When resource limits conflict with a fixed project deadline, what is the likely outcome?

• A) Increased resource costs
• B) Improved resource efficiency
• C) Reduced project scope
• D) Delayed project completion

Which mathematical models are commonly used in inventory control to answer questions about how much to stock and how often to buy?

• A) Production scheduling models
• B) Economic production quantity models
• C) Economic order quantity models
• D) Inventory optimization models

Under which of the following condition the economic order quantity in case of Purchasing Model with Shortage can be transformed into Purchasing Model with no Shortage?

• A) When Shortag Cost tends to infinity
• B) When Carrying Cost tends to zero
• C) When Carrying Cost tends to infinity
• D) When shortage Cost tends to zero

In an optimization problem, we seek for maximizing or minimizing a specific quantity, called the ----------.

• A) objective function
• B) feasible solution
• C) decision variables
• D) constraints

Which of the following cost of an item vary directly with its lack of quantity and delaying time ?

• A) Shortage Cost
• B) Item cost
• C) Set-up cost
• D) Inventory holding cost

In Wilson's model, what is the average inventory level?

• A) Half of the maximum order quantity (Q/2)
• B) Equal to the annual demand (D)
• C) The maximum order quantity (Q)
• D) Zero, since there are no shortages

In the graph of Purchasing Model with shortages, the area above the horizontal axis represents -----------.

• A) shortage cost of item
• B) set up cost of item
• C) purchase cost of item
• D) carrying cost of item

For an industrialist, optimization means ------------.

• A) both maximizing its profit and minimizing its cost
• B) change the business strategy and looking forward new customers
• C) minimizing its cost only
• D) maximizing its profit only

Which of the following violates a fundamental rule of network diagram construction?

• A) Multiple arrows for one activity
• B) Node with multiple incoming activities
• C) Two activities from one node
• D) Activities with different durations

If the variance of the project length = 25, expected and scheduled times are 40 and 36 respectively, then the Standard Normal Variable of the given project is-------------.

• A) 0.16
• B) 0.80
• C) -0.80
• D) -0.16

In a network flow diagram, if two jobs ‘a(l,n)’ and ‘b(m,n)’ of ‘7’ and ‘8’ days durations respectively, start earlier simultaneously on 4th day, then the next activity containing ‘n’ as head event can’t start until the entering activity -------------- is completed.

• A) (l,n)
• B) (l,m)
• C) (m,n)
• D) (m,l)

While finding the Critical Path, in the phase of Early Start and Early Finish computations, we start from -------- event and proceed calculations from left to right up to the final event.

• A) first
• B) middle
• C) last
• D) arbitrary

CPM is abbreviation of ______________ .

• A) Critical Performance Method
• B) Constant Process Method
• C) Continuous Path Membership
• D) Critical Path Method

In a development project, if an activity (m,n) of seven days duration, starts late on 3rd day then which of the following will be its latest finish time?

• A) 4nd day
• B) 21th day
• C) 3rd day
• D) 10th day

In a network flow diagram, the precedence relationship among the activitiees are indicated through -------------.

• A) dummy
• B) nodes
• C) branch
• D) project

PERT is an acronym for ___________ .

• A) Program Evaluation and Review Teacher
• B) Program Execution and Revenue Technique
• C) Performance Evaluation and Review Technique Observation
• D) Program Evaluation and Review Technique

By putting the replacement rate ‘R?infinity’ in the Economic Order Quantity(EOQ) of Manufacturing Model with allowed Shortage, then the result is -----------.

• A) EOQ of Manufacturing Model without Shortage
• B) invariant
• C) EOQ of Purchasing Model with allowed Shortage
• D) EOQ of Purchasing Model without Shortage

What is a common constraint in projects that require resource allocation?

• A) Abundant funding
• B) Unpredictable activity times
• C) Limited resources
• D) Flexible deadlines

A shortage of 20 units incurs a cost of Rs. 100/unit/day. If the shortage lasts for 5 days, what is the total shortage cost?

• A) 1000
• B) 500
• C) 10000
• D) 5000

If the cost function in terms of economic order quantity is C = Q^2-400Q, then the minimum cost of inventory per unit of time is ---------- units.

• A) 398
• B) 200
• C) 400
• D) 800