Construction Project Financial Considerations Quiz
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Questions and Answers

What are the main common elements of building projects in the construction industry?

  • Permit acquisition, environmental impact assessment, and site preparation
  • Scope of work, time schedule, and budget (correct)
  • Project management, quality control, and safety measures
  • Architectural design, construction materials, and labor

    • Why is construction cost estimation considered a fundamental skill for engineering firms and contractors?

  • It reduces the need for skilled labor
  • It speeds up the construction process
  • It helps in securing government contracts
  • Important project decisions are based on costs (correct)

    • What impact do construction project decisions have, according to the text?

  • Short-term and insignificant impact
  • Long-term and significant impact (correct)
  • Variable impact depending on the project size
  • No impact at all

    • What do construction project investors often focus on when making decisions about building design, equipment, and energy systems?

    <p>Acquisition costs</p> Signup and view all the answers

    What is the reason for the long-term and significant impact of decisions connected with construction projects?

    <p>Buildings have long lifespan and high costs</p> Signup and view all the answers

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