Identifying Time Management Techniques
The question asks to identify the option that is NOT a Time Management technique. Let's analyze the given options:
Time Management Techniques
- Program Evaluation and Review Technique (PERT): A project management tool used to estimate the time required to complete tasks and manage project schedules.
- Critical Path Management (CPM): A method for scheduling activities in a project, identifying the critical path (longest sequence of tasks) to determine the minimum project duration.
- Gantt Charting: A visual project management tool used to illustrate the timeline of a project, showing task dependencies and progress.
Non-Time Management Technique
- Economic Order Quantity (EOQ): This is an inventory management formula used to calculate the optimal quantity of inventory to order to minimize costs. It focuses on inventory levels and costs, not directly on scheduling or managing task durations within a project timeline.
Conclusion
While PERT, CPM, and Gantt Charting are established methods for planning, scheduling, and managing project time, the Economic Order Quantity (EOQ) relates to inventory optimization.
Therefore, Economic Order Quantity is the exception.
Important Questions from Project Management
An interface between the functional application and the data is
The following statements relate to project network. Choose the correct code for the statements being correct or incorrect.
Statement I: An activity cannot be represented by more than one arrow, but an arrow can represent one or more activities.
Statement II : The activities in a critical path can be preponed or postponed.
A public limited company has 9,00,000 shares outstanding at current market price of Rs. 130 per share. The company needs Rs. 2.25 crores to finance its proposed new project. The board of the company has decided to issue rights shares to raise the required money at Rs. 75 per share (as subscription price) to ensure that the rights issue is fully subscribed. How many rights are required to purchase a new share ?
What are the characteristics of job shop production ?
A. Different product types are produced
B. Very large quantities are produced
C. Single type of product is produced
D. Low quantities of product are produced
Match List I with List II
LIST I
(Project Network concepts)
LIST II
(Underlying meaning)
A. Crashing an activity I. Length of the longest path through the project network B. Project Network II. It shows the time and cost when the activity is fully crashed C. Critical path III. It consists of a number of nodes and a number of arcs that connects two different nodes D. Crash point IV. Taking special (costly) measures to reduce the duration of an activity below its normal value Choose the correct answer from the options given below:
