Project Management and Engineering Economics 5

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Subject: Project Management and Engineering Economics 5

Part 5: List for questions and answers of Project Management and Engineering Economics

Q1. Product life cycles for many products are ______ forcing companies to not only become ______ in design but also to communicate changes and needs to suppliers and distributors?
a) Shrinking rapidly, more flexible
b) Shrinking rapidly, less flexible
c) Growing rapidly, more flexible
d) Growing rapidly, less flexible

Q2. All portions of the material production from ________to _______ are considered to be
a linked chain under the supply chain concept.
a) Work in process, final customer
b) Raw material, work in process
c) Work in process, raw material
d) Raw material, final customer

Q3. To get the most profit, a company should________?
a) Provide little customer service
b) Provide high production costs
c) Provide the lowest inventory investment
d) Provide the highest distribution costs

Q4. The concept of having ____ department(s) responsible for the flow of materials, from supplier through production to consumer, is relatively new.
a) One
b) Multiple
c) Functional
d) None of the above

Q5. Materials management is a coordinating function responsible for planning and controlling materials flow. Its objective(s) is/are:?
a) Maximize the use of the firm’s resources
b) Provide the required level of customer service
c) Both of the above
d) Neither of the above

Q6. ______ and ______ are costs that increase or decrease with the quantity sold. ?
a) Direct labour, indirect material
b) Direct labour, direct material
c) Indirect labour, indirect material
d) Indirect labour, direct material

Q7. _______ is the capability of manufacturing to produce goods and services.?
a) Capacity
b) Priority
c) Planning
d) Control

Q8. In inventory control theory, the economic order quantity is?
a) Average level of inventory
b) Optimum lot size
c) Capacity of a warehouse
d) Lot size corresponding to break-even analysis

Q9. A-B-C analysis is used in?
a) CPM
c) Inventory control
d) All of these

Q10. Which of the following statement is correct?
a) A-B-C analysis is based on Pareto’s principle
b) Simulation can be used for inventory control
c) Economic order quantity formula ignores variations in demand pattern
d) All of the above

Q11. Which of the following is not an inventory?
a) Machines
b) Raw material
c) Finished products
d) Consumable tools

Q12. The following classes of costs are usually involved in inventory decisions except?
a) Cost of ordering
b) Carrying cost
c) Cost of shortages
d) Machining cost

Q13. The cost of insurance and taxes are included in?
a) Cost of ordering
b) Set up cost
c) Inventory carrying cost
d) Cost of shortages

Q14. The minimum stock level is calculated as?
a) Reorder level – (Normal consumption x Normal delivery time)
b) Reorder level + (Normal consumption x Normal delivery time)
c) (Reorder level + Normal consumption) x Normal delivery time
d) (Reorder level + Normal consumption) / Normal delivery time

Q15. The time period between placing an order its receipt in stock is known as?
a) Lead time
b) Carrying time
c) Shortage time
d) Over time

Q16. Industrial safety management if that branch of management which is concerned with ______ hazards from the industries.
a) Reducing
b) Controlling
c) Eliminating
d) All of the above

Q17. The following is indirect cost of accident?
a) Money paid for treatment of worker
b) Compensation paid to worker
c) Cost of lost time of injured worker
d) All of the above

Q18. Smoke alarms should be tested?
a) Every week
b) Every month
c) Twice a year
d) Whenever the low-battery warning sounds

Q19. If a fire occurred in your home, the time you have to escape could be as little as?
a) 3 minutes
b) 12 minutes
c) 1 minute
d) 30 minutes

Q20. The first principle of good storage practice for chemicals is?
a) Limiting quantity
b) Concentration
c) Containment
d) Segregation

Part 5: List for questions and answers of Project Management and Engineering Economics

Q1. Answer: a

Q2. Answer: d

Q3. Answer: c

Q4. Answer: a

Q5. Answer: c

Q6. Answer: b

Q7. Answer: a

Q8. Answer: b

Q9. Answer: c

Q10. Answer: a

Q11. Answer: a

Q12. Answer: d

Q13. Answer: a

Q14. Answer: a

Q15. Answer: a

Q16. Answer: d

Q17. Answer: c

Q18. Answer: b

Q19. Answer: c

Q20. Answer: d