MGMT 301 Final Questions With Complete Solutions

Consider the following project network, with task duration data (in days provided) A1,B4,C2,D2,E7,F1,G2,H3,I1,J1 Which of the following is the completion time for this project? correct answer: 11 days Which two steps in the forecasting process are most likely to get skipped or ignored in practice? correct answer: Validation and monitoring Calculate MAD using the following data. Demand for the past 4 periods was: 342,355,349,348; Forecasts for the past 4 periods was: 347,349,348,348 correct answer: 3 Calculate CFE using the following data: Demand in periods 1-3 was: 225,232,222. The forecast for the same periods was: 229,231,225 correct answer: -6 Calculate MSE using the following data. Demand for the past 3 periods was: 151,171,147; Forecast was: 162,156,165 correct answer: 223.33 Calculate a weighted moving average forecast for period 6, using the following data. Weights: use .5 as weight for most recent demand, use .3 as weight for next most recent demand and use .2 as weight for the next most recent demand; Demand for periods 1-5 are 501,492,499,505,496. correct answer: 499.3 In an AON project network, nodes of the network represent the activities correct answer: True Costs that are allocated to a project generally increase as project duration increases, while direct costs of a project may generally decrease as project duration increases correct answer: True The mean expected completion time for a project is 21 weeks. The critical path for the project is A-C-F. What is the probability that the project will get done in 24 weeks? TASK Variance A 3 B 4 C 5 D 2 E 1 F 1 correct answer: 0.8413 A forward pass is used in evaluating a. project network to determine earliest start time and latest start time for each task correct answer: False The choice of which sequencing rule to use in production scheduling does not need to be related to the firms operations strategy correct answer: False In scheduling, the term "sequencing" refers to allocating work to machines or work centers (assuming that adequate materials, machines, and labor are available correct a