PMI-CP_M3_Contract and Risk

Undertaking market analysis and benchmarking on previous projects provides owner organizations with what?

• Insights into the future.

• Data to help guide cost estimations, and schedules.

• Constructability reviews

• Interim designs.

Bid calculation is part of the tendering or proposal process.

• True

• False

Which clause will be used to transfer a specific event risk from one entity to another, such as site accident risk?

• Change clause.

• Payment clause.

• Indemnity clause.

• Time-barred clause.

Design-bid -build is the most commonly used method for completing built environment projects.

• True

• False

Which one of the following is not one of the seven most common types of contract payment structures:

• Lump- sum.

• Cost plus a fee.

• Cost plus a fee with guaranteed maximum price (GMP).

• Cost minus a fee.

Pricing is one of the most common contract risks.

• True

• False

The first step in the risk management process is Identification.

• True

• False

One of the two dimensions of the IPRA risk matrix that is used to evaluate risk is relative risk.

• True

• False

Enhanced internal collaboration and discussion is a secondary benefit of effective risk management.

• True

• False

Strategic risk includes those risks that are externally driven, such as funding, market and economic factors, industry, and stakeholder relationships, such as inflation, Covid -19 and skilled labor shortages.

• True

• False