Review Questions

1. List and discuss the phases of a generic project life cycle.

2. Discuss in detail problems and opportunities that serve as source of projects
both at micro and macro levels and give vivid examples.
3. Explain the importance of schedule development in project planning.
4. What are some of the basic concepts involved in project planning? How can a
complete project plan contribute to project success?
5. List and explain the sources of project ideas at macro and micro level and
give examples for each source.
6. What is a Gantt bar chart? Explain with the help of a suitable example the
method of preparing a bar chart.
7. Differentiate between PERT network and CPM network.
8. Discuss the role of computer in project management development.
9. Consider the following project to manufacture a simple mobile stone crasher.
The list of each activities, their relationship, and the time required to
complete them are given in the following table.
 Draw the network diagram for the project.
 Find the time to complete this project.
 What jobs are critical to the completion of the project in time?

Activity Symbol Duration Restriction

(Weeks)
Preliminary design A 3 A < B, Cl
Engineering analysis B 1 B < Dl, F, H
Prepare layout I Cl 2 Cl < C2, Dl
prepare layout II C2 2 C2 < E
Prepare material request Dl 1 Dl < D2
Receive requested material D2 1 D2 < E
Fabricate Parts E 4 E<J
Requisition Parts F 1 F<G
Receive Parts G 2 G<J
Place subcontracts H 1 H<I
Receive subcontracted parts I 5 I<J
Assemble J 2 I<K
 Inspect and test K 1

10. Briefly describe the following terms and illustrate your answer with
examples.
i) Fixed Assets
ii) Cost of goods sold
iii) Current liabilities
iv) Operating expenses
v) Direct costs
vi) Factory expenses
vii) Administrative expenses
11. Differentiate between fixed and variable costs.