Construction Project Financial Considerations Quiz
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Questions and Answers

What are the common elements in all construction projects?

  • Architectural design, structural design, and MEP systems
  • Scope of work, time schedule, and budget (correct)
  • Permits, inspections, and warranties
  • Materials, labor, and equipment

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

  • It ensures compliance with environmental regulations
  • Important project decisions are based on costs (correct)
  • It speeds up the construction process
  • It helps in securing government contracts

    • What is a characteristic of buildings resulting from construction projects?

  • Long lifespan and low costs
  • Long lifespan and high costs (correct)
  • Short lifespan and high costs
  • Short lifespan and low costs

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

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

    Why do decisions connected with construction projects have long-term and significant impact?

    <p>Due to the long lifespan and high costs of buildings</p> Signup and view all the answers

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