## MC / TF (2 pts each)

1.  A framework for defining all project work elements and their relationships, collecting, and organizing information, developing relevant cost and revenue data, and management activities is referred to as the:

a.   Process Document b.  Network Analysis

c.   Work Breakdown Structure d.  Budget

2.  Which one of these is true of a defined project? a.    A project has loose start and end dates. b.  A project consumes no resources.

c.   A project is carried out by a set of completely independent tasks.

d.  A project has a specific objective to completed within certain specifications.

3.  What is the correct order of the project lifecycle?

a.   Planning, Initiation, Execution, Closing b.  Initiation, Planning, Execution, Closing c.   Execution, Planning, Initiation, Closing d.  Initiation, Execution, Planning, Closing

4.  What is the formula for calculating total float?

a.   LF + EF b.  LS – ES c.   LF – EF

d.  Both b and c are correct

5.  If task B has an early start (ES) at week 3 and has a duration of 4 weeks, what is the early finish (EF) value if we assume the project starts  at week 1?

6.  The goal of resource leveling is to balance demand for resources with the supply on- hand.

True/False

7.  On the critical path, LF = ES + duration.

True/False

For questions 8-10, please use the following draft level of a WBS and Network Chart:

8.  What is the critical path? Show your calculations. (4 pts)

9.  What is the total duration of the project? (2 pts)

10. In 1-2 sentences, interpret the network chart. Describe the flow of events, what the key

values are, and what they signify for this project. (5 pts)

11. Explain the relationship between estimates and budgets. Also, explain the impact of a greater cost contingency and slack (time contingency) consumption, on successful achievement of cost and duration budget goals. (25 points)

12. Assume NYIT had completed an addition, in 1999, that cost \$3,000,000 when the relevant cost index was 206. Today, when the latest cost index is 269, they wish to build a similar addition which is 50% larger. For this estimate the parametric factor is

0.8.

a.   What is today’s estimated cost based on the above? (15 points)

b.  What contingency/uncertainty percent and amount should be added to the estimated cost for decision purposes (to obtain a budget based on the quality of this estimate)? Why? (5 points)

c.   Would you add slack to a current estimated duration based on the same quality

of information for the new facility construction? If so, why, and what percentage?

(5 points)

13. If the estimated durations in a schedule are based on a Detailed Design, what % schedule contingency (15 points) would you use? Also, explain the reasoning why you would add it on a Gantt Chart (10 points) to:

d.  all durations, or

e.   critical path durations only, or

f.   the end of the overall critical path durations, or g.  the first task only.