ARE 5.0 Project Management Exam Questions With Correct Answers

ARE 5.0 Project Management Exam Questions
With Correct Answers


Project Management - CORRECT ANSWER✔✔-Includes project planning,
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scheduling, monitoring, coordinating and directing, updating documentation,
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closing out the job, and following up with clients.
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Partnering - CORRECT ANSWER✔✔-Various stakeholders in a project (such as the
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architect, owner, contractor and vendors) all participate in the decision-making
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process.


Bar Chart - CORRECT ANSWER✔✔-Method commonly used for scheduling design
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and construction projects. Tasks are listed in chronological order on vertical
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access and time period is listed on horizontal axis. (Aka Gantt Chart)
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Dependency - CORRECT ANSWER✔✔-The relationship between a task that must
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be completed before another can start.
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Critical Path Method (CPM) - CORRECT ANSWER✔✔-Common scheduling tool
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that graphically depicts all the tasks needed to complete a project, the sequence
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in which tasks must occur, and each task's duration.
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Float - CORRECT ANSWER✔✔-The maximum length of time a noncritical task can
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be delayed or extended before it causes a delay.
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,Work Plan - CORRECT ANSWER✔✔-A detailed project schedule, breaking the
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project down into its component tasks and assigning staff members and other
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resources to each task. (Aka Fee projection)
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Pro Forma - CORRECT ANSWER✔✔-Statement listing the expected income that
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the project will generate and the expected costs to build the project.
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Value Engineering - CORRECT ANSWER✔✔-Reviewing individual systems and
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materials to see if the same function can be accomplished in a less expensive
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way.


Building Cost - CORRECT ANSWER✔✔-The money needed to construct the
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building, including structure, exterior cladding, finishes, and electrical and
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mechanical systems, as well as the contractor's overhead and profit.
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Site Development Costs - CORRECT ANSWER✔✔-Cost of parking, drives, fences,
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landscaping, exterior lighting, and irrigation systems.
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Furniture, Fixtures, and Equipment (FF&E) - CORRECT ANSWER✔✔-Costs of
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movable equipment, furnishings, accessories, and window coverings.
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Professional Services - CORRECT ANSWER✔✔-Architectural and engineering fees
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as well as costs for services such as topographic surveys, soil tests, special
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consultants, appraisals, and legal consultation.
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, Financing - CORRECT ANSWER✔✔-Includes the long-term interest paid on
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permanent financing as well as the immediate costs of loan origination fees,
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construction loan interest, and other administrative costs.
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Debt Service - CORRECT ANSWER✔✔-The cost to pay off the construction loan
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for a project and is generally considered an ongoing cost over many years, not
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part of the original cost of the project.
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Top-Down Approach - CORRECT ANSWER✔✔-An approach for estimating fees
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where the PM begins by estimating the total fee needed to complete the project
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using a combination of rules of thumb and historical data.
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Bottom-Up Approach - CORRECT ANSWER✔✔-An approach for estimating fees
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where the PM begins by breaking the project down into individual tasks and
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estimating how much time will be needed to complete each one.
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Total Working Fee - CORRECT ANSWER✔✔-The fee available to pay people to do
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the job after subtracting fees for proffit, consultants and other expenses.
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Project Monitoring Chart - CORRECT ANSWER✔✔-Used to monitor employees'
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time sheets weekly in order to compare the actual hours expended to the
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budgeted time and take corrective action if the actual time exceeds the budgeted
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time.


Communication - CORRECT ANSWER✔✔-The most important aspect of project
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management that includes 4 basic kinds known as work assignments,
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instructions, reward and punishment and social interaction.
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