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CMGT 3500 Test 2-Questions with Correct Answers

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CMGT 3500 Test 2-Questions with Correct Answers

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CMGT 3500 Test 2-Questions with Correct
Answers
Three Project Award Methods

Competitive bidding, negotiation, Direct selection

Advantages of Competitive Bidding

It ensures fair pricing, gives new contractors opportunities, encourages competition, and

shifts financial risk from the owner to the contractor

Bid Rigging

Fraud where the winner is preselected

List the three elements / components of the BID

Advertisement, Invitation to bid, instructions to bidders

Instructions/Information to Bidders (IFB) Purpose

Ensures all bidders get the same information about the project

IFB prepared by whom

CM

Responsive Bid defined

Meets all project requirements and rules.

Responsible Bid defined

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