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CMGT 3500 FINAL QUESTIONS AND ANSWERS PT.1 END OF CHAPTER List several measures that describe the size of the construction industry - ANSWER-- accounts for 2/3 of $1-trillion in expenditures per year in new construction - constitutes about 5% of GDP -6% (7.5 mill) of workers of the industrial workforce is employed directly in the construction industry -the construction industry represents the largest single production activity in the American economy Under what conditions might...

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CMGT 3500 PT.1 END OF • CMGT 3500 PT.1 END OF

CMGT 3500 FINAL QUESTIONS AND ANSWERS

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CMGT 3500 FINAL QUESTIONS AND ANSWERS List several measures that describe the size of the construction industry - ANSWER-- accounts for 2/3 of $1-trillion in expenditures per year in new construction - constitutes about 5% of GDP -6% (7.5 mill) of workers of the industrial workforce is employed directly in the construction industry -the construction industry represents the largest single production activity in the American economy Under what conditions might the funding of public ...

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CMGT 3500 • CMGT 3500

CMGT 3500 FINAL STUDY GUIDE QUESTIONS AND ANSWERS

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CMGT 3500 FINAL STUDY GUIDE QUESTIONS AND ANSWERS Spearin Doctrine - ANSWER-Is a warranty supplied by the owner to the contractor that if the contractor builds according to the plans and specs, a satisfactory product will result. Promissory Estoppel - ANSWER-An agreement or contract exists, based largely on the behavior or actions of the parties involved (implied agreement). Contract Law and Tort Law Difference - ANSWER-Contract Law supports and upholds voluntary duties between parties,...

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CMGT 3500 • CMGT 3500

CMGT 3500 FINAL EXAM 2 QUESTIONS AND ANSWERS

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CMGT 3500 FINAL EXAM 2 QUESTIONS AND ANSWERS What are the three project award methods? - ANSWER-competitive bidding, negotiation, direct assignment Where is competitive bidding used? - ANSWER-federal or state and local projects, publicly financed Where is negotiation/direct assignment used? - ANSWER-private government What are the advantages of competitive bidding? - ANSWER-fair to all contractors, allows competition and innovation to reduce price, allows new contractors a chance to ...

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CMGT 3500 • CMGT 3500

CMGT 3500 FINAL EXAM 2025 QUESTIONS AND ANSWERS

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CMGT 3500 FINAL EXAM 2025 QUESTIONS AND ANSWERS Expenditures for new construction are highest when the economy is _____ and when the economy is _____, a greater percentage of expenditures are devoted to renovation and remodeling. - ANSWER-Strong; Weak T/F: The construction industry accounts for nearly 5% of the GDP. - ANSWER-True Prices in the industry tend to rise as competition is _________. - ANSWER-Decreased How does the construction industry differ from typical manufacturing? - ...

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CMGT 3500 • CMGT 3500

CMGT 3500 FINAL EXAM 2025 QUESTIONS AND ANSWERS

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CMGT 3500 FINAL EXAM 2025 QUESTIONS AND ANSWERS Spearin Doctrine Defined - ANSWER-the implied warranty that the project owner, often a governmental entity in public works, guarantees the accuracy of the provided specifications. Contract Law and Tort Law Difference - ANSWER-Tort law deals with civil wrongs and harm caused to others, while contract law deals with legally binding agreements. Elements of a Contract - ANSWER-Offer Acceptance Consideration Meeting of the minds Terms of th...

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CMGT 3500 • CMGT 3500

CMGT 3500 FINAL EXAM QUESTIONS AND ANSWERS

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CMGT 3500 FINAL EXAM QUESTIONS AND ANSWERS Size and complexity of the construction industry - ANSWER-Approx $2/3 Trillion per year 5% of GDP Approx 5% of industrial work force 2.5 million firms Largest single production activity • Contrast the differences between Construction and Manufacturing industries. - ANSWER-Custom built vs. Mass production Quality control implications Plant location ( fixed vs. mobile) Changing partners ( subcontractors) • Public Construction - ANSWE...

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CMGT 3500 • CMGT 3500

CMGT 3500 FINAL EXAM QUESTIONS AND ANSWERS

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CMGT 3500 FINAL EXAM QUESTIONS AND ANSWERS The construction Industry, per the text, accounts for 25% of the Gross Domestic Product (DGP) - ANSWER-False; 5% A self performance method of contracting requires the owner to hire a contractor who self performs all the work - ANSWER-False A bilateral contract agreement is created by mutual promises by contracting parties - ANSWER-True If a meeting of the minds is achieved, the parties DO NOT enter into a contract - ANSWER-False A Dispute...

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CMGT 3500 • CMGT 3500

CMGT 3500 EXAM 1 QUESTIONS AND ANSWERS

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CMGT 3500 EXAM 1 QUESTIONS AND ANSWERS In a strong economy, a larger percentage of total construction expenditures will be devoted to new construction - ANSWER-True The construction industry represents the largest single production activity in the American economy - ANSWER-True The construction industry differs from manufacturing industry in what way: - ANSWER-Construction projects are relatively complex and are completed by efforts of many Construction is considered an "easy in /...