2024-05-29_Report Quiz

How is a provisional sum defined in construction contracts?

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In project management, what does CPI stand for?

• Cost Performance Index

• Construction Planning Index

• Critical Path Indicator

• Cost Planning Integration

What does a Work Breakdown Structure (WBS) do in construction project management?

• Sets the project budget

• Breaks down a project into smaller, manageable components

• Assigns team roles

• Schedules meetings

What percentage of the project cost is typically allocated as an advanced payment?

• 10%

• 25%

• 50%

• 75%

What is the purpose of a contingency sum in a construction budget?

• To increase profit margins

• To cover unforeseen expenses

• To pay for marketing campaigns

• To purchase additional materials

What does SPI stand for in project management?

• Standard Performance Index

• Schedule Performance Index

• Systematic Planning Indicator

• Strategic Project Index

What role does the Project Manager play in ensuring positive cash flow?

• Hiring subcontractors

• Scheduling project tasks

• Monitoring and controlling financial transactions

• Designing the project layout

Which phase in the WBS includes tasks like site preparation and excavation?

• Planning

• Foundation

• Structural Framework

• Finishing

Which of the following is NOT a component of cash flow management?

• Monitoring inflows and outflows

• Ensuring liquidity

• Scheduling project tasks

• Planning for contingencies

If the provisional sum is NZ$200,000, what is the contingency sum if it is set at 10%?

• NZ$20,000

• NZ$40,000

• NZ$60,000

• NZ$80,000