Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Filter by Categories
nmims post
Objective Type Set
Online MCQ Assignment
Question Solution
Solved Question
Uncategorized

Fill in the blanks:
1. The first step in preparing an econometric model is to set up the ……………… and ……………… required.

View Answer

Ans: columns, rows

2. The rows under the columns now deal in ……… with the factors already described to give the financial picture.

View Answer

Ans: sequence

3. The areas of contingency, risk and sensitivity analysis are ………………….

View Answer

Ans: interrelated

4. The analysis of average and maximum risk contingency provides an effective means of establishing …………….

View 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.

View Answer

Ans: Engineering & Construction (E&C)

6. ………………… in the early phases ahead of date development will lead to inefficient man hour utilization.

View 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.

View Answer

Ans: project team

8. The ………………. manager presents the events leading to the project award.

View Answer

Ans: commercial

9. The project construction manager prepares the construction plan during the ………………. phase.

View Answer

Ans: project initiation

10. An approved bidders list is prepared reflecting the ………………. established in the procurement plan.

View 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.

View Answer

Ans: master project

12. In production design, these are ……………. and ……………. drawings.

View Answer

Ans: piping, instrument drawings

13. A master project schedule developed by …………….. method provides realistic milestones.

View Answer

Ans: top-down

14. …………….. will show up if material deliveries are ahead of the construction material required dates.

View Answer

Ans: Float

15. The effectiveness of this system depends on continuous ……………….. and updating of the …………………

View Answer

Ans: feedback

16. PERT/CPM or network analysis is a ……………….. system.

View 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.

View 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.

View Answer

Ans: reducing

19. The ………………. number of starts and AFC issues can be entered and compared against the plan.

View Answer

Ans: actual

20. ………………. is a symmetrical bell shaped curve traced by normal distribution.

View Answer

Ans: Bell Curve

21. Project cost control starts on a wrong base if there is a …………………. estimate.

View Answer

Ans: poor

22. Cost control can only be applied at a level corresponding to the quality and detail of the …………………. available.

View Answer

Ans: estimate

23. The cost of commodities is set by …………….. and …………….. .

View Answer

Ans: quality, quantity

24. …………….. addition is done through review and could lead to substantial cost saving of the project.

View Answer

Ans: Economic value

25. The first step towards cost control is to prepare a …….. estimate for each discipline

View 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.

View Answer

Ans: standard

27. Every project has its unforeseens for which there must be a ……………….. .

View Answer

Ans: contingency

28. The ……………….. to change must be applied equally firmly by all members of the project team.

View Answer

Ans: resistance

29. Once agreement and approval have been reached about the vendor, call the vendor in for a …………….. meeting.

View Answer

Ans: pre-commitment

30. Pre-award meetings should be held with short listed bidders prior to …………….. .

View 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.

View Answer

Ans: minimizes

32. A project manager, to achieve a successful project, must have a …………………. to induce progress.

View Answer

Ans: stick

33. In general, …………….., …………….. and …………….. data is required as input by PM software.

View 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.

View Answer

Ans: open architecture

35. MS Project is a MS ………….. product.

View Answer

Ans: Office

36. ……………. is the most commonly used PM software.

View Answer

Ans: Primavera Project Planner (P3)

37. Engineering documentation these days is mainly kept in the ……………….. form.

View Answer

Ans: electronic (soft) form

38. ……….. Centre is generally assigned the responsibility of storage/retrieval/issue of engineering documents.

View 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.

View 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.

View Answer

Ans: cost reductions, penalty charges

41. ……………….. are used to manage financial information that is critical to meet the compliance regulations.

View Answer

Ans: Contracts

42. Organizations that are not able to control their contracts are not able to control their …………….. .

View Answer

Ans: businesses

43. ERP systems, while normally the central repository for large amounts of active and historical data, are often focused on ……………….. requirements.

View Answer

Ans: back office

44. In any contract management implementation ERP system …………….. must be given serious consideration.

View Answer

Ans: integration

45. Suppliers must go through some kind of official ……………… process before a commercial contract is awarded.

View 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.

View 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.

View Answer

Ans: administration

48. Managing contracts is an ………………. responsibility.

View Answer

Ans: enterprise

49. Most organizations …………….. key contract data into back-end systems.

View Answer

Ans: manually

50. Contract negotiations between external parties often take place via …………….. .

View 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.

View Answer

Ans: contracting

52. Over time this will build a solid base of the most ……………… vendors with which you may work with greater confidence.

View Answer

Ans: reliable