CIPS L6M5 Quiz 1 Topic 3 Questions 1-5

Question: 1

Which of the following statements about liquidated damages are TRUE? Select all that apply

Aa set figure is decided in advance

Bthe figure must be a genuine estimate of the loss

Cthe party seeking damages must prove the actual loss in the event of a claim

Dliquidated damages can be claimed when a warranty is breached

Especific performance is a type of liquidated damage

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Question: 2

Which project management methodology outlines a process for closing a project?

Answer Options:

AMonte Carlo

BCritical Path

CMRP

DPrince2

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Question: 3

Which of the following characteristics form part of the Iron Triangle?

Ascope

Bcost

Ctime

Dcontractor

Eplace

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Question: 4

Casper is conducting a Variance Analysis of the company's budget. What is its main purpose?

Answer Options:

ATo identify which departments have overspent

BTo identify where cost savings can be made

CTo minimize inefficiencies

DTo analyze whether costs are fixed or variable

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Question: 5

Manchester City Council is planning to construct a new hospital using an EPC style of contract. Which two of the following are the greatest risks to the Council?

Aensuring the specification is correct

Bsetting an accurate budget before the contract is signed

Caccurately communicating the requirements to the contractor

Dincluding a time-is-of-the-essence clause within the contract

Eensuring the contractor limits the use of subcontractors

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CIPS L6M5 Quiz:1 Topic:3 Questions:1-5