CSTM 451 Exam 1 - Questions and Answers

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CSTM 451 Exam 1 - Questions and Answers The most common method for reimbursement is: Lump Sum T/F: Schematic design (SD) is the stage of design where the scope and scale of a project are determined. ... True Who are the 2 ancient master builders or master masons that led construction of the Pantheon in Athens Ictinus and Callicrates T/F: Value engineering began at General Electrical Co during the Vietnam War. False T/F: According to the text, CM-at-Risk, Design-Build and Integrated Project Delivery are all project delivery methods to effectively shorten project schedules. True T/F: With a lump sum or firm fixed price contract, the contract is generally open booked and access to the contractor or design-builder's information is unlimited. False T/F: There are three typs of Agency CM organizations that typically offer construction management services, they include: General construction firms, Professional design firms, and Consulting firms, True T/F: According to the text, Agency CM is a project delivery method option an owner may select. False In the _______ procurement process, total construction is a factor in the final selection criteria, but is not the only criteria for the final selection. best value - total cost Until the construction documents become more defined and costs are further identified, the amount included in an estimate to represent the yet-to-be-detailed or defined portions of the contract documents s referred to as _____. Design Contingency Which of the following is a defining characteristic for a CM-at-Risk project? Total construction cost is not a factor in final selection of contractor T/F: Program management is a management method typically used for multi-structure or multi-site building programs. True The key difference between a developer and a fee-developer/development manager is: Whether the developer holds an ownership or equity participation position. T/F: Any of the three categories, developer, fee eveloper/development manger or fee developer-at-risk, could be considered a PM True T/F: The typical basis of reimbursement used in Design-Bid-Build project delivery is Cost Plus with GMP False T/F: The term "contract type" can be used to reference both the basis of reimbursement or the delivery method. True Design-Build could use which procurement option? All of the above (low bid/BV Total Cost/B Fees/Qualification) At the end of Schematic Design the design is generally ___ complete. 15% T/F: Surety bonds such as payment bonds and performance bonds in the construction industry are considered to be the same as insurance. False Generally when using a Cost Plus with a GMP contract, when the project need is identified, the contingency would be____. 20% T/F: Fast Tracking is when multiple specific scopes of work on a project are being constructed at the same time. False According to AGC, which delivery mothed can use any of the procurement options. Design-Build T/F: according to the AGC, when someone labels a "typical" characteristic as "defining" characteristic, a hybrid is created. True T/F: according to the AGC, several states prohibit any element of price to be apart of the selection process for contractors in public work using CM at Risk. [Show More]

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