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CMGT 3500 Exam 2 Review Questions And Answers Rated 100%!!!

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What are the three project award methods? - ANS competitive bidding, negotiation, direct assignment Where is competitive bidding used? - ANS federal or state and local projects, publicly financed Where is negotiation/direct assignment used? - ANS private government What are the advantages of competitive bidding? - ANS fair to all contractors, allows competition and innovation to reduce price, allows new contractors a chance to enter the market What is ...

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CMGT FINAL: 3 Exam Questions And Answers

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they are funded by taxpayers dollars - ANS Open bidding is required public projects because _____? prequalification - ANS What is the tool used to reduce the number of bidders on a public project and to increase the quality of the contractor pool? labor and materials payment bond - ANS Which type of bond guarantees that the payment for a contractor's labor and materials used on the project will be made? all the above: posted electronically on construction proj...

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CMGT 3500 Test 3 Exam Questions And Answers

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Unlike other businesses, the construction industry is paid on periodic payments for progress of completion of a project. - ANS True An express warranty is one that clearly stated either verbally in writing. - ANS True The duration of a project is measured against substantial completion to determine: - ANS When the last periodic payment can be made Retainage is: - ANS Used as incentive for the contractor to complete the project Project Closeout - ANS ...

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CMGT Final Exam Review Questions And Answers Rated 100%!!!

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architect - ANS Which of the following profession derives its name from the Greek, meaning; "master-builder"? Construction Manager - ANS Which project participant may be defined as, "a person who coordinates the construction process on behalf of the owner"? The main advantage of PLAs is that the unions agree not to strike for the project's duration. The main disadvantage is that non-union contractors experience problems during the bidding process because, by ...

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CMGT 3500 Test 3 Exam Questions And Answers Graded A+!!!

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Change - ANS Also referred to as extras. When owner makes them they become modification of contract. If this impacts project cost/duration a change order is required Change Order - ANS Changes issued by the owner that requires a change to the original contract. When GC receives modification proposal- must evaluate the potential impact the changes will have on the cost/duration, subcontractors involved in change must also submit quotations. If quotation is acceptable, GC will s...

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CMGT Final Exam Questions And Answers

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Project Management - ANS A discipline has come about to respond to client needs for the construction of more complex projects, to be built faster and more cost effectively. Associated Schools of Construction (ASC) - ANS 1965 nine universities met in Florida and formed this to promote construction management as a legitimate and unique area of study at universities. Steel - ANS In the 1800's this was introduced to allow for high- rise buildings. Objective of Pro...

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final exam cmgt Questions With Complete Solutions

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Builders Risk - ANS What is the name of the insurance that covers buildings while under construction? The Owner is allowed to do this when: Defective work is not remedied Failure of contractor to pay subs Evidence that the work cannot be complete within the contract time - ANS What is withhold payment? The Owner may at anytime terminate the contract without cause. - ANS What is the "termination for convenience" clause. This specifications and contract dr...

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CMGT 3500 Test 2 ECU Fall Exam Questions And Answers

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Project award methods (types) - ANS -Competitive bidding: Open or selective (can be used by both public or private owners) -Negotiation: Mostly used in private projects, very seldom used in publicly owned -Direct assignment: Mostly used in private projects Advantages of Competitive Bidding - ANS -provides clear idea of total construction costs -fair to all contractors -allows for completion and innovation to reduce price -gives chance for new contractors with limited past...

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CMGT 3500 Exam 1 Questions And Answers

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In a strong economy, a larger percentage of total construction expenditures will be devoted to new construction - ANS True The construction industry represents the largest single production activity in the American economy - ANS True The construction industry differs from manufacturing industry in what way: - ANS Construction projects are relatively complex and are completed by efforts of many Construction is considered an "easy in / easy out" industry. Whi...

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CMGT 3500 Final Exam Questions And Answers

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The construction Industry, per the text, accounts for 25% of the Gross Domestic Product (DGP) - ANS False; 5% A self performance method of contracting requires the owner to hire a contractor who self performs all the work - ANS False A bilateral contract agreement is created by mutual promises by contracting parties - ANS True If a meeting of the minds is achieved, the parties DO NOT enter into a contract - ANS False A Dispute takes place because confl...

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