EPM Exam Questions

 Given the network plan that follows, compute the early, late, and slack times.
s. What is the project duration? Using

any approach you wish (e.g., trial and error), develop a loading chart for resources, Electrical Engineers (EE) and
resource, Mechanical Engineers (ME). Assume only one of each resource exists. Given your resource schedule,
compute the early, late, and slack times for your project. Which activities are now critical? What is the project
duration now?
 Gautam Hendre on Nov 27, 2022, sent a memo to his boss, the director of project management, stating that the
KTNGL project would require 13 weeks for completion according to the figure below.
Gautam realized that the customer wanted the job completed in less time. After discussions with the functional
managers, Gautam developed the table shown below:
Next we can crash either C or F with same crash cost of $3000. Let's crash
activity C by 1 week. Crash cost is $3000. New project duration is 10
weeks. Critical paths are A-C-E-F, A-D-E-F and A-B-F
- Next we will crash activity F which is common activity among A-C-E-F and A-D-
E-F. Crash activity F by 2 weeks. Crash cost is $3000*2=$6000.
New project duration is 8 weeks.
Critical paths are A-C-E-F, A-D-E-F and A-B-F.
- Next we will crash activity C, D, B by 1 week.
Crash cost is 1000+1500+3000=5500.
New project duration is 7 weeks. Critical paths are A-C-E-F, A-D-E-F and A-B-F
We cannot crash any further.
a. Since minimum project duration is 7 weeks. So there will penalty of $5000.
Total crash cost = 5500+6000+3000+2000+1500 = $18000
Hence, minimum amount of additional funding that Arnie should request =
5000+18000 = $23,00
The baseline (PV) is the sum of the cost accounts, and each cost account is the
sum of the work packages in the cost account. What all costs are included in the
baseline?
Ans :
Planned value is the approved budget you apply to an activity or work breakdown
structure (WBS) (WBS). A management reserve is not included in this budget.
The planned value is distributed over the course of the project in stages. Though
intended value only describes the actual labor you've done at a specific moment
in time.
The budget at completion (BAC), performance measurement baseline (PMB), and
budget at completion (TPV) are additional terms for the overall project value
(BCWS).
The cost baseline is a critical factor, but it can also be used to evaluate cost
performance, cost variance, and planned versus actual effort. Without a baseline,
there is no way to compare your expenditure to and manage costs. When
managing a project, there are few things more critical than cost management.
Estimating the entire project expenses is the first step in developing a cost
baseline. These tasks and the tools required to complete them are included. Task
by task is the simplest approach to accomplish this. Add up all of the costs,
including labour, materials, etc.
C. Which costs are under the control of the project manager?

Ans:
Cost control is the process of monitoring and controlling project expenses and
becoming ready for future monetary risks. Usually, the project manager is in
charge of this. Budget management, risk planning, and preparation are all part of
cost control. Projects can be delayed by risks, and they can even necessitate
unforeseen costs. Making plans for these obstacles might help your team avoid
wasting time and perhaps money
D. Why are Direct Costs called so?

Ans:
A cost that is directly related to the creation of a certain good or service is
known as a direct cost. A service, a product, or a department might be the cost
object and be the source of a direct cost. The two main categories of expenses or
costs that businesses can incur are direct and indirect charges. Direct costs are
frequently variable expenses, which means they change in response to
production levels like inventory. However, some expenditures, including indirect
costs, are more challenging to relate to a particular product. Depreciation and
office costs are two instances of indirect costs

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 Given the network plan that follows, compute the early, late, and slack times.

s. What is the project duration? Using

C. Which costs are under the control of the project manager?

D. Why are Direct Costs called so?

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