing Strategies
Answer:
Many suppliers
Few suppliers
Vertical integration
Joint ventures
Keiretsu networks
QUESTIONS AND CORRECT ANSWERS
Question:
A successful project requires
Answer:
1. planning
2. scheduling
3. controlling
Question:
The longest time path through a network is called the _____
____
Answer:
critical path
Question:
- when a project will be complete
- what are the critical activities
- are we on schedule
etc.
Answer:
CPM can help us find
Question:
Slack =
Answer:
LS (latest start) - ES (earliest start)
OR
LF (latest finish) - EF (earliest finish)
Question:
shortening the duration of the project with the least amount of extra cost
good for when a project gets behind
Answer:
Project Crashing
Question:
(T/F) If you shorten a project that is not on the critical
path, it will still shorten the project duration
Answer:
False, it will not shorten the time because it will just add more slack time to
projects that already have slack time
Question:
, (T/F) If there are multiple critical paths, then you either
need to crash multiple activities at the same time or
crash one activity that is common to all the critical paths.
Answer:
True
Question:
Functional Products
Answer:
include the staples that people buy in a wide range of retail outlets, such as
grocery stores and gas stations
- life cycle more than 2 years
- contribution margin 5 to 20 percent
Question:
Innovative Products
Answer:
- typically have a life cycle of just a few months
- newness makes demand unpredictable
- imitators quickly erode competitive advantage
- these are unpredictable
Question:
Risk-Hedging Supply Chains
Answer:
utilize strategies aimed at pooling and sharing resources in a supply chain to
share risk.
Question:
Agile Supply Chains
Answer:
are responsive and flexible while hedging for the risks of supply shortages and
disruptions by pooling inventories or other resources.
Question:
Strategic Sourcing
Answer:
the development and management of supplier relationships to acquire goods and
services in a way that aids in achieving the immediate needs of the business.
Question:
6 Sourcing Strategies
Answer:
Many suppliers
Few suppliers
Vertical integration
Joint ventures
Keiretsu networks
