Questions and Answers
What does the term 'life cycle' imply in the context of cost engineering?
What is the primary goal of quality conformance in cost engineering?
How is quality nonconformance characterized in a cost engineering context?
What is NOT a component of quality management activities related to quality conformance?
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In investment analysis, what does the life cycle refer to?
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What does TCM not specifically include when assessing the economic costs of an enterprise's asset portfolio?
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Which of the following statements accurately describes the purpose of ISO 14000 standards?
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How should economic development actions be performed to ensure sustainability for future generations?
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In the context of TCM, what does the term 'natural capital' refer to?
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What aspect of EHS requirements does TCM not assess?
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Why is sustainable development considered a significant factor in strategic planning for an enterprise?
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Which of the following statements about ISO standards is incorrect?
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What key aspect does TCM incorporate while assessing the life cycle cost of an asset?
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What must members avoid when using confidential information acquired during assignments?
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Which action requires permission from the client according to the ethical guidelines?
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What is explicitly prohibited concerning compensation for services?
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What must members do if they have supplementary employment or consulting practice?
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What type of information should not be disclosed without consent?
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Under what circumstance can members share confidential information concerning commissions or boards?
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What is the consequence of using employer resources for personal practice?
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What must members do to ensure compliance with ethical standards?
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What is the primary purpose of a historical database?
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What characteristic must reference data possess to be deemed effective?
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Which of the following is NOT a requirement for lessons learned to be valid?
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How are lessons learned typically gathered?
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What does normalizing reference data to a standard basis entail?
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Which of the following best defines 'lessons learned'?
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What is the primary focus when capturing lessons learned during a project?
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Which statement is correct regarding the use of historical data?
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What does Theory X suggest about the average person's attitude towards work?
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In contrast to Theory X, what is a core assumption of Theory Y?
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What is the implication of a leader understanding a person's intrinsic motivation?
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According to the principles of management proposed by McGregor, what is a vital aspect of management as a profession?
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Which statement best describes the preferred work environment for individuals according to Theory X?
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What critical managerial approach is challenged by Theory Y?
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Which of the following reflects McGregor's key perspective on human motivation in the workplace?
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How does Theory Y perceive the average individual's response to organizational objectives?
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Study Notes
Confidentiality and Ethical Standards
- Members must treat information from assignments as confidential and avoid using it for personal profit if it harms clients or employers.
- Disclosure of confidential business affairs or technical processes is prohibited without consent, unless mandated by law.
- Members cannot duplicate client-supplied materials without express permission, ensuring the protection of intellectual property.
- Members must not accept compensation from multiple parties for the same service without consent from all involved.
- Any supplementary employment or consulting requires employer consent to avoid conflicts of interest.
Behavioral Science Theories
- Theory X: Assumes individuals dislike work and need coercion or control to achieve organizational goals. It posits that people prefer to avoid responsibility and seek security.
- Theory Y: Suggests that individuals are self-motivated and capable of self-direction when committed to objectives, depicting a more positive view of human nature.
Project Management and Data Analysis
- Historical Database: Essential for storing past project experiences, aiding in planning, forecasting, and validating future events. It often includes processed data for effective benchmarking.
- Reference Data: Should be consistent and reliable, serving as a standard for planning efforts and conditions. It aids in adjusting project requirements as needed.
Lessons Learned
- In project closure, teams should focus on identifying work process improvements rather than merely highlighting failures in processes or policies.
- Lessons learned utilize qualitative data derived from surveys, interviews, or workshops to capture valuable insights gained during project execution.
Environmental Health and Safety (EHS) Standards
- ISO 14000: A vital voluntary standard for environmental management, focusing on management systems rather than organizational performance. It helps set, implement, and assess environmental requirements.
- Sustainable Development: Emphasizes responsible resource use to ensure that future generations can sustain development, integrating life cycle costs with environmental stewardship.
Cost Engineering Terminology
- Life Cycle: Refers to the phases an object goes through, from inception to conclusion, affecting investment analysis and planning methodologies.
- Quality Conformance: Encompasses activities to achieve standards without deviations, aiming for excellence in outputs.
- Quality Nonconformance: Identifies deviations severe enough to impact the acceptability of a product or service, which may need corrective action to address.
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