6) The main difference between PERT and CPM is that: A) PERT is more accurate than CPM. B) PERT assumes that activity durations are known. C) PERT ignores activity costs. D) PERT employs three time estimates for each activity. E) CPM assumes activity durations can vary. 7) Which of the following is NOT one of the phases of project management? A) planning B) scheduling C) controlling D) budgeting E) All of these are project management phases. Answer: D 8) Assume that activity F has the following times: Early start time = 7 days Early finish time = 13 days Late start time = 15 days Late finish time=21 days Which of the following statements is TRUE about activity F? A) Activity F takes 14 days to complete. B) Activity F has a slack time of 8 days. Activity F is on the critical path. D) Activity F takes 2 days to complete. 9) Which of the following statements regarding critical paths is true? A) The shortest of all paths through the network is the critical path. B) Some activities on the critical path may have slack. C) On a specific project, there can be multiple critical paths, all with exactly the same duration D) Every network has only one critical path. E) The duration of the critical path is the average duration of all paths in the project network 10) The Delphi method of forecasting is useful when: A) judgment and opinion are the only bases for making informed projections B) a systematic approach to creating and testing hypotheses is needed and the data are usually gathered by sending a questionnaire to consumers C) historical data are available and the relationship between the factor to be forecast and other external or internal factors can be identified D) historical data is available and the best basis for making projections is to use past demand patterns E) historical data is used for Analytics and Forecasting