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CCIFP Questions And Answers

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CCIFP Questions And Answers CCIFP Questions And Answers CCIFP Questions And Answers

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CCIFP Questions And Answers
AccordingxtoxSOPx81-1xwhatxisxaxprofitxcenter?x-xCORRECTxxANSWER-Profitxcenters:x
1)xremediationx
2)xoperation,xmaintenancexandxmonitoring.xEarnxrevenuexfromxfixed-price,xtime-and-
materialsxandxcost-plusxcontractsxasxdescribedxbelow.

Definexexculpatoryxandxindemnificationxprovisionsxofxaxcontractx-xCORRECTxxANSWER-
Exculpatoryx-xabsolvesxaxpartyxfromxresponsibilityxofxtheirxownxactions
Indemnificationx-xtoxholdxharmlessxaxpartyx(I.e.xPropertyxorxpersonxinjuryxonxjob)x
Riskxinsurancexgenerallyxresolvesxthis

Definexthexcurrentxassetxandxliabilityxaccountsxforxpercentagexofxcompletion?x-
xCORRECTxxANSWER-Costsxinxexcessxofxbillingsx(asset)xunderxbillings

Billingsxinxexcessxofxcostsx(liabilities)xoverxbillings

IRSxdefinitionxofxaxsmallxcontractorxandxwhatxisxthexexceptionx-xCORRECTxxANSWER-
1)xContractsxcompletedxwithinx2xyears
2)xAveragexannualxgrossxreceiptsxforxprecedingx3xyearsxdoxnotxexceedx10xmillion
-xExemptedxfromxpercentagexofxcompletionxmethod

Listx6xexternalxusersxofxfinacialsx-xCORRECTxxANSWER-1)xOwners
2)xSureties
3)xBanks
4)xVendors
5)xCustomers
6)xLicening

Majorxcausexofxcontractorxfailurexisx-xCORRECTxxANSWER-
Thexfailurextoxplanxandxsetxspecificxobjectives

Namexthex6xmainxtypesxofxclaimsxandxdescribex-xCORRECTxxANSWER-1)xDelayx-
xdelayxonxsitex-xcompensatoryxandxconcurrentxdelayx-xnonxcompensatoryx2xorxmorexdelaysx

, 2)xDisruptionx-xactsxthatxpreventxcompletionxbyxcontractor
3)xAccelerationx-xownerxordersxcontractorxtoxcompletexsoonerxthanxcontractxstipulatesx
4)xChangedxconditionsx-
xdifferingxsitexconditionxfromxoriginalxcontract,xcouldxbexknownxorxunknown

5)xScopexchangesx-
x80xtox90%ofxclaimsxresultxofxthis,xcontractorxbelievesxit'sxadditionalxwork,xownerxdisagrees

6)xTerminationx-xgovernmentxcontract
xDefaultx-xonexsidexbreachx

xConveniencex-xeitherxsidexcanxterminate




StrategicxPlanningx-xCORRECTxxANSWER-
Axlogicalxandxsystematicxprocessxbyxwhichxaxcontractorxdeterminesxthexstrategicxdirectionxf
orxthexcontractor'sxfuture

StrategicxPlanningx-xCORRECTxxANSWER-
Requiresxknowledgexofxthexrisksxinherentxinxthexconstructionxindustryxandxofxavailablexnewx
businessxopportunities

Strategicxplanningxmustxconsiderxexternalxfactors.xThesexfactorsxchangexrapidlyxandxarexo
utsidexthexcontractorxcontrol.x-xCORRECTxxANSWER-1.xPolitical
2.xRegulatory
3.xMarketxOutlook
4.xSocial
5.xTechnology
6.xEconomic

Strategicxplanningxmustxconsiderxinternalxfactors.xThesexfactorsxthexcontractorxcanxcontrol
.x-xCORRECTxxANSWER-
1.xCulture,xrelatedxtoxfinancialxdiscipline,xriskxtolerance,xgrowth,xandxchange
2.xLifexcyclexstage
3.xComprehensivexmarketingxstrategy
4.xCorexcompetencies
5.xTalentxacquisitionxandxretentionxprograms
6.xCommitmentxtoxtechnology

StrategicxPlanningxProcessxencouragesx-xCORRECTxxANSWER-
1.xAssessmentxofxyourxcompany'sxcurrentxcondition
2.xExaminationxofxcurrentxbusinessxmodelxandxthexwayxyouxwouldxlikextoxdoxbusinessxinxfut
ure
3.xDevelopmentxofxnewxfuturexoperatingxmethodsxinxestimating,xpreconstruction,xmarketin
gxandxsales
4.xCommitmentxtoxsetxstrategicxgoalsxandxplansxtoxmeetxthem
5.xCreationxofxmomentumxnecessaryxtoxstartxandxcarryxoutxtheximplementationxofxstrategicx
plan

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