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Project Management > End of Year Exam > Flashcards

End of Year Exam Flashcards

1
Q

Describe Monte Carlo Sampling

A

Generates new sample points without considering the previously generated sample points and without knowing how many sample points are needed

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2
Q

Describe Latin Hypercube Sampling

A

First decides how many samples will be taken and then for each sample point remembers the row and column it was taken from.

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3
Q

Describe Orthogonal Sampling

A

The sample space is divided into equally probable subspaces. All sample points are then chosen simultaneously making sure the total ensemble of sample points is a Latin Hypercube sample and that each subspace is sampled with the same density.

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4
Q

What is the Hawthorne effect?

A

A type of reactivity in which individuals modify aspects of their behaviour in response to their awareness of being observed.

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5
Q

What is Allais’ Paradox?

A

A rational approach to identifying the optimum decisions, accounts for both the probability and consequence of each possible outcome.

Involves calculating the expected utility and then choosing the action with the maximum expected utility.

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6
Q

Payback method vs. Net Present Value method

A

Payback: considers the time until cash flow recovers the initial investment. A project is only accepted if it’s payback period is less than the specified cut-off period.

NPV: Considers the time value of money and estimates the equivalent annual cost.

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7
Q

What is a scientific management method?

A

Uses scientific methods to analyse the most efficient production process in order to increase productivity.

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8
Q

What are the disadvantages of scientific management methods?

A
  1. Workers measured by output
  2. Job satisfaction low
  3. Work become monotonous
  4. Productivity of workers goes up but market requires no increased output
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9
Q

Traditional vs LEAN

A

Traditional:
- activities performed as soon as possible
- decisions made by specialists
- takes what the market offers
- not all of life-cycle considered

LEAN:
- Activities performed at the last responsible moment
- Optimise supply chains
- Downstream players involved in upstream decisions and vice versa
- All life cycle considered

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10
Q

What is the disadvantages of fault and event tree analysis?

A
  • Difficult to consider large scale systems (too many gates)
  • Only one top event examined
  • Difficult to capture time and other delay factors
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11
Q

What is the prisoner’s dilemma an example of?

A

A Nash Equilibrium

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12
Q

What are the advantages of a Gantt chart?

A
  • Easy to understand
  • Gives Clarity
  • Enables time management
  • Works well with smaller projects
  • Ensures accountability in terms of timeline
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13
Q

What are the disadvantages of a Gantt chart?

A
  • Tedious if needed to be updated regularly
  • Can become unmanageable for a detailed project plan
  • The size of the bar does not indicate the amount of work
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14
Q

What is the difference between a block and bar activity?

A

Block: Represent an activity that occupies an area of the project for a period of time, can move back and forth along the area (eg. earthworks)

Bar: An activity or group of activities that occur at a particular location

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15
Q

What is Schedule Variance (SV)

A

SV = Earned Value - Planned Value
the difference between what was planned on being earned and what was actually earned

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16
Q

What is Cost Variance (CV)

A

CV = Earned Value - Actual Cost
The difference between what was earned performing the tasks and what it actually cost to performed the tasks.

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17
Q

Top-Down vs Bottom-Up Method

A

The top-down approach goes from the general to the specific, and the bottom-up approach begins at the specific and moves to the general.

18
Q

What is Estimate at Completion?

A

The current expectation of total cost at the end of a project.

19
Q

What is Budget at Completion?

A

Is the planned cost of the project calculated before the project began.

20
Q

What does it mean if the To-Complete Performance Index is greater than 1.2?

A

Represents unattainable level of performance before the project schedule expires.

21
Q

What are ways you can shorten a project?

A
  • Revisit schedule and find errors of unnecessary constraints
  • Fast track the project
  • Conduct constructibility studies
  • Improve project management and supervision
22
Q

What is prospective delay analysis?

A

An estimation or forecast of the project delay resulting from added or changed worked before the work is performed.

23
Q

What are the advantages and disadvantages of Just-In-Time theory?

A

Delivering material at the time of installation only. Materials are not stored on site.

Adv: Less handling, no storage, no frozen capital, less vulnerability to theft and deterioration

Disadv: Higher probability of not having the materials on time

24
Q

What are the advantages and disadvantages of Inventory Buffer Theory?

A

It calls for all materials to be purchased, delivered, and stored on site prior to installation.

Adv: lower purchase, order, and storage costs

Disadv: Higher holding costs

25
Q

Define Aleatory Uncertainty and give some examples

A

Natural Randomness
- Rainfall, river flows, wind speed, behaviour of people

26
Q

Define Epistemic Uncertainty and give an example

A

Inaccuracy in our understanding and our models for predicting reality
- Uncertainty that arises from the mind

27
Q

At its core, Asset Management focusses on what?

A

Resource Allocation

28
Q

What should all asset management systems have in common?

A
  • Policy driven
  • Performance based
  • Options evaluated
  • Decisions based on quality information
  • Clear accountability (vital for developing nations)
29
Q

What is Self-serving Bias?

A

If we win its our success, if we lose, its someone else’s fault.

30
Q

What is Sunk Cost Fallacy?

A

Not leaving a bad movie before it ends because you paid for it (losing both time and money)

31
Q

What is the process of creating an income statement?

A
  • Establish the revenue
  • Gross Profit or Gross Margin: Deduct the direct cost of making that revenue
  • Operating profit: Further deduct the cost of being in business
  • Profit before Income tax: Deduct any financing costs or income
  • Net Profit: deduct tax
32
Q

List the limitations of a Strategic Plan in Asset Management

A
  1. A lot of ‘guess’ work
  2. Models only as good as data
  3. Context can change rapidly
33
Q

Define the key components of pre-posterior analysis

A
  1. Identify policy, goals, and objectives
  2. Analysis of options and trade off
  3. Resource allocation decisions
  4. Programme delivery
  5. Systems monitoring and performance results
34
Q

What are four limitations of Analytical Hierarchy process?

A
  1. Humans naturally inconsistent, many iterations
  2. With large number of comparisons, the value of each pairwise decreases
  3. Dependent on variables
  4. Measures not relevant to AHP are meaningless
35
Q

What are the advantages and disadvantages of Monte Carlo Analysis?

A

Adv:
- Simple and intuitive
- Quick
- Representative statistics
- Efficient data distribution

DisAdv:
- Doesn’t consider the previous data point
- Clumping of data points

36
Q

What the advantages and disadvantages of Delphi method?

A

Adv:
- Consensus can be achieved
- Individuals able to express their own opinion
- Includes wide range of expertise
- Relatively low cost to administer and analyse

DisAdv:
- As participants become disinterested have to keep them responding to subsequent questionnaires
- Slow
- Requires panel of experts (not necessarily right or wrong)

37
Q

What are the advantages and disadvantages of AHP?

A

Adv:
- Based on mathematical decision theory
- Industry standard
- Generates ratio data

DisAdv:
- Labour intensive
- Participants perceive as ‘black box’ if they do not understand mathematical theory

38
Q

How do you calculate the Criterion of Regret?

A
  1. Identify the maximum state of nature for each action
  2. Subtract this from each state of nature and respective action
  3. Sum the state of natures for each action
  4. Chose the minimum value and corresponding action
39
Q

Define a “black swan event”

A

A metaphor that describe the disproportionate influence of high-profile, hard-to-predict, and rare events

40
Q

Heavy equipment is usually rated by their…

A

Heaped Capacity

41
Q

What is the productivity equation?

A

P = EIH*B/C

E = Efficiency (min/hr)
I = In-Bank Correction Factor
H = Heaped Capacity (m^3)
B = Bucket Fill Factor
C = Cycle Time (min)

Project Management (1 decks)

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