Construction Project Administration Textbook Exam Chapters 1-17

What is the best skill essential to a project managers success that will result in a "best solution" outcome? - Answer- Problem Solving Cost control involves the use of "comparisons" to indicate the need to do what? - Answer- Change methods, change techniques, or change crew composition to earn profit What are the 5 phases of the construction process? - Answer- Predesign, Design, Bid/Award, Construction, Post Construction Which of the following is a fundamental element of a contract? A. Time extension B. Revised Scope of work C. Mutual acceptance D. Exchange of money - Answer- B. Revised Scope of Work Which of the following contract types have the most risk for the contractor? A. Lump Sum B. Unit Price C. Cost plus D. Cost plus GMP - Answer- A. Lump Sum Which of the following contract types are best used if the scope is defined but not the quantities of material? A. Unit Price B. Lump Sum C. Cost Plus D. Cost Plus GMP - Answer- A. Unit Price What is the advantage of forming a corporation? A. Value of corporation can't go down from initial purchase price B. Reduced personal liability of shareholders C. Less taxes paid than limited liability corporation D. Quick decision making especially for large companies - Answer- B. Reduced personal liability of shareholders In the construction industry, which legal entity is often a temporary arrangement? A. Partnership B. Sole proprietorship C. Limited liability corporation D. Joint ventures - Answer- D. Joint ventures True/False: The traditional project delivery system, also frequently referred to as "design-bid-