Fill in the blanks:
1. The first step in preparing an econometric model is to set up the ……………… and ……………… required.
Answer
Ans: columns, rows
2. The rows under the columns now deal in ……… with the factors already described to give the financial picture.
Answer
Ans: sequence
3. The areas of contingency, risk and sensitivity analysis are ………………….
Answer
Ans: interrelated
4. The analysis of average and maximum risk contingency provides an effective means of establishing …………….
Answer
Ans: sensitivity
5. In order to build a plant, an ………………… contractor must spend money at the proper rate to meet the required completion schedule.
Answer
Ans: Engineering & Construction (E&C)
6. ………………… in the early phases ahead of date development will lead to inefficient man hour utilization.
Answer
Ans: overstaffing
7. Once ………………. members are assigned from their functional departments, they become project oriented, reporting to the PM for their project execution functions.
Answer
Ans: project team
8. The ………………. manager presents the events leading to the project award.
Answer
Ans: commercial
9. The project construction manager prepares the construction plan during the ………………. phase.
Answer
Ans: project initiation
10. An approved bidders list is prepared reflecting the ………………. established in the procurement plan.
Answer
Ans: policies
11. The last stage in the development of the project schedule is to integrate the three independent sub- schedules to produce an overall ……………. schedule.
Answer
Ans: master project
12. In production design, these are ……………. and ……………. drawings.
Answer
Ans: piping, instrument drawings
13. A master project schedule developed by …………….. method provides realistic milestones.
Answer
Ans: top-down
14. …………….. will show up if material deliveries are ahead of the construction material required dates.
Answer
Ans: Float
15. The effectiveness of this system depends on continuous ……………….. and updating of the …………………
Answer
Ans: feedback
16. PERT/CPM or network analysis is a ……………….. system.
Answer
Ans: dynamic
17. …………….. of a network is to find out means to complete the project at an earlier time schedule than planned or reworked time while updating.
Answer
Ans: Crashing
18. Crashing can be achieved only by …………….. the time for activities yet to be done by employing additional resources with inevitable additional cost.
Answer
Ans: reducing
19. The ………………. number of starts and AFC issues can be entered and compared against the plan.
Answer
Ans: actual
20. ………………. is a symmetrical bell shaped curve traced by normal distribution.
Answer
Ans: Bell Curve
21. Project cost control starts on a wrong base if there is a …………………. estimate.
Answer
Ans: poor
22. Cost control can only be applied at a level corresponding to the quality and detail of the …………………. available.
Answer
Ans: estimate
23. The cost of commodities is set by …………….. and …………….. .
Answer
Ans: quality, quantity
24. …………….. addition is done through review and could lead to substantial cost saving of the project.
Answer
Ans: Economic value
25. The first step towards cost control is to prepare a …….. estimate for each discipline
Answer
Ans: man-hour
26. The initial field labour man-hour estimate is prepared in ……………. labour man-hours and then converted to the project labour man-hours.
Answer
Ans: standard
27. Every project has its unforeseens for which there must be a ……………….. .
Answer
Ans: contingency
28. The ……………….. to change must be applied equally firmly by all members of the project team.
Answer
Ans: resistance
29. Once agreement and approval have been reached about the vendor, call the vendor in for a …………….. meeting.
Answer
Ans: pre-commitment
30. Pre-award meetings should be held with short listed bidders prior to …………….. .
Answer
Ans: selection
31. A good project manager …………………. decisions made unilaterally by one group of the team without careful consideration of the effects on overall project costs, schedules and quality.
Answer
Ans: minimizes
32. A project manager, to achieve a successful project, must have a …………………. to induce progress.
Answer
Ans: stick
33. In general, …………….., …………….. and …………….. data is required as input by PM software.
Answer
Ans: Scheduling data, Cost/budget data, Resources data
34. Most of the ERP software provide …………….. architecture and PM software can be seamlessly integrated with ERP software.
Answer
Ans: open architecture
35. MS Project is a MS ………….. product.
Answer
Ans: Office
36. ……………. is the most commonly used PM software.
Answer
Ans: Primavera Project Planner (P3)
37. Engineering documentation these days is mainly kept in the ……………….. form.
Answer
Ans: electronic (soft) form
38. ……….. Centre is generally assigned the responsibility of storage/retrieval/issue of engineering documents.
Answer
Ans: Engineering Documentation
39. Many …………………. contracts include clauses that allow the contract to automatically renew if written notice is not provided before a defined period prior to the contract end date.
Answer
Ans: buy-side
40. Contracts on both the buy-side and sell-side frequently include provisions for …………………. if certain milestones are achieved, or …………………. charges if they are not.
Answer
Ans: cost reductions, penalty charges
41. ……………….. are used to manage financial information that is critical to meet the compliance regulations.
Answer
Ans: Contracts
42. Organizations that are not able to control their contracts are not able to control their …………….. .
Answer
Ans: businesses
43. ERP systems, while normally the central repository for large amounts of active and historical data, are often focused on ……………….. requirements.
Answer
Ans: back office
44. In any contract management implementation ERP system …………….. must be given serious consideration.
Answer
Ans: integration
45. Suppliers must go through some kind of official ……………… process before a commercial contract is awarded.
Answer
Ans: bid process
46. The ………………, an international standards body that oversees best practice in procurement, suggests that central procurement departments achieve their greatest effectiveness when they control more than 80% of an organization’s purchasing activity.
Answer
Ans: Chartered Institute of Purchasing and Supply
47. Although every sales person loves to close large deals, many sales people dislike the ………………. that accompanies the conclusion of these business dealings.
Answer
Ans: administration
48. Managing contracts is an ………………. responsibility.
Answer
Ans: enterprise
49. Most organizations …………….. key contract data into back-end systems.
Answer
Ans: manually
50. Contract negotiations between external parties often take place via …………….. .
Answer
Ans: e-mail
51. If your firm becomes known for its thorough and fair ………………, good suppliers will compete even more vigorously for your business.
Answer
Ans: contracting
52. Over time this will build a solid base of the most ……………… vendors with which you may work with greater confidence.
Answer
Ans: reliable
