CMP 423 Exam 1 Questions With Answers

Monetary size of construction industry - Answer- 6-8% of GDP and 0.75-1 Trillion/year Number of people employed in construction - Answer- 6.3 million people 6% private sector 5% total non farm jobs Number of construction firms - Answer- 700 000 Firms 65% have less than 5 employees 90% have fewer than 20 employees 1% of firms have 100 or more employees Murphys law - Answer- Every time you do something, something bad will happen 80-20 rule - Answer- 80% of construction work is done by 20% of companies Can be applied to almost anything % of construction work in manufacturing - Answer- 5% Construction work by industry - Answer- 35% private residential 35% private non-residential 30% public construction Define a project - Answer- Any series of activities and tasks that have: An objective Start and finish dates Financial limitations Consume resources Define project management - Answer- Planning, organizing, staffing, coordinating, directing, and controlling of resources for a project Also includes innovating such as BIM History of construction management - Answer- Started after WWII A specialized aspect of general project management Challenges of construction project management - Answer- Planning for a work force of unknown skill Using a management team brought together for only one project Depending on material suppliers and subcontractors of uncertain reliability Working for owners reps Lack of a single source of authority and control Wha