FINAL EXAM REVIEW QUESTIONS

Note: None of these questions is actually on the final exam.

Q1 An activity will expend 320 labour hours by two people working regular 5-day weeks with eight-hour
days, starting on a Monday. What are the duration and effort?
(a) 20 working days, 2 staff
(b) 4w, 160 hours
(c) 20d, 320 hours
(d) Insufficient data

Q2 In critical path scheduling, define and distinguish between “fast-tracking” and “crashing”?

Q3 In the accompanying WBS fragment, what would be an appropriate WBS numbering system?
(a) BB=20001, EE=20002, FF=20003, CC=20010, DD=20020
(b) BB=21000, EE=21100, FF=21110, CC=22000, DD=23000
(c) BB=21001, EE=22001, FF=22003, CC=21010, DD=21020
(d) BB=20000, EE=21000, FF=25000, CC=22000, DD=23000

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Q4 What are some things you can do to develop, motivate, and to manage your project team?

Q5 Part 1. Your work package has cumulative measurements as follows: PV = 800, EV= 1,000, AC =
1,200. How are you doing on cost and schedule? What is your cost performance index for the whole work
package to date CPICUM?

Part 2: This is a continuation of the above question. The work package spans 3 reporting periods. Each
reporting period is of one week duration. You find out that your cost performance index for the most recent
week CPIPER = 0.7. What can you conclude from this extra information?

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Q6 (3 points, no points for calculations) We have to select one of several mutually exclusive strategies. To
do so, we have estimated the positive outcomes of three future scenarios. Based on the table below, which
strategy (S1, S2, S3, S4, S5) has the highest Expected Monetary Value, and what is its EMV?

PAYOFF TABLE (Profit in Millions)

Strategy  Scenario 1 (25%)  Scenario 2 (50%)  Scenario 3 (25%) 

S1  80  50  120 

S2  80  80  80 

S3  160  120  ‐20 

S4  20  40  20 

S5  ‐20  100  220