FIN 451 EXAM 1_95 QUESTIONS WITH VERIFIED
ANSWERS
False - CORRECT ANSWER T/F If price is part of the final selection criteria and the
price is the totla cost of construction is not 100% the final and sole selection
criteria, then delivery method is Best Value: Total Cost
True - CORRECT ANSWER T/F Some industry participants use the term contract
type to mean the basis of reimbursement and others use the term to refer to the
project delivery method.
True - CORRECT ANSWER T/F Basic philosophy of lean construction is centered on
the idea of eliminating waste.
Low Bid - CORRECT ANSWER Which Procurement option is defined as
"competition where price is a factor in the final selection criteria?"
Target Price or estimated maximum price - CORRECT ANSWER What basis of
reimbursement typically used with IPD?
QBS - CORRECT ANSWER Which procurement method is typically used when
selecting an Agent Cm firm?
True - CORRECT ANSWER T/F Agency CM firms may coordinate, receive, and award
trade bids and proposals for the owner.
, False - CORRECT ANSWER T/F Surety bonds such as payment bonds and
performance bonds in the const. industry are considered to be the same as
insurance
True - CORRECT ANSWER T/F Case evaluation involves a neutral third party or
facilitator that is not empowered to make a decision on the dispute
-May be used in DBB
-May be used in DB
May be used when selecting designer/constructor
- One process for procurement, RFQ/RFP, has it built into the processs
-May be used with IPD
-May be used w/ CM at risk - CORRECT ANSWER Which statement(s) are true
regarding prequalifications?
False - CORRECT ANSWER T/F Lump Sum of Fixed Firm Price are generally open-
book with the owner having access to the contractor's or design-builder's cost
related info
- Locating temp. facilities for project team members
- Identifying and facilitating long lead item orders
- Coordinate, receive and award trade bids and proposals
- Help Owner obtain permits and gov. approvals
- Help owner obtain consultants - CORRECT ANSWER Which of the following
services may be provided by an Agent CM firm?
ANSWERS
False - CORRECT ANSWER T/F If price is part of the final selection criteria and the
price is the totla cost of construction is not 100% the final and sole selection
criteria, then delivery method is Best Value: Total Cost
True - CORRECT ANSWER T/F Some industry participants use the term contract
type to mean the basis of reimbursement and others use the term to refer to the
project delivery method.
True - CORRECT ANSWER T/F Basic philosophy of lean construction is centered on
the idea of eliminating waste.
Low Bid - CORRECT ANSWER Which Procurement option is defined as
"competition where price is a factor in the final selection criteria?"
Target Price or estimated maximum price - CORRECT ANSWER What basis of
reimbursement typically used with IPD?
QBS - CORRECT ANSWER Which procurement method is typically used when
selecting an Agent Cm firm?
True - CORRECT ANSWER T/F Agency CM firms may coordinate, receive, and award
trade bids and proposals for the owner.
, False - CORRECT ANSWER T/F Surety bonds such as payment bonds and
performance bonds in the const. industry are considered to be the same as
insurance
True - CORRECT ANSWER T/F Case evaluation involves a neutral third party or
facilitator that is not empowered to make a decision on the dispute
-May be used in DBB
-May be used in DB
May be used when selecting designer/constructor
- One process for procurement, RFQ/RFP, has it built into the processs
-May be used with IPD
-May be used w/ CM at risk - CORRECT ANSWER Which statement(s) are true
regarding prequalifications?
False - CORRECT ANSWER T/F Lump Sum of Fixed Firm Price are generally open-
book with the owner having access to the contractor's or design-builder's cost
related info
- Locating temp. facilities for project team members
- Identifying and facilitating long lead item orders
- Coordinate, receive and award trade bids and proposals
- Help Owner obtain permits and gov. approvals
- Help owner obtain consultants - CORRECT ANSWER Which of the following
services may be provided by an Agent CM firm?
