Top Down Estimates and Risk Assessment in Project Management
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Questions and Answers

What type of insurance protects the builder in case of loss, theft, or damage to materials, structure, and equipment during construction?

  • Health Insurance
  • Builders' Risk Insurance (correct)
  • Life Insurance
  • Car Insurance
  • Who sets the minimum levels of insurance required for a construction project?

  • Project Sponsor
  • Project Contractor
  • Project Owner
  • Project Lender (correct)
  • What type of insurance provides coverage to the builder against compensation claims for property damage or physical injury during construction?

  • Pet Insurance
  • Travel Insurance
  • Commercial General Liability Insurance (correct)
  • Home Insurance
  • What is a common requirement for lenders in terms of insurance when funding a construction project?

    <p>Additional Insured Named on Policies</p> Signup and view all the answers

    If a project owner acts as a general contractor, what additional coverage may be required?

    <p>Professional Liability Insurance</p> Signup and view all the answers

    What is the purpose of Commercial General Liability Insurance in construction projects?

    <p>To provide protection against compensation claims during construction</p> Signup and view all the answers

    What is one disadvantage of top-down estimates?

    <p>They tend to be overly optimistic due to lumping tasks together.</p> Signup and view all the answers

    How should work package estimates be treated in terms of contingencies?

    <p>Contingencies should be added separately by management for unforeseen events.</p> Signup and view all the answers

    What does adding Risk Assessment to an estimate help to avoid?

    <p>Avoiding surprises in terms of unforeseen events affecting the project.</p> Signup and view all the answers

    In the context of Risk Assessment, what can help decide task risk assessment?

    <p>Optimistic, Pessimistic, and Realistic categorizations.</p> Signup and view all the answers

    Which approach involves breaking a project into distinct items or tasks?

    <p>Bottom-up approach</p> Signup and view all the answers

    What is an example of a top-down estimate?

    <p>$50,000 and 3 weeks for a project duration.</p> Signup and view all the answers

    What is the purpose of a hold or hold back in construction projects?

    <p>To ensure that the project sponsor has enough funds to cover costs</p> Signup and view all the answers

    What action is taken if a lien has been placed against the property?

    <p>The contractor pays an amount to remove the lien and clear the title</p> Signup and view all the answers

    Who receives the payment request approval before funds are forwarded for distribution in construction projects?

    <p>Project sponsor's lender</p> Signup and view all the answers

    When is the holdback released to the contractor in construction projects?

    <p>According to provincial/territorial legislation, usually 45 days after completion</p> Signup and view all the answers

    What happens if a construction project's progress draw application is incomplete?

    <p>The project sponsor's lender will not receive the application</p> Signup and view all the answers

    Who confirms that there are no liens against the property before advancing funds in construction projects?

    <p>Lender's solicitor</p> Signup and view all the answers

    What should be included when discussing equipment your company has at their disposal?

    <p>Hourly rate of the operator</p> Signup and view all the answers

    Why is it recommended to leave the specific selection of components for a Specification document?

    <p>To avoid revealing too many details</p> Signup and view all the answers

    What is the purpose of a kick-off meeting after a bid has been awarded?

    <p>Coordinating site processes</p> Signup and view all the answers

    Why is it important to mention that the Owner will provide certain equipment in the bid?

    <p>To avoid coordination issues</p> Signup and view all the answers

    What should be covered in the CV mentioned in the text?

    <p>Specific job experiences of the operator</p> Signup and view all the answers

    Why does discussing scope of work help in conveying responsibilities effectively?

    <p>To establish what you are responsible for and what others are responsible for</p> Signup and view all the answers

    What is a key responsibility of a project manager?

    <p>Assembling a project management team</p> Signup and view all the answers

    Which team member is responsible for the physical installation of a project?

    <p>Construction PM</p> Signup and view all the answers

    Who typically makes final decisions on outstanding design issues in a project?

    <p>Consulting/Engineering PM</p> Signup and view all the answers

    What is a responsibility of the Services PM?

    <p>Training and encouraging safety in the workplace</p> Signup and view all the answers

    What does the Project Management Institute (PMI) specialize in?

    <p>Project management certification and resources</p> Signup and view all the answers

    Which team member is responsible for communication issues arising at the construction site?

    <p>Construction PM</p> Signup and view all the answers

    What is a common responsibility of both the Construction PM and Consulting/Engineering PM?

    <p>Training and encouraging safety in the workplace</p> Signup and view all the answers

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