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NAME: BANA6650ex2-2su24 Dr. Martin Sabo University of Colorado at Denver Project Management BANA 6650 Summer, 2024 EXAM 2 (50pts) Label each axis and curve on each graph. Round answers to hundredth, unless the problem states differently. 1. Suppose your project has forecasted profits for the next 5 months stated below. The profit levels seem to be too sporadic for you to “sell” to upper management and you feel a 3-month moving average would better serve “selling” the project. Please calculate the mean squared error (MSE), as well as the standard deviation of these sample means, utilizing the MSE, for your profit data. Note: I did say if you only calculated the bottom three sample mean values, that would be sufficient for calculating your mean of sample means, provided you calculated the correct “raw data” mean, and used that value to calculate your answers. Sales Month (in millions) 1 6 2 3 3 4 4 10 5 6 2. Please complete the following project resource management table. Facts: fixed cost for this project is budgeted at $50,000, for the next 6 months; and the price of labor for this project is budgeted at $11,000 per month. Round answers to the nearest penny. Tasks EEs per mos per mos Q N MP 0 0 40 5 95 9 100 11 AP FC VC TC MC AFC AVC ATC 3. You are been assigned two new projects at your company and you are developing the labor and overhead budgets for the project. The production function, for your projects is: Q = 2A + 4B, subject to the following predicted constraints on budgets: Direct Materials: 1A + 1B ≤ $600million Direct Labor: 1A + 3B ≤ $1,000million Overhead: 1A + 1B ≤ $900million You are planning for how many “A”, and how many “B” outputs(accomplishment metrics) can be derived, in total, based on the productivity of your employees, and your monetary limitations. Please graph each constraint on the same graph. Put B on the vertical axis. Label the quantity intercept, for each item, on each constraint. Label the point, on each axis, where the maximized function provides the optimal quantity of each item. Extra Credit: Please state the six steps R. Block (1983) stated in regards to managing stakeholders. 4. Please state the four internal and the four external project stakeholders that project managers must consider to greatly increase their project’s success. 5. Please state the four project screening/selection models, as done in the text and lecture. 6. Please state the five temporal alignment and the five temporal skills as stated in the text and lecture. These temporal factors can have tremendous influence on behaviors of humans, at all levels within the company, that will be involved in projects or all types. 7. Please state the six main purposes of the work breakdown structure (WBS), as done in the text and lecture. 8. Please state the four steps of activity based costing (ABC), as done in the text and lecture. 9. Please state the three broad elements of a statement of work (SOW), as done in the text and lecture. 10. Please define the “theory of constraints” (TOC), as done in the text and lecture. Make sure to define drum-buffer-rope (DBR) in your TOC definition 11. In regards to your textbook providing scheduling terminology, please define the following: Critical Path – WBS – Float (Slack) – 12. In regards to constructing critical paths for project timing layouts, please define the following: Gantt chart – PERT chart – CPM chart – 13. Please contrast between forward (pass) scheduling and backward (pass) scheduling, as done in the text and lecture. 14. Please calculate a confidence interval for the probability of your boss/client feeling your project was of acceptable quality. You surveyed 40 examples of similar projects and found that 24% of them were of acceptable quality. You wish to be 98% confident when stating this interval range. The population of similar projects you believe is 200. Round your answers to the thousandth place. Hint: FPCF? 15. Suppose you are trying to estimate the project cost. You have sampled 30 similar projects and you calculated the average project cost (sample mean) to be $10 million, with a standard deviation of $4 million. Note that this standard deviation is of raw data. You believe is a population of 300 similar projects out there. Please calculate a confidence interval for your sample mean, assuming you wish to be 96% confident. 16. Please state the seven steps of project optimization, as done in the text/lecture. In addition, please define “scope creep”. 17. Please state the two objectives of “resource leveling (smoothing)”, as done the text and lecture. 18. Based on data you have procured for making a new product, the probability of success for being under budget is .30. Then there is the budget probability for the marketing campaign of this new product. You are realistically thinking that the probability of the production and the marketing, both being under budget is .03. If the production budget is over-budget, you then think the marketing budget has a 50/50 chance of being under-budget. Please complete the three diagram of these project steps. Label all six tree branches and the four finishing outcome values. Hint: Thomas Bayes’ Theorem may be helpful, or at least the simple version of it, that I showed you in lecture. 19. Please state the seven reasons why project teams fail, as done in the text/lecture. Extra Credit: Please provide a relative frequency line graph and a cumulative frequency line (ogive) graph for the following data. Hint: One of them could be considered misleading to the reader. Year: Sales(in millions$): ‘21, ‘22, ‘23, ‘24, ‘25 1, 3, 2, 2, 0 20. In regards to your projects that are going to create new goods or services, the ultimate goal is financial success from these new goods or services. A couple of concepts that need to be addressed, in case they could lead to financial success are: TQM and goal congruence. Briefly define these two concepts. 21. Please state the four challenges of modern day projects, as state in the text/lecture. 22. Plan on your career providing you situations where you need to sell the merits of a project. A couple of financial ratios that could help your cause would be “times interest earned” and “total asset turnover”. Please explain the numerator and denominator for each ratio, as well as the merits for each ratio that help your selling job.
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