FINAL EXAMINATION môn Principle of Management | Trường Đại học Quốc tế, Đại học Quốc gia Thành phố Hồ Chí Minh

THE INTERNATIONAL UNIVERSITY (IU) – VIETNAM NATIONAL UNIVERSITY – HCMC FINAL EXAMINATION Date: 03 January 2023 Duration: 120 minutes
Student ID: ..................................
Name: ................................................
SUBJECT: PROJECT MANAGEMENT
Dean of School of Business Lecturer Signature: Signature: Full name: Full name: Truong Quang Duoc, Ph.D. Nguyen Nhu Ty, Ph.D. Nguyen Nhu Tung, Ph.D. GENERAL INSTRUCTION(S)
1. This is open-booked examination (no electronic devices used in the exam room)
2. No talk, materials transfer during the exam
3. No mobile phone used during the exam 4. No dictionary.
SECTION A – OPEN QUESTION Question 1 (30 points)
Suppose that your project was just completed (e.g., a job fair, a wedding party, a team picnic, a study
program, or a charity campaign). Due to some unfortunate circumstances, the project was delayed,
causing cost overruns at the end of the project. What should you as project manager report in a project
completion report? Which information might be useful for future projects? For a post-implementation
audit, what should you document? ACBSP: Reflective Thinking Topic: Monitoring and Auditing Bloom’s Taxonomy: Synthesis
Relevant Program Learning Outcomes: Business Knowledge (a1-3), Skills (b1-2), Abilities(c1), Virtues (d1), Language (e1)
Relevant Course Learning Outcomes: CLO1, CLO2, CLO3, CLO4 Level of Difficulty: High SECTION B – PROBLEMS Problem 1 (30 points)
The following table presents project information (time unit in months) (20 points) Optimistic Most likely Pessimistic Activity Predecessors Duration Duration Duration A ____ 5 8 12 B ____ 4 6 10 C A 9 13 15 D B 11 15 16 E B, D 3 5 8 F D 6 9 10
a) Draw an AON network diagram for the project.
b) Identify the the critical path of the project using the early times and late times.
c) What is the expected project completion duration?
d) Calculate the standard deviation of the critical path.
e) Estimate the probability that the project will be completed after Month 29 (show your calculations). ACBSP: Analytical Thinking Topic: PERT
Bloom's Taxonomy: Application & Analysis
Relevant Program Learning Outcomes: Business Knowledge (a1-3), Skills (b1-2)
Relevant Course Learning Outcomes: CLO1, CLO2, CLO3, CLO4 Level of Difficulty: Average Problem 2 (20 points) Consider the following table. Predecessor Normal Time Crash Time Normal Cost in Crash Activity (days) (days) $ Cost in $ A 8 7 300 400 B A 5 3 300 400 C A 11 10 600 900 D B, C 14 10 300 600
a) What is the activity with the smallest crash cost per period? (5 pts)
b) Which activity should be cut first to reduce the project duration by 1 day? How much is added to the project cost? (10 pts)
c) Which activity should be the next to be crashed to cut a second day from the project duration?
How much is the additional cost if the project is crashed by 2 days? (10 pts)
d) What is the maximum time that can be crashed? (5 pts) ACBSP: Analytical Thinking Topic: Crashing
Bloom's Taxonomy: Application & Analysis
Relevant Program Learning Outcomes: Business Knowledge (a1-3), Skills (b1-2)
Relevant Course Learning Outcomes: CLO1, CLO2, CLO3, CLO4 Level of Difficulty: Average Problem 3 (20 points)
The baseline data for a project is given in the following table. Activity Planned Budget ($) A 300 B 200 C 600
According to the plan, all the project activities must have been completed by today. However, today
only Activity A is 100% complete while Activity B 50% complete and C only 45% complete. Other
activity update information is in the following table. Activity Actual Cost to Date % Complete A4,000 100% B100 50% C200 45%
a) Calculate EV, SPI, CPI for A, B and C (show your calculations). (10 pts)
b) Evaluate the schedule and cost performance of Activities A, B and C. (10 pts) ACBSP: Analytical Thinking Topic: Crashing
Bloom's Taxonomy: Analysis & Evaluation
Relevant Program Learning Outcomes: Business Knowledge (a1-3), Skills (b1-2)
Relevant Course Learning Outcomes: CLO1, CLO2, CLO3, CLO4 Level of Difficulty: Average ANSWERS Question 1
Q1 Ans.: Achievements of project objectives and document lessons learned in the completion report.
Cost estimates, resources allocation, activity scheduling of the previous project might be useful on future projects.
For post-implementation audit, you document project successes and failures, look for possible
improvements for future projects and evaluate the project goal accomplishment. Answer:
In completion report, the student should include the project scope and performance (i.e., clarify the
goal of the project while comparing it with project achievements). Moreover, due to the existence of
cost overrun, cost estimates, actual cost used, resources allocation, activity scheduling, causes and
solutions for cost overrun would be detailed for future project improvement.
An audit report might be useful for post-implementation audit process which includes project's
successes and failures leading to evaluations for the project and improvements for further relative projects. P1: ANSWER: a) b) Critical path: B-D-F
Optimistic Most Likely Pessimistic Activity Standard Variance time time time time Deviation A 5 8 12 8.17 1.17 1.36 B 4 6 10 6.33 1 1 C 9 13 15 12.67 0.83 0.69 D 11 15 16 14.5 0.83 0.69 E 3 5 8 5.17 0.83 0.69 F 6 9 10 8.67 0.67 0.44 c) Project duration: 29.5
d) Project variance = 2.14; Standard deviation: 1.46 e) 63% Answer: Activit Expected Varianc y a m b time e A 5 8 12 8.17 1.3611 B 4 6 10 6.33 1.0000 C 9 13 15 12.67 1.0000 D 11 15 16 14.50 0.6944 E 3 5 8 5.17 0.6944 F 6 9 10 8.67 0.4444 Total 55.50 5.1944 a)
b) The critical path is B - D - F.
c) The expected project completion duration is 29.5 months.
d) The standard deviation of the critical path is (√1+.6944 .4444 + = √2.1388 = 1.4625 (months)
e) D = 29, μ=29.5,δ=1.4625
P(X>29)=P(z>29−29.5 1.4625)=63.38% P2: ANSWER: a) Activity D ($75/period)
b) Crash D by 1 (additional cost is $75)
c) Crash D by 1 more day (cumulative additional cost is $150)
d) The max time that can be crashed is 6 days. Answer: Predecesso Normal Crash Normal Crash Activity r time time Cost Cost Slope A 8 7 300 400 100 B A 5 3 300 400 50 C A 11 10 600 900 300 D B, C 14 10 300 600 75
a) The activity with the smallest crash cost per period is activity B ($50/day).
b) The critical path is A - C - D with expected completion duration of 33 days. If the project
completion duration needs to be reduced 1 day, the activity A should be crashed first due to the
smallest cost added ($400 - $300 = $100).
c) The next activity should be cut for duration reduction is activity C or D with the same cost added of
$300. However, activity D has a smaller crash cost per period, we can prioritize cutting activity D.
d) The maximum time can be crashed is (8 - 7) + (11 - 10) + (14 - 10) = 6 days. The new completion
duration of the project is 33 - 6 = 27 (days) with the crititcal path of A - C - D. P3: ANSWER: a) EV SPI CPI A300 1 0.08 B100 0.5 1.00 C270 0.45 1.35
b) B and C are behind schedule. A has cost overrun. C has cost underrun. Answer: a) Planned % Actual Cost Activity Budget PV Completed EV to Date SV CV SPI CPI A 300 300 100% 300 4,000 0 -3,700 1 0.075 B 200 200 50% 100 100 -100 0 0.5 1 C 600 600 45% 270 200 -330 70 0.45 1.35 b)
Activity A: On schedule and Cost overrun.
Activity B: Behind schedule and Cost in budget.
Activity C: Behind schedule and Cost underrun. _____&_____