Part 2 of ProfPrac Quiz. Enjoy!
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EnP Review Quiz
Saturday, February 7, 2009
Review Questions: Professional Practice 02
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Overload,
ReplyDeletePlease review this conflicting explanation as
well as the correct answer as stipulated.
Proprac 2
Q.23) A cost reimbursement type contract with provisions for a fee that is adjusted by "sharing" formulas applied to the difference between the final allowable costs and the target costs
A. fixed price incentive
B. price adjustment provision
C. cost plus incentive fee (correct answer)
D. cost plus fixed fee
Explanation
Fixed Price Incentive - the owner will pay the CM a fixed fee which is adjusted according to the difference between the final allowable costs and the target costs.
Price adjustment provision - the contract price is adjusted upward or downward in accordance with a pre-arranged formula.
Cost plus fixed fee - the owner will pay the CM a fixed fee plus reimbursement of certain expenses incurred in the performance of basic services.
Thanks and God Bless this great site
Q.7) Not among the functions of the Construction Management Group.
ReplyDeleteA. approves methods and systems of construction
B. reviews change orders and payments
C. recommends general contractor (your answer)
D. involve directly with the contractor's work (correct answer)
Sir, construction management group po ba ang nagrerecommend ng contractor?