MGMT 339 CHAPTER 7 PROJECT MANAGEMENT EXAM AND ACTUAL ANSWERS.

Project - Answer an Interrelated set of activities with a definite starting and ending point, which results in a unique outcome for a specific allocation of resources. Project Management - Answer A systemized, phased approach to defining, organizing, planning, monitoring and controlling projects. Program - Answer An interdependent set of projects that have a common strategic purpose. work breakdown structure (WBS) - Answer A statement of all work that has to be completed. activity - Answer The smallest unit of work effort consuming both time and resources that the project manager can schedule and control. network diagram - Answer A network planning method, designed to depict the relationships between activities, that consist of nodes (circles) and arcs (arrows). program evaluation and review technique (PERT) - Answer A network planning method created for the U.S. Navy's Polaris missile project in the 1950's, which involved 3,000 separate contractors and suppliers. Critical Path Method (CPM) - Answer A network planning method developed in the 1950's as a means of scheduling maintenance shutdowns at chemical-processing plants. precedence relationship - Answer A relationship that determines a sequence for undertaking activities; it specifies that one activity cannot start until a preceding activity has been completed. Path - Answer The sequence of activities between a projects start and finish. Critical Path - Answer The sequence of activities between projects start and finish that takes the longest time to complete. earliest finish time (EF) - Answer An activitys earliest stat time plus its estimated duration, t, or EF = ES + t.