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BUS521 Operations & Project Management Midterms Exam Review (Questions & Answers), Exams of Business Administration

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.

Typology: Exams

2024/2025

Available from 03/12/2025

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©2025
BUS521
Operations & Project Management
Midterms Exam Review (Qns & Ans)
2025
1. Which project management methodology focuses on iterative
development and collaboration?
- A. Waterfall
- B. Agile
- C. Six Sigma
- D. PRINCE2
ANS: B
Rationale: Agile emphasizes iterative development,
teamwork, and flexibility to adapt to changing requirements.
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BUS 521

Operations & Project Management

Midterms Exam Review (Qns & Ans)

  1. Which project management methodology focuses on iterative development and collaboration?
    • A. Waterfall
    • B. Agile
    • C. Six Sigma
    • D. PRINCE ANS : B Rationale: Agile emphasizes iterative development, teamwork, and flexibility to adapt to changing requirements.
  1. The primary goal of critical path analysis in project management is to:
    • A. Identify all non-critical activities in a project
    • B. Determine the longest sequence of dependent tasks
    • C. Reduce resource usage
    • D. Increase project profitability ANS : B Rationale: The critical path represents the longest sequence of tasks that dictates the project's shortest possible duration.
  2. Which of the following is a key principle of Lean operations?
    • A. Maximizing inventory levels
    • B. Eliminating waste in processes
    • C. Prioritizing customer complaints
    • D. Introducing complex workflows ANS : B Rationale: Lean operations focus on waste elimination to improve efficiency and add customer value.
  3. In project management, the process of identifying risks and planning responses falls under which knowledge area?
  1. In project management, the _____________ is the document that formally authorizes the start of a project. ANS : Project charter Rationale: A project charter outlines objectives, stakeholders, and high-level requirements, providing formal authorization.
  2. ________ is a visual tool in Lean operations that helps monitor workflow and limits work in progress. ANS : Kanban Rationale: Kanban boards visually represent workflow stages and help manage work efficiently.
  3. The ____________ is the range of acceptable cost variances for a project, expressed as a percentage. ANS : Cost variance threshold Rationale: Cost variance thresholds define acceptable deviations from the baseline budget.
  4. In the Six Sigma methodology, the term ____________ refers to the number of defects per million opportunities (DPMO). ANS : Sigma level

Rationale: The sigma level measures process performance and quality in Six Sigma.

  1. In Earned Value Management, ____________ measures the value of work actually completed against planned cost. ANS : Earned Value (EV) Rationale: EV quantifies project progress in financial terms relative to the budget.

True/False Questions 
  1. The Waterfall model allows for iterative changes after a phase is completed. ANS : False Rationale: The Waterfall model follows a sequential approach, and changes are difficult to accommodate once a phase is complete.
  2. Slack time in project scheduling refers to the duration a task can be delayed without affecting the project timeline. ANS : True

Multiple Response Questions

  1. Which of the following are core principles of Total Quality Management (TQM)?
    • A. Employee involvement
    • B. Process improvement
    • C. Inventory maximization
    • D. Customer focus ANS : A, B, D Rationale: TQM focuses on involving employees, improving processes, and prioritizing customer satisfaction.
  2. Which elements are typically included in a project scope statement?
    • A. Project objectives
    • B. Key deliverables
    • C. Risk breakdown
    • D. Exclusions ANS : A, B, D

Rationale: A project scope statement defines objectives, deliverables, and exclusions, while risks are detailed in a risk register.

  1. Which tools are used in Lean Six Sigma to analyze and improve processes?
    • A. Value Stream Mapping
    • B. Fishbone Diagram
    • C. PERT Chart
    • D. Pareto Analysis ANS : A, B, D Rationale: These tools help identify inefficiencies, causes of problems, and prioritize improvements.
  2. Which of the following represent common project constraints?
    • A. Resources
    • B. Time
    • C. Stakeholder satisfaction
    • D. Cost ANS : A, B, D

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