Business Administration
Midterm Exam
Course Introduction
Business Administration is an interdisciplinary course that introduces students to the fundamental principles, practices, and functions of managing and organizing business enterprises. Covering key topics such as accounting, finance, marketing, human resources, operations management, and organizational behavior, the course emphasizes strategic decision-making and leadership skills essential for todays competitive business environment. Students will analyze real-world case studies, develop problem-solving abilities, and gain practical insights into effective planning, coordination, and control of business activities, preparing them for diverse roles within corporate, nonprofit, and entrepreneurial settings.
Recommended Textbook Project Management in Practice 5th Edition by
Jack R. Meredith
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8 Chapters
533 Verified Questions
533 Flashcards
Source URL: https://quizplus.com/study-set/1630
Page 2
Chapter 1: The World of Project Management
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/32366
Sample Questions
Q1) When using financial methods for selecting projects, the payback period is the simplest and best method to use.
A)True
B)False
Answer: False
Q2) One limitation of scoring methods is that they can only incorporate quantitative data.
A)True
B)False
Answer: False
Q3) If the initial investment is a project is $100,000 and the expected annual net profit for the project is $20,000, the payback period is:
A) One fifth of a year
B) 4 years
C) 5 years
D) 10 years
E) insufficient information to determine the payback period
Answer: C
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Chapter 2: The Manager, the Organization, and the Team
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68 Verified Questions
68 Flashcards
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Sample Questions
Q1) A functional project structure is not characterized by:
A) lower personnel costs
B) improved communications
C) lack of "projectitis"
D) lack of technical knowledge depth
E) all of the above are characteristics of a functional project structure
Answer: B
Q2) "The operation was a success but the patient died" best exemplifies A) micromanagement
B) the systems approach
C) the need to fight fires
D) suboptimization
E) lack of leadership
Answer: D
Q3) Cross divisional project communication is enhanced when a project is organized in a functional project organization.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Planning the Project
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63 Verified Questions
63 Flashcards
Source URL: https://quizplus.com/quiz/32368
Sample Questions
Q1) Predecessors must be listed in the WBS because they are critical for scheduling.
A)True
B)False
Answer: True
Q2) Another name for concurrent engineering is simultaneous engineering.
A)True
B)False
Answer: True
Q3) It is not possible to overdo it when it comes to project planning.
A)True
B)False
Answer: False
Q4) A Project charter affirms that all major parties of interest are in agreement on A) schedules
B) cost
C) deliverables
D) all of the above
E) none of the above
Answer: D
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Chapter 4: Budgeting the Project
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64 Verified Questions
64 Flashcards
Source URL: https://quizplus.com/quiz/32369
Sample Questions
Q1) The name given to the budget process that aggregates income and expenditures across projects is:
A) activity-oriented budget
B) top-down budget
C) bottom-up budget
D) program-oriented budget
E) activity-based costing
Q2) A problem with bottom-up budgeting is:
A) individual team members overstate their budget needs
B) lack of involvement from the project team
C) underestimating the project task's budget requirements
D) all of the above
E) none of the above
Q3) Learning curve theory states that performance of labor per unit will improve by a fixed percentage each time production doubles.
A)True
B)False
Q4) Mechanical tasks typically have higher learning rates than more mental tasks.
A)True
B)False
Page 6
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Chapter 5: Scheduling the Project
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63 Verified Questions
63 Flashcards
Source URL: https://quizplus.com/quiz/32370
Sample Questions
Q1) Milestones cannot be identified on a Gantt Chart.
A)True
B)False
Q2) A disadvantage of Gantt charts is that they are hard to draw.
A)True
B)False
Q3) The formula for the expected time of an activity in a network assumes that the optimistic, pessimistic, and most likely time estimates have a Beta distribution.
A)True
B)False
Q4) For which purpose is simulation NOT used with regard to project scheduling?
A) to overcome the limitations associated with statistical techniques used to develop probability of completion time estimates
B) to investigate the range of project completion times
C) to investigate the distribution of project completion times
D) to verify the accuracy of the optimistic, pessimistic and most likely time estimates
E) all of the above
Q5) What is a Gantt chart?
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Chapter 6: Allocating Resources to the Project
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66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/32371
Sample Questions
Q1) The safety time added to chains other than the critical chain is called
A) feeding buffer
B) project buffer
C) path buffer
D) critical buffer
E) team buffer
Q2) Fast-tracking a project is used primarily in the pharmaceutical industry.
A)True
B)False
Q3) Trade-offs must be made in order to optimize the use of limited resources.
A)True
B)False
Q4) Why are scarce resources referred to as "Walts"?
Q5) All of the following are criteria available to help choose the priority rule mentioned in the textbook except;
A) Schedule slippage
B) Project cost
C) resource utilization
D) in-process inventory
Q6) What is resource loading?
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Chapter 7: Monitoring and Controlling the Project
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/32372
Sample Questions
Q1) Project review meetings are always important.
A)True
B)False
Q2) List the benefits of reports beyond the purpose of control.
Q3) List and briefly describe the three distinct types of reports.
Q4) Which of the following is used when it is especially difficult to find a direct measure of a variable?
A) frequency count
B) raw numbers
C) surrogates
D) subjective numeric ratings
E) verbal characterizations
Q5) When a PM updates a project all of the following should be updated except:
A) Tables
B) Charts
C) Action plans
D) All of the above should be updated
E) None of the above should be updated
Q6) Define the terms monitoring and control.
Q7) Why is control difficult?
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Chapter 8: Evaluating and Terminating the Project
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67 Verified Questions
67 Flashcards
Source URL: https://quizplus.com/quiz/32373
Sample Questions
Q1) What are the main duties of the termination manager?
Q2) What criteria should be included in evaluating a project?
Q3) In which of the following project states is the value of the project audit of rather limited usefulness?
A) master schedule
B) initiation
C) feasibility study
D) preliminary plan/schedule budget
E) The value of the project audit is very useful in all of the above project states.
Q4) The four important dimensions for measuring project success include the following except
A) Efficiency in meeting the budget and schedule
B) Customer impact/satisfaction
C) Business/direct success
D) Future potential
E) Planning
Q5) Naming the wrong project manager is a fundamental reason for project failure.
A)True
B)False
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