WorksheetsStudio Individual Test
Total questions: 20
Worksheet time: 3600secs
Understanding customers’ and potential customers’ needs through market research is one of the best ways to obtain
Better profit
Project visibility
sustainable competitive advantage
information to guide decision making
Marketing without research, customer or market insight is guesswork which may give result of:
Low risk
Medium risk
High risk
Depends on the situation
Niche markets within the construction industry likely do not have available secondary research, thus requiring primary research.
True
False
There are many types of market research, often categorized as below EXCEPT:
primary vs. secondary research
quantitative or qualitative research
syndicated research
experimental research
Secondary research is: information collected directly from the source, often custom to the project and typically includes surveys, interviews, and focus groups.
True
False
Below are examples online survey for market research EXCEPT :
LinkedIn Polls
SurveyGizmo
Flipgrid
Polldaddy
Businesses such as restaurants and service companies often X method to gather feedback about consumer experience
Interview
Questionnaire
Observation
Focus group
X can prevent a business from making a costly mistake such as launching a new product or service that doesn't fulfill a need in the market
oral market survey
surveys electronically via email,
social media
Analysis of market survey
When should you do a feasibility study?
after the business case has been completed
after the business case has been started
after the business case is half way done
none of the above
Prepare a Projected Income Statement is one of the steps for feasibility study
True
False
Best Practices for a Feasibility Study, EXCEPT
involve the appropriate stakeholders to get their feedback
Use market research to further data collection
Do homework and ask questions to make sure data is solid
Avoid using historical data
Feasibility Report Template contains following EXCEPT:
Technology considerations
Organization structure
Financial projections
Procurement choice
Choose the most critical factor for a feasibility study to be carried out
Expanding into an unfamiliar market or territory (overseas)
Embarking on a major new business investment
Investing in new technology or operating approaches
Opening a new facility, chain of offices or stores
A proper feasibility study should be limited in scope.
True
False
Logistics, environment, laws and regulations area examples of constraints that fall into :
Internal project constraints
Internal corporate constraints
External constraints
All of the above
“Items describing the contractor’s general obligation and management arrangements. The contractor inserts lump sumps against the items such as provisions of site huts, utilities, hoardings, security and the like”
Provisional sums
Prime cost sums
Specification
Preliminaries
“Clauses specifying the materials and workmanship for each trade or work-section. The quality and standards refer to the appropriate building standards and codes of practise”
Provisional sums
Prime cost sums
Specification
Preliminaries
“the employer inserts the likely amounts for works that are to be carried out by NSCs or for goods to be supplied by nominated suppliers (NSCs) under the direction of the contractor. The contractor prices for the profit and attendance for such works.”
Provisional sums
Prime cost sums
Specification
Preliminaries
“the employer inserts an amount to be included in the tender sum for designated work that cannot be entirely foreseen, defined or detailed at the time of tendering.”
Provisional sums
Prime cost sums
Specification
Preliminaries
The statement best describe the Cost plus contract:
This type of contract involves a total fixed priced for all construction-related activities
usually preferred if the project scope is not clear, or has not been defined. The owner and the contractor must establish an agreed hourly or daily rate, including additional expenses that could arise in the construction process.
can easily be adjusted up and/or down during scope changes, making it easier for the owner and the builder to reach into agreements during change orders
This type of contract involves payment of the actual costs, purchases or other expenses generated directly from the construction activity.
