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Construction Management and Economy

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Questions and Answers

What is the main purpose of construction management?

Completing the construction projects in the foreseen time, budget, and quality.

Who are the three main parties involved in construction management?

General Contractor (correct)

Architect (correct)

Owner (correct)

Engineer

Economists are concerned with the analysis of scarcity and choice.

True

______ management is a professional management process used for time, budget, and quality control in the construction phases from project design to completion.

Construction Signup and view all the answers

Match the following roles with their descriptions:

Stakeholder = Anyone with an interest in or influence on project success Consultant = Experienced professional providing advice to clients Contractor = Individual or firm carrying out construction work Project Manager = Professional responsible for planning and executing projects Signup and view all the answers

What is the main objective of a project?

To achieve predetermined specific objectives in an optimum manner. Signup and view all the answers

Which of the following statements about projects are true? (Select all that apply)

Projects are unique in some way Signup and view all the answers

A project is defined as the set of production activities that is fulfilled just once, is not repeated, has a pre-defined duration and start and finish time, and is fulfilled by a temporary ________.

organization Signup and view all the answers

Which of the following are examples of projects? (Select all that apply)

Acquiring and installing new computer hardware for an organization Signup and view all the answers

Project management requires people from various disciplines to carry out different tasks.

True Signup and view all the answers

What is the main purpose of the economy?

To allocate resources to meet the needs of the greatest number of people Signup and view all the answers

What is the first task of modern economics?

To define, explain, and determine the relationship between the behavior of production, unemployment, prices, and similar events Signup and view all the answers

Positive economics focuses on developing hypotheses that can be tested empirically.

True Signup and view all the answers

In economics, time series data consists of observations on a variable or variables over _______.

time Signup and view all the answers

Match the following terms with their descriptions:

Cross-Sectional Data = Consists of a sample at a given point in time and used in applied microeconomics Time Series Data = Consists of observations over time intervals, analyzing trends in economic variables Signup and view all the answers

What is the essential difference between macroeconomics and microeconomics?

Macroeconomics studies general economic activity, while microeconomics studies individual economic elements Signup and view all the answers