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OMGT 5783 MIDTERM EXAM 2025 | ACTUAL
EXAM WITH ANSWERS
Definition of a Project - Correct-answer-a project is a temporary endeavor
undertaken to create a unique product, service, or result. Its major goal is to
satisfy a customer's need. A project must have: an established objective; a
defined life span with a beginning and an end; involvement from several
departments and professionals; specific, time, cost and performance
requirements
Estimating Project Times and Costs - Correct-answer-Managers recognize time,
cost, and resource estimates must be accurate if project planning, scheduling, and
controlling are to be effective. However, there is substantial evidence suggesting
poor estimates are a major contributor to projects that have failed. Therefore,
every effort should be made to see that initial estimates are as accurate as
possible since the choice of no estimates leaves a great deal to luck and is not
palatable to serious project managers. Even though a project has never been
done before, a manager can follow seven guidelines to develop useful work
package estimates
Top Down vs Bottom Up Estimating - Correct-answer-The Top-down approach is
practical for the initial stage of strategic decision-making and in situations where
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the information required to develop accurate duration and costs estimates is not
available in the initial phase of the project. Hence, top-down estimates are used
initially until the tasks in WBS are defined clearly, which enable the development
of well-defined schedules and budget.
The Bottom-up approach is typically more reliable and preferred for estimating
because it assesses each work package from the bottom, working up to a
deliverable and phase. It is practical to use when project schedules and budget
from previous similar projects are available for reference
Phase Estimating - Correct-answer-is used when an unusual amount of
uncertainty surrounds a project and it is impractical to estimate times and costs
for the entire project. Phase estimating uses a two-estimate system over the life
of the project. A detailed estimate is developed for the immediate phase and a
macro estimate is made for the remaining phases of the project
Forward Pass - Correct-answer-Forward pass (earliest times) is a technique to
move forward through network diagram to determining project duration and
finding the critical path or Free Float of the project.
Backward Pass - Correct-answer-represents moving backward to the end result
to calculate late start or to find if there is any slack in the activity
OMGT 5783 MIDTERM EXAM 2025 | ACTUAL
EXAM WITH ANSWERS
Definition of a Project - Correct-answer-a project is a temporary endeavor
undertaken to create a unique product, service, or result. Its major goal is to
satisfy a customer's need. A project must have: an established objective; a
defined life span with a beginning and an end; involvement from several
departments and professionals; specific, time, cost and performance
requirements
Estimating Project Times and Costs - Correct-answer-Managers recognize time,
cost, and resource estimates must be accurate if project planning, scheduling, and
controlling are to be effective. However, there is substantial evidence suggesting
poor estimates are a major contributor to projects that have failed. Therefore,
every effort should be made to see that initial estimates are as accurate as
possible since the choice of no estimates leaves a great deal to luck and is not
palatable to serious project managers. Even though a project has never been
done before, a manager can follow seven guidelines to develop useful work
package estimates
Top Down vs Bottom Up Estimating - Correct-answer-The Top-down approach is
practical for the initial stage of strategic decision-making and in situations where
, 2|Page
the information required to develop accurate duration and costs estimates is not
available in the initial phase of the project. Hence, top-down estimates are used
initially until the tasks in WBS are defined clearly, which enable the development
of well-defined schedules and budget.
The Bottom-up approach is typically more reliable and preferred for estimating
because it assesses each work package from the bottom, working up to a
deliverable and phase. It is practical to use when project schedules and budget
from previous similar projects are available for reference
Phase Estimating - Correct-answer-is used when an unusual amount of
uncertainty surrounds a project and it is impractical to estimate times and costs
for the entire project. Phase estimating uses a two-estimate system over the life
of the project. A detailed estimate is developed for the immediate phase and a
macro estimate is made for the remaining phases of the project
Forward Pass - Correct-answer-Forward pass (earliest times) is a technique to
move forward through network diagram to determining project duration and
finding the critical path or Free Float of the project.
Backward Pass - Correct-answer-represents moving backward to the end result
to calculate late start or to find if there is any slack in the activity
