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A comprehensive review of key concepts in operations and project management, covering topics such as project management methodologies, critical path analysis, lean operations, risk management, and quality control. It includes multiple-choice, fill-in-the-blank, true/false, and multiple-response questions with detailed answers and rationales, making it a valuable resource for students preparing for their midterms exam in bus521.
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Rationale: The sigma level measures process performance and quality in Six Sigma.
True/False Questions Multiple Response Questions
Rationale: A project scope statement defines objectives, deliverables, and exclusions, while risks are detailed in a risk register.
Question: Which of the following is NOT a common risk response strategy? a) Avoid b) Transfer c) Mitigate d) Escalate e) Accept ANS : d) Escalate Rationale: Escalation is a process for communicating a risk to higher levels of management, not a strategy for managing it. The other options (Avoid, Transfer, Mitigate, and Accept) are all recognized risk response strategies. Question: What is the primary purpose of a Pareto chart in quality control? a) To identify the root cause of a defect b) To track the progress of a quality improvement initiative c) To prioritize quality issues based on their frequency d) To measure the effectiveness of a quality control process
ANS : c) To prioritize quality issues based on their frequency Rationale: A Pareto chart uses the Pareto principle (80/20 rule) to visually represent the frequency of defects, allowing for prioritization of the most common issues for improvement. Question: In a supply chain, which of the following is considered a "push" strategy? a) Just-in-time (JIT) inventory management b) Make-to-order production c) Mass production d) Demand-driven replenishment ANS : c) Mass production Rationale: Mass production relies on pushing products through the supply chain based on forecasts, not actual demand. The other options are "pull" strategies, responding to actual demand. Question: Which of the following is NOT a characteristic of a successful project team?
durations, CPM identifies the critical path, and Gantt charts provide a visual representation of the project schedule. Fill-in-the-Blank: Question: The __ is a statistical process control tool used to monitor the variation of a process over time. ANS : Control chart Question: __ is a management philosophy that emphasizes continuous improvement and customer satisfaction. ANS : Total Quality Management (TQM) Question: The __ is the shortest possible time to complete a project, assuming all activities are completed without delay. ANS : Critical path Question: __ is a technique used to identify and assess potential risks in a project.
ANS : Risk assessment Question: __ is a supply chain management strategy that aims to minimize inventory levels and reduce waste. ANS : Lean manufacturing True/False: Question: The bullwhip effect refers to the amplification of demand variability as it moves up the supply chain. ANS : True Rationale: The bullwhip effect describes how small fluctuations in demand at the retail level can lead to larger fluctuations in demand at higher levels of the supply chain. Question: A project charter is a formal document that authorizes the initiation of a project.
Question: The Theory of Constraints (TOC) focuses on identifying and eliminating bottlenecks in a process. ANS : True Rationale: TOC is a management philosophy that emphasizes identifying and eliminating constraints (bottlenecks) to improve overall system performance. Multiple Response: Question: Which of the following are common risk mitigation strategies? a) Contingency planning b) Risk avoidance c) Risk transfer d) Risk acceptance e) Risk monitoring ANS : a) Contingency planning, b) Risk avoidance, c) Risk transfer
Rationale: Contingency planning, risk avoidance, and risk transfer are all common risk mitigation strategies. Risk acceptance is a response strategy, not a mitigation strategy. Risk monitoring is a process for tracking and managing risks, not a mitigation strategy. Question: Which of the following are key elements of a successful project management plan? a) Scope management plan b) Schedule management plan c) Cost management plan d) Risk management plan e) Quality management plan ANS : a) Scope management plan, b) Schedule management plan, c) Cost management plan, d) Risk management plan, e) Quality management plan Rationale: All of the listed elements are essential components of a comprehensive project management plan. Question: Which of the following are benefits of using a just-in- time (JIT) inventory management system? a) Reduced inventory holding costs
Rationale: Agile, Waterfall, Scrum, Kanban, and Lean are all widely used project management methodologies, each with its own strengths and weaknesses. Question: Which of the following are examples of project risks? a) Changes in market conditions b) Technological advancements c) Unforeseen delays d) Budget overruns e) Lack of resources ANS : a) Changes in market conditions, b) Technological advancements, c) Unforeseen delays, d) Budget overruns, e) Lack of resources Multiple Choice Questions Which of the following is NOT a key principle of Lean Management? A) Elimination of waste B) Continuous improvement
C) Empowerment of employees D) Maximization of inventory ANS : D Rationale: Lean management focuses on reducing waste, not maximizing inventory, which can lead to inefficiency. In project management, the triple constraint refers to: A) Time, Cost, Scope B) Quality, Risk, Communication C) Resources, Time, Quality D) Schedule, Budget, Performance ANS : A Rationale: The triple constraint consists of time, cost, and scope, which are critical to project success. What is the primary objective of the Critical Path Method (CPM)? A) To analyze project budgets B) To determine the longest path through a project C) To improve team communication D) To allocate resources evenly ANS : B