CMGT Exam 1 Study Guide, Practice Questions and Review 2026
What are two types of owners - ✔✔Public and Private. One uses public money one uses
private
What do Developer Owner's want - ✔✔maximize return on investment, quick turn around
What do operator owners want - ✔✔Minimize operating costs, at the expense of construction
cost.
What is lump syum contract - ✔✔Most common, total cost to total amont of work
Integrated Project Delivery - ✔✔Risk and reward shared, creates transperancy between parties
What is unit price contract - ✔✔Based upon quantities of items in the project and their unit
price.
Cost plus a fixed fee - ✔✔Owners agrees to pay the cost of the work, pus
Cost plus a percentage Fee - ✔✔Owners agrees to pay cost of work plus percentage of total
cost
Cost-plus with a guaranteed maximum price - ✔✔A cost-plus contract that has a ceiling price
on the amount the owner will pay for the completed project.
What/who are the Project's Stakeholders - ✔✔People with contractual or legal obligations,
and people with no form contractual agreements but can have strong interest and influences to
whats going on with project.
, Architect, General contractor, Subs, Employees, Suppliers, Lenders, Sureties, Insurance
Companies are types of what kind of stake holders - ✔✔Primary
Competitors, special groups, General public, and media are types of what kind of stake holders -
✔✔Seocndary
What does AIA stand for? - ✔✔American Institute of Architects
What are the four main functions of project specs - ✔✔Keep the project team organized,
provide tupes and quantities of materials, Give expected construction methods, and resolve
conflict
What are the three components of construction documents - ✔✔Bid package, Contract
requirements, tech requirements
Bid Documents Contain what? - ✔✔Series of information by the owner pertinent to the
project.
Invitation to bid is what? - ✔✔Notificaiton about the job
What is instrucitons to bidder - ✔✔procedures and requirements to bid
What is a bid form - ✔✔documents required for bid submission
What are contract requirements - ✔✔Contract terms and conditions. Bind the parties of the
agreement to terms and conditions.
What are two types of owners - ✔✔Public and Private. One uses public money one uses
private
What do Developer Owner's want - ✔✔maximize return on investment, quick turn around
What do operator owners want - ✔✔Minimize operating costs, at the expense of construction
cost.
What is lump syum contract - ✔✔Most common, total cost to total amont of work
Integrated Project Delivery - ✔✔Risk and reward shared, creates transperancy between parties
What is unit price contract - ✔✔Based upon quantities of items in the project and their unit
price.
Cost plus a fixed fee - ✔✔Owners agrees to pay the cost of the work, pus
Cost plus a percentage Fee - ✔✔Owners agrees to pay cost of work plus percentage of total
cost
Cost-plus with a guaranteed maximum price - ✔✔A cost-plus contract that has a ceiling price
on the amount the owner will pay for the completed project.
What/who are the Project's Stakeholders - ✔✔People with contractual or legal obligations,
and people with no form contractual agreements but can have strong interest and influences to
whats going on with project.
, Architect, General contractor, Subs, Employees, Suppliers, Lenders, Sureties, Insurance
Companies are types of what kind of stake holders - ✔✔Primary
Competitors, special groups, General public, and media are types of what kind of stake holders -
✔✔Seocndary
What does AIA stand for? - ✔✔American Institute of Architects
What are the four main functions of project specs - ✔✔Keep the project team organized,
provide tupes and quantities of materials, Give expected construction methods, and resolve
conflict
What are the three components of construction documents - ✔✔Bid package, Contract
requirements, tech requirements
Bid Documents Contain what? - ✔✔Series of information by the owner pertinent to the
project.
Invitation to bid is what? - ✔✔Notificaiton about the job
What is instrucitons to bidder - ✔✔procedures and requirements to bid
What is a bid form - ✔✔documents required for bid submission
What are contract requirements - ✔✔Contract terms and conditions. Bind the parties of the
agreement to terms and conditions.
