Question

1. For a project with many task paths of near equal length, the best way to estimate the probabilities associated with project completion is:
a.Use simulation to model the project
Calculate the joint probability of project completion
b.Multiply the probabilities of all paths
c.Estimate the probability for the critical path

2.Which of the following are factors affecting the success of a project
a.Organizational structure and reward systems.
b.Equipment, facilities, and communications systems.
c.Experience and authority of team members.
d.All items are correct.

3.Which of the following would benefit the most from MRP: 
a.Building of a new bridge.
b.Production of aluminum soft drink cans.
c.Production of vacuum cleaners.
d.Gasoline production.

4.A company has decided to outsource the production of key components for its main product to suppliers.  What affect will this have on the product’s bill of materials?
a.There will be no effect.
b.The bill of materials will be wider.
c.The bill of materials will be flatter.
d.The bill of materials will be deeper

5. Which of the following statements best describes demand forecasting?
a.The objective of forecasting is to develop the best statistical model.
b.Executives usually make better forecasts than machines.
c.Forecasting and demand planning have little to do with each other.
d.Better forecasts usually come from combinations of inputs.

6.Increasing the value of alpha (α) in an exponential smoothing model would produce which of the following results.
a.Reduce the ability of the forecast process to respond to seasonality in demand
b.Reduce the influence of more recent demands in computing future forecasts
c.Reduce the amount of data that needs to be stored to support the forecasting process
d.Increase the sensitivity of the forecast process to recent changes in demand

7.Which activity is a university least likely to outsource.

a.Operation of the residence halls.
b.Operation of the bookstore.
c.Classroom instruction.
d.Information technology support services

8.What is the possible impact of lean systems, if taken to its extreme, on supply chain risk? 
a.Positive impact – lean reduces risk
b.Yet to be determined – the data is not yet in
c.No impact – they are not related
d.Negative impact – lean increases risk
9.Stich Fix, an online company that provides personal shopping services for women’s fashion based on each woman’s style and budget is an example of:
a.A continuous process
b.Mass customization
c.A service factory
d.Cellular manufacturing

Answer 1

1) B

The best way to estimate the probability of a project is to multiply the probabilities of all path which will help to factor in all the possibilities and give accurate result

2) D

All the stated items are critical for project success including authority to team members, reward system etc.

3) A

As there are large number of materials required, MRP will help to break down requirement in structured way and properly plan in order to meet the schedule

4) C

It will become flatter as further categorization to sub parts or sub-assemblies will not be there. The structure will be flat and only single component