Productivity increases with time. This improvement is commonly associated with improvements in efficiency brought about by increased experience and skill levels. What does this scenario describe?
A. Productivity efficiency factor
B. Value engineering
C. Cash flow
D. The learning curve
What is executed in connection with a contract and secures the performance and fulfillment of all the undertakings, covenants, terms, conditions and agreements contained in the contract?
A. Liability insurance
B. Performance bond
C. Bid bond
D. Surety bond
An effort by a prime contractor to reduce the price quoted by a vendor, by providing the bid price to other vendors in an attempt to get the other vendors to underbid the original price quoted is referred to as:
A. Costing
B. Cost-price analysis
C. Bid shopping
D. Negotiating a best and final offer
______________can be defined as the determination of that course of action or combination of alternatives that yields either the lowest cost or the highest profit.
A. Economic optimization
B. Simulation
C. Linear programming
D. Dynamic programming
A bond that guarantees the bidder will enter into a contract on the basis of his/her bid is referred to as:
A. Surety bond
B. Performance bond
C. Bid bond
D. Liability bond
AACE International defines _____________as a technique of economic evaluation that sums over a given study period, the costs of initial investment, replacements, operations, and maintenance/repair; expressed in either present or annual value terms.
A. Risk analysis
B. Benefit/Cost ratio (B/C) method
C. Net present worth method
D. Life cycle costs method (LCC)
A systematic coding structure for organizing and managing scope, assets, cost, resources, work and schedule activity information is a______________.
A. Cost breakdown structure
B. Code of accounts
C. Cost estimate classification
D. Schedule identification number
Which of the following best describes the concept of total cost management:
A. A method of quantifying construction damages where the total job costs are subtracted from the original bid or estimate to determine the total cost amount for a claim
B. The practices and processes utilized to manage the total life cycle cost investment in a portfolio of strategic assets
C. A job cost system for ensuring all aspects of a particular manufacturing process are accumulated completely
D. An integrating process that maps the fields of practice of cost engineering without linking it to project management, resource management, or accounting
What is a basic element of work or a task that must be performed over a given period of time in order to complete a project called?
A. WBS element
B. Activity
C. Resource
D. Commodity
A concrete slab measuring 10 feet wide by 13.5 feet long by 6 inches deep is to be installed. How many cubic yards of concrete will be required?
A. 3.0 cubic yards
B. 2.0 cubic yards
C. 3.5 cubic yards
D. 2.5 cubic yards
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