Operations Management Study Set 5

The earliest finish time for an activity is equal to the latest finish time minus the activity time.

Some organizations use a matrix organization to integrate the activities of specialists within a functional framework.

The main function of dummy activities is to clarify relationships in network diagrams.

The costs associated with risk events tend to be lower near the beginning of a project and higher near the end of the project.

The latest starting time for an activity is equal to the latest finish time minus the activity time.

The network diagram shows sequential relationships among major activities on a project.

Good project management is very important with virtual teams.

Matrix organizations transfer control of workers to project managers for the duration of the project.

Although PERT and CPM were originally developed independently, they are now nearly identical in terms of analysis and procedures.

An advantage of Gantt charts in project management is that they identify which activities can be delayed without delaying the overall project.

The project computing algorithm requires both a forward and a backward pass.

One way that project management differs from management of more traditional activities is because of the limited time framework of projects.

The sum of times of the longest path in a network indicates expected project duration, and the activities represent the critical activities.

The higher the node number, the longer the activity will take.

Once a project is approved and underway, project managers are only responsible for effectively managing time and costs which, if done well, will assure project completion on time and on budget.

A Gantt chart is apopular visual tool for displaying the established precedence relationships.

A hierarchical listing of what must be done during a project is called matrix.

The path in a network with the average length of time to completion is called the critical path.

The probability of occurrence of risk events is lower near the beginning of a project and higher near the end of the project since very few activities remain.

Path probabilities are calculated by dividing path mean by path standard deviations.