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- 247. To determine a subcontractor's probable financial stability, which of the following would be the most relevant area for inquiry? A. Bonding rate and capacity. B. Cost of general liability insurance. C. Experience of their project managers. D. History of completed projects. 248. The most effective procurement system includes which of the following? A. Submittal log maintained weekly. B. Management system which tracks the number of submittals still outstanding. C. Log system which tracks how long the design team takes to review each submittal. D. Log which maintains fabrication, estimated and actual delivery, and installation dates. 249. Which stage of the management process has the greatest impact on the success of a project? A. Staffing. B. Planning. C. Monitoring. D. Implementing.Question 1 A. On a project, the contractor failed to complete the project on time and the project was terminated. Because of the urgency involved to complete the project, another Contractor 'B' was asked to immediately takeover and proceed with the works without going for a tender or entering into a written contract. Assuming you are the contract manager for the Contractor 'B', what advice would you give to your company on the following: Offer, Acceptance, Consideration, Mutuality of obligations, Competency and capacity before proceeding to start working?T or F The Owner's level of risk, as well as their level of control, is highest on a Design-Bid-Build (Separate contracts) project. T or F Both Fixed Price and Cost Reimbursement contracts may be issued with Incentive clauses T or F Cost Reimbursement contracts are favored over Fixed Price contracts when the scope is indeterminate, the risk is high and/or availability of resources is uncertain T or F Design-Build is known as “Traditional" contracting T or F Privately financed contracts account for 70 – 80% of total construction volume.
- 7. When a project is performed under contract, the SOW (Statement of Work) is provided by which of the following? A. The project sponsor B. The project manager C. The contractor D. The buyer/owner 8. Projects are initiated in response of: A. Stakeholder's pressure B. Business needs C. Technological obsolescence D. All of the above 9. The scope statement provides all of the following EXCEPT: A. A list of assumptions B. How changes will be monitored and controlled C. Process and criteria for D. A baseline to assist in evaluating potential scope changes acceptance 10. The work breakdown structure is a deliverable-oriented grouping of project elements (products or services) which defines, or provides a structure for defining the: A. Project staffing, skill requirements, scope definition B. Work packages, control accounts, schedules C. Project change control, risk identification, labor rates D. Project charter, project planAs the owner of the project MDS, you had defined the contractual relationships between the different parties involved in the project. In other words, you had determined: a. The management plan of your project b. The delivery method of your project C. The contract types of your project d. The organizational system of your project In Guaranteed Maximum Price contracts savings are shared between: Select one: a. Owner and designer O b. Owner and contractor c. Owner and contractor and designer O d. None of the above Change orders requires adjustments in scope, time, and cost Select one: O a. False O b. True1. True or False? A payment bond provides the construction contractor a guarantee that they will receive timely payment for properly completed work 2. True or False? The terms price and cost are the same thing as it applies to a construction estimate. 3. From the following list, which item is least governing when interpreting a contract requirement?a. The Contract Agreementb. Amendments to the Contract Agreementc. Section view drawingsd. Specifications
- What means are available to a contractor bidding a unit-price project for recovery of “General Conditions Work” (mobilization, bonds, insurance, cost of permits, and other preconstruction expenses)?Discuss Overlap and underlap of Subcontracted work and the Problem Associated with each ConditionIn the execution of any project, the contractor's role and responsibility is to: Oa. maintain safety and adhere to the schedule b. manage the construction site Oc. Both (a) and (b) odinitiate and finance the project A Click Submit to complete this assessment. wN x *. AR DELL
- Differ between the unit price contract and contract price?when doing a Bill of Quantity (BQ) for a tendering should all the cost of the items be included in the BQ. (I want to understand how the bill of quantity works in the tendering/ bidding process, and how it should look.A. Addenda C. Cost plus B. Lump sum G. Escape clause H. Liquidated Damages 1. Alternates N. Retainage D. Field Change E. Latent Defect F. Cardinal Change K. Bid Options P. Precon. Meeting L. Value Engineering J. Unit Price O. General conditions M. Fixed fee 29. A change order that is of such magnitude that the original scope of the project is altered to an extent that constitutes a new contract is known as a 30. The underlying purpose of the the rules under which the project will be built. or boilerplate of a construction contract is to outline 31. The exact bid amount is paid in one lump sum payment after completion of the project in a contract. 32. The contractor is reimbursed for actual expenses plus a percentage markup in a contract. 33. The actual number of units put in place is measured, then the unit price is multiplied by the number of units installed in a contract. 34. A study examines the functions of goods and services for the purpose of achieving necessary functions at the…