Project Management MCQ Quiz - Objective Question with Answer for Project Management - Download Free PDF

Explanation:

Integrated Measurement: EVM integrates cost, schedule, and scope measurements to provide a comprehensive view of project performance.

Performance Tracking: Allows for early detection of performance issues, enabling timely corrective actions.

Predictive Tool: Helps predict project trends based on current performance, aiding in better decision-making and adjustments.

Explanation:

Control Mechanism: Change management provides a structured approach to adjusting the project scope, schedule, and costs.

Process Adherence: Ensures all changes are evaluated, approved, and documented to maintain project integrity.

Flexibility and Adaptability: Facilitates adaptation to new information or requests without compromising project goals.

Explanation:

Project Duration: The critical path is the longest stretch of dependent tasks and defines the project duration.

Task Dependency: Changes to task duration on the critical path affect the overall project timeline.

Scheduling: Managing the critical path is crucial for on-time project delivery.

Explanation:

Cost Management: While project management software involves initial costs, its use generally leads to cost savings through improved efficiency and resource management.

Efficiency Benefits: Facilitates better planning, tracking, and communication, which can reduce overall project costs.

Tool Utilization: Generally, the benefits of using project management software outweigh the initial investment by optimizing project execution.

Explanation:

Stakeholder Expectations: Central to project success is understanding and meeting stakeholder needs.

Communication and Engagement: Involves regular interaction with stakeholders to keep them informed and engaged.

Impact on Project Success: Effective stakeholder management can significantly influence project approval and success.

The special-purpose material handling equipment is used in the line layout. Line layout is also known as product layout.

Process Layout:

The process layout is recommended for batch production. All machines performing a similar type of operation are grouped at one location in the process layout e.g., all lathes, milling machines, etc. are grouped in the shop will be clustered in like groups.

Process layout is normally used when the production volume is not sufficient to justify a product layout.

Product Layout:

It is also known as line layout. In implies that various operations on raw material are performed in a sequence and the machines are placed along the product flow line i.e. machines are arranged in the sequence in which the raw material will be operated upon.

This type of layout is preferred for continuous production i.e. involving a continuous flow of in-process material towards the finished product stage.

The correct answer is Establishes the basis for all the other functions.

• Planning is often called the primary management function because it establishes the basis for all the other functions.

Key Points

• The management process consists of four primary functions that managers must perform:
  • planning
  • organizing
  • leading
  • controlling
• Planning is often called the primary management function:
  • Planning means defining performance goals for the organization and determining what actions and resources are needed to achieve the goals.
  • Through planning, management defines what the future of the organization should be and how to get there.
  • It establishes the basis for all the other functions.
  • A strategic plan bridges the gap between what an organization is and what it will become.
  • A tactical plan defines what has to be done, who will do it, and the resources needed to do it.

Explanation:

JIT is associated with Japanese management techniques. It is known as just-in-time production (JIT) is a set of principles and practices based on the philosophy that firms should hold little or no inventory beyond that required for immediate production or distribution.

JIT consists of different operations such as,

• Carefully scheduling
• on-time delivery 
• Zero defects
• Skilled workforce​

Additional Information

Other Manufacturing phylosophies

PERT stands for Program Evaluation and Review Technique and was developed to address the needs of projects for which the time and cost estimates tend to be quite uncertain.

• It has a probabilistic approach and hence suitable for the projects which are to be conducted for the first time or projects related to research and development.
• PERT uses 3 cases:
  • Optimistic time ⇒ estimates the shortest possible time required for the completion of the activity
  • Most likely time ⇒ estimates the time required for the completion of activity under normal circumstances
  • Pessimistic time ⇒ estimates the longest possible time required for the completion of the activity

EOQ:

The ordering quantity Q* at which holding cost becomes equal to ordering cost and the total inventory cost is minimum is known as Economic Order Quantity (EOQ).

At EOQ, Ordering cost = Holding cost

where D = Annual or yearly demand for inventory (unit/year), Q = Quantity to be ordered at each order point (unit/order), Co = Cost of placing one order [Rs/order], Ch = Cost of holding one unit in inventory for one complete year [Rs/unit/year]

Materials requirements planning (MRP) 

• It is a simple system of calculating arithmetically the requirements of the input materials at different points of time based on the actual production plan.
• It can be seen from the figure that an MRP system has three major input components:

Explanation:

Emerson's Efficiency Plan

Emerson has suggested guaranteed wage payment to all workers on time rate basis. In addition, bonus or extra payment was suggested to those who prove to be efficient. For determining efficiency, standard output per unit of time or standard time for the job is determined. Efficiency is to be measured on the basis of comparison of actual performance with the standard fixed. For example, the standard performance is 80 units while the actual performance of a worker is only 60 units. Obviously, his efficiency is only 75%. If the output given by another worker is 90 units, his efficiency will be treated as 112.5 per cent. According to Emerson, bonus need not be paid to those workers who efficiently are less than 66.67 per cent. Upto 66.67 per cent efficiency, bonus will not be paid but minimum wages as per time are to be paid. The rate of bonus will increase along the increase in efficiency. For example, if the efficiency is 100 per cent, the bonus would be paid at 20%. Beyond 100 per cent efficiency, bonus at 30% would be paid. Thus, efficiency is graded properly, and the efficient worker will be regarded at an increasing rate with increase in saving of time.

Explanation:

Crashing is the method for shortening the project duration by reducing the time of one or more critical activities to less than their normal time. In crashing if cost increases then time decreases.

The correct answer is Albert s Humphery

Key Points

•  SWOT analysis:
  • ​SWOT stands for Strengths, weaknesses, opportunities, and threats.
  • It is also called a SWOT matrix.
  • The strategy is historically credited to Albert Humphrey in the 1960s, but this attribution remains debatable.  There is no universally-accepted creator. 
  • SOFT is an acronym for satisfaction, opportunities, faults, and threats.

Important Points

• Peter Pyhrr: ​He has developed ZBB (zero-based Budgeting).
• Philip Kotler He is known for his definition of Marketing Mix and is regarded as the father of modern marketing.
• Peter Drucker: He has written the Book The practice of management and is described as the founder of modern management.
• He coined the term Knowledge Worker in 1959.

Explanation:

Breakdown maintenance:

• Breakdown maintenance is basically the 'run it till it breaks' maintenance mode. No actions or efforts are taken to maintain the equipment as the designer originally intended to ensure design life is reached.
• It is a type of maintenance used for equipment after equipment break down or malfunction is often most expensive

Preventive maintenance:

Preventive maintenance is a regular period planned maintenance which eliminates breakdowns and outages.

Preventive maintenance operates based on a schedule, where maintenance tasks are completed at specific intervals prior to downtime events. This is because the goal of preventive maintenance is to maximize the lifespan and runtime of equipment.

Preventive maintenance consists of:

• Proper plans and installation of machine/equipment
• Periodic inspection of the plant, equipment, and machines
• Repetitive servicing, upkeep, and overhauling
• Adequate lubrication, cleaning, and painting

Predictive maintenance:

• It is first to predict when equipment failure might occur, and secondly, to prevent the occurrence of the failure by performing maintenance.
• Monitoring for future failure allows maintenance to be planned before the failure occurs.

Reliability maintenance:

• A process is used to determine what must be done to ensure that any physical continue to do what its users want it to do in its present operating context.  

Explanation:

Work break down structure

Work break down (WBD) defines each deliverable and the decomposition of the deliverable into work packages.

Plan—Program—Project—Sub-project—Activity—Work—Task

• Task schedule deals with allocation of resources related to work package as well activity.
• When the project activities have been defined, they are broken down into tasks and after time & resource allocation, task schedules are prepared which is specified activities necessary to complete a work package.

Explanation:

Management: 

• Management is a set of principles relating to the set of functions of planning, organizing, directing, and controlling, and the application of these principles in harnessing physical, financial, human, and informational resources efficiently and effectively to achieve organizational goals. 

Functions of Management

1. Planning: It is a function of determining in advance what is to be done and what is to do it. It is the first and most important function of management.
2. Organizing: It is the management function of assigning duties, grouping tasks, establishing authority, and allocating resources required to carry out a specific plan
3. Staffing: It is a function to make sure the right people with the right qualification are available at the right place and time to accomplish the goals of the organization.
4. Directing: It involves leading, influencing, and motivating employees to perform the tasks assigned to them.
5. Controlling:  It is a function of monitoring organizational performance towards the attainment of organizational goals.

Site Management:

• It is a professional service that provides a project’s owner with effective management of the project's schedule, cost, quality, safety, scope, and function.
• Site management is compatible with all project delivery methods.
• It is undertaken as the last phase of the remedial program at a site which continues after a certificate of completion is issued.
• For any site management Implementing safety rules is a prime responsibility.
   

Other responsibilities of Site Management:

• Plan and Develop the Project Idea
• Create and Lead Team
• Monitor Project Progress and Set Deadlines
• Solve Issues
• Manage finance
• Ensure Stakeholder Satisfaction
• Evaluate Project Performance