Economics 5th Edition Bijan Vasigh, Brian Pearce - Solutions

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Task 2 can start after Task 1 is completed and has an estimated duration of
Suppose you have a project with four tasks as follows: Task 1 can start immediately and has an estimated duration of
Which type of contract provides the least amount of risk for the buyer?a. firm fixed priceb. fixed price incentivec. cost plus incentive feed. cost plus fixed fee
Your project team has identified several risks related to your project. You decide to take actions to reduce the impact of a particular risk event by reducing the probability of its occurrence. What risk response strategy are you using?a. risk avoidanceb. risk acceptancec. risk mitigationd.
If a project team goes from three to five people, how many more communications channels are there?a. 7b. 6c. 5d. 4
Project human resource management does not include which of the following processes?a. acquiring the project teamb. developing the project teamc. managing the project teamd. estimating activity resources
What is the target goal for defects per million opportunities using Six Sigma?a. 1b. 3.4c. 34d. 100
If the earned value (EV) for a project is $30,000, the actual cost (AC) is $33,000, and the planned value (PV) is $25,000, how is the project performing?a. The project is over budget and ahead of schedule.b. The project is over budget and behind schedule.c. The project is under budget and ahead of
If the earned value (EV) for a project is $30,000, the actual cost (AC) is $33,000, and the planned value (PV) is $25,000, what is the cost variance?a. $3,000b. $3,000c. $5,000d. $5,000
The critical path on a project represents ________.a. the shortest path through a network diagramb. the longest path through a network diagramc. the most important tasks on a projectd. the highest-risk tasks on a project
Decomposition is used in developing ________.a. the management planb. the communications planc. the earned valued. the WBS
A document that formally recognizes the existence of a project is a ________a. Gantt chartb. WBSc. project charterd. scope statement
After an hour or two, take a short break to clear your mind. You might want to bring a snack to have during your break. You might also consider bringing earplugs if you re easily distracted by noises in the room.
If you do not know an answer and need to guess, be wary of choices that include words such as always, never, only, must, and completely. These extreme words usually indicate incorrect answers because there are many exceptions to rules.
Read all questions carefully. A few sections of the test require that you answer three to four questions about a scenario. These questions can be difficult; it can seem as if two of the choices could be correct, although you can choose only one. Read the directions for these types of questions
You should be given two pieces of blank paper to use during the exam. You might want to bring the paper yourself to make sure it is available. Before starting the test, you should write down important equations so that you do not have to rely on your memory. When you come to a question involving
Some questions require doing calculations such as earned value management. It is worthwhile to memorize the earned value formulas to make answering these questions easier. You may use a nonprogrammable calculator while taking the exam, so be sure to bring one to make performing calculations easier.
To increase your chances of getting the right answer, first eliminate obviously wrong options, and then choose among the remaining options. Take the time to read all of the options before selecting an answer. Remember, you have to pick the best answer available.
Do not try to read more into the questions than what is stated. There are no trick questions, but some may be poorly worded or just bad questions. Remember that they were written by volunteers and are part of a huge test bank. Most of the questions are relatively short, and there are only four
Some people believe it is better to change answers you are unsure about. If you think that a different answer is better, after reading the question again, then change your answer. Don t get hung up on any questions. Move on and focus on answering the questions you can answer correctly.
The time allotted for the exam is four hours, and each multiple-choice question has four answer choices. You should have plenty of time to complete the exam. Use the first two to three hours to go through all of the questions. Do not spend too much time on any one question. As you work, mark each
The PMP exam is computer based and begins with a short tutorial on how to use the testing software. The software makes it easy to mark questions you want to review later, so learning how to mark questions is helpful. Using this feature can give you a feel for how well you are doing on the test. It
Evaluative questions provide situations or scenarios for you to analyze, and your response will indicate how you would handle them. For example, a project might have many problems. A question might ask what you would do in that situation, given the information provided. Remember that all questions
Application questions test your ability to apply techniques to specific problems. For example, a question might provide information for constructing a network diagram and ask you to find the critical path or determine how much slack is available on another path. You might be given cost and
Conceptual questions test your understanding of key terms and concepts in project management. For example, you should know basic definitions such as what a project is, what project management is, and what key activities are included in project scope management.
Pay the appropriate exam fee. As of January 2009, the PMP certification fee was $405 for PMI members and $555 for non-members. The re-examination fee (if you don t pass the exam) is $275 for PMI members and $375 for non-members. The annual individual PMI membership fee is $129 (including the $10
Agree to the PMP certificant and candidate agreement and release statement. This form certifies that application information is accurate and complete and that candidates will conduct themselves in accordance with the Code of Ethics and Professional Conduct, professional development requirements,
Document at least 35 contact hours of project management education. A contact hour is defined as one hour of participation in an educational activity. There is no time frame for this requirement. A university or college, a training company or independent consultant, a PMI chapter, a PMI Registered
Have experience working in the field of project management. When you apply to take the exam, you enter the role you played in leading and directing project tasks on one or several projects and how many hours you worked in each of the five project management process groups for each project. Roles
Project Communications Managementa. Adjust the timescale on your Gantt chart to enable the chart to fit on one page. Then paste a copy of the Gantt chart in PowerPoint. You can use your Print Screen button to copy the image and paste it into PowerPoint. Also add key milestones to the Timeline and
Project Human Resources Managementa. Two months after the project begins, give everyone on the team a 10% raise. Document the increase in costs that these raises cause.b. Use the Resource Usage view to see each person s work each month. Print a copy of the Resource Usage view.
Project Cost Managementa. Use the resource and cost information provided in resource.mpp.b. Assign resources to the new tasks. Try to make the final cost about the same as that shown in the Project Tracking Database example: about $50,000.c. Print the budget report for the project.
Project Time Managementa. Enter realistic durations for each task, and then link appropriate tasks. Make the additional tasks fit the time estimate: 20 days for analysis tasks, 30 days for design tasks, and 20 days for implementation tasks. Assume that all of the executing tasks have a total
Project Communications Managementa. Adjust the timescale on your Gantt chart to enable the chart to fit on one page. Then paste a copy of the Gantt chart in PowerPoint. You can use your Print Screen button to copy the image and paste it into PowerPoint. Also add key milestones to the Timeline and
Project Human Resource Management.a. Assume that the Marketing person will be unavailable for one week, two months into the project, and for another week, four months into the project. Make adjustments to accommodate this unavailability so the schedule does not slip and costs do not change.
Project Cost Managementa. Assume that you have four people from various departments available part time to support the full-time Human Resources person, Terry, on the project. Assume that Terry s hourly rate is $40. Two people from the Information Technology department will each spend up to 25% of
Project Time Managementa. Enter realistic durations for each task and then link appropriate tasks. Be sure that all tasks are linked in some fashion to the start and end of the project. Use the Project Tracking Database as an example. Assume that you have six months to complete the entire
Project Scope Management Create a WBS for this project and enter the tasks in Project 2010. Create milestones and summary tasks. Assume that some of the project management tasks you need to do are similar to tasks from the Project Tracking Database example. Some of the tasks specific to this
Project Communications Managementa. Adjust the timescale on your Gantt chart to enable the chart to fit on one page. Then paste a copy of the Gantt chart in PowerPoint. You can use your Print Screen button to copy the image and paste it into PowerPoint. Also add key milestones to the Timeline and
Project Human Resource Managementa. Assume that one project team member will be unavailable (due to vacation) for two weeks in the middle of the project. Make adjustments to accommodate this vacation so that the schedule does not slip and the costs do not change. Document the changes from the
Project Cost Managementa. Assume that you have three people working on the project and each of them would charge $20 per hour. Enter this information in the Resource Sheet.b. Estimate that each person will spend an average of about five hours per week for the four-month period. Assign resources to
Project Time Managementa. Enter realistic durations for each task, and then link the tasks as appropriate. Be sure that all tasks are linked (in some fashion) to the start and end of the project. Assume that you have four months to complete the entire project. Hint: Use the Project Tracking
Project Scope Management Create a WBS for this project and enter the tasks in Project 2010. Create milestones and summary tasks. Assume that the main WBS categories and some of the project management tasks are similar to tasks from the Project Tracking Database project. Some of the specific
Write a one- to two-page, single-spaced paper summarizing what you think about Microsoft Project. What do you like and dislike about it? Do you think it would be useful for managing all projects, or just some? Which ones?
Create your own file using the information in Figures A-62 and 63 to experiment with the Team Planner. Print out screen shots of both figures by copying and pasting them into a word processing software.
Print out the Resource Graph view showing an overallocation, Figure A-59.
Print out the Tracking Gantt Chart view, Figure A-53.
Create a new Project file that shows the WBS for a generic project. Make the main categories project management, concept, development, implementation, and closeout. Include at least four tasks and one milestone under each of these main categories. Enter 0 for the duration of the milestones, but
The Split screen view for entering resource information, Figure A-43. Note: Press the print screen key (PrtScrn [or PrtScrn and Fn] on your keyboard) and paste it into Word to print because it does not print out as shown from within Project 2010.
The Schedule Table view, Figure A-36.
Your formatted Gantt chart, Figure A-33. Be sure it fits on one page before printing and that all the columns shown are visible.
Summarize ways to communicate information with Project 2010. How do you link to other files from within your Project 2010 file? How can you find and use templates?
Briefly describe how to change resource calendars, view resource histograms, and level resources. How can you use the new Team Planner feature?
How can Project 2010 assist you in project cost management? What table view would you use to enter fixed costs? How do you enter resources and assign them to tasks? How can you view earned value information?
Summarize how you use Project 2010 to assist in time management. How do you enter durations, link tasks, and view critical path information?
How do you use Project 2010 to create a WBS hierarchy?
What are some new features of Project 2010, and how do they differ from previous versions of Microsoft Project?
19 What is the difference between the way the EU and the DOT evaluate the grant of antitrust immunity?
18 How does this affect traffic (domestic vs international) at the airport?
17 Which airport has the greatest concentration of a single global alliance network?
16 What are the major trends in global alliances?
15 What are some of the pros and cons of equity investments between airlines?
14 What are code share agreements between airlines?
13 Explain why airlines originally formed alliances with foreign carriers.
12 What is a joint venture between airlines?
11 Why do legacy airlines have an advantage over LCCs in the international market?
10 Why is aviation particularly well suited to Open Skies agreements, and what are the potential gains for individual airlines?
9 Name the three major world alliances. What are some of the benefits and costs associated with these alliances?
8 Which freedom is not likely to be extended to foreign airlines and why?
7 What are the main provisions of Open Skies agreements and why have some countries avoided such agreements?
6 How were LCCs in Europe affected by the EU Open Skies agreement?
5 How did the Open Skies agreement between the European Union and the United States reduce the barriers to entry?
4 Define Cabotage Law and explain the impact of cabotage agreements on international travel.
4 Why do nations trade? Briefly explain the arguments for and against free trade.
4 Explain how safety regulations may increase overall safety for travelers.
3 Over the past several decades, both the fatalities per million aircraft miles and accidents per million aircraft departures have decreased. Briefly explain some of the reasons for these improvements in aviation safety.
8 How can legacy airlines compete effectively and efficiently with low-cost competitors?
7 What are the challenges and problems faced by LCCs to expand into international markets?
21 From time to time, when purchasing certain items such as jewelry, the salesperson will ask the customer what price the customer has in mind. What do you suppose is the purpose of this question?
18 List the conditions that are needed for successful price discrimination.
Suppose that two airlines, DirectJet and MyJet, with identical cost functions are serving a regional airport with following information: Market demand: P = 1000 – 10Q Cost functions: AC = MC= $50 a Calculate the equilibrium output and price for each airline, assuming that each airline chooses the
Occasionally, an airline will ask passengers what the purpose of the trip is. Usually, the stated reason is to provide better service for the customer. In addition to this reason, what other information do you think the airline is trying to obtain with this type of questionnaire and why?
Will the other airline immediately adopt a monopoly pricing strategy? Why or why not?
In the preceding example, suppose that one of the airlines opts out of the market entirely.
Suppose there are only two airlines that serve a certain route. Now suppose that one of the airlines institutes a sale on this route. What will be the effect on the other airline and what actions will the other airline take?
There are a number of gas stations that are located near the lots of rental car companies around Orlando International Airport. These gas stations invariably charge a higher price than other gas stations that are located further away. Rental cars are normally rented with the proviso that the car
Some students may think that university sweatshirts have a relatively high price when sold at the bookstore. Other than quality, can you think of a reason for the higher price of the sweatshirts in the bookstore?
Calculate the change in the HHI for the period of 2006–2017: a For the US airline industry b For US major airports c Have these industries become more or less concentrated over time?
Suppose that a typical monopolistically competitive firm faces the following demand and total cost equations for its product: Q = 50– P TC = 375– 25Q + 1.5Q2 where P is the price of the product and Q is the number of units produced. a What is the firm’s profit-maximizing price and output
South Charleroi Airport is a regional airport serving the leisure travel market. The inverse demand curve for this airport is P = 150– Q. Assume that there are only two airlines serving this airport, each with the identical marginal cost (MC) of $30. a Supposing they perform as Cournot
What are four distinguishing characteristics of monopolistic competition?
Focus on the airline industry: why is the upper portion of the kinked demand curve elastic and the lower portion inelastic?
Graphically depict a shut-down case for a monopolistic competitive firm. When should any firm shut down in the short run?
You are the manager for DirectJet and unable to determine whether any given passenger is a business or leisure traveler. Can you think of a self-correction mechanism that would permit you to identify business or leisure customers?
What are the implications for the regulatory authorities of the existence of contestable markets?
Provide examples illustrating how markets change from one structure to another when technology or other market conditions change.
If monopolies are socially undesirable, why do governments actually support having some?
How is price established in a monopolistic competitive market?
The antitrust laws do not allow firms in the same industry to agree on what prices they will charge. Is that correct for the airline industry?
How is price established in an oligopoly market?

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