CMGT Exam 1 Questions 100% Correct!

- ANSWER What are two types of owners - ANSWERPublic and Private. One uses public money one uses private What do Developer Owner's want - ANSWERmaximize return on investment, quick turn around What do operator owners want - ANSWERManimize operating costs, at the expense of construciton cost. What is lump syum contract - ANSWERMost common, total cost to total amont of work Integrated Project Delivery - ANSWERRisk and reward shared, creates transperancy between parties What is unit price contract - ANSWERBased upon quantities of items in the project and their unit price. Cost plus a fixed fee - ANSWEROwners agrees to pay the cost of the work, pus Cost plus a percentage Fee - ANSWEROwners agrees to pay cost of work plus percentage of total cost Cost-plus with a guaranteed maximum price - ANSWERA cost-plus contract that has a ceiling price on the amount the owner will pay for the completed project.